MAOUI: 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.
MAOUI
Largest movements
- Cash +€124,325
up €124,325 (+146.1%), from €85,097 to €209,422
mainly Net result for the year (+€155,646) and Receivables within one year (+€28,335)
- Receivables after one year +€32,000
new in 2025: €32,000
- Receivables within one year -€28,335
down €28,335 (-98.6%), from €28,742 to €406
of which Trade receivables: -€28,357
- Reserves +€155,646
up €155,646 (+39.0%), from €399,065 to €554,711
- Accrued charges and deferred income -€23,436
no longer reported in 2025 (was €23,436)
- Other debts -€14,842
down €14,842 (-97.8%), from €15,180 to €338
- Trade debts +€5,870
up €5,870 (+612.3%), from €959 to €6,828
- Gross operating margin +€44,522
up €44,522 (+24.4%), from €182,519 to €227,041
- Taxes +€15,023
up €15,023 (+28.9%), from €51,933 to €66,956
- Financial income +€2,760
up €2,760 (+35.7%), from €7,726 to €10,486
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 | €457,032 | €581,785 | +€124,753 | +27.3% |
| Fixed assets | 21/28 | €67,242 | €63,967 | -€3,275 | -4.9% |
| Tangible fixed assets | 22/27 | €67,242 | €63,967 | -€3,275 | -4.9% |
| Furniture and vehicles | 24 | €43,948 | €43,804 | -€144 | -0.3% |
| Other tangible fixed assets | 26 | €23,294 | €20,163 | -€3,131 | -13.4% |
| Current assets | 29/58 | €389,790 | €517,818 | +€128,028 | +32.8% |
| Amounts receivable after more than one year | 29 | - | €32,000 | +€32,000 | |
| Other amounts receivable | 291 | - | €32,000 | +€32,000 | |
| Amounts receivable within one year | 40/41 | €28,742 | €406 | -€28,335 | -98.6% |
| Trade receivables | 40 | €28,357 | - | -€28,357 | |
| Other amounts receivable | 41 | €385 | €406 | +€22 | +5.6% |
| Current investments | 50/53 | €275,000 | €275,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €85,097 | €209,422 | +€124,325 | +146.1% |
| Deferred charges and accrued income | 490/1 | €951 | €990 | +€39 | +4.1% |
| Total equity and liabilities | 10/49 | €457,032 | €581,785 | +€124,753 | +27.3% |
| Equity | 10/15 | €400,065 | €555,711 | +€155,646 | +38.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €399,065 | €554,711 | +€155,646 | +39.0% |
| Distributable reserves | 133 | €399,065 | €554,711 | +€155,646 | +39.0% |
| Amounts payable | 17/49 | €56,967 | €26,074 | -€30,893 | -54.2% |
| Amounts payable within one year | 42/48 | €33,531 | €26,074 | -€7,457 | -22.2% |
| Trade debts | 44 | €959 | €6,828 | +€5,870 | +612.3% |
| Suppliers | 440/4 | €959 | €6,828 | +€5,870 | +612.3% |
| Taxes, remuneration and social security | 45 | €17,392 | €18,908 | +€1,516 | +8.7% |
| Taxes | 450/3 | €17,392 | €18,908 | +€1,516 | +8.7% |
| Other amounts payable | 47/48 | €15,180 | €338 | -€14,842 | -97.8% |
| Accrued charges and deferred income | 492/3 | €23,436 | - | -€23,436 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,277 | €14,502 | +€225 | +1.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €182,519 | €227,041 | +€44,522 | +24.4% |
| Operating profit (loss) | 9901 | €167,855 | €212,140 | +€44,285 | +26.4% |
| Financial income | 75/76B | €7,726 | €10,486 | +€2,760 | +35.7% |
| Recurring financial income | 75 | €7,726 | €10,486 | +€2,760 | +35.7% |
| Financial charges | 65/66B | €25 | €24 | -€1 | -2.9% |
| Recurring financial charges | 65 | €25 | €24 | -€1 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €175,557 | €222,602 | +€47,045 | +26.8% |
| Income taxes | 67/77 | €51,933 | €66,956 | +€15,023 | +28.9% |
| Profit (loss) for the period | 9904 | €123,624 | €155,646 | +€32,022 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €123,624 | €155,646 | +€32,022 | +25.9% |
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 4 October 2026 via checked.be.