MARADIEU: 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.
MARADIEU
Largest movements
- Receivables within one year +€27,198
up €27,198 (+200%), from €13,623 to €40,821
of which Other amounts receivable: +€18,671
- Stocks and contracts +€16,911
up €16,911 (+57.2%), from €29,561 to €46,471
of which Contracts in progress: +€12,695
- Cash -€5,883
down €5,883 (-36.5%), from €16,138 to €10,255
mainly Receivables within one year (-€27,198) and Stocks and contracts (-€16,911)
- Tangible fixed assets -€4,893
down €4,893 (-10.8%), from €45,382 to €40,489
of which Furniture and vehicles: -€8,768
- Profit (loss) carried forward +€17,179
up €17,179, from -€17,179 to €0
- Trade debts +€13,539
up €13,539 (+121%), from €11,164 to €24,703
- Reserves +€7,753
up €7,753 (+19.0%), from €40,909 to €48,662
- Debts after one year -€5,519
down €5,519 (-13.9%), from €39,779 to €34,260
- Current portion of long-term debt +€1,789
up €1,789 (+23.1%), from €7,731 to €9,519
- Gross operating margin +€36,869
up €36,869 (+91.4%), from €40,318 to €77,187
- Staff costs +€13,119
up €13,119 (+94.9%), from €13,826 to €26,944
- Taxes +€4,886
up €4,886 (+153%), from €3,201 to €8,087
- Depreciation +€2,948
up €2,948 (+29.3%), from €10,054 to €13,003
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 | €106,613 | €140,024 | +€33,410 | +31.3% |
| Fixed assets | 21/28 | €45,382 | €40,489 | -€4,893 | -10.8% |
| Tangible fixed assets | 22/27 | €45,382 | €40,489 | -€4,893 | -10.8% |
| Plant, machinery and equipment | 23 | €12,068 | €15,943 | +€3,875 | +32.1% |
| Furniture and vehicles | 24 | €33,314 | €24,545 | -€8,768 | -26.3% |
| Current assets | 29/58 | €61,231 | €99,535 | +€38,304 | +62.6% |
| Stocks and contracts in progress | 3 | €29,561 | €46,471 | +€16,911 | +57.2% |
| Stocks | 30/36 | €11,568 | €15,784 | +€4,216 | +36.4% |
| Contracts in progress | 37 | €17,992 | €30,687 | +€12,695 | +70.6% |
| Amounts receivable within one year | 40/41 | €13,623 | €40,821 | +€27,198 | +200% |
| Trade receivables | 40 | €6,824 | €15,351 | +€8,527 | +125% |
| Other amounts receivable | 41 | €6,799 | €25,470 | +€18,671 | +275% |
| Cash at bank and in hand | 54/58 | €16,138 | €10,255 | -€5,883 | -36.5% |
| Deferred charges and accrued income | 490/1 | €1,910 | €1,988 | +€78 | +4.1% |
| Total equity and liabilities | 10/49 | €106,613 | €140,024 | +€33,410 | +31.3% |
| Equity | 10/15 | €42,480 | €67,412 | +€24,932 | +58.7% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €40,909 | €48,662 | +€7,753 | +19.0% |
| Distributable reserves | 133 | €40,909 | €48,662 | +€7,753 | +19.0% |
| Profit (loss) carried forward | 14 | -€17,179 | €0 | +€17,179 | |
| Amounts payable | 17/49 | €64,134 | €72,612 | +€8,479 | +13.2% |
| Amounts payable after more than one year | 17 | €39,779 | €34,260 | -€5,519 | -13.9% |
| Financial debts | 170/4 | €39,779 | €34,260 | -€5,519 | -13.9% |
| Amounts payable within one year | 42/48 | €24,355 | €38,352 | +€13,998 | +57.5% |
| Current portion of amounts payable after more than one year | 42 | €7,731 | €9,519 | +€1,789 | +23.1% |
| Trade debts | 44 | €11,164 | €24,703 | +€13,539 | +121% |
| Suppliers | 440/4 | €11,164 | €24,703 | +€13,539 | +121% |
| Taxes, remuneration and social security | 45 | €3,640 | €2,345 | -€1,295 | -35.6% |
| Taxes | 450/3 | €3,640 | €781 | -€2,859 | -78.5% |
| Remuneration and social security | 454/9 | €0 | €1,564 | +€1,564 | |
| Other amounts payable | 47/48 | €1,820 | €1,785 | -€35 | -1.9% |
| Remuneration, social security and pensions | 62 | €13,826 | €26,944 | +€13,119 | +94.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,054 | €13,003 | +€2,948 | +29.3% |
| Other operating charges | 640/8 | €1,202 | €499 | -€702 | -58.4% |
| Gross operating margin | 9900 | €40,318 | €77,187 | +€36,869 | +91.4% |
| Operating profit (loss) | 9901 | €15,236 | €36,740 | +€21,505 | +141% |
| Financial income | 75/76B | €8 | €3 | -€5 | -61.8% |
| Recurring financial income | 75 | €8 | €3 | -€5 | -61.8% |
| Financial charges | 65/66B | €1,576 | €1,940 | +€364 | +23.1% |
| Recurring financial charges | 65 | €1,576 | €1,940 | +€364 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €13,668 | €34,804 | +€21,136 | +155% |
| Income taxes | 67/77 | €3,201 | €8,087 | +€4,886 | +153% |
| Profit (loss) for the period | 9904 | €10,467 | €26,717 | +€16,250 | +155% |
| Profit (loss) for the period to be appropriated | 9905 | €10,467 | €26,717 | +€16,250 | +155% |
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 16 October 2026 via checked.be.