MAI 48: 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 48
Largest movements
- Receivables after one year +€326,923
new in 2025: €326,923
- Receivables within one year -€272,435
down €272,435 (-59.3%), from €459,254 to €186,819
- Deferred charges and accrued income +€146,409
new in 2025: €146,409
- Trade debts +€91,162
up €91,162 (+16944.6%), from €538 to €91,700
- Profit (loss) carried forward +€70,891
up €70,891 (+19.4%), from €364,567 to €435,458
- Accrued charges and deferred income +€40,409
new in 2025: €40,409
- Gross operating margin -€14,618
down €14,618 (-13.0%), from €112,669 to €98,051
- Financial income -€13,285
no longer reported in 2025 (was €13,285)
- Taxes -€8,082
down €8,082 (-23.7%), from €34,151 to €26,069
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
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 | €469,414 | €671,282 | +€201,868 | +43.0% |
| Fixed assets | 21/28 | €10,000 | €10,000 | = | 0.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €459,414 | €661,282 | +€201,868 | +43.9% |
| Amounts receivable after more than one year | 29 | - | €326,923 | +€326,923 | |
| Other amounts receivable | 291 | - | €326,923 | +€326,923 | |
| Amounts receivable within one year | 40/41 | €459,254 | €186,819 | -€272,435 | -59.3% |
| Other amounts receivable | 41 | €459,254 | €186,819 | -€272,435 | -59.3% |
| Cash at bank and in hand | 54/58 | €160 | €1,131 | +€971 | +606.9% |
| Deferred charges and accrued income | 490/1 | - | €146,409 | +€146,409 | |
| Total equity and liabilities | 10/49 | €469,414 | €671,282 | +€201,868 | +43.0% |
| Equity | 10/15 | €398,577 | €469,468 | +€70,891 | +17.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €25,950 | €25,950 | = | 0.0% |
| Distributable reserves | 133 | €25,950 | €25,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | €364,567 | €435,458 | +€70,891 | +19.4% |
| Amounts payable | 17/49 | €70,837 | €201,814 | +€130,977 | +184.9% |
| Amounts payable within one year | 42/48 | €70,837 | €161,405 | +€90,568 | +127.9% |
| Trade debts | 44 | €538 | €91,700 | +€91,162 | +16944.6% |
| Suppliers | 440/4 | €538 | €91,700 | +€91,162 | +16944.6% |
| Taxes, remuneration and social security | 45 | €70,299 | €69,705 | -€594 | -0.8% |
| Taxes | 450/3 | €70,299 | €69,705 | -€594 | -0.8% |
| Accrued charges and deferred income | 492/3 | - | €40,409 | +€40,409 | |
| Other operating charges | 640/8 | - | €721 | +€721 | |
| Gross operating margin | 9900 | €112,669 | €98,051 | -€14,618 | -13.0% |
| Operating profit (loss) | 9901 | €112,669 | €97,330 | -€15,339 | -13.6% |
| Financial income | 75/76B | €13,285 | - | -€13,285 | |
| Recurring financial income | 75 | €13,285 | - | -€13,285 | |
| Financial charges | 65/66B | €627 | €370 | -€257 | -41.0% |
| Recurring financial charges | 65 | €627 | €370 | -€257 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €125,327 | €96,960 | -€28,367 | -22.6% |
| Income taxes | 67/77 | €34,151 | €26,069 | -€8,082 | -23.7% |
| Profit (loss) for the period | 9904 | €91,176 | €70,891 | -€20,285 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €91,176 | €70,891 | -€20,285 | -22.2% |
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 12 October 2026 via checked.be.