MAPLE LEAF: 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.
MAPLE LEAF
Largest movements
- Tangible fixed assets -€125,603
down €125,603 (-10.1%), from €1.2m to €1.1m
- Debts after one year -€103,360
down €103,360 (-15.3%), from €676,342 to €572,982
- Other debts -€54,492
down €54,492 (-14.3%), from €379,807 to €325,315
- Reserves +€32,948
up €32,948 (+51.6%), from €63,842 to €96,790
of which Distributable reserves: +€38,267
- Trade debts -€13,625
down €13,625 (-94.8%), from €14,375 to €750
- Gross operating margin +€41,749
up €41,749 (+24.3%), from €171,904 to €213,653
- Taxes +€12,782
up €12,782 (+211.3%), from €6,049 to €18,831
- Financial charges -€2,484
down €2,484 (-11.8%), from €21,069 to €18,585
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 | €1,341,596 | €1,210,397 | -€131,199 | -9.8% |
| Fixed assets | 21/28 | €1,243,016 | €1,117,414 | -€125,603 | -10.1% |
| Tangible fixed assets | 22/27 | €1,243,016 | €1,117,414 | -€125,603 | -10.1% |
| Land and buildings | 22 | €1,243,016 | €1,117,414 | -€125,603 | -10.1% |
| Current assets | 29/58 | €98,580 | €92,983 | -€5,596 | -5.7% |
| Amounts receivable within one year | 40/41 | €5,594 | €1,490 | -€4,104 | -73.4% |
| Trade receivables | 40 | €1,939 | €908 | -€1,032 | -53.2% |
| Other amounts receivable | 41 | €3,655 | €583 | -€3,072 | -84.1% |
| Cash at bank and in hand | 54/58 | €91,598 | €90,564 | -€1,033 | -1.1% |
| Deferred charges and accrued income | 490/1 | €1,387 | €929 | -€459 | -33.1% |
| Total equity and liabilities | 10/49 | €1,341,596 | €1,210,397 | -€131,199 | -9.8% |
| Equity | 10/15 | €158,842 | €191,790 | +€32,948 | +20.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €63,842 | €96,790 | +€32,948 | +51.6% |
| Tax-exempt reserves | 132 | €21,275 | €15,956 | -€5,319 | -25.0% |
| Distributable reserves | 133 | €42,566 | €80,834 | +€38,267 | +89.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €7,092 | €5,319 | -€1,773 | -25.0% |
| Deferred taxes | 168 | €7,092 | €5,319 | -€1,773 | -25.0% |
| Amounts payable | 17/49 | €1,175,663 | €1,013,288 | -€162,374 | -13.8% |
| Amounts payable after more than one year | 17 | €676,342 | €572,982 | -€103,360 | -15.3% |
| Financial debts | 170/4 | €676,342 | €572,982 | -€103,360 | -15.3% |
| Amounts payable within one year | 42/48 | €499,320 | €440,306 | -€59,014 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €100,221 | €103,360 | +€3,139 | +3.1% |
| Trade debts | 44 | €14,375 | €750 | -€13,625 | -94.8% |
| Suppliers | 440/4 | €14,375 | €750 | -€13,625 | -94.8% |
| Taxes, remuneration and social security | 45 | €4,918 | €10,881 | +€5,963 | +121.3% |
| Taxes | 450/3 | €4,918 | €10,881 | +€5,963 | +121.3% |
| Other amounts payable | 47/48 | €379,807 | €325,315 | -€54,492 | -14.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,603 | €125,603 | +€0 | 0.0% |
| Other operating charges | 640/8 | €15,639 | €17,519 | +€1,880 | +12.0% |
| Non-recurring operating charges | 66A | - | €1,939 | +€1,939 | |
| Gross operating margin | 9900 | €171,904 | €213,653 | +€41,749 | +24.3% |
| Operating profit (loss) | 9901 | €30,662 | €68,592 | +€37,930 | +123.7% |
| Financial charges | 65/66B | €21,069 | €18,585 | -€2,484 | -11.8% |
| Recurring financial charges | 65 | €21,069 | €18,585 | -€2,484 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €9,593 | €50,007 | +€40,414 | +421.3% |
| Transfer from deferred taxes | 780 | €1,773 | €1,773 | = | 0.0% |
| Income taxes | 67/77 | €6,049 | €18,831 | +€12,782 | +211.3% |
| Profit (loss) for the period | 9904 | €5,316 | €32,948 | +€27,632 | +519.7% |
| Transfer from tax-exempt reserves | 789 | €5,319 | €5,319 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,635 | €38,267 | +€27,632 | +259.8% |
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 30 September 2026 via checked.be.