MAOC 18: 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.
MAOC 18
Largest movements
- Cash +€89,680
up €89,680 (+519%), from €17,273 to €106,953
mainly Debts after one year (+€35,891) and Trade debts (+€19,965)
- Receivables within one year -€8,374
down €8,374 (-15.7%), from €53,282 to €44,908
of which Trade receivables: -€26,407
- Tangible fixed assets -€3,203
down €3,203 (-7.6%), from €42,360 to €39,157
of which Furniture and vehicles: -€12,530
- Debts after one year +€35,891
up €35,891 (+95.3%), from €37,669 to €73,560
- Trade debts +€19,965
up €19,965 (+231%), from €8,624 to €28,589
- Current portion of long-term debt +€11,636
up €11,636 (+73.4%), from €15,855 to €27,491
- Profit (loss) carried forward +€6,987
up €6,987, from -€6,987 to €0
- Reserves +€2,226
up €2,226 (+19.8%), from €11,233 to €13,460
- Gross operating margin +€51,879
up €51,879 (+98.4%), from €52,713 to €104,592
- Staff costs +€28,421
up €28,421 (+68.9%), from €41,268 to €69,690
- Depreciation +€8,146
up €8,146 (+72.9%), from €11,168 to €19,314
- Taxes +€1,704
up €1,704 (+1,312%), from €130 to €1,834
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 | €113,636 | €191,018 | +€77,382 | +68.1% |
| Fixed assets | 21/28 | €42,360 | €39,157 | -€3,203 | -7.6% |
| Tangible fixed assets | 22/27 | €42,360 | €39,157 | -€3,203 | -7.6% |
| Land and buildings | 22 | - | €14,073 | +€14,073 | |
| Plant, machinery and equipment | 23 | €11,036 | €6,290 | -€4,746 | -43.0% |
| Furniture and vehicles | 24 | €31,323 | €18,793 | -€12,530 | -40.0% |
| Current assets | 29/58 | €71,276 | €151,861 | +€80,585 | +113% |
| Amounts receivable within one year | 40/41 | €53,282 | €44,908 | -€8,374 | -15.7% |
| Trade receivables | 40 | €46,127 | €19,720 | -€26,407 | -57.2% |
| Other amounts receivable | 41 | €7,155 | €25,188 | +€18,033 | +252% |
| Cash at bank and in hand | 54/58 | €17,273 | €106,953 | +€89,680 | +519% |
| Deferred charges and accrued income | 490/1 | €722 | €0 | -€722 | -100% |
| Total equity and liabilities | 10/49 | €113,636 | €191,018 | +€77,382 | +68.1% |
| Equity | 10/15 | €39,246 | €48,460 | +€9,214 | +23.5% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €11,233 | €13,460 | +€2,226 | +19.8% |
| Distributable reserves | 133 | €11,233 | €13,460 | +€2,226 | +19.8% |
| Profit (loss) carried forward | 14 | -€6,987 | €0 | +€6,987 | |
| Amounts payable | 17/49 | €74,390 | €142,558 | +€68,168 | +91.6% |
| Amounts payable after more than one year | 17 | €37,669 | €73,560 | +€35,891 | +95.3% |
| Financial debts | 170/4 | €37,669 | €73,560 | +€35,891 | +95.3% |
| Amounts payable within one year | 42/48 | €36,721 | €68,998 | +€32,277 | +87.9% |
| Current portion of amounts payable after more than one year | 42 | €15,855 | €27,491 | +€11,636 | +73.4% |
| Financial debts | 43 | €1,027 | €1,011 | -€17 | -1.6% |
| Credit institutions | 430/8 | €1,027 | €1,011 | -€17 | -1.6% |
| Trade debts | 44 | €8,624 | €28,589 | +€19,965 | +231% |
| Suppliers | 440/4 | €8,624 | €28,589 | +€19,965 | +231% |
| Taxes, remuneration and social security | 45 | €8,411 | €9,219 | +€808 | +9.6% |
| Taxes | 450/3 | €4,732 | €1,536 | -€3,195 | -67.5% |
| Remuneration and social security | 454/9 | €3,679 | €7,683 | +€4,003 | +109% |
| Other amounts payable | 47/48 | €2,803 | €2,689 | -€114 | -4.1% |
| Remuneration, social security and pensions | 62 | €41,268 | €69,690 | +€28,421 | +68.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,168 | €19,314 | +€8,146 | +72.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €694 | +€694 | |
| Other operating charges | 640/8 | €1,761 | €878 | -€882 | -50.1% |
| Non-recurring operating charges | 66A | €3,386 | €0 | -€3,386 | -100% |
| Gross operating margin | 9900 | €52,713 | €104,592 | +€51,879 | +98.4% |
| Operating profit (loss) | 9901 | -€4,870 | €14,016 | +€18,886 | |
| Financial income | 75/76B | €4 | €1 | -€3 | -73.3% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -73.3% |
| Financial charges | 65/66B | €1,991 | €2,969 | +€978 | +49.1% |
| Recurring financial charges | 65 | €1,991 | €2,969 | +€978 | +49.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,857 | €11,048 | +€17,905 | |
| Income taxes | 67/77 | €130 | €1,834 | +€1,704 | +1,312% |
| Profit (loss) for the period | 9904 | -€6,987 | €9,214 | +€16,201 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,987 | €9,214 | +€16,201 |
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 20 October 2026 via checked.be.