MAESTER PM: 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.
MAESTER PM
Largest movements
- Cash +€68,602
new in 2025: €68,602
mainly Current investments (+€58,988) and Net result for the year (+€53,063)
- Current investments -€58,988
no longer reported in 2025 (was €58,988)
- Receivables within one year +€13,310
new in 2025: €13,310
- Reserves +€53,063
up €53,063 (+79.1%), from €67,125 to €120,188
- Debts after one year -€35,715
down €35,715 (-15.0%), from €237,368 to €201,653
- Financial income +€17,190
up €17,190 (+68.6%), from €25,073 to €42,264
of which Financial income: +€9,927
- Gross operating margin -€4,814
down €4,814 (-11.7%), from €41,036 to €36,222
- Taxes +€2,757
up €2,757 (+22.7%), from €12,160 to €14,916
- Financial charges -€999
down €999 (-9.3%), from €10,745 to €9,747
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 | €382,326 | €405,943 | +€23,618 | +6.2% |
| Fixed assets | 21/28 | €323,091 | €322,664 | -€426 | -0.1% |
| Tangible fixed assets | 22/27 | €1,091 | €664 | -€426 | -39.1% |
| Furniture and vehicles | 24 | €1,091 | €664 | -€426 | -39.1% |
| Financial fixed assets | 28 | €322,000 | €322,000 | = | 0.0% |
| Current assets | 29/58 | €59,235 | €83,279 | +€24,044 | +40.6% |
| Amounts receivable within one year | 40/41 | - | €13,310 | +€13,310 | |
| Trade receivables | 40 | - | €13,310 | +€13,310 | |
| Current investments | 50/53 | €58,988 | - | -€58,988 | |
| Cash at bank and in hand | 54/58 | - | €68,602 | +€68,602 | |
| Deferred charges and accrued income | 490/1 | €247 | €1,367 | +€1,121 | +454.5% |
| Total equity and liabilities | 10/49 | €382,326 | €405,943 | +€23,618 | +6.2% |
| Equity | 10/15 | €69,125 | €122,188 | +€53,063 | +76.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €67,125 | €120,188 | +€53,063 | +79.1% |
| Distributable reserves | 133 | €67,125 | €120,188 | +€53,063 | +79.1% |
| Amounts payable | 17/49 | €313,201 | €283,755 | -€29,446 | -9.4% |
| Amounts payable after more than one year | 17 | €237,368 | €201,653 | -€35,715 | -15.0% |
| Financial debts | 170/4 | €237,368 | €201,653 | -€35,715 | -15.0% |
| Amounts payable within one year | 42/48 | €72,032 | €77,458 | +€5,426 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €34,434 | €35,715 | +€1,281 | +3.7% |
| Trade debts | 44 | €4,485 | €4,905 | +€420 | +9.4% |
| Suppliers | 440/4 | €4,485 | €4,905 | +€420 | +9.4% |
| Taxes, remuneration and social security | 45 | €32,908 | €36,432 | +€3,524 | +10.7% |
| Taxes | 450/3 | €32,908 | €36,432 | +€3,524 | +10.7% |
| Other amounts payable | 47/48 | €206 | €406 | +€200 | +97.3% |
| Accrued charges and deferred income | 492/3 | €3,800 | €4,644 | +€844 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189 | €426 | +€238 | +125.9% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Non-recurring operating charges | 66A | €1,288 | €213 | -€1,075 | -83.5% |
| Gross operating margin | 9900 | €41,036 | €36,222 | -€4,814 | -11.7% |
| Operating profit (loss) | 9901 | €39,441 | €35,463 | -€3,978 | -10.1% |
| Financial income | 75/76B | €25,073 | €42,264 | +€17,190 | +68.6% |
| Recurring financial income | 75 | €25,073 | €35,000 | +€9,927 | +39.6% |
| Non-recurring financial income | 76B | - | €7,264 | +€7,264 | |
| Financial charges | 65/66B | €10,745 | €9,747 | -€999 | -9.3% |
| Recurring financial charges | 65 | €10,745 | €9,747 | -€999 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €53,769 | €67,980 | +€14,211 | +26.4% |
| Income taxes | 67/77 | €12,160 | €14,916 | +€2,757 | +22.7% |
| Profit (loss) for the period | 9904 | €41,609 | €53,063 | +€11,454 | +27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €41,609 | €53,063 | +€11,454 | +27.5% |
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 2 October 2026 via checked.be.