MAESRO: what changed
Two financial 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.
MAESRO
Largest movements
- Cash +€19,533
up €19,533 (+19.0%), from €102,879 to €122,412
mainly Other debts (+€55,129) and Net result for the year (+€43,647)
- Receivables within one year +€11,840
up €11,840 (+39.4%), from €30,084 to €41,924
of which Trade receivables: +€14,523
- Tangible fixed assets -€4,569
down €4,569 (-20.6%), from €22,139 to €17,571
of which Furniture and vehicles: -€4,090
- Reserves -€106,594
down €106,594 (-60.6%), from €175,913 to €69,319
of which Distributable reserves: -€73,335
- Profit (loss) carried forward +€69,465
new in 2025: €69,465
- Other debts +€55,129
up €55,129 (+53.9%), from €102,277 to €157,406
- Tax, wage and social debts +€9,951
up €9,951 (+76.0%), from €13,099 to €23,051
- Gross operating margin +€16,482
up €16,482 (+27.0%), from €61,014 to €77,497
- Taxes +€5,305
up €5,305 (+29.2%), from €18,151 to €23,455
- Depreciation -€4,587
down €4,587 (-40.0%), from €11,459 to €6,872
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 | €376,040 | €402,880 | +€26,840 | +7.1% |
| Fixed assets | 21/28 | €22,139 | €17,571 | -€4,569 | -20.6% |
| Tangible fixed assets | 22/27 | €22,139 | €17,571 | -€4,569 | -20.6% |
| Plant, machinery and equipment | 23 | - | €1,710 | +€1,710 | |
| Furniture and vehicles | 24 | €4,090 | - | -€4,090 | |
| Other tangible fixed assets | 26 | €18,049 | €15,861 | -€2,188 | -12.1% |
| Current assets | 29/58 | €353,901 | €385,309 | +€31,408 | +8.9% |
| Amounts receivable after more than one year | 29 | €170,000 | €170,000 | = | 0.0% |
| Other amounts receivable | 291 | €170,000 | €170,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €30,084 | €41,924 | +€11,840 | +39.4% |
| Trade receivables | 40 | €27,401 | €41,924 | +€14,523 | +53.0% |
| Other amounts receivable | 41 | €2,683 | - | -€2,683 | |
| Current investments | 50/53 | €49,894 | €49,894 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €102,879 | €122,412 | +€19,533 | +19.0% |
| Deferred charges and accrued income | 490/1 | €1,044 | €1,080 | +€36 | +3.4% |
| Total equity and liabilities | 10/49 | €376,040 | €402,880 | +€26,840 | +7.1% |
| Equity | 10/15 | €250,313 | €213,184 | -€37,129 | -14.8% |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €175,913 | €69,319 | -€106,594 | -60.6% |
| Non-distributable reserves | 130/1 | €7,440 | - | -€7,440 | |
| Reserves not available under the articles | 1311 | €7,440 | - | -€7,440 | |
| Tax-exempt reserves | 132 | €25,819 | - | -€25,819 | |
| Distributable reserves | 133 | €142,654 | €69,319 | -€73,335 | -51.4% |
| Profit (loss) carried forward | 14 | - | €69,465 | +€69,465 | |
| Amounts payable | 17/49 | €125,727 | €189,695 | +€63,968 | +50.9% |
| Amounts payable within one year | 42/48 | €118,433 | €183,119 | +€64,686 | +54.6% |
| Trade debts | 44 | €3,056 | €2,662 | -€395 | -12.9% |
| Suppliers | 440/4 | €3,056 | €2,662 | -€395 | -12.9% |
| Taxes, remuneration and social security | 45 | €13,099 | €23,051 | +€9,951 | +76.0% |
| Taxes | 450/3 | €13,099 | €23,051 | +€9,951 | +76.0% |
| Other amounts payable | 47/48 | €102,277 | €157,406 | +€55,129 | +53.9% |
| Accrued charges and deferred income | 492/3 | €7,294 | €6,577 | -€717 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,459 | €6,872 | -€4,587 | -40.0% |
| Gross operating margin | 9900 | €61,014 | €77,497 | +€16,482 | +27.0% |
| Operating profit (loss) | 9901 | €49,555 | €70,624 | +€21,070 | +42.5% |
| Financial income | 75/76B | €4,697 | €4,687 | -€10 | -0.2% |
| Recurring financial income | 75 | €4,697 | €4,687 | -€10 | -0.2% |
| Financial charges | 65/66B | €8,398 | €8,209 | -€189 | -2.2% |
| Recurring financial charges | 65 | €8,398 | €8,209 | -€189 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €45,854 | €67,102 | +€21,248 | +46.3% |
| Income taxes | 67/77 | €18,151 | €23,455 | +€5,305 | +29.2% |
| Profit (loss) for the period | 9904 | €27,703 | €43,647 | +€15,944 | +57.6% |
| Transfer from tax-exempt reserves | 789 | - | €25,819 | +€25,819 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,703 | €69,465 | +€41,762 | +150.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.