MAIMUNA: what changed
Two fiscal 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.
MAIMUNA
Largest movements
- Receivables within one year +€35,548
up €35,548 (+7.1%), from €502,837 to €538,385
of which Other amounts receivable: +€29,692
- Trade debts +€61,487
up €61,487 (+30.2%), from €203,539 to €265,026
- Reserves +€35,900
up €35,900 (+45.7%), from €78,500 to €114,400
- Tax, wage and social debts -€26,075
down €26,075 (-50.3%), from €51,887 to €25,812
of which Taxes: -€25,842
- Other debts -€20,246
down €20,246 (-7.8%), from €260,753 to €240,506
- Advances received -€9,307
no longer reported in 2025 (was €9,307)
- Gross operating margin +€30,171
up €30,171 (+54.9%), from €54,910 to €85,081
- Staff costs +€27,433
up €27,433 (+449.8%), from €6,099 to €33,532
- Other operating charges +€1,539
up €1,539 (+134.1%), from €1,147 to €2,686
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 | €605,532 | €647,283 | +€41,751 | +6.9% |
| Fixed assets | 21/28 | €16,325 | €15,694 | -€631 | -3.9% |
| Tangible fixed assets | 22/27 | €2,825 | €2,194 | -€631 | -22.3% |
| Plant, machinery and equipment | 23 | €2,825 | €2,194 | -€631 | -22.3% |
| Financial fixed assets | 28 | €13,500 | €13,500 | = | 0.0% |
| Current assets | 29/58 | €589,207 | €631,590 | +€42,383 | +7.2% |
| Stocks and contracts in progress | 3 | €74,209 | €76,100 | +€1,891 | +2.5% |
| Stocks | 30/36 | €74,209 | €76,100 | +€1,891 | +2.5% |
| Amounts receivable within one year | 40/41 | €502,837 | €538,385 | +€35,548 | +7.1% |
| Trade receivables | 40 | €39,476 | €45,332 | +€5,856 | +14.8% |
| Other amounts receivable | 41 | €463,361 | €493,053 | +€29,692 | +6.4% |
| Cash at bank and in hand | 54/58 | €12,161 | €17,104 | +€4,943 | +40.6% |
| Total equity and liabilities | 10/49 | €605,532 | €647,283 | +€41,751 | +6.9% |
| Equity | 10/15 | €80,047 | €115,939 | +€35,892 | +44.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €78,500 | €114,400 | +€35,900 | +45.7% |
| Distributable reserves | 133 | €78,500 | €114,400 | +€35,900 | +45.7% |
| Profit (loss) carried forward | 14 | €47 | €39 | -€8 | -17.4% |
| Amounts payable | 17/49 | €525,485 | €531,344 | +€5,860 | +1.1% |
| Amounts payable within one year | 42/48 | €525,485 | €531,344 | +€5,860 | +1.1% |
| Trade debts | 44 | €203,539 | €265,026 | +€61,487 | +30.2% |
| Suppliers | 440/4 | €203,539 | €265,026 | +€61,487 | +30.2% |
| Advances received on contracts in progress | 46 | €9,307 | - | -€9,307 | |
| Taxes, remuneration and social security | 45 | €51,887 | €25,812 | -€26,075 | -50.3% |
| Taxes | 450/3 | €49,639 | €23,797 | -€25,842 | -52.1% |
| Remuneration and social security | 454/9 | €2,247 | €2,015 | -€232 | -10.3% |
| Other amounts payable | 47/48 | €260,753 | €240,506 | -€20,246 | -7.8% |
| Remuneration, social security and pensions | 62 | €6,099 | €33,532 | +€27,433 | +449.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €331 | €631 | +€300 | +90.6% |
| Other operating charges | 640/8 | €1,147 | €2,686 | +€1,539 | +134.1% |
| Gross operating margin | 9900 | €54,910 | €85,081 | +€30,171 | +54.9% |
| Operating profit (loss) | 9901 | €47,332 | €48,231 | +€899 | +1.9% |
| Financial income | 75/76B | €329 | - | -€329 | |
| Recurring financial income | 75 | €329 | - | -€329 | |
| Financial charges | 65/66B | €76 | €375 | +€300 | +395.0% |
| Recurring financial charges | 65 | €76 | €375 | +€300 | +395.0% |
| Profit (loss) for the period before taxes | 9903 | €47,585 | €47,856 | +€270 | +0.6% |
| Income taxes | 67/77 | €11,833 | €11,964 | +€131 | +1.1% |
| Profit (loss) for the period | 9904 | €35,752 | €35,892 | +€140 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,752 | €35,892 | +€140 | +0.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.