Maha Mahmoud: 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.
Maha Mahmoud
Largest movements
- Financial fixed assets +€20,000
up €20,000 (+44.4%), from €45,000 to €65,000
- Cash +€18,980
up €18,980 (+62.3%), from €30,462 to €49,442
mainly Net result for the year (+€37,789) and Deferred charges and accrued income (+€9,294)
- Deferred charges and accrued income -€9,294
no longer reported in 2025 (was €9,294)
- Profit (loss) carried forward +€31,485
up €31,485 (+46.0%), from €68,515 to €100,000
- Tax, wage and social debts -€6,635
down €6,635 (-47.4%), from €14,010 to €7,375
of which Taxes: -€7,935
- Other debts +€6,379
up €6,379 (+354%), from €1,803 to €8,183
- Financial income -€1,132
down €1,132 (-98.2%), from €1,153 to €21
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 | €84,941 | €116,176 | +€31,235 | +36.8% |
| Fixed assets | 21/28 | €45,000 | €65,670 | +€20,670 | +45.9% |
| Tangible fixed assets | 22/27 | - | €670 | +€670 | |
| Furniture and vehicles | 24 | - | €670 | +€670 | |
| Financial fixed assets | 28 | €45,000 | €65,000 | +€20,000 | +44.4% |
| Current assets | 29/58 | €39,941 | €50,506 | +€10,565 | +26.5% |
| Amounts receivable within one year | 40/41 | €185 | €1,064 | +€879 | +476% |
| Trade receivables | 40 | €185 | €1,064 | +€879 | +476% |
| Cash at bank and in hand | 54/58 | €30,462 | €49,442 | +€18,980 | +62.3% |
| Deferred charges and accrued income | 490/1 | €9,294 | - | -€9,294 | |
| Total equity and liabilities | 10/49 | €84,941 | €116,176 | +€31,235 | +36.8% |
| Equity | 10/15 | €69,015 | €100,500 | +€31,485 | +45.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,515 | €100,000 | +€31,485 | +46.0% |
| Amounts payable | 17/49 | €15,925 | €15,676 | -€250 | -1.6% |
| Amounts payable within one year | 42/48 | €15,925 | €15,676 | -€250 | -1.6% |
| Trade debts | 44 | €113 | €118 | +€6 | +5.2% |
| Suppliers | 440/4 | €113 | €118 | +€6 | +5.2% |
| Taxes, remuneration and social security | 45 | €14,010 | €7,375 | -€6,635 | -47.4% |
| Taxes | 450/3 | €14,010 | €6,075 | -€7,935 | -56.6% |
| Remuneration and social security | 454/9 | - | €1,300 | +€1,300 | |
| Other amounts payable | 47/48 | €1,803 | €8,183 | +€6,379 | +354% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €179 | +€179 | |
| Other operating charges | 640/8 | €7 | - | -€7 | |
| Gross operating margin | 9900 | €48,238 | €48,393 | +€155 | +0.3% |
| Operating profit (loss) | 9901 | €48,232 | €48,214 | -€18 | 0.0% |
| Financial income | 75/76B | €1,153 | €21 | -€1,132 | -98.2% |
| Recurring financial income | 75 | €1,153 | €21 | -€1,132 | -98.2% |
| Financial charges | 65/66B | €64 | €28 | -€36 | -55.7% |
| Recurring financial charges | 65 | €64 | €28 | -€36 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | €49,320 | €48,206 | -€1,114 | -2.3% |
| Income taxes | 67/77 | €10,281 | €10,417 | +€136 | +1.3% |
| Profit (loss) for the period | 9904 | €39,039 | €37,789 | -€1,250 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,039 | €37,789 | -€1,250 | -3.2% |
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 28 October 2026 via checked.be.