MAQUESTIAU: 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.
MAQUESTIAU
Largest movements
- Receivables within one year +€167,421
up €167,421 (+67.3%), from €248,695 to €416,115
of which Trade receivables: +€167,229
- Tangible fixed assets +€84,370
up €84,370 (+73.0%), from €115,515 to €199,885
of which Land and buildings: +€67,232
- Cash -€34,574
down €34,574 (-10.8%), from €319,218 to €284,643
mainly Receivables within one year (-€167,421) and Investment in fixed assets (net) (-€96,877)
- Deferred charges and accrued income -€19,048
down €19,048 (-23.7%), from €80,325 to €61,277
- Trade debts +€145,680
new in 2025: €145,680
- Other debts +€85,116
up €85,116 (+665%), from €12,803 to €97,919
- Accrued charges and deferred income -€30,858
down €30,858 (-11.2%), from €274,589 to €243,731
- Gross operating margin +€98,794
up €98,794 (+145%), from €68,253 to €167,047
- Taxes +€37,226
up €37,226 (+216%), from €17,241 to €54,467
- Other operating charges -€2,582
down €2,582 (-65.1%), from €3,964 to €1,382
- Depreciation +€1,804
up €1,804 (+16.9%), from €10,702 to €12,507
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 | €763,753 | €961,920 | +€198,168 | +25.9% |
| Fixed assets | 21/28 | €115,515 | €199,885 | +€84,370 | +73.0% |
| Tangible fixed assets | 22/27 | €115,515 | €199,885 | +€84,370 | +73.0% |
| Land and buildings | 22 | €98,705 | €165,938 | +€67,232 | +68.1% |
| Plant, machinery and equipment | 23 | €4,373 | €5,742 | +€1,368 | +31.3% |
| Furniture and vehicles | 24 | €6,428 | €21,715 | +€15,286 | +238% |
| Leasing and similar rights | 25 | - | €874 | +€874 | |
| Other tangible fixed assets | 26 | €6,008 | €5,617 | -€391 | -6.5% |
| Current assets | 29/58 | €648,238 | €762,036 | +€113,798 | +17.6% |
| Amounts receivable within one year | 40/41 | €248,695 | €416,115 | +€167,421 | +67.3% |
| Trade receivables | 40 | €243,762 | €410,991 | +€167,229 | +68.6% |
| Other amounts receivable | 41 | €4,933 | €5,125 | +€192 | +3.9% |
| Cash at bank and in hand | 54/58 | €319,218 | €284,643 | -€34,574 | -10.8% |
| Deferred charges and accrued income | 490/1 | €80,325 | €61,277 | -€19,048 | -23.7% |
| Total equity and liabilities | 10/49 | €763,753 | €961,920 | +€198,168 | +25.9% |
| Equity | 10/15 | €445,254 | €451,542 | +€6,287 | +1.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €432,854 | €439,142 | +€6,287 | +1.5% |
| Distributable reserves | 133 | €432,854 | €439,142 | +€6,287 | +1.5% |
| Amounts payable | 17/49 | €318,498 | €510,379 | +€191,880 | +60.2% |
| Amounts payable within one year | 42/48 | €43,909 | €266,648 | +€222,738 | +507% |
| Trade debts | 44 | - | €145,680 | +€145,680 | |
| Suppliers | 440/4 | - | €145,680 | +€145,680 | |
| Taxes, remuneration and social security | 45 | €31,107 | €23,048 | -€8,058 | -25.9% |
| Taxes | 450/3 | €31,107 | €23,048 | -€8,058 | -25.9% |
| Other amounts payable | 47/48 | €12,803 | €97,919 | +€85,116 | +665% |
| Accrued charges and deferred income | 492/3 | €274,589 | €243,731 | -€30,858 | -11.2% |
| Remuneration, social security and pensions | 62 | €591 | - | -€591 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,702 | €12,507 | +€1,804 | +16.9% |
| Other operating charges | 640/8 | €3,964 | €1,382 | -€2,582 | -65.1% |
| Gross operating margin | 9900 | €68,253 | €167,047 | +€98,794 | +145% |
| Operating profit (loss) | 9901 | €52,995 | €153,158 | +€100,163 | +189% |
| Financial income | 75/76B | €9 | €0 | -€8 | -99.0% |
| Recurring financial income | 75 | €9 | €0 | -€8 | -99.0% |
| Financial charges | 65/66B | €2,835 | €2,403 | -€432 | -15.2% |
| Recurring financial charges | 65 | €2,835 | €2,403 | -€432 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €50,168 | €150,755 | +€100,586 | +200% |
| Income taxes | 67/77 | €17,241 | €54,467 | +€37,226 | +216% |
| Profit (loss) for the period | 9904 | €32,927 | €96,287 | +€63,360 | +192% |
| Profit (loss) for the period to be appropriated | 9905 | €32,927 | €96,287 | +€63,360 | +192% |
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 22 October 2026 via checked.be.