MAUDOUX: 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.
MAUDOUX
Largest movements
- Tangible fixed assets -€4,704
down €4,704 (-28.7%), from €16,413 to €11,709
of which Furniture and vehicles: -€5,860
- Stocks and contracts -€4,022
no longer reported in 2025 (was €4,022)
- Cash -€3,626
down €3,626 (-88.4%), from €4,103 to €478
mainly Other debts (-€14,315) and Trade debts (-€8,016)
- Receivables within one year +€1,054
up €1,054 (+31.1%), from €3,384 to €4,438
of which Trade receivables: +€4,027
- Other debts -€14,315
down €14,315 (-62.8%), from €22,805 to €8,490
- Profit (loss) carried forward +€10,527
up €10,527, from -€8,892 to €1,635
- Trade debts -€8,016
down €8,016 (-76.5%), from €10,481 to €2,465
- Tax, wage and social debts +€589
up €589 (+29.3%), from €2,011 to €2,600
of which Taxes: +€611
- Gross operating margin +€23,678
up €23,678, from -€5,865 to €17,813
- Depreciation +€3,596
up €3,596 (+131%), from €2,752 to €6,348
- Taxes +€611
new in 2025: €611
- Financial charges -€292
down €292 (-82.1%), from €356 to €64
- Other operating charges +€230
up €230 (+650%), from €35 to €266
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 | €28,906 | €17,690 | -€11,215 | -38.8% |
| Fixed assets | 21/28 | €16,413 | €11,709 | -€4,704 | -28.7% |
| Tangible fixed assets | 22/27 | €16,413 | €11,709 | -€4,704 | -28.7% |
| Plant, machinery and equipment | 23 | €1,233 | €2,389 | +€1,156 | +93.7% |
| Furniture and vehicles | 24 | €15,179 | €9,320 | -€5,860 | -38.6% |
| Current assets | 29/58 | €12,493 | €5,982 | -€6,511 | -52.1% |
| Stocks and contracts in progress | 3 | €4,022 | - | -€4,022 | |
| Stocks | 30/36 | €4,022 | - | -€4,022 | |
| Amounts receivable within one year | 40/41 | €3,384 | €4,438 | +€1,054 | +31.1% |
| Trade receivables | 40 | €247 | €4,274 | +€4,027 | +1,631% |
| Other amounts receivable | 41 | €3,138 | €164 | -€2,973 | -94.8% |
| Cash at bank and in hand | 54/58 | €4,103 | €478 | -€3,626 | -88.4% |
| Deferred charges and accrued income | 490/1 | €983 | €1,066 | +€82 | +8.4% |
| Total equity and liabilities | 10/49 | €28,906 | €17,690 | -€11,215 | -38.8% |
| Equity | 10/15 | -€6,392 | €4,135 | +€10,527 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,892 | €1,635 | +€10,527 | |
| Amounts payable | 17/49 | €35,297 | €13,555 | -€21,742 | -61.6% |
| Amounts payable within one year | 42/48 | €35,297 | €13,555 | -€21,742 | -61.6% |
| Trade debts | 44 | €10,481 | €2,465 | -€8,016 | -76.5% |
| Suppliers | 440/4 | €10,481 | €2,465 | -€8,016 | -76.5% |
| Taxes, remuneration and social security | 45 | €2,011 | €2,600 | +€589 | +29.3% |
| Taxes | 450/3 | €11 | €622 | +€611 | +5,380% |
| Remuneration and social security | 454/9 | €2,000 | €1,978 | -€22 | -1.1% |
| Other amounts payable | 47/48 | €22,805 | €8,490 | -€14,315 | -62.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,752 | €6,348 | +€3,596 | +131% |
| Other operating charges | 640/8 | €35 | €266 | +€230 | +650% |
| Gross operating margin | 9900 | -€5,865 | €17,813 | +€23,678 | |
| Operating profit (loss) | 9901 | -€8,653 | €11,199 | +€19,852 | |
| Financial income | 75/76B | €117 | €1 | -€115 | -98.7% |
| Recurring financial income | 75 | €117 | €1 | -€115 | -98.7% |
| Financial charges | 65/66B | €356 | €64 | -€292 | -82.1% |
| Recurring financial charges | 65 | €356 | €64 | -€292 | -82.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,892 | €11,137 | +€20,029 | |
| Income taxes | 67/77 | - | €611 | +€611 | |
| Profit (loss) for the period | 9904 | -€8,892 | €10,527 | +€19,419 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,892 | €10,527 | +€19,419 |
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 13 October 2026 via checked.be.