MAESTRO CONDUITE: 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 CONDUITE
Largest movements
- Tangible fixed assets +€5,025
up €5,025 (+422%), from €1,192 to €6,218
- Deferred charges and accrued income +€4,996
new in 2025: €4,996
- Cash -€3,439
down €3,439 (-7.4%), from €46,782 to €43,343
mainly Investment in fixed assets (net) (-€5,873) and Deferred charges and accrued income (-€4,996)
- Receivables within one year -€2,399
no longer reported in 2025 (was €2,399)
- Tax, wage and social debts +€8,545
up €8,545 (+142%), from €6,009 to €14,555
of which Taxes: +€6,650
- Trade debts -€4,805
down €4,805 (-28.5%), from €16,863 to €12,057
- Gross operating margin +€23,322
up €23,322 (+136%), from €17,159 to €40,481
- Financial income -€17,794
no longer reported in 2025 (was €17,794)
of which Financial income: -€17,794
- Staff costs +€6,264
up €6,264 (+20.5%), from €30,535 to €36,799
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 | €54,903 | €59,086 | +€4,183 | +7.6% |
| Fixed assets | 21/28 | €5,722 | €10,748 | +€5,025 | +87.8% |
| Tangible fixed assets | 22/27 | €1,192 | €6,218 | +€5,025 | +422% |
| Furniture and vehicles | 24 | €1,192 | €6,218 | +€5,025 | +422% |
| Financial fixed assets | 28 | €4,530 | €4,530 | = | 0.0% |
| Current assets | 29/58 | €49,181 | €48,338 | -€842 | -1.7% |
| Amounts receivable within one year | 40/41 | €2,399 | - | -€2,399 | |
| Other amounts receivable | 41 | €2,399 | - | -€2,399 | |
| Cash at bank and in hand | 54/58 | €46,782 | €43,343 | -€3,439 | -7.4% |
| Deferred charges and accrued income | 490/1 | - | €4,996 | +€4,996 | |
| Total equity and liabilities | 10/49 | €54,903 | €59,086 | +€4,183 | +7.6% |
| Equity | 10/15 | €32,031 | €32,474 | +€443 | +1.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,031 | €2,474 | +€443 | +21.8% |
| Amounts payable | 17/49 | €22,872 | €26,612 | +€3,740 | +16.4% |
| Amounts payable within one year | 42/48 | €22,872 | €26,612 | +€3,740 | +16.4% |
| Trade debts | 44 | €16,863 | €12,057 | -€4,805 | -28.5% |
| Suppliers | 440/4 | €16,863 | €12,057 | -€4,805 | -28.5% |
| Taxes, remuneration and social security | 45 | €6,009 | €14,555 | +€8,545 | +142% |
| Taxes | 450/3 | €158 | €6,808 | +€6,650 | +4,203% |
| Remuneration and social security | 454/9 | €5,851 | €7,747 | +€1,896 | +32.4% |
| Non-recurring operating income | 76A | - | €7,438 | +€7,438 | |
| Remuneration, social security and pensions | 62 | €30,535 | €36,799 | +€6,264 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €897 | €848 | -€50 | -5.6% |
| Other operating charges | 640/8 | €2,385 | €2,332 | -€54 | -2.3% |
| Gross operating margin | 9900 | €17,159 | €40,481 | +€23,322 | +136% |
| Operating profit (loss) | 9901 | -€16,659 | €503 | +€17,162 | |
| Financial income | 75/76B | €17,794 | - | -€17,794 | |
| Recurring financial income | 75 | €17,794 | - | -€17,794 | |
| Non-recurring financial income | 76B | €17,794 | - | -€17,794 | |
| Financial charges | 65/66B | €59 | €60 | +€2 | +2.6% |
| Recurring financial charges | 65 | €59 | €60 | +€2 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €1,076 | €443 | -€633 | -58.8% |
| Profit (loss) for the period | 9904 | €1,076 | €443 | -€633 | -58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,076 | €443 | -€633 | -58.8% |
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 19 October 2026 via checked.be.