MAI: 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.
MAI
Largest movements
- Cash +€28,313
up €28,313 (+45.6%), from €62,030 to €90,343
mainly Net result for the year (+€36,997) and Advances received (+€21,940)
- Deferred charges and accrued income +€15,222
up €15,222 (+1,801%), from €845 to €16,067
- Tangible fixed assets +€8,458
up €8,458 (+23.3%), from €36,306 to €44,764
of which Other tangible fixed assets: +€39,730
- Receivables within one year -€7,460
down €7,460 (-54.1%), from €13,797 to €6,337
of which Trade receivables: -€6,146
- Stocks and contracts -€1,806
down €1,806 (-17.5%), from €10,302 to €8,496
- Profit (loss) carried forward +€36,997
up €36,997 (+59.4%), from -€62,330 to -€25,333
- Advances received +€21,940
up €21,940 (+1,486%), from €1,476 to €23,416
- Tax, wage and social debts -€6,135
down €6,135 (-17.1%), from €35,950 to €29,815
of which Taxes: -€7,073
- Trade debts -€5,491
down €5,491 (-12.4%), from €44,252 to €38,761
- Accrued charges and deferred income -€4,383
no longer reported in 2025 (was €4,383)
- Other operating charges -€51,610
down €51,610 (-75.7%), from €68,164 to €16,555
- Staff costs -€13,163
down €13,163 (-9.5%), from €138,575 to €125,412
- Gross operating margin +€8,037
up €8,037 (+4.3%), from €188,201 to €196,238
- Financial charges +€5,166
up €5,166 (+78.5%), from €6,578 to €11,744
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 | €123,780 | €166,707 | +€42,927 | +34.7% |
| Fixed assets | 21/28 | €36,806 | €45,464 | +€8,658 | +23.5% |
| Tangible fixed assets | 22/27 | €36,306 | €44,764 | +€8,458 | +23.3% |
| Land and buildings | 22 | €35,190 | - | -€35,190 | |
| Furniture and vehicles | 24 | €625 | €4,543 | +€3,918 | +627% |
| Other tangible fixed assets | 26 | €491 | €40,221 | +€39,730 | +8,093% |
| Financial fixed assets | 28 | €500 | €700 | +€200 | +40.0% |
| Current assets | 29/58 | €86,974 | €121,243 | +€34,269 | +39.4% |
| Stocks and contracts in progress | 3 | €10,302 | €8,496 | -€1,806 | -17.5% |
| Stocks | 30/36 | €10,302 | €8,496 | -€1,806 | -17.5% |
| Amounts receivable within one year | 40/41 | €13,797 | €6,337 | -€7,460 | -54.1% |
| Trade receivables | 40 | €11,544 | €5,398 | -€6,146 | -53.2% |
| Other amounts receivable | 41 | €2,253 | €939 | -€1,314 | -58.3% |
| Cash at bank and in hand | 54/58 | €62,030 | €90,343 | +€28,313 | +45.6% |
| Deferred charges and accrued income | 490/1 | €845 | €16,067 | +€15,222 | +1,801% |
| Total equity and liabilities | 10/49 | €123,780 | €166,707 | +€42,927 | +34.7% |
| Equity | 10/15 | €37,719 | €74,716 | +€36,997 | +98.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €49 | €49 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49 | €49 | = | 0.0% |
| Reserves not available under the articles | 1311 | €49 | €49 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,330 | -€25,333 | +€36,997 | +59.4% |
| Amounts payable | 17/49 | €86,061 | €91,992 | +€5,930 | +6.9% |
| Amounts payable within one year | 42/48 | €81,678 | €91,992 | +€10,314 | +12.6% |
| Trade debts | 44 | €44,252 | €38,761 | -€5,491 | -12.4% |
| Suppliers | 440/4 | €44,252 | €38,761 | -€5,491 | -12.4% |
| Advances received on contracts in progress | 46 | €1,476 | €23,416 | +€21,940 | +1,486% |
| Taxes, remuneration and social security | 45 | €35,950 | €29,815 | -€6,135 | -17.1% |
| Taxes | 450/3 | €18,323 | €11,250 | -€7,073 | -38.6% |
| Remuneration and social security | 454/9 | €17,626 | €18,565 | +€938 | +5.3% |
| Accrued charges and deferred income | 492/3 | €4,383 | - | -€4,383 | |
| Remuneration, social security and pensions | 62 | €138,575 | €125,412 | -€13,163 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,449 | €5,541 | +€1,092 | +24.5% |
| Other operating charges | 640/8 | €68,164 | €16,555 | -€51,610 | -75.7% |
| Gross operating margin | 9900 | €188,201 | €196,238 | +€8,037 | +4.3% |
| Operating profit (loss) | 9901 | -€22,987 | €48,731 | +€71,717 | |
| Financial income | 75/76B | €24 | €9 | -€15 | -61.0% |
| Recurring financial income | 75 | €24 | €9 | -€15 | -61.0% |
| Financial charges | 65/66B | €6,578 | €11,744 | +€5,166 | +78.5% |
| Recurring financial charges | 65 | €6,578 | €11,744 | +€5,166 | +78.5% |
| Profit (loss) for the period before taxes | 9903 | -€29,541 | €36,997 | +€66,537 | |
| Profit (loss) for the period | 9904 | -€29,541 | €36,997 | +€66,537 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,541 | €36,997 | +€66,537 |
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 20 October 2026 via checked.be.