MAURO: 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.
MAURO
Largest movements
- Financial fixed assets -€54,877
down €54,877 (-82.3%), from €66,678 to €11,800
- Tangible fixed assets -€41,491
down €41,491 (-4.4%), from €941,382 to €899,891
of which Land and buildings: -€37,320
- Cash +€31,214
up €31,214 (+272.6%), from €11,451 to €42,665
mainly Depreciation (+€56,696) and Net result for the year (+€45,356)
- Debts after one year -€89,579
down €89,579 (-16.5%), from €543,711 to €454,132
of which Financial debts: -€89,579
- Reserves +€45,356
up €45,356 (+15.5%), from €291,710 to €337,065
of which Distributable reserves: +€45,356
- Gross operating margin +€16,975
up €16,975 (+13.2%), from €128,244 to €145,219
- Depreciation +€5,264
up €5,264 (+10.2%), from €51,431 to €56,696
- Taxes +€4,230
up €4,230 (+30.0%), from €14,118 to €18,349
- Financial charges -€1,987
down €1,987 (-17.9%), from €11,103 to €9,116
- Other operating charges -€1,838
down €1,838 (-10.1%), from €18,204 to €16,366
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 | €1,154,268 | €1,082,745 | -€71,523 | -6.2% |
| Fixed assets | 21/28 | €1,008,060 | €911,692 | -€96,368 | -9.6% |
| Tangible fixed assets | 22/27 | €941,382 | €899,891 | -€41,491 | -4.4% |
| Land and buildings | 22 | €904,183 | €866,862 | -€37,320 | -4.1% |
| Plant, machinery and equipment | 23 | €6,441 | €3,759 | -€2,683 | -41.6% |
| Furniture and vehicles | 24 | €26,651 | €25,861 | -€790 | -3.0% |
| Other tangible fixed assets | 26 | €4,107 | €3,409 | -€698 | -17.0% |
| Financial fixed assets | 28 | €66,678 | €11,800 | -€54,877 | -82.3% |
| Current assets | 29/58 | €146,208 | €171,053 | +€24,845 | +17.0% |
| Amounts receivable within one year | 40/41 | €133,210 | €126,551 | -€6,658 | -5.0% |
| Trade receivables | 40 | €40,151 | €45,007 | +€4,855 | +12.1% |
| Other amounts receivable | 41 | €93,058 | €81,545 | -€11,514 | -12.4% |
| Cash at bank and in hand | 54/58 | €11,451 | €42,665 | +€31,214 | +272.6% |
| Deferred charges and accrued income | 490/1 | €1,548 | €1,837 | +€289 | +18.7% |
| Total equity and liabilities | 10/49 | €1,154,268 | €1,082,745 | -€71,523 | -6.2% |
| Equity | 10/15 | €310,310 | €355,665 | +€45,356 | +14.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €291,710 | €337,065 | +€45,356 | +15.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €289,850 | €335,205 | +€45,356 | +15.6% |
| Amounts payable | 17/49 | €843,958 | €727,079 | -€116,879 | -13.8% |
| Amounts payable after more than one year | 17 | €543,711 | €454,132 | -€89,579 | -16.5% |
| Financial debts | 170/4 | €536,511 | €446,932 | -€89,579 | -16.7% |
| Other amounts payable | 178/9 | €7,200 | €7,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €274,102 | €254,351 | -€19,751 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €94,775 | €89,579 | -€5,196 | -5.5% |
| Trade debts | 44 | €33,319 | €33,638 | +€319 | +1.0% |
| Suppliers | 440/4 | €33,319 | €33,638 | +€319 | +1.0% |
| Advances received on contracts in progress | 46 | €36,762 | €36,762 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €31,198 | €20,399 | -€10,799 | -34.6% |
| Taxes | 450/3 | €31,198 | €20,399 | -€10,799 | -34.6% |
| Other amounts payable | 47/48 | €78,047 | €73,972 | -€4,075 | -5.2% |
| Accrued charges and deferred income | 492/3 | €26,146 | €18,597 | -€7,549 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,431 | €56,696 | +€5,264 | +10.2% |
| Other operating charges | 640/8 | €18,204 | €16,366 | -€1,838 | -10.1% |
| Gross operating margin | 9900 | €128,244 | €145,219 | +€16,975 | +13.2% |
| Operating profit (loss) | 9901 | €58,608 | €72,157 | +€13,549 | +23.1% |
| Financial income | 75/76B | - | €663 | +€663 | |
| Recurring financial income | 75 | - | €663 | +€663 | |
| Financial charges | 65/66B | €11,103 | €9,116 | -€1,987 | -17.9% |
| Recurring financial charges | 65 | €11,103 | €9,116 | -€1,987 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €47,506 | €63,704 | +€16,199 | +34.1% |
| Income taxes | 67/77 | €14,118 | €18,349 | +€4,230 | +30.0% |
| Profit (loss) for the period | 9904 | €33,387 | €45,356 | +€11,968 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,387 | €45,356 | +€11,968 | +35.8% |
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 4 October 2026 via checked.be.