MAOR: what changed
Two fiscal 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.
MAOR
Largest movements
- Receivables within one year -€7,598
down €7,598 (-4.0%), from €188,446 to €180,847
of which Other amounts receivable: -€7,071
- Profit (loss) carried forward -€4,419
down €4,419 (-16.9%), from -€26,201 to -€30,620
- Other debts -€4,014
down €4,014 (-1.9%), from €215,438 to €211,424
- Depreciation -€2,537
down €2,537 (-56.8%), from €4,466 to €1,929
- Gross operating margin +€1,774
up €1,774 (+56.9%), from -€3,116 to -€1,342
- Other operating charges +€595
up €595 (+153.7%), from €387 to €983
- Financial charges -€132
down €132 (-44.5%), from €298 to €165
- Financial income -€51
down €51 (-99.9%), from €51 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 | €251,932 | €243,126 | -€8,806 | -3.5% |
| Formation expenses | 20 | €193 | €0 | -€193 | -100.0% |
| Fixed assets | 21/28 | €63,236 | €61,500 | -€1,736 | -2.7% |
| Intangible fixed assets | 21 | €1,736 | €0 | -€1,736 | -100.0% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €61,500 | €61,500 | = | 0.0% |
| Current assets | 29/58 | €188,503 | €181,626 | -€6,877 | -3.6% |
| Amounts receivable within one year | 40/41 | €188,446 | €180,847 | -€7,598 | -4.0% |
| Trade receivables | 40 | €1,072 | €545 | -€527 | -49.2% |
| Other amounts receivable | 41 | €187,374 | €180,303 | -€7,071 | -3.8% |
| Cash at bank and in hand | 54/58 | €57 | €778 | +€721 | +1266.4% |
| Total equity and liabilities | 10/49 | €251,932 | €243,126 | -€8,806 | -3.5% |
| Equity | 10/15 | €35,474 | €31,055 | -€4,419 | -12.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €175 | €175 | = | 0.0% |
| Non-distributable reserves | 130/1 | €175 | €175 | = | 0.0% |
| Legal reserve | 130 | €175 | €175 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,201 | -€30,620 | -€4,419 | -16.9% |
| Amounts payable | 17/49 | €216,457 | €212,071 | -€4,386 | -2.0% |
| Amounts payable within one year | 42/48 | €216,457 | €212,071 | -€4,386 | -2.0% |
| Trade debts | 44 | €1,019 | €647 | -€372 | -36.6% |
| Suppliers | 440/4 | €1,019 | €647 | -€372 | -36.6% |
| Taxes, remuneration and social security | 45 | €0 | €0 | = | |
| Taxes | 450/3 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €215,438 | €211,424 | -€4,014 | -1.9% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,466 | €1,929 | -€2,537 | -56.8% |
| Other operating charges | 640/8 | €387 | €983 | +€595 | +153.7% |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Gross operating margin | 9900 | -€3,116 | -€1,342 | +€1,774 | +56.9% |
| Operating profit (loss) | 9901 | -€7,970 | -€4,254 | +€3,716 | +46.6% |
| Financial income | 75/76B | €51 | €0 | -€51 | -99.9% |
| Recurring financial income | 75 | €51 | €0 | -€51 | -99.9% |
| Financial charges | 65/66B | €298 | €165 | -€132 | -44.5% |
| Recurring financial charges | 65 | €298 | €165 | -€132 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | -€8,217 | -€4,419 | +€3,797 | +46.2% |
| Profit (loss) for the period | 9904 | -€8,217 | -€4,419 | +€3,797 | +46.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,217 | -€4,419 | +€3,797 | +46.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.