MAUPILER STABLES: 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.
MAUPILER STABLES
Largest movements
- Cash -€92,456
down €92,456 (-74.4%), from €124,308 to €31,853
mainly Investment in fixed assets (net) (-€94,379) and Trade debts (-€52,163)
- Tangible fixed assets +€67,935
up €67,935 (+195%), from €34,795 to €102,729
of which Leasing and similar rights: +€69,351
- Receivables within one year -€30,027
down €30,027 (-28.8%), from €104,275 to €74,248
of which Trade receivables: -€46,644
- Stocks and contracts -€14,500
down €14,500 (-3.5%), from €417,800 to €403,300
- Trade debts -€52,163
down €52,163 (-54.3%), from €96,152 to €43,989
- Debts after one year -€23,982
down €23,982 (-14.6%), from €164,418 to €140,436
- Current portion of long-term debt +€13,469
up €13,469 (+22.7%), from €59,208 to €72,677
- Depreciation +€14,715
up €14,715 (+124%), from €11,864 to €26,579
- Taxes -€7,725
down €7,725 (-90.1%), from €8,576 to €851
- Financial income -€5,455
down €5,455 (-48.9%), from €11,145 to €5,691
- Gross operating margin -€2,717
down €2,717 (-2.8%), from €97,863 to €95,146
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 | €684,883 | €614,818 | -€70,065 | -10.2% |
| Fixed assets | 21/28 | €34,930 | €102,729 | +€67,800 | +194% |
| Tangible fixed assets | 22/27 | €34,795 | €102,729 | +€67,935 | +195% |
| Plant, machinery and equipment | 23 | €25,727 | €27,986 | +€2,260 | +8.8% |
| Furniture and vehicles | 24 | €9,068 | €5,392 | -€3,676 | -40.5% |
| Leasing and similar rights | 25 | - | €69,351 | +€69,351 | |
| Financial fixed assets | 28 | €135 | €0 | -€135 | -100% |
| Current assets | 29/58 | €649,953 | €512,088 | -€137,865 | -21.2% |
| Stocks and contracts in progress | 3 | €417,800 | €403,300 | -€14,500 | -3.5% |
| Stocks | 30/36 | €417,800 | €403,300 | -€14,500 | -3.5% |
| Amounts receivable within one year | 40/41 | €104,275 | €74,248 | -€30,027 | -28.8% |
| Trade receivables | 40 | €92,359 | €45,715 | -€46,644 | -50.5% |
| Other amounts receivable | 41 | €11,916 | €28,533 | +€16,617 | +139% |
| Cash at bank and in hand | 54/58 | €124,308 | €31,853 | -€92,456 | -74.4% |
| Deferred charges and accrued income | 490/1 | €3,570 | €2,687 | -€882 | -24.7% |
| Total equity and liabilities | 10/49 | €684,883 | €614,818 | -€70,065 | -10.2% |
| Equity | 10/15 | €80,340 | €84,566 | +€4,227 | +5.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,340 | €62,566 | +€4,227 | +7.2% |
| Amounts payable | 17/49 | €604,543 | €530,251 | -€74,292 | -12.3% |
| Amounts payable after more than one year | 17 | €164,418 | €140,436 | -€23,982 | -14.6% |
| Financial debts | 170/4 | €164,418 | €140,436 | -€23,982 | -14.6% |
| Amounts payable within one year | 42/48 | €440,125 | €389,815 | -€50,310 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €59,208 | €72,677 | +€13,469 | +22.7% |
| Financial debts | 43 | €4,658 | €2,851 | -€1,807 | -38.8% |
| Credit institutions | 430/8 | €4,658 | €2,851 | -€1,807 | -38.8% |
| Trade debts | 44 | €96,152 | €43,989 | -€52,163 | -54.3% |
| Suppliers | 440/4 | €96,152 | €43,989 | -€52,163 | -54.3% |
| Taxes, remuneration and social security | 45 | €11,236 | €4,842 | -€6,395 | -56.9% |
| Taxes | 450/3 | €7,541 | €1,548 | -€5,992 | -79.5% |
| Remuneration and social security | 454/9 | €3,696 | €3,293 | -€402 | -10.9% |
| Other amounts payable | 47/48 | €268,871 | €265,457 | -€3,414 | -1.3% |
| Non-recurring operating income | 76A | €86,504 | €46,000 | -€40,504 | -46.8% |
| Remuneration, social security and pensions | 62 | €47,138 | €46,495 | -€643 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,864 | €26,579 | +€14,715 | +124% |
| Other operating charges | 640/8 | €4,006 | €3,829 | -€177 | -4.4% |
| Non-recurring operating charges | 66A | €6,234 | €5,871 | -€363 | -5.8% |
| Gross operating margin | 9900 | €97,863 | €95,146 | -€2,717 | -2.8% |
| Operating profit (loss) | 9901 | €28,621 | €12,372 | -€16,249 | -56.8% |
| Financial income | 75/76B | €11,145 | €5,691 | -€5,455 | -48.9% |
| Recurring financial income | 75 | €11,145 | €5,691 | -€5,455 | -48.9% |
| Financial charges | 65/66B | €11,213 | €12,153 | +€939 | +8.4% |
| Recurring financial charges | 65 | €11,213 | €12,153 | +€939 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €28,553 | €5,910 | -€22,643 | -79.3% |
| Income taxes | 67/77 | €8,576 | €851 | -€7,725 | -90.1% |
| Profit (loss) for the period | 9904 | €19,977 | €5,060 | -€14,918 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,977 | €5,060 | -€14,918 | -74.7% |
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 27 October 2026 via checked.be.