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 +€3,563
up €3,563 (+667%), from €535 to €4,098
of which Trade receivables: +€4,098
- Tangible fixed assets +€1,886
up €1,886 (+14.3%), from €13,222 to €15,108
of which Other tangible fixed assets: +€3,282
- Cash +€288
up €288 (+5.4%), from €5,345 to €5,634
mainly Net result for the year (+€7,329) and Depreciation (+€3,269)
- Profit (loss) carried forward +€7,329
up €7,329 (+19.8%), from -€36,931 to -€29,602
- Other debts -€2,470
down €2,470 (-55.1%), from €4,484 to €2,014
- Tax, wage and social debts +€550
up €550 (+1,127%), from €49 to €599
- Accrued charges and deferred income +€329
up €329 (+21.9%), from €1,500 to €1,829
- Gross operating margin +€2,939
up €2,939 (+27.1%), from €10,861 to €13,800
- Financial charges +€779
up €779 (+49.0%), from €1,590 to €2,369
- Depreciation +€583
up €583 (+21.7%), from €2,686 to €3,269
- Other operating charges +€448
up €448 (+117%), from €384 to €833
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 | €19,102 | €24,840 | +€5,738 | +30.0% |
| Fixed assets | 21/28 | €13,222 | €15,108 | +€1,886 | +14.3% |
| Tangible fixed assets | 22/27 | €13,222 | €15,108 | +€1,886 | +14.3% |
| Plant, machinery and equipment | 23 | €620 | €0 | -€620 | -100% |
| Furniture and vehicles | 24 | €1,502 | €726 | -€776 | -51.7% |
| Other tangible fixed assets | 26 | €11,100 | €14,382 | +€3,282 | +29.6% |
| Current assets | 29/58 | €5,880 | €9,732 | +€3,852 | +65.5% |
| Amounts receivable within one year | 40/41 | €535 | €4,098 | +€3,563 | +667% |
| Trade receivables | 40 | €0 | €4,098 | +€4,098 | |
| Other amounts receivable | 41 | €535 | €0 | -€535 | -100% |
| Cash at bank and in hand | 54/58 | €5,345 | €5,634 | +€288 | +5.4% |
| Total equity and liabilities | 10/49 | €19,102 | €24,840 | +€5,738 | +30.0% |
| Equity | 10/15 | -€11,931 | -€4,602 | +€7,329 | +61.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€36,931 | -€29,602 | +€7,329 | +19.8% |
| Amounts payable | 17/49 | €31,033 | €29,441 | -€1,592 | -5.1% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Other amounts payable | 178/9 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,533 | €2,613 | -€1,920 | -42.4% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €49 | €599 | +€550 | +1,127% |
| Taxes | 450/3 | €49 | €599 | +€550 | +1,127% |
| Other amounts payable | 47/48 | €4,484 | €2,014 | -€2,470 | -55.1% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,829 | +€329 | +21.9% |
| Remuneration, social security and pensions | 62 | €78 | €0 | -€78 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,686 | €3,269 | +€583 | +21.7% |
| Other operating charges | 640/8 | €384 | €833 | +€448 | +117% |
| Gross operating margin | 9900 | €10,861 | €13,800 | +€2,939 | +27.1% |
| Operating profit (loss) | 9901 | €7,712 | €9,698 | +€1,986 | +25.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €1,590 | €2,369 | +€779 | +49.0% |
| Recurring financial charges | 65 | €1,590 | €2,369 | +€779 | +49.0% |
| Profit (loss) for the period before taxes | 9903 | €6,121 | €7,329 | +€1,208 | +19.7% |
| Profit (loss) for the period | 9904 | €6,121 | €7,329 | +€1,208 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,121 | €7,329 | +€1,208 | +19.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.