Maestranza: 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.
Maestranza
Largest movements
- Receivables within one year -€80,592
down €80,592 (-55.7%), from €144,600 to €64,009
of which Trade receivables: -€41,502
- Cash -€16,413
down €16,413 (-93.8%), from €17,491 to €1,078
mainly Contributions, distributions and other (-€45,882) and Tax, wage and social debts (-€31,905)
- Reserves -€75,436
down €75,436 (-59.2%), from €127,407 to €51,971
- Tax, wage and social debts -€31,905
down €31,905 (-95.6%), from €33,368 to €1,463
- Other debts +€7,121
new in 2025: €7,121
- Trade debts +€2,100
up €2,100 (+187%), from €1,126 to €3,226
- Gross operating margin -€101,206
down €101,206, from €73,279 to -€27,927
- Taxes -€14,632
no longer reported in 2025 (was €14,632)
- Other operating charges +€1,803
up €1,803 (+1,528%), from €118 to €1,921
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.
Derived cash bridge
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 | €164,901 | €66,781 | -€98,120 | -59.5% |
| Fixed assets | 21/28 | €2,809 | €1,694 | -€1,114 | -39.7% |
| Tangible fixed assets | 22/27 | €2,809 | €1,694 | -€1,114 | -39.7% |
| Plant, machinery and equipment | 23 | €2,809 | €1,694 | -€1,114 | -39.7% |
| Current assets | 29/58 | €162,092 | €65,087 | -€97,005 | -59.8% |
| Amounts receivable within one year | 40/41 | €144,600 | €64,009 | -€80,592 | -55.7% |
| Trade receivables | 40 | €105,511 | €64,009 | -€41,502 | -39.3% |
| Other amounts receivable | 41 | €39,089 | - | -€39,089 | |
| Cash at bank and in hand | 54/58 | €17,491 | €1,078 | -€16,413 | -93.8% |
| Total equity and liabilities | 10/49 | €164,901 | €66,781 | -€98,120 | -59.5% |
| Equity | 10/15 | €130,407 | €54,971 | -€75,436 | -57.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €127,407 | €51,971 | -€75,436 | -59.2% |
| Distributable reserves | 133 | €127,407 | €51,971 | -€75,436 | -59.2% |
| Amounts payable | 17/49 | €34,494 | €11,810 | -€22,684 | -65.8% |
| Amounts payable within one year | 42/48 | €34,494 | €11,810 | -€22,684 | -65.8% |
| Trade debts | 44 | €1,126 | €3,226 | +€2,100 | +187% |
| Suppliers | 440/4 | €1,126 | €3,226 | +€2,100 | +187% |
| Taxes, remuneration and social security | 45 | €33,368 | €1,463 | -€31,905 | -95.6% |
| Taxes | 450/3 | €33,368 | €1,463 | -€31,905 | -95.6% |
| Other amounts payable | 47/48 | - | €7,121 | +€7,121 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,304 | €1,114 | -€189 | -14.5% |
| Other operating charges | 640/8 | €118 | €1,921 | +€1,803 | +1,528% |
| Gross operating margin | 9900 | €73,279 | -€27,927 | -€101,206 | |
| Operating profit (loss) | 9901 | €71,857 | -€30,963 | -€102,820 | |
| Financial income | 75/76B | €1,400 | €2,109 | +€709 | +50.6% |
| Recurring financial income | 75 | €1,400 | €2,109 | +€709 | +50.6% |
| Financial charges | 65/66B | €142 | €700 | +€558 | +393% |
| Recurring financial charges | 65 | €142 | €700 | +€558 | +393% |
| Profit (loss) for the period before taxes | 9903 | €73,115 | -€29,553 | -€102,669 | |
| Income taxes | 67/77 | €14,632 | - | -€14,632 | |
| Profit (loss) for the period | 9904 | €58,483 | -€29,553 | -€88,037 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,483 | -€29,553 | -€88,037 |
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 19 October 2026 via checked.be.