MAISTER: 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.
MAISTER
Largest movements
- Receivables within one year -€402,133
down €402,133 (-44.4%), from €905,913 to €503,780
of which Trade receivables: -€395,481
- Cash -€264,266
down €264,266 (-93.1%), from €283,867 to €19,601
mainly Net result for the year (-€793,403) and Trade debts (-€186,358)
- Tangible fixed assets -€66,172
down €66,172 (-31.5%), from €210,369 to €144,197
of which Furniture and vehicles: -€55,612
- Profit (loss) carried forward -€683,721
new in 2025: -€683,721
- Debts after one year +€260,330
up €260,330 (+249.1%), from €104,521 to €364,851
- Trade debts -€186,358
down €186,358 (-55.4%), from €336,274 to €149,916
- Reserves -€109,683
down €109,683 (-34.9%), from €314,045 to €204,362
of which Distributable reserves: -€70,767
- Tax, wage and social debts -€103,022
down €103,022 (-87.2%), from €118,152 to €15,130
of which Remuneration and social security: -€76,271
- Gross operating margin -€511,255
down €511,255, from €241,145 to -€270,110
- Staff costs +€102,998
up €102,998 (+35.3%), from €292,189 to €395,187
- Other operating charges +€31,960
up €31,960 (+1166.0%), from €2,741 to €34,701
- Depreciation +€30,925
up €30,925 (+87.9%), from €35,197 to €66,123
- Financial charges +€15,606
up €15,606 (+136.4%), from €11,440 to €27,046
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,415,702 | €677,480 | -€738,222 | -52.1% |
| Fixed assets | 21/28 | €212,919 | €146,747 | -€66,172 | -31.1% |
| Tangible fixed assets | 22/27 | €210,369 | €144,197 | -€66,172 | -31.5% |
| Land and buildings | 22 | €34,273 | €28,463 | -€5,810 | -17.0% |
| Furniture and vehicles | 24 | €148,121 | €92,509 | -€55,612 | -37.5% |
| Other tangible fixed assets | 26 | €27,975 | €23,226 | -€4,749 | -17.0% |
| Financial fixed assets | 28 | €2,550 | €2,550 | = | 0.0% |
| Current assets | 29/58 | €1,202,783 | €530,733 | -€672,050 | -55.9% |
| Amounts receivable within one year | 40/41 | €905,913 | €503,780 | -€402,133 | -44.4% |
| Trade receivables | 40 | €558,902 | €163,421 | -€395,481 | -70.8% |
| Other amounts receivable | 41 | €347,011 | €340,359 | -€6,653 | -1.9% |
| Cash at bank and in hand | 54/58 | €283,867 | €19,601 | -€264,266 | -93.1% |
| Deferred charges and accrued income | 490/1 | €13,003 | €7,352 | -€5,651 | -43.5% |
| Total equity and liabilities | 10/49 | €1,415,702 | €677,480 | -€738,222 | -52.1% |
| Equity | 10/15 | €316,826 | -€476,577 | -€793,403 | |
| Contributions | 10/11 | €2,781 | €2,781 | = | 0.0% |
| Reserves | 13 | €314,045 | €204,362 | -€109,683 | -34.9% |
| Tax-exempt reserves | 132 | €46,700 | €7,783 | -€38,916 | -83.3% |
| Distributable reserves | 133 | €267,346 | €196,579 | -€70,767 | -26.5% |
| Profit (loss) carried forward | 14 | - | -€683,721 | -€683,721 | |
| Amounts payable | 17/49 | €1,098,876 | €1,154,058 | +€55,182 | +5.0% |
| Amounts payable after more than one year | 17 | €104,521 | €364,851 | +€260,330 | +249.1% |
| Financial debts | 170/4 | €104,521 | €364,851 | +€260,330 | +249.1% |
| Amounts payable within one year | 42/48 | €993,750 | €789,207 | -€204,543 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €39,324 | €13,222 | -€26,102 | -66.4% |
| Financial debts | 43 | €500,000 | €510,071 | +€10,071 | +2.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Other loans | 439 | - | €10,071 | +€10,071 | |
| Trade debts | 44 | €336,274 | €149,916 | -€186,358 | -55.4% |
| Suppliers | 440/4 | €336,274 | €149,916 | -€186,358 | -55.4% |
| Taxes, remuneration and social security | 45 | €118,152 | €15,130 | -€103,022 | -87.2% |
| Taxes | 450/3 | €34,717 | €7,966 | -€26,752 | -77.1% |
| Remuneration and social security | 454/9 | €83,435 | €7,164 | -€76,271 | -91.4% |
| Other amounts payable | 47/48 | - | €100,868 | +€100,868 | |
| Accrued charges and deferred income | 492/3 | €605 | €0 | -€605 | -100.0% |
| Non-recurring operating income | 76A | - | €17,336 | +€17,336 | |
| Remuneration, social security and pensions | 62 | €292,189 | €395,187 | +€102,998 | +35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,197 | €66,123 | +€30,925 | +87.9% |
| Other operating charges | 640/8 | €2,741 | €34,701 | +€31,960 | +1166.0% |
| Non-recurring operating charges | 66A | - | €6 | +€6 | |
| Gross operating margin | 9900 | €241,145 | -€270,110 | -€511,255 | |
| Operating profit (loss) | 9901 | -€88,982 | -€766,126 | -€677,144 | -761.0% |
| Financial income | 75/76B | €21 | €345 | +€324 | +1537.3% |
| Recurring financial income | 75 | €21 | €345 | +€324 | +1537.3% |
| Financial charges | 65/66B | €11,440 | €27,046 | +€15,606 | +136.4% |
| Recurring financial charges | 65 | €11,440 | €27,046 | +€15,606 | +136.4% |
| Profit (loss) for the period before taxes | 9903 | -€100,401 | -€792,828 | -€692,426 | -689.7% |
| Income taxes | 67/77 | €685 | €576 | -€109 | -15.9% |
| Profit (loss) for the period | 9904 | -€101,086 | -€793,403 | -€692,317 | -684.9% |
| Transfer from tax-exempt reserves | 789 | €32,908 | €38,916 | +€6,008 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,178 | -€754,487 | -€686,309 | -1006.6% |
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 10 October 2026 via checked.be.