MAESTRO: 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.
MAESTRO
Largest movements
- Receivables within one year +€7,868
up €7,868 (+8.2%), from €95,584 to €103,452
- Reserves +€5,274
up €5,274 (+24.5%), from €21,518 to €26,792
of which Distributable reserves: +€5,274
- Profit (loss) carried forward +€2,594
up €2,594 (+20.6%), from €12,566 to €15,160
- Gross operating margin +€3,799
up €3,799, from -€811 to €2,988
- Purchases and services +€2,326
new in 2025: €2,326
- Taxes +€250
new in 2025: €250
- Other operating charges -€224
down €224 (-60.8%), from €368 to €144
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €95,584 | €103,452 | +€7,868 | +8.2% |
| Current assets | 29/58 | €95,584 | €103,452 | +€7,868 | +8.2% |
| Amounts receivable within one year | 40/41 | €95,584 | €103,452 | +€7,868 | +8.2% |
| Other amounts receivable | 41 | €95,584 | €103,452 | +€7,868 | +8.2% |
| Total equity and liabilities | 10/49 | €95,584 | €103,452 | +€7,868 | +8.2% |
| Equity | 10/15 | €95,584 | €103,452 | +€7,868 | +8.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €21,518 | €26,792 | +€5,274 | +24.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €15,368 | €20,642 | +€5,274 | +34.3% |
| Profit (loss) carried forward | 14 | €12,566 | €15,160 | +€2,594 | +20.6% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €2,326 | +€2,326 | |
| Other operating charges | 640/8 | €368 | €144 | -€224 | -60.8% |
| Gross operating margin | 9900 | -€811 | €2,988 | +€3,799 | |
| Operating profit (loss) | 9901 | -€1,179 | €2,844 | +€4,023 | |
| Profit (loss) for the period before taxes | 9903 | -€1,179 | €2,844 | +€4,023 | |
| Income taxes | 67/77 | - | €250 | +€250 | |
| Profit (loss) for the period | 9904 | -€1,179 | €2,594 | +€3,773 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,179 | €2,594 | +€3,773 |
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 11 October 2026 via checked.be.