MAO: 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.
MAO
Largest movements
- Receivables within one year +€79,052
up €79,052 (+86.2%), from €91,742 to €170,793
of which Other amounts receivable: +€78,062
- Cash +€7,346
up €7,346 (+9.1%), from €80,654 to €88,000
mainly Net result for the year (+€78,639) and Tax, wage and social debts (+€10,970)
- Profit (loss) carried forward +€78,639
up €78,639 (+61.1%), from €128,709 to €207,347
- Tax, wage and social debts +€10,970
up €10,970 (+27.5%), from €39,962 to €50,933
- Gross operating margin +€30,361
up €30,361 (+41.5%), from €73,223 to €103,584
- Taxes +€9,006
up €9,006 (+51.9%), from €17,364 to €26,370
- Financial income +€3,582
up €3,582 (+228.5%), from €1,567 to €5,149
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 | €179,678 | €267,589 | +€87,910 | +48.9% |
| Fixed assets | 21/28 | €5,190 | €7,342 | +€2,152 | +41.5% |
| Tangible fixed assets | 22/27 | €5,190 | €7,342 | +€2,152 | +41.5% |
| Plant, machinery and equipment | 23 | €3,928 | €1,679 | -€2,249 | -57.2% |
| Furniture and vehicles | 24 | €1,262 | €5,662 | +€4,400 | +348.7% |
| Current assets | 29/58 | €174,488 | €260,247 | +€85,759 | +49.1% |
| Amounts receivable within one year | 40/41 | €91,742 | €170,793 | +€79,052 | +86.2% |
| Trade receivables | 40 | €42,750 | €43,740 | +€990 | +2.3% |
| Other amounts receivable | 41 | €48,992 | €127,053 | +€78,062 | +159.3% |
| Cash at bank and in hand | 54/58 | €80,654 | €88,000 | +€7,346 | +9.1% |
| Deferred charges and accrued income | 490/1 | €2,093 | €1,454 | -€639 | -30.5% |
| Total equity and liabilities | 10/49 | €179,678 | €267,589 | +€87,910 | +48.9% |
| Equity | 10/15 | €133,709 | €212,347 | +€78,639 | +58.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,709 | €207,347 | +€78,639 | +61.1% |
| Amounts payable | 17/49 | €45,970 | €55,242 | +€9,272 | +20.2% |
| Amounts payable within one year | 42/48 | €45,970 | €55,242 | +€9,272 | +20.2% |
| Trade debts | 44 | €6,007 | €4,309 | -€1,699 | -28.3% |
| Suppliers | 440/4 | €6,007 | €4,309 | -€1,699 | -28.3% |
| Taxes, remuneration and social security | 45 | €39,962 | €50,933 | +€10,970 | +27.5% |
| Taxes | 450/3 | €39,962 | €50,933 | +€10,970 | +27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,655 | €2,827 | +€172 | +6.5% |
| Other operating charges | 640/8 | €969 | €885 | -€84 | -8.6% |
| Gross operating margin | 9900 | €73,223 | €103,584 | +€30,361 | +41.5% |
| Operating profit (loss) | 9901 | €69,598 | €99,871 | +€30,273 | +43.5% |
| Financial income | 75/76B | €1,567 | €5,149 | +€3,582 | +228.5% |
| Recurring financial income | 75 | €1,567 | €5,149 | +€3,582 | +228.5% |
| Financial charges | 65/66B | €39 | €12 | -€27 | -69.3% |
| Recurring financial charges | 65 | €39 | €12 | -€27 | -69.3% |
| Profit (loss) for the period before taxes | 9903 | €71,126 | €105,008 | +€33,882 | +47.6% |
| Income taxes | 67/77 | €17,364 | €26,370 | +€9,006 | +51.9% |
| Profit (loss) for the period | 9904 | €53,762 | €78,639 | +€24,876 | +46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,762 | €78,639 | +€24,876 | +46.3% |
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 10 October 2026 via checked.be.