MAISIN: 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.
MAISIN
Largest movements
- Tangible fixed assets -€43,048
down €43,048 (-4.5%), from €959,940 to €916,892
of which Land and buildings: -€40,441
- Cash +€29,278
up €29,278 (+64.1%), from €45,676 to €74,954
mainly Depreciation (+€49,645) and Net result for the year (+€30,491)
- Receivables within one year +€28,875
new in 2025: €28,875
of which Other amounts receivable: +€28,287
- Reserves +€30,491
up €30,491 (+13.6%), from €224,200 to €254,691
of which Distributable reserves: +€42,491
- Debts after one year -€20,059
down €20,059 (-12.4%), from €161,474 to €141,415
- Tax, wage and social debts +€19,582
up €19,582 (+426%), from €4,600 to €24,182
- Trade debts -€12,930
no longer reported in 2025 (was €12,930)
- Gross operating margin +€33,316
up €33,316 (+37.9%), from €87,847 to €121,163
- Depreciation -€20,192
down €20,192 (-28.9%), from €69,837 to €49,645
- Taxes +€19,742
up €19,742 (+1,298%), from €1,521 to €21,264
- Other operating charges -€8,503
down €8,503 (-31.1%), from €27,368 to €18,865
- Financial income -€1,393
down €1,393 (-99.5%), from €1,400 to €7
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 | €1,008,277 | €1,023,593 | +€15,316 | +1.5% |
| Fixed assets | 21/28 | €959,940 | €916,892 | -€43,048 | -4.5% |
| Tangible fixed assets | 22/27 | €959,940 | €916,892 | -€43,048 | -4.5% |
| Land and buildings | 22 | €954,227 | €913,787 | -€40,441 | -4.2% |
| Plant, machinery and equipment | 23 | €1,510 | €785 | -€725 | -48.0% |
| Furniture and vehicles | 24 | €4,203 | €2,321 | -€1,882 | -44.8% |
| Current assets | 29/58 | €48,337 | €106,701 | +€58,364 | +121% |
| Amounts receivable within one year | 40/41 | - | €28,875 | +€28,875 | |
| Trade receivables | 40 | - | €588 | +€588 | |
| Other amounts receivable | 41 | - | €28,287 | +€28,287 | |
| Cash at bank and in hand | 54/58 | €45,676 | €74,954 | +€29,278 | +64.1% |
| Deferred charges and accrued income | 490/1 | €2,660 | €2,871 | +€210 | +7.9% |
| Total equity and liabilities | 10/49 | €1,008,277 | €1,023,593 | +€15,316 | +1.5% |
| Equity | 10/15 | €693,373 | €723,863 | +€30,491 | +4.4% |
| Contributions | 10/11 | €440,000 | €440,000 | = | 0.0% |
| Capital | 10 | €440,000 | €440,000 | = | 0.0% |
| Issued capital | 100 | €440,000 | €440,000 | = | 0.0% |
| Reserves | 13 | €224,200 | €254,691 | +€30,491 | +13.6% |
| Non-distributable reserves | 130/1 | €44,000 | €44,000 | = | 0.0% |
| Legal reserve | 130 | €44,000 | €44,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,358 | €35,358 | -€12,000 | -25.3% |
| Distributable reserves | 133 | €132,842 | €175,333 | +€42,491 | +32.0% |
| Profit (loss) carried forward | 14 | €29,173 | €29,173 | = | 0.0% |
| Provisions and deferred taxes | 16 | €14,000 | €10,000 | -€4,000 | -28.6% |
| Deferred taxes | 168 | €14,000 | €10,000 | -€4,000 | -28.6% |
| Amounts payable | 17/49 | €300,904 | €289,729 | -€11,175 | -3.7% |
| Amounts payable after more than one year | 17 | €161,474 | €141,415 | -€20,059 | -12.4% |
| Financial debts | 170/4 | €161,474 | €141,415 | -€20,059 | -12.4% |
| Amounts payable within one year | 42/48 | €139,430 | €148,314 | +€8,885 | +6.4% |
| Financial debts | 43 | €19,771 | €20,059 | +€289 | +1.5% |
| Credit institutions | 430/8 | €19,771 | €20,059 | +€289 | +1.5% |
| Trade debts | 44 | €12,930 | - | -€12,930 | |
| Suppliers | 440/4 | €12,930 | - | -€12,930 | |
| Advances received on contracts in progress | 46 | €2,997 | - | -€2,997 | |
| Taxes, remuneration and social security | 45 | €4,600 | €24,182 | +€19,582 | +426% |
| Taxes | 450/3 | €4,600 | €24,182 | +€19,582 | +426% |
| Other amounts payable | 47/48 | €99,132 | €104,073 | +€4,940 | +5.0% |
| Non-recurring operating income | 76A | €15,204 | €884 | -€14,320 | -94.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,837 | €49,645 | -€20,192 | -28.9% |
| Other operating charges | 640/8 | €27,368 | €18,865 | -€8,503 | -31.1% |
| Non-recurring operating charges | 66A | - | €2,187 | +€2,187 | |
| Gross operating margin | 9900 | €87,847 | €121,163 | +€33,316 | +37.9% |
| Operating profit (loss) | 9901 | -€9,359 | €50,465 | +€59,824 | |
| Financial income | 75/76B | €1,400 | €7 | -€1,393 | -99.5% |
| Recurring financial income | 75 | €1,400 | €7 | -€1,393 | -99.5% |
| Financial charges | 65/66B | €3,549 | €2,718 | -€831 | -23.4% |
| Recurring financial charges | 65 | €3,327 | €2,718 | -€608 | -18.3% |
| Non-recurring financial charges | 66B | €223 | - | -€223 | |
| Profit (loss) for the period before taxes | 9903 | -€11,508 | €47,754 | +€59,262 | |
| Transfer from deferred taxes | 780 | €4,000 | €4,000 | = | 0.0% |
| Income taxes | 67/77 | €1,521 | €21,264 | +€19,742 | +1,298% |
| Profit (loss) for the period | 9904 | -€9,029 | €30,491 | +€39,520 | |
| Transfer from tax-exempt reserves | 789 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,971 | €42,491 | +€39,520 | +1,330% |
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 19 October 2026 via checked.be.