MAUDEL CONCEPT: 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.
MAUDEL CONCEPT
Largest movements
- Receivables within one year -€102,364
down €102,364 (-78.7%), from €130,091 to €27,726
of which Trade receivables: -€104,025
- Current investments -€60,150
down €60,150 (-51.4%), from €116,978 to €56,829
- Cash +€29,950
up €29,950 (+182%), from €16,449 to €46,400
mainly Receivables within one year (+€102,364) and Current investments (+€60,150)
- Stocks and contracts -€19,939
down €19,939 (-100%), from €19,939 to €0
- Deferred charges and accrued income +€10,862
up €10,862 (+49.6%), from €21,889 to €32,750
- Trade debts -€48,030
down €48,030 (-49.5%), from €96,946 to €48,916
- Accrued charges and deferred income -€32,366
down €32,366 (-100%), from €32,366 to €0
- Tax, wage and social debts -€28,889
down €28,889 (-46.2%), from €62,500 to €33,611
of which Remuneration and social security: -€19,934
- Advances received -€9,948
down €9,948 (-3.4%), from €291,048 to €281,100
- Profit (loss) carried forward -€6,791
down €6,791 (-54.4%), from -€12,490 to -€19,280
- Gross operating margin -€90,177
down €90,177 (-24.9%), from €361,801 to €271,624
- Staff costs -€52,885
down €52,885 (-18.0%), from €293,419 to €240,534
- Depreciation -€8,262
down €8,262 (-13.2%), from €62,788 to €54,527
- Financial income +€4,982
up €4,982 (+24.7%), from €20,152 to €25,134
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 | €473,867 | €345,610 | -€128,257 | -27.1% |
| Fixed assets | 21/28 | €168,521 | €181,905 | +€13,384 | +7.9% |
| Tangible fixed assets | 22/27 | €167,182 | €176,456 | +€9,274 | +5.5% |
| Plant, machinery and equipment | 23 | €6,863 | €6,030 | -€832 | -12.1% |
| Furniture and vehicles | 24 | €120,757 | €141,297 | +€20,539 | +17.0% |
| Other tangible fixed assets | 26 | €39,561 | €29,129 | -€10,432 | -26.4% |
| Financial fixed assets | 28 | €1,339 | €5,449 | +€4,110 | +307% |
| Current assets | 29/58 | €305,346 | €163,705 | -€141,641 | -46.4% |
| Stocks and contracts in progress | 3 | €19,939 | €0 | -€19,939 | -100% |
| Stocks | 30/36 | €19,939 | €0 | -€19,939 | -100% |
| Amounts receivable within one year | 40/41 | €130,091 | €27,726 | -€102,364 | -78.7% |
| Trade receivables | 40 | €130,007 | €25,982 | -€104,025 | -80.0% |
| Other amounts receivable | 41 | €83 | €1,744 | +€1,661 | +1,994% |
| Current investments | 50/53 | €116,978 | €56,829 | -€60,150 | -51.4% |
| Cash at bank and in hand | 54/58 | €16,449 | €46,400 | +€29,950 | +182% |
| Deferred charges and accrued income | 490/1 | €21,889 | €32,750 | +€10,862 | +49.6% |
| Total equity and liabilities | 10/49 | €473,867 | €345,610 | -€128,257 | -27.1% |
| Equity | 10/15 | -€11,655 | -€18,017 | -€6,361 | -54.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €734 | €1,164 | +€430 | +58.5% |
| Tax-exempt reserves | 132 | €734 | €1,164 | +€430 | +58.5% |
| Profit (loss) carried forward | 14 | -€12,490 | -€19,280 | -€6,791 | -54.4% |
| Amounts payable | 17/49 | €485,522 | €363,626 | -€121,896 | -25.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €453,156 | €363,626 | -€89,530 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €2,663 | €0 | -€2,663 | -100% |
| Trade debts | 44 | €96,946 | €48,916 | -€48,030 | -49.5% |
| Suppliers | 440/4 | €96,946 | €48,916 | -€48,030 | -49.5% |
| Advances received on contracts in progress | 46 | €291,048 | €281,100 | -€9,948 | -3.4% |
| Taxes, remuneration and social security | 45 | €62,500 | €33,611 | -€28,889 | -46.2% |
| Taxes | 450/3 | €17,627 | €8,672 | -€8,955 | -50.8% |
| Remuneration and social security | 454/9 | €44,873 | €24,939 | -€19,934 | -44.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €32,366 | €0 | -€32,366 | -100% |
| Non-recurring operating income | 76A | €6,610 | €0 | -€6,610 | -100% |
| Remuneration, social security and pensions | 62 | €293,419 | €240,534 | -€52,885 | -18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,788 | €54,527 | -€8,262 | -13.2% |
| Other operating charges | 640/8 | €1,882 | €1,714 | -€167 | -8.9% |
| Gross operating margin | 9900 | €361,801 | €271,624 | -€90,177 | -24.9% |
| Operating profit (loss) | 9901 | €3,712 | -€25,152 | -€28,863 | |
| Financial income | 75/76B | €20,152 | €25,134 | +€4,982 | +24.7% |
| Recurring financial income | 75 | €20,152 | €25,134 | +€4,982 | +24.7% |
| Financial charges | 65/66B | €6,411 | €5,544 | -€868 | -13.5% |
| Recurring financial charges | 65 | €6,411 | €5,544 | -€868 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €17,452 | -€5,561 | -€23,014 | |
| Income taxes | 67/77 | €2,222 | €800 | -€1,422 | -64.0% |
| Profit (loss) for the period | 9904 | €15,230 | -€6,361 | -€21,591 | |
| Transfer to tax-exempt reserves | 689 | €430 | €430 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,800 | -€6,791 | -€21,591 |
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 15 October 2026 via checked.be.