MAUREEN WERNER: 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.
MAUREEN WERNER
Largest movements
- Tangible fixed assets -€6,477
down €6,477 (-11.2%), from €57,923 to €51,446
of which Land and buildings: -€5,495
- Receivables within one year -€5,540
down €5,540 (-93.1%), from €5,950 to €410
of which Trade receivables: -€3,872
- Profit (loss) carried forward -€23,400
down €23,400 (-6.9%), from -€338,041 to -€361,441
- Other debts +€7,897
up €7,897 (+3.0%), from €260,574 to €268,471
- Short-term financial debts +€1,750
up €1,750 (+6.6%), from €26,709 to €28,458
- Trade debts +€1,098
up €1,098 (+9.9%), from €11,124 to €12,222
- Gross operating margin +€15,605
up €15,605 (+56.8%), from -€27,474 to -€11,869
- Other operating charges -€3,467
down €3,467 (-79.1%), from €4,382 to €915
- Financial charges +€1,092
up €1,092 (+44.7%), from €2,441 to €3,534
- Depreciation -€414
down €414 (-6.0%), from €6,891 to €6,477
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,304 | €52,254 | -€12,049 | -18.7% |
| Fixed assets | 21/28 | €57,923 | €51,446 | -€6,477 | -11.2% |
| Tangible fixed assets | 22/27 | €57,923 | €51,446 | -€6,477 | -11.2% |
| Land and buildings | 22 | €36,580 | €31,085 | -€5,495 | -15.0% |
| Plant, machinery and equipment | 23 | €1,743 | €761 | -€982 | -56.3% |
| Other tangible fixed assets | 26 | €19,600 | €19,600 | = | 0.0% |
| Current assets | 29/58 | €6,381 | €808 | -€5,572 | -87.3% |
| Amounts receivable within one year | 40/41 | €5,950 | €410 | -€5,540 | -93.1% |
| Trade receivables | 40 | €3,872 | - | -€3,872 | |
| Other amounts receivable | 41 | €2,078 | €410 | -€1,668 | -80.3% |
| Deferred charges and accrued income | 490/1 | €431 | €398 | -€32 | -7.5% |
| Total equity and liabilities | 10/49 | €64,304 | €52,254 | -€12,049 | -18.7% |
| Equity | 10/15 | -€234,578 | -€257,978 | -€23,400 | -10.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €84,871 | €84,871 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €83,012 | €83,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€338,041 | -€361,441 | -€23,400 | -6.9% |
| Amounts payable | 17/49 | €298,882 | €310,233 | +€11,351 | +3.8% |
| Amounts payable within one year | 42/48 | €298,882 | €310,233 | +€11,351 | +3.8% |
| Financial debts | 43 | €26,709 | €28,458 | +€1,750 | +6.6% |
| Credit institutions | 430/8 | €26,709 | €28,458 | +€1,750 | +6.6% |
| Trade debts | 44 | €11,124 | €12,222 | +€1,098 | +9.9% |
| Suppliers | 440/4 | €11,124 | €12,222 | +€1,098 | +9.9% |
| Taxes, remuneration and social security | 45 | €475 | €1,081 | +€606 | +127.6% |
| Taxes | 450/3 | €475 | €1,081 | +€606 | +127.6% |
| Other amounts payable | 47/48 | €260,574 | €268,471 | +€7,897 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,891 | €6,477 | -€414 | -6.0% |
| Other operating charges | 640/8 | €4,382 | €915 | -€3,467 | -79.1% |
| Gross operating margin | 9900 | -€27,474 | -€11,869 | +€15,605 | +56.8% |
| Operating profit (loss) | 9901 | -€38,746 | -€19,261 | +€19,485 | +50.3% |
| Financial income | 75/76B | €11 | €1 | -€10 | -93.8% |
| Recurring financial income | 75 | €11 | €1 | -€10 | -93.8% |
| Financial charges | 65/66B | €2,441 | €3,534 | +€1,092 | +44.7% |
| Recurring financial charges | 65 | €2,441 | €3,534 | +€1,092 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | -€41,177 | -€22,794 | +€18,383 | +44.6% |
| Income taxes | 67/77 | €475 | €606 | +€131 | +27.6% |
| Profit (loss) for the period | 9904 | -€41,652 | -€23,400 | +€18,251 | +43.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,652 | -€23,400 | +€18,251 | +43.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.