MAEQC: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MAEQC
Largest movements
- Receivables after one year +€403,000
up €403,000 (+10.0%), from €4.0m to €4.4m
- Cash -€245,963
down €245,963 (-96.8%), from €254,065 to €8,102
mainly Other debts (-€566,121) and Receivables after one year (-€403,000)
- Receivables within one year -€131,634
down €131,634 (-67.8%), from €194,245 to €62,611
of which Other amounts receivable: -€73,634
- Deferred charges and accrued income +€88,723
new in 2025: €88,723
- Reserves +€1.1m
up €1.1m (+32.1%), from €3.3m to €4.4m
of which Distributable reserves: +€1.1m
- Other debts -€566,121
down €566,121 (-41.1%), from €1.4m to €809,933
- Trade debts -€392,040
no longer reported in 2025 (was €392,040)
- Financial income +€900,442
up €900,442 (+246.5%), from €365,238 to €1.3m
of which Non-recurring financial income: +€805,730
- Taxes +€38,185
up €38,185 (+46.3%), from €82,389 to €120,574
- Financial charges +€22,024
up €22,024 (+41.0%), from €53,747 to €75,771
- Gross operating margin +€2,935
up €2,935 (+98.8%), from -€2,972 to -€37
- Other operating charges +€1,206
new in 2025: €1,206
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,352,082 | €5,466,208 | +€114,127 | +2.1% |
| Fixed assets | 21/28 | €876,272 | €876,272 | = | 0.0% |
| Financial fixed assets | 28 | €876,272 | €876,272 | = | 0.0% |
| Current assets | 29/58 | €4,475,810 | €4,589,937 | +€114,127 | +2.5% |
| Amounts receivable after more than one year | 29 | €4,027,500 | €4,430,500 | +€403,000 | +10.0% |
| Other amounts receivable | 291 | €4,027,500 | €4,430,500 | +€403,000 | +10.0% |
| Amounts receivable within one year | 40/41 | €194,245 | €62,611 | -€131,634 | -67.8% |
| Trade receivables | 40 | €93,000 | €35,000 | -€58,000 | -62.4% |
| Other amounts receivable | 41 | €101,245 | €27,611 | -€73,634 | -72.7% |
| Cash at bank and in hand | 54/58 | €254,065 | €8,102 | -€245,963 | -96.8% |
| Deferred charges and accrued income | 490/1 | - | €88,723 | +€88,723 | |
| Total equity and liabilities | 10/49 | €5,352,082 | €5,466,208 | +€114,127 | +2.1% |
| Equity | 10/15 | €3,575,528 | €4,643,621 | +€1.1m | +29.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €3,325,528 | €4,393,621 | +€1.1m | +32.1% |
| Non-distributable reserves | 130/1 | €25,000 | - | -€25,000 | |
| Reserves not available under the articles | 1311 | €25,000 | - | -€25,000 | |
| Distributable reserves | 133 | €3,300,528 | €4,393,621 | +€1.1m | +33.1% |
| Amounts payable | 17/49 | €1,776,553 | €822,587 | -€953,966 | -53.7% |
| Amounts payable within one year | 42/48 | €1,776,553 | €822,587 | -€953,966 | -53.7% |
| Trade debts | 44 | €392,040 | - | -€392,040 | |
| Suppliers | 440/4 | €392,040 | - | -€392,040 | |
| Taxes, remuneration and social security | 45 | €8,460 | €12,654 | +€4,194 | +49.6% |
| Taxes | 450/3 | €8,460 | €12,654 | +€4,194 | +49.6% |
| Other amounts payable | 47/48 | €1,376,053 | €809,933 | -€566,121 | -41.1% |
| Other operating charges | 640/8 | - | €1,206 | +€1,206 | |
| Gross operating margin | 9900 | -€2,972 | -€37 | +€2,935 | +98.8% |
| Operating profit (loss) | 9901 | -€2,972 | -€1,243 | +€1,729 | +58.2% |
| Financial income | 75/76B | €365,238 | €1,265,680 | +€900,442 | +246.5% |
| Recurring financial income | 75 | €365,238 | €459,951 | +€94,713 | +25.9% |
| Non-recurring financial income | 76B | - | €805,730 | +€805,730 | |
| Financial charges | 65/66B | €53,747 | €75,771 | +€22,024 | +41.0% |
| Recurring financial charges | 65 | €53,747 | €75,771 | +€22,024 | +41.0% |
| Profit (loss) for the period before taxes | 9903 | €308,519 | €1,188,667 | +€880,148 | +285.3% |
| Income taxes | 67/77 | €82,389 | €120,574 | +€38,185 | +46.3% |
| Profit (loss) for the period | 9904 | €226,130 | €1,068,093 | +€841,963 | +372.3% |
| Profit (loss) for the period to be appropriated | 9905 | €226,130 | €1,068,093 | +€841,963 | +372.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.