MAIO: 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.
MAIO
Largest movements
- Receivables within one year +€26,478
up €26,478 (+7.0%), from €375,986 to €402,464
of which Other amounts receivable: +€26,210
- Cash -€17,029
down €17,029 (-76.4%), from €22,277 to €5,248
mainly Receivables within one year (-€26,478) and Trade debts (-€25,159)
- Debts after one year +€50,551
up €50,551 (+5.8%), from €877,844 to €928,395
- Trade debts -€25,159
down €25,159 (-51.0%), from €49,309 to €24,150
- Reserves -€13,998
down €13,998 (-3.7%), from €381,132 to €367,133
of which Tax-exempt reserves: -€13,998
- Gross operating margin -€61,884
down €61,884 (-93.2%), from €66,409 to €4,525
- Depreciation -€30,357
down €30,357 (-93.9%), from €32,345 to €1,988
- Financial charges -€13,751
down €13,751 (-28.4%), from €48,502 to €34,751
- Financial income +€4,382
up €4,382 (+19.9%), from €21,989 to €26,371
- Other operating charges -€1,203
down €1,203 (-21.3%), from €5,653 to €4,450
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 | €1,166,573 | €1,180,199 | +€13,626 | +1.2% |
| Fixed assets | 21/28 | €764,802 | €768,949 | +€4,147 | +0.5% |
| Tangible fixed assets | 22/27 | €764,802 | €768,949 | +€4,147 | +0.5% |
| Land and buildings | 22 | €736,947 | €743,082 | +€6,135 | +0.8% |
| Plant, machinery and equipment | 23 | €21,255 | €20,978 | -€277 | -1.3% |
| Furniture and vehicles | 24 | €6,600 | €4,889 | -€1,711 | -25.9% |
| Current assets | 29/58 | €401,771 | €411,250 | +€9,479 | +2.4% |
| Stocks and contracts in progress | 3 | €1,947 | €1,243 | -€704 | -36.2% |
| Stocks | 30/36 | €1,947 | €1,243 | -€704 | -36.2% |
| Amounts receivable within one year | 40/41 | €375,986 | €402,464 | +€26,478 | +7.0% |
| Trade receivables | 40 | €854 | €1,122 | +€268 | +31.4% |
| Other amounts receivable | 41 | €375,132 | €401,342 | +€26,210 | +7.0% |
| Cash at bank and in hand | 54/58 | €22,277 | €5,248 | -€17,029 | -76.4% |
| Deferred charges and accrued income | 490/1 | €1,561 | €2,295 | +€734 | +47.0% |
| Total equity and liabilities | 10/49 | €1,166,573 | €1,180,199 | +€13,626 | +1.2% |
| Equity | 10/15 | €16,311 | €12,974 | -€3,337 | -20.5% |
| Contributions | 10/11 | €163,225 | €163,225 | = | 0.0% |
| Capital | 10 | €163,225 | €163,225 | = | 0.0% |
| Issued capital | 100 | €163,225 | €163,225 | = | 0.0% |
| Reserves | 13 | €381,132 | €367,133 | -€13,998 | -3.7% |
| Tax-exempt reserves | 132 | €377,999 | €364,001 | -€13,998 | -3.7% |
| Distributable reserves | 133 | €3,133 | €3,133 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€528,046 | -€517,385 | +€10,661 | +2.0% |
| Provisions and deferred taxes | 16 | €194,640 | €187,432 | -€7,208 | -3.7% |
| Deferred taxes | 168 | €194,640 | €187,432 | -€7,208 | -3.7% |
| Amounts payable | 17/49 | €955,622 | €979,793 | +€24,171 | +2.5% |
| Amounts payable after more than one year | 17 | €877,844 | €928,395 | +€50,551 | +5.8% |
| Financial debts | 170/4 | €877,844 | €928,395 | +€50,551 | +5.8% |
| Amounts payable within one year | 42/48 | €70,825 | €46,456 | -€24,369 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €18,423 | €19,374 | +€951 | +5.2% |
| Financial debts | 43 | €212 | €262 | +€51 | +23.9% |
| Credit institutions | 430/8 | €212 | €262 | +€51 | +23.9% |
| Trade debts | 44 | €49,309 | €24,150 | -€25,159 | -51.0% |
| Suppliers | 440/4 | €49,309 | €24,150 | -€25,159 | -51.0% |
| Advances received on contracts in progress | 46 | €2,056 | €2,006 | -€50 | -2.4% |
| Taxes, remuneration and social security | 45 | €826 | €664 | -€162 | -19.6% |
| Taxes | 450/3 | €826 | €664 | -€162 | -19.6% |
| Accrued charges and deferred income | 492/3 | €6,953 | €4,943 | -€2,010 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,345 | €1,988 | -€30,357 | -93.9% |
| Other operating charges | 640/8 | €5,653 | €4,450 | -€1,203 | -21.3% |
| Gross operating margin | 9900 | €66,409 | €4,525 | -€61,884 | -93.2% |
| Operating profit (loss) | 9901 | €28,410 | -€1,914 | -€30,324 | |
| Financial income | 75/76B | €21,989 | €26,371 | +€4,382 | +19.9% |
| Recurring financial income | 75 | €21,989 | €26,371 | +€4,382 | +19.9% |
| Financial charges | 65/66B | €48,502 | €34,751 | -€13,751 | -28.4% |
| Recurring financial charges | 65 | €48,502 | €34,751 | -€13,751 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €1,897 | -€10,294 | -€12,190 | |
| Transfer from deferred taxes | 780 | €7,208 | €7,208 | = | 0.0% |
| Income taxes | 67/77 | €413 | €251 | -€161 | -39.1% |
| Profit (loss) for the period | 9904 | €8,692 | -€3,337 | -€12,029 | |
| Transfer from tax-exempt reserves | 789 | €13,998 | €13,998 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,690 | €10,661 | -€12,029 | -53.0% |
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 13 October 2026 via checked.be.