Maître André: 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.
Maître André
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+98.1%), from €1.5m to €3.0m
of which Other amounts receivable: +€1.2m
- Cash +€1.5m
up €1.5m (+291.2%), from €499,868 to €2.0m
mainly Net result for the year (+€1.5m) and Other debts (+€1.4m)
- Tangible fixed assets -€939,691
down €939,691 (-15.5%), from €6.0m to €5.1m
of which Plant, machinery and equipment: -€1.1m
- Stocks and contracts -€409,559
down €409,559 (-34.7%), from €1.2m to €772,149
- Current investments +€253,207
new in 2025: €253,207
- Other debts +€1.4m
up €1.4m (+52.1%), from €2.7m to €4.1m
- Reserves +€267,401
up €267,401 (+18.5%), from €1.4m to €1.7m
- Trade debts +€225,152
up €225,152 (+27.3%), from €824,033 to €1.0m
- Gross operating margin +€148,961
up €148,961 (+5.3%), from €2.8m to €3.0m
- Financial charges -€132,628
down €132,628 (-39.8%), from €333,276 to €200,649
- Taxes +€89,774
up €89,774 (+180.1%), from €49,835 to €139,609
- Staff costs -€56,377
down €56,377 (-7.5%), from €747,891 to €691,514
- Write-downs +€38,493
up €38,493, from -€38,493 to €0
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 | €9,769,526 | €11,561,863 | +€1.8m | +18.3% |
| Formation expenses | 20 | - | €9,027 | +€9,027 | |
| Fixed assets | 21/28 | €6,440,207 | €5,453,248 | -€986,959 | -15.3% |
| Intangible fixed assets | 21 | €383,627 | €347,910 | -€35,718 | -9.3% |
| Tangible fixed assets | 22/27 | €6,045,030 | €5,105,338 | -€939,691 | -15.5% |
| Plant, machinery and equipment | 23 | €1,299,699 | €179,553 | -€1.1m | -86.2% |
| Furniture and vehicles | 24 | €94,904 | €68,299 | -€26,604 | -28.0% |
| Leasing and similar rights | 25 | €4,087,066 | €3,862,462 | -€224,604 | -5.5% |
| Other tangible fixed assets | 26 | €563,361 | €995,023 | +€431,662 | +76.6% |
| Financial fixed assets | 28 | €11,550 | €0 | -€11,550 | -100.0% |
| Current assets | 29/58 | €3,329,320 | €6,099,588 | +€2.8m | +83.2% |
| Stocks and contracts in progress | 3 | €1,181,708 | €772,149 | -€409,559 | -34.7% |
| Stocks | 30/36 | €1,181,708 | €772,149 | -€409,559 | -34.7% |
| Amounts receivable within one year | 40/41 | €1,506,244 | €2,983,548 | +€1.5m | +98.1% |
| Trade receivables | 40 | €1,336,964 | €1,598,455 | +€261,490 | +19.6% |
| Other amounts receivable | 41 | €169,280 | €1,385,093 | +€1.2m | +718.2% |
| Current investments | 50/53 | - | €253,207 | +€253,207 | |
| Cash at bank and in hand | 54/58 | €499,868 | €1,955,454 | +€1.5m | +291.2% |
| Deferred charges and accrued income | 490/1 | €141,500 | €135,231 | -€6,269 | -4.4% |
| Total equity and liabilities | 10/49 | €9,769,526 | €11,561,863 | +€1.8m | +18.3% |
| Equity | 10/15 | €1,495,014 | €1,758,356 | +€263,342 | +17.6% |
| Contributions | 10/11 | €50,000 | €45,941 | -€4,059 | -8.1% |
| Reserves | 13 | €1,445,014 | €1,712,415 | +€267,401 | +18.5% |
| Distributable reserves | 133 | €1,445,014 | €1,712,415 | +€267,401 | +18.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €8,274,512 | €9,803,507 | +€1.5m | +18.5% |
| Amounts payable after more than one year | 17 | €4,232,896 | €4,232,452 | -€443 | 0.0% |
| Financial debts | 170/4 | €4,232,896 | €4,232,452 | -€443 | 0.0% |
| Amounts payable within one year | 42/48 | €4,025,147 | €5,554,397 | +€1.5m | +38.0% |
| Current portion of amounts payable after more than one year | 42 | €376,975 | €291,287 | -€85,688 | -22.7% |
| Financial debts | 43 | €29,748 | €0 | -€29,748 | -100.0% |
| Credit institutions | 430/8 | €29,748 | €0 | -€29,748 | -100.0% |
| Trade debts | 44 | €824,033 | €1,049,184 | +€225,152 | +27.3% |
| Suppliers | 440/4 | €824,033 | €1,049,184 | +€225,152 | +27.3% |
| Taxes, remuneration and social security | 45 | €93,397 | €106,843 | +€13,446 | +14.4% |
| Taxes | 450/3 | €6,486 | €10,316 | +€3,830 | +59.1% |
| Remuneration and social security | 454/9 | €86,911 | €96,527 | +€9,616 | +11.1% |
| Other amounts payable | 47/48 | €2,700,995 | €4,107,083 | +€1.4m | +52.1% |
| Accrued charges and deferred income | 492/3 | €16,470 | €16,658 | +€188 | +1.1% |
| Remuneration, social security and pensions | 62 | €747,891 | €691,514 | -€56,377 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €465,680 | €467,013 | +€1,333 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€38,493 | €0 | +€38,493 | |
| Other operating charges | 640/8 | €30,743 | €26,512 | -€4,231 | -13.8% |
| Non-recurring operating charges | 66A | €77,920 | €0 | -€77,920 | -100.0% |
| Gross operating margin | 9900 | €2,816,563 | €2,965,524 | +€148,961 | +5.3% |
| Operating profit (loss) | 9901 | €1,532,821 | €1,780,484 | +€247,663 | +16.2% |
| Financial income | 75/76B | €70,733 | €34,486 | -€36,248 | -51.2% |
| Recurring financial income | 75 | €70,733 | €34,486 | -€36,248 | -51.2% |
| Financial charges | 65/66B | €333,276 | €200,649 | -€132,628 | -39.8% |
| Recurring financial charges | 65 | €333,276 | €200,649 | -€132,628 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €1,270,277 | €1,614,321 | +€344,043 | +27.1% |
| Income taxes | 67/77 | €49,835 | €139,609 | +€89,774 | +180.1% |
| Profit (loss) for the period | 9904 | €1,220,442 | €1,474,712 | +€254,269 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,220,442 | €1,474,712 | +€254,269 | +20.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.