Maitre²: 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.
Maitre²
Largest movements
- Receivables within one year +€39,722
up €39,722 (+111.4%), from €35,665 to €75,387
of which Other amounts receivable: +€41,887
- Tangible fixed assets -€11,819
down €11,819 (-3.0%), from €388,431 to €376,612
of which Land and buildings: -€13,701
- Profit (loss) carried forward +€46,163
up €46,163 (+120.3%), from €38,371 to €84,534
- Debts after one year -€40,273
down €40,273 (-5.9%), from €678,022 to €637,749
- Current portion of long-term debt +€31,159
up €31,159 (+601.5%), from €5,180 to €36,339
- Tax, wage and social debts +€28,195
up €28,195 (+111.1%), from €25,373 to €53,568
- Trade debts -€25,619
down €25,619 (-89.6%), from €28,605 to €2,986
- Gross operating margin +€42,934
up €42,934 (+68.5%), from €62,689 to €105,623
- Depreciation +€12,914
up €12,914 (+226.4%), from €5,705 to €18,618
- Financial charges +€10,122
up €10,122 (+245.9%), from €4,116 to €14,237
- Provisions +€7,460
new in 2025: €7,460
- Taxes +€3,385
up €3,385 (+26.1%), from €12,962 to €16,347
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 | €901,955 | €925,774 | +€23,819 | +2.6% |
| Fixed assets | 21/28 | €772,634 | €760,815 | -€11,819 | -1.5% |
| Tangible fixed assets | 22/27 | €388,431 | €376,612 | -€11,819 | -3.0% |
| Land and buildings | 22 | €386,844 | €373,144 | -€13,701 | -3.5% |
| Furniture and vehicles | 24 | €1,587 | €3,468 | +€1,882 | +118.6% |
| Financial fixed assets | 28 | €384,203 | €384,203 | = | 0.0% |
| Current assets | 29/58 | €129,321 | €164,959 | +€35,638 | +27.6% |
| Amounts receivable within one year | 40/41 | €35,665 | €75,387 | +€39,722 | +111.4% |
| Trade receivables | 40 | €2,665 | €500 | -€2,165 | -81.2% |
| Other amounts receivable | 41 | €33,000 | €74,887 | +€41,887 | +126.9% |
| Cash at bank and in hand | 54/58 | €93,296 | €86,977 | -€6,319 | -6.8% |
| Deferred charges and accrued income | 490/1 | €360 | €2,595 | +€2,235 | +620.6% |
| Total equity and liabilities | 10/49 | €901,955 | €925,774 | +€23,819 | +2.6% |
| Equity | 10/15 | €48,371 | €94,534 | +€46,163 | +95.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,371 | €84,534 | +€46,163 | +120.3% |
| Provisions and deferred taxes | 16 | - | €7,460 | +€7,460 | |
| Provisions for liabilities and charges | 160/5 | - | €7,460 | +€7,460 | |
| Other liabilities and charges | 164/5 | - | €7,460 | +€7,460 | |
| Amounts payable | 17/49 | €853,584 | €823,780 | -€29,804 | -3.5% |
| Amounts payable after more than one year | 17 | €678,022 | €637,749 | -€40,273 | -5.9% |
| Financial debts | 170/4 | €678,022 | €637,749 | -€40,273 | -5.9% |
| Amounts payable within one year | 42/48 | €175,394 | €185,863 | +€10,470 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €5,180 | €36,339 | +€31,159 | +601.5% |
| Trade debts | 44 | €28,605 | €2,986 | -€25,619 | -89.6% |
| Suppliers | 440/4 | €28,605 | €2,986 | -€25,619 | -89.6% |
| Taxes, remuneration and social security | 45 | €25,373 | €53,568 | +€28,195 | +111.1% |
| Taxes | 450/3 | €25,373 | €53,568 | +€28,195 | +111.1% |
| Other amounts payable | 47/48 | €116,236 | €92,971 | -€23,265 | -20.0% |
| Accrued charges and deferred income | 492/3 | €168 | €168 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,705 | €18,618 | +€12,914 | +226.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €7,460 | +€7,460 | |
| Other operating charges | 640/8 | €1,536 | €2,797 | +€1,262 | +82.2% |
| Gross operating margin | 9900 | €62,689 | €105,623 | +€42,934 | +68.5% |
| Operating profit (loss) | 9901 | €55,448 | €76,747 | +€21,299 | +38.4% |
| Financial charges | 65/66B | €4,116 | €14,237 | +€10,122 | +245.9% |
| Recurring financial charges | 65 | €4,116 | €14,237 | +€10,122 | +245.9% |
| Profit (loss) for the period before taxes | 9903 | €51,333 | €62,510 | +€11,177 | +21.8% |
| Income taxes | 67/77 | €12,962 | €16,347 | +€3,385 | +26.1% |
| Profit (loss) for the period | 9904 | €38,371 | €46,163 | +€7,793 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,371 | €46,163 | +€7,793 | +20.3% |
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 11 October 2026 via checked.be.