MAUN: what changed
Two fiscal 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.
MAUN
Largest movements
- Cash -€32,104
down €32,104 (-32.5%), from €98,686 to €66,582
mainly Contributions, distributions and other (-€173,789) and Receivables within one year (-€18,309)
- Receivables within one year +€18,309
up €18,309 (+17.7%), from €103,380 to €121,690
of which Other amounts receivable: +€9,234
- Tangible fixed assets -€8,699
down €8,699 (-17.7%), from €49,266 to €40,567
of which Furniture and vehicles: -€7,678
- Receivables after one year -€5,000
down €5,000 (-100.0%), from €5,000 to €0
- Other debts -€16,703
down €16,703 (-8.4%), from €197,757 to €181,054
- Profit (loss) carried forward -€6,565
down €6,565 (-100.0%), from €6,565 to €0
- Tax, wage and social debts -€4,250
down €4,250 (-12.9%), from €32,971 to €28,721
- Gross operating margin -€27,317
down €27,317 (-10.6%), from €256,822 to €229,505
- Taxes -€8,601
down €8,601 (-14.6%), from €59,024 to €50,423
- Depreciation +€7,995
up €7,995 (+271.3%), from €2,947 to €10,943
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.
Cash bridge derived
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 | €257,914 | €230,087 | -€27,827 | -10.8% |
| Fixed assets | 21/28 | €49,266 | €40,567 | -€8,699 | -17.7% |
| Tangible fixed assets | 22/27 | €49,266 | €40,567 | -€8,699 | -17.7% |
| Furniture and vehicles | 24 | €45,431 | €37,753 | -€7,678 | -16.9% |
| Other tangible fixed assets | 26 | €3,835 | €2,814 | -€1,021 | -26.6% |
| Current assets | 29/58 | €208,648 | €189,520 | -€19,129 | -9.2% |
| Amounts receivable after more than one year | 29 | €5,000 | €0 | -€5,000 | -100.0% |
| Other amounts receivable | 291 | €5,000 | €0 | -€5,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €103,380 | €121,690 | +€18,309 | +17.7% |
| Trade receivables | 40 | - | €9,075 | +€9,075 | |
| Other amounts receivable | 41 | €103,380 | €112,615 | +€9,234 | +8.9% |
| Cash at bank and in hand | 54/58 | €98,686 | €66,582 | -€32,104 | -32.5% |
| Deferred charges and accrued income | 490/1 | €1,581 | €1,248 | -€334 | -21.1% |
| Total equity and liabilities | 10/49 | €257,914 | €230,087 | -€27,827 | -10.8% |
| Equity | 10/15 | €25,165 | €18,600 | -€6,565 | -26.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,565 | €0 | -€6,565 | -100.0% |
| Amounts payable | 17/49 | €232,749 | €211,487 | -€21,262 | -9.1% |
| Amounts payable within one year | 42/48 | €232,749 | €211,487 | -€21,262 | -9.1% |
| Trade debts | 44 | €2,020 | €1,711 | -€309 | -15.3% |
| Suppliers | 440/4 | €2,020 | €1,711 | -€309 | -15.3% |
| Taxes, remuneration and social security | 45 | €32,971 | €28,721 | -€4,250 | -12.9% |
| Taxes | 450/3 | €32,971 | €28,721 | -€4,250 | -12.9% |
| Other amounts payable | 47/48 | €197,757 | €181,054 | -€16,703 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,947 | €10,943 | +€7,995 | +271.3% |
| Other operating charges | 640/8 | €1,179 | €1,005 | -€174 | -14.7% |
| Gross operating margin | 9900 | €256,822 | €229,505 | -€27,317 | -10.6% |
| Operating profit (loss) | 9901 | €252,696 | €217,558 | -€35,138 | -13.9% |
| Financial income | 75/76B | €540 | €203 | -€337 | -62.4% |
| Recurring financial income | 75 | €540 | €203 | -€337 | -62.4% |
| Financial charges | 65/66B | €237 | €114 | -€123 | -52.0% |
| Recurring financial charges | 65 | €237 | €114 | -€123 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | €252,999 | €217,647 | -€35,352 | -14.0% |
| Income taxes | 67/77 | €59,024 | €50,423 | -€8,601 | -14.6% |
| Profit (loss) for the period | 9904 | €193,975 | €167,224 | -€26,751 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €193,975 | €167,224 | -€26,751 | -13.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.