Maquet: 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.
Maquet
Largest movements
- Receivables within one year -€140,462
down €140,462 (-72.2%), from €194,653 to €54,191
of which Other amounts receivable: -€138,051
- Cash -€63,841
down €63,841 (-62.1%), from €102,833 to €38,992
mainly Contributions, distributions and other (-€328,859) and Net result for the year (-€86,201)
- Tangible fixed assets -€12,562
down €12,562 (-37.6%), from €33,411 to €20,849
of which Furniture and vehicles: -€11,479
- Contributions -€605,257
down €605,257 (-85.8%), from €705,257 to €100,000
- Other debts +€213,660
new in 2025: €213,660
- Profit (loss) carried forward +€190,197
up €190,197 (+66.1%), from -€287,764 to -€97,566
- Trade debts -€20,712
down €20,712 (-81.0%), from €25,575 to €4,863
- Tax, wage and social debts +€10,326
up €10,326 (+51.7%), from €19,962 to €30,288
of which Taxes: +€9,401
- Gross operating margin -€75,726
down €75,726 (-54.0%), from €140,141 to €64,415
- Financial income -€7,434
down €7,434 (-75.2%), from €9,889 to €2,456
- Depreciation -€3,096
down €3,096 (-19.8%), from €15,658 to €12,562
- Staff costs -€2,554
down €2,554 (-1.8%), from €139,558 to €137,004
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 | €479,906 | €260,541 | -€219,365 | -45.7% |
| Fixed assets | 21/28 | €37,420 | €24,858 | -€12,562 | -33.6% |
| Tangible fixed assets | 22/27 | €33,411 | €20,849 | -€12,562 | -37.6% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €112 | €0 | -€112 | -100% |
| Furniture and vehicles | 24 | €27,104 | €15,625 | -€11,479 | -42.4% |
| Other tangible fixed assets | 26 | €6,195 | €5,224 | -€971 | -15.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €4,009 | €4,009 | = | 0.0% |
| Current assets | 29/58 | €442,486 | €235,683 | -€206,803 | -46.7% |
| Stocks and contracts in progress | 3 | €145,000 | €142,500 | -€2,500 | -1.7% |
| Stocks | 30/36 | €145,000 | €142,500 | -€2,500 | -1.7% |
| Amounts receivable within one year | 40/41 | €194,653 | €54,191 | -€140,462 | -72.2% |
| Trade receivables | 40 | €55,400 | €52,989 | -€2,411 | -4.4% |
| Other amounts receivable | 41 | €139,254 | €1,202 | -€138,051 | -99.1% |
| Cash at bank and in hand | 54/58 | €102,833 | €38,992 | -€63,841 | -62.1% |
| Total equity and liabilities | 10/49 | €479,906 | €260,541 | -€219,365 | -45.7% |
| Equity | 10/15 | €417,623 | €2,563 | -€415,060 | -99.4% |
| Contributions | 10/11 | €705,257 | €100,000 | -€605,257 | -85.8% |
| Capital | 10 | €705,257 | €100,000 | -€605,257 | -85.8% |
| Issued capital | 100 | €705,257 | €100,000 | -€605,257 | -85.8% |
| Reserves | 13 | €129 | €129 | = | 0.0% |
| Non-distributable reserves | 130/1 | €129 | €129 | = | 0.0% |
| Legal reserve | 130 | €124 | €124 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5 | €5 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€287,764 | -€97,566 | +€190,197 | +66.1% |
| Amounts payable | 17/49 | €62,283 | €257,978 | +€195,695 | +314% |
| Amounts payable after more than one year | 17 | €9,168 | €1,332 | -€7,836 | -85.5% |
| Financial debts | 170/4 | €9,168 | €1,332 | -€7,836 | -85.5% |
| Amounts payable within one year | 42/48 | €53,115 | €256,647 | +€203,532 | +383% |
| Financial debts | 43 | €7,579 | €7,836 | +€258 | +3.4% |
| Credit institutions | 430/8 | €7,579 | €7,836 | +€258 | +3.4% |
| Trade debts | 44 | €25,575 | €4,863 | -€20,712 | -81.0% |
| Suppliers | 440/4 | €25,575 | €4,863 | -€20,712 | -81.0% |
| Taxes, remuneration and social security | 45 | €19,962 | €30,288 | +€10,326 | +51.7% |
| Taxes | 450/3 | €3,914 | €13,315 | +€9,401 | +240% |
| Remuneration and social security | 454/9 | €16,048 | €16,973 | +€925 | +5.8% |
| Other amounts payable | 47/48 | - | €213,660 | +€213,660 | |
| Remuneration, social security and pensions | 62 | €139,558 | €137,004 | -€2,554 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,658 | €12,562 | -€3,096 | -19.8% |
| Other operating charges | 640/8 | €1,739 | €1,388 | -€351 | -20.2% |
| Non-recurring operating charges | 66A | €1,750 | €0 | -€1,750 | -100% |
| Gross operating margin | 9900 | €140,141 | €64,415 | -€75,726 | -54.0% |
| Operating profit (loss) | 9901 | -€18,564 | -€86,538 | -€67,974 | -366% |
| Financial income | 75/76B | €9,889 | €2,456 | -€7,434 | -75.2% |
| Recurring financial income | 75 | €9,889 | €2,456 | -€7,434 | -75.2% |
| Financial charges | 65/66B | €1,994 | €1,471 | -€523 | -26.2% |
| Recurring financial charges | 65 | €1,994 | €1,471 | -€523 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | -€10,668 | -€85,553 | -€74,885 | -702% |
| Income taxes | 67/77 | €697 | €647 | -€50 | -7.2% |
| Profit (loss) for the period | 9904 | -€11,366 | -€86,201 | -€74,835 | -658% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,366 | -€86,201 | -€74,835 | -658% |
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 28 October 2026 via checked.be.