MAQ-H Finance: 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.
MAQ-H Finance
Largest movements
- Current investments +€30,000
new in 2025: €30,000
- Cash +€24,117
up €24,117 (+125%), from €19,359 to €43,477
mainly Net result for the year (+€45,721) and Depreciation (+€12,253)
- Tangible fixed assets -€12,253
down €12,253 (-30.3%), from €40,428 to €28,176
of which Furniture and vehicles: -€11,615
- Receivables within one year +€2,723
up €2,723 (+8.8%), from €31,037 to €33,759
- Reserves +€45,721
up €45,721 (+84.1%), from €54,345 to €100,066
- Other debts -€4,953
down €4,953 (-41.1%), from €12,040 to €7,088
- Tax, wage and social debts +€4,038
up €4,038 (+18.1%), from €22,315 to €26,352
- Gross operating margin +€17,721
up €17,721 (+30.0%), from €59,055 to €76,777
- Taxes +€4,336
up €4,336 (+31.0%), from €14,005 to €18,341
- Depreciation +€3,991
up €3,991 (+48.3%), from €8,262 to €12,253
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 | €90,824 | €135,540 | +€44,715 | +49.2% |
| Fixed assets | 21/28 | €40,428 | €28,176 | -€12,253 | -30.3% |
| Tangible fixed assets | 22/27 | €40,428 | €28,176 | -€12,253 | -30.3% |
| Plant, machinery and equipment | 23 | €2,078 | €1,441 | -€638 | -30.7% |
| Furniture and vehicles | 24 | €38,350 | €26,735 | -€11,615 | -30.3% |
| Current assets | 29/58 | €50,396 | €107,364 | +€56,968 | +113% |
| Amounts receivable within one year | 40/41 | €31,037 | €33,759 | +€2,723 | +8.8% |
| Trade receivables | 40 | €31,037 | €33,759 | +€2,723 | +8.8% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €19,359 | €43,477 | +€24,117 | +125% |
| Deferred charges and accrued income | 490/1 | - | €128 | +€128 | |
| Total equity and liabilities | 10/49 | €90,824 | €135,540 | +€44,715 | +49.2% |
| Equity | 10/15 | €56,345 | €102,066 | +€45,721 | +81.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €54,345 | €100,066 | +€45,721 | +84.1% |
| Distributable reserves | 133 | €54,345 | €100,066 | +€45,721 | +84.1% |
| Amounts payable | 17/49 | €34,479 | €33,474 | -€1,005 | -2.9% |
| Amounts payable within one year | 42/48 | €34,479 | €33,474 | -€1,005 | -2.9% |
| Trade debts | 44 | €124 | €34 | -€90 | -72.5% |
| Suppliers | 440/4 | €124 | €34 | -€90 | -72.5% |
| Taxes, remuneration and social security | 45 | €22,315 | €26,352 | +€4,038 | +18.1% |
| Taxes | 450/3 | €22,315 | €26,352 | +€4,038 | +18.1% |
| Other amounts payable | 47/48 | €12,040 | €7,088 | -€4,953 | -41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,262 | €12,253 | +€3,991 | +48.3% |
| Other operating charges | 640/8 | €215 | €312 | +€97 | +44.8% |
| Gross operating margin | 9900 | €59,055 | €76,777 | +€17,721 | +30.0% |
| Operating profit (loss) | 9901 | €50,578 | €64,212 | +€13,634 | +27.0% |
| Financial charges | 65/66B | €138 | €150 | +€12 | +8.9% |
| Recurring financial charges | 65 | €138 | €150 | +€12 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €50,440 | €64,062 | +€13,622 | +27.0% |
| Income taxes | 67/77 | €14,005 | €18,341 | +€4,336 | +31.0% |
| Profit (loss) for the period | 9904 | €36,435 | €45,721 | +€9,285 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,435 | €45,721 | +€9,285 | +25.5% |
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.