MAURANN: 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.
MAURANN
Largest movements
- Stocks and contracts -€157,985
down €157,985 (-68.1%), from €231,874 to €73,889
- Tangible fixed assets -€8,697
down €8,697 (-5.0%), from €172,989 to €164,292
of which Land and buildings: -€8,235
- Cash -€7,938
down €7,938 (-97.5%), from €8,140 to €201
mainly Net result for the year (-€70,049) and Trade debts (-€66,471)
- Receivables within one year +€5,129
up €5,129 (+104%), from €4,952 to €10,081
of which Trade receivables: +€3,496
- Profit (loss) carried forward -€70,049
down €70,049 (-28.6%), from -€245,326 to -€315,376
- Trade debts -€66,471
down €66,471 (-52.1%), from €127,679 to €61,208
- Short-term financial debts -€34,758
no longer reported in 2026 (was €34,758)
- Other debts -€32,113
down €32,113 (-42.1%), from €76,315 to €44,202
- Current portion of long-term debt +€23,619
up €23,619 (+132%), from €17,909 to €41,527
- Gross operating margin -€46,638
down €46,638, from €38,975 to -€7,663
- Staff costs -€7,741
down €7,741 (-15.8%), from €49,068 to €41,327
- Other operating charges -€2,558
down €2,558 (-38.4%), from €6,669 to €4,110
- Financial charges +€1,511
up €1,511 (+19.2%), from €7,876 to €9,387
- Financial income +€834
up €834 (+153%), from €546 to €1,380
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €422,372 | €249,595 | -€172,776 | -40.9% |
| Fixed assets | 21/28 | €175,299 | €164,292 | -€11,007 | -6.3% |
| Tangible fixed assets | 22/27 | €172,989 | €164,292 | -€8,697 | -5.0% |
| Land and buildings | 22 | €171,752 | €163,516 | -€8,235 | -4.8% |
| Plant, machinery and equipment | 23 | €1,237 | €776 | -€462 | -37.3% |
| Financial fixed assets | 28 | €2,309 | €0 | -€2,309 | -100% |
| Current assets | 29/58 | €247,073 | €85,303 | -€161,770 | -65.5% |
| Stocks and contracts in progress | 3 | €231,874 | €73,889 | -€157,985 | -68.1% |
| Stocks | 30/36 | €231,874 | €73,889 | -€157,985 | -68.1% |
| Amounts receivable within one year | 40/41 | €4,952 | €10,081 | +€5,129 | +104% |
| Trade receivables | 40 | €4,813 | €8,309 | +€3,496 | +72.6% |
| Other amounts receivable | 41 | €140 | €1,772 | +€1,633 | +1,170% |
| Cash at bank and in hand | 54/58 | €8,140 | €201 | -€7,938 | -97.5% |
| Deferred charges and accrued income | 490/1 | €2,107 | €1,132 | -€976 | -46.3% |
| Total equity and liabilities | 10/49 | €422,372 | €249,595 | -€172,776 | -40.9% |
| Equity | 10/15 | -€29,866 | -€99,916 | -€70,049 | -235% |
| Contributions | 10/11 | €58,600 | €58,600 | = | 0.0% |
| Revaluation surpluses | 12 | €131,000 | €125,000 | -€6,000 | -4.6% |
| Reserves | 13 | €25,860 | €31,860 | +€6,000 | +23.2% |
| Distributable reserves | 133 | €25,860 | €31,860 | +€6,000 | +23.2% |
| Profit (loss) carried forward | 14 | -€245,326 | -€315,376 | -€70,049 | -28.6% |
| Amounts payable | 17/49 | €452,238 | €349,511 | -€102,727 | -22.7% |
| Amounts payable after more than one year | 17 | €172,703 | €168,111 | -€4,593 | -2.7% |
| Financial debts | 170/4 | €172,703 | €168,111 | -€4,593 | -2.7% |
| Amounts payable within one year | 42/48 | €279,001 | €180,201 | -€98,800 | -35.4% |
| Current portion of amounts payable after more than one year | 42 | €17,909 | €41,527 | +€23,619 | +132% |
| Financial debts | 43 | €34,758 | - | -€34,758 | |
| Credit institutions | 430/8 | €34,758 | - | -€34,758 | |
| Trade debts | 44 | €127,679 | €61,208 | -€66,471 | -52.1% |
| Suppliers | 440/4 | €127,679 | €61,208 | -€66,471 | -52.1% |
| Advances received on contracts in progress | 46 | €200 | €0 | -€200 | -100% |
| Taxes, remuneration and social security | 45 | €22,140 | €33,264 | +€11,123 | +50.2% |
| Taxes | 450/3 | €14,438 | €30,559 | +€16,121 | +112% |
| Remuneration and social security | 454/9 | €7,702 | €2,704 | -€4,998 | -64.9% |
| Other amounts payable | 47/48 | €76,315 | €44,202 | -€32,113 | -42.1% |
| Accrued charges and deferred income | 492/3 | €533 | €1,199 | +€666 | +125% |
| Remuneration, social security and pensions | 62 | €49,068 | €41,327 | -€7,741 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,518 | €8,697 | +€180 | +2.1% |
| Other operating charges | 640/8 | €6,669 | €4,110 | -€2,558 | -38.4% |
| Gross operating margin | 9900 | €38,975 | -€7,663 | -€46,638 | |
| Operating profit (loss) | 9901 | -€25,279 | -€61,797 | -€36,518 | -144% |
| Financial income | 75/76B | €546 | €1,380 | +€834 | +153% |
| Recurring financial income | 75 | €546 | €1,380 | +€834 | +153% |
| Financial charges | 65/66B | €7,876 | €9,387 | +€1,511 | +19.2% |
| Recurring financial charges | 65 | €7,876 | €9,387 | +€1,511 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | -€32,609 | -€69,804 | -€37,196 | -114% |
| Income taxes | 67/77 | €240 | €245 | +€5 | +2.2% |
| Profit (loss) for the period | 9904 | -€32,848 | -€70,049 | -€37,201 | -113% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,848 | -€70,049 | -€37,201 | -113% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.