MAURINA: 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.
MAURINA
Largest movements
- Cash -€238,410
down €238,410 (-33.1%), from €719,662 to €481,252
mainly Trade debts (-€418,501) and Contributions, distributions and other (-€200,000)
- Receivables within one year +€77,622
up €77,622 (+105%), from €74,034 to €151,657
of which Trade receivables: +€77,806
- Stocks and contracts -€19,252
down €19,252 (-11.1%), from €174,123 to €154,871
- Tangible fixed assets +€17,595
up €17,595 (+14.9%), from €118,151 to €135,746
of which Plant, machinery and equipment: +€11,909
- Trade debts -€418,501
down €418,501 (-98.4%), from €425,443 to €6,942
- Reserves +€263,409
up €263,409 (+55.3%), from €476,461 to €739,870
- Gross operating margin +€327,508
up €327,508 (+97.1%), from €337,425 to €664,933
- Taxes +€79,282
up €79,282 (+105%), from €75,254 to €154,536
- Depreciation +€18,927
up €18,927 (+101%), from €18,664 to €37,590
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 | €1,085,971 | €923,735 | -€162,236 | -14.9% |
| Fixed assets | 21/28 | €118,151 | €135,746 | +€17,595 | +14.9% |
| Tangible fixed assets | 22/27 | €118,151 | €135,746 | +€17,595 | +14.9% |
| Plant, machinery and equipment | 23 | €6,443 | €18,352 | +€11,909 | +185% |
| Furniture and vehicles | 24 | €108,054 | €114,257 | +€6,203 | +5.7% |
| Other tangible fixed assets | 26 | €3,654 | €3,137 | -€518 | -14.2% |
| Current assets | 29/58 | €967,820 | €787,989 | -€179,830 | -18.6% |
| Stocks and contracts in progress | 3 | €174,123 | €154,871 | -€19,252 | -11.1% |
| Stocks | 30/36 | €174,123 | €154,871 | -€19,252 | -11.1% |
| Amounts receivable within one year | 40/41 | €74,034 | €151,657 | +€77,622 | +105% |
| Trade receivables | 40 | €73,079 | €150,884 | +€77,806 | +106% |
| Other amounts receivable | 41 | €955 | €772 | -€183 | -19.2% |
| Cash at bank and in hand | 54/58 | €719,662 | €481,252 | -€238,410 | -33.1% |
| Deferred charges and accrued income | 490/1 | €0 | €209 | +€209 | |
| Total equity and liabilities | 10/49 | €1,085,971 | €923,735 | -€162,236 | -14.9% |
| Equity | 10/15 | €495,061 | €758,470 | +€263,409 | +53.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €476,461 | €739,870 | +€263,409 | +55.3% |
| Distributable reserves | 133 | €476,461 | €739,870 | +€263,409 | +55.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €590,910 | €165,265 | -€425,645 | -72.0% |
| Amounts payable after more than one year | 17 | €125,763 | €132,293 | +€6,529 | +5.2% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €125,763 | €132,293 | +€6,529 | +5.2% |
| Amounts payable within one year | 42/48 | €454,974 | €32,972 | -€422,001 | -92.8% |
| Current portion of amounts payable after more than one year | 42 | €7,259 | €0 | -€7,259 | -100% |
| Trade debts | 44 | €425,443 | €6,942 | -€418,501 | -98.4% |
| Suppliers | 440/4 | €425,443 | €6,942 | -€418,501 | -98.4% |
| Taxes, remuneration and social security | 45 | €22,271 | €26,030 | +€3,759 | +16.9% |
| Taxes | 450/3 | €20,771 | €24,530 | +€3,759 | +18.1% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €10,173 | €0 | -€10,173 | -100% |
| Non-recurring operating income | 76A | €0 | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,664 | €37,590 | +€18,927 | +101% |
| Other operating charges | 640/8 | €1,600 | €2,976 | +€1,376 | +86.0% |
| Non-recurring operating charges | 66A | €1,134 | €0 | -€1,134 | -100% |
| Gross operating margin | 9900 | €337,425 | €664,933 | +€327,508 | +97.1% |
| Operating profit (loss) | 9901 | €316,027 | €624,367 | +€308,340 | +97.6% |
| Financial income | 75/76B | €2,512 | €2,547 | +€35 | +1.4% |
| Recurring financial income | 75 | €2,512 | €2,547 | +€35 | +1.4% |
| Financial charges | 65/66B | €10,552 | €8,968 | -€1,584 | -15.0% |
| Recurring financial charges | 65 | €10,552 | €8,968 | -€1,584 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €307,987 | €617,946 | +€309,959 | +101% |
| Income taxes | 67/77 | €75,254 | €154,536 | +€79,282 | +105% |
| Profit (loss) for the period | 9904 | €232,733 | €463,409 | +€230,677 | +99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €232,733 | €463,409 | +€230,677 | +99.1% |
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 16 October 2026 via checked.be.