MAZ CONSEILS: 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.
MAZ CONSEILS
Largest movements
- Tangible fixed assets +€275,318
up €275,318 (+2,172%), from €12,678 to €287,996
of which Land and buildings: +€284,634
- Intangible fixed assets -€67,946
down €67,946 (-40.1%), from €169,401 to €101,456
- Cash +€58,870
up €58,870 (+19.5%), from €301,210 to €360,081
mainly Debts after one year (+€235,763) and Depreciation (+€161,368)
- Debts after one year +€235,763
up €235,763 (+91.4%), from €258,071 to €493,834
- Current portion of long-term debt +€25,337
up €25,337 (+24.0%), from €105,445 to €130,782
- Tax, wage and social debts +€15,549
up €15,549 (+40.5%), from €38,426 to €53,975
of which Taxes: +€18,838
- Trade debts -€8,557
down €8,557 (-45.0%), from €19,006 to €10,449
- Gross operating margin +€50,128
up €50,128 (+9.5%), from €529,599 to €579,727
- Depreciation +€38,711
up €38,711 (+31.6%), from €122,657 to €161,368
- Staff costs -€16,137
down €16,137 (-5.7%), from €285,121 to €268,985
- Other operating charges +€13,365
up €13,365 (+385%), from €3,469 to €16,835
- Financial charges +€9,761
up €9,761 (+61.4%), from €15,905 to €25,666
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 | €542,345 | €805,810 | +€263,465 | +48.6% |
| Fixed assets | 21/28 | €182,369 | €389,742 | +€207,372 | +114% |
| Intangible fixed assets | 21 | €169,401 | €101,456 | -€67,946 | -40.1% |
| Tangible fixed assets | 22/27 | €12,678 | €287,996 | +€275,318 | +2,172% |
| Land and buildings | 22 | - | €284,634 | +€284,634 | |
| Furniture and vehicles | 24 | €78 | €0 | -€78 | -100% |
| Other tangible fixed assets | 26 | €12,600 | €3,362 | -€9,238 | -73.3% |
| Financial fixed assets | 28 | €291 | €291 | = | 0.0% |
| Current assets | 29/58 | €359,975 | €416,068 | +€56,092 | +15.6% |
| Amounts receivable within one year | 40/41 | €39,187 | €36,205 | -€2,982 | -7.6% |
| Trade receivables | 40 | €25,286 | €732 | -€24,555 | -97.1% |
| Other amounts receivable | 41 | €13,901 | €35,473 | +€21,572 | +155% |
| Cash at bank and in hand | 54/58 | €301,210 | €360,081 | +€58,870 | +19.5% |
| Deferred charges and accrued income | 490/1 | €19,578 | €19,783 | +€204 | +1.0% |
| Total equity and liabilities | 10/49 | €542,345 | €805,810 | +€263,465 | +48.6% |
| Equity | 10/15 | €44,273 | €34,846 | -€9,427 | -21.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,000 | €13,000 | -€7,000 | -35.0% |
| Distributable reserves | 133 | €20,000 | €13,000 | -€7,000 | -35.0% |
| Profit (loss) carried forward | 14 | €72 | €750 | +€678 | +937% |
| Investment grants | 15 | €5,601 | €2,496 | -€3,105 | -55.4% |
| Provisions and deferred taxes | 16 | €1,867 | €832 | -€1,035 | -55.4% |
| Deferred taxes | 168 | €1,867 | €832 | -€1,035 | -55.4% |
| Amounts payable | 17/49 | €496,204 | €770,131 | +€273,927 | +55.2% |
| Amounts payable after more than one year | 17 | €258,071 | €493,834 | +€235,763 | +91.4% |
| Financial debts | 170/4 | €258,071 | €493,834 | +€235,763 | +91.4% |
| Amounts payable within one year | 42/48 | €238,133 | €275,560 | +€37,427 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | €105,445 | €130,782 | +€25,337 | +24.0% |
| Trade debts | 44 | €19,006 | €10,449 | -€8,557 | -45.0% |
| Suppliers | 440/4 | €19,006 | €10,449 | -€8,557 | -45.0% |
| Taxes, remuneration and social security | 45 | €38,426 | €53,975 | +€15,549 | +40.5% |
| Taxes | 450/3 | €0 | €18,838 | +€18,838 | |
| Remuneration and social security | 454/9 | €38,426 | €35,136 | -€3,289 | -8.6% |
| Other amounts payable | 47/48 | €75,257 | €80,355 | +€5,098 | +6.8% |
| Accrued charges and deferred income | 492/3 | €0 | €737 | +€737 | |
| Remuneration, social security and pensions | 62 | €285,121 | €268,985 | -€16,137 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,657 | €161,368 | +€38,711 | +31.6% |
| Other operating charges | 640/8 | €3,469 | €16,835 | +€13,365 | +385% |
| Gross operating margin | 9900 | €529,599 | €579,727 | +€50,128 | +9.5% |
| Operating profit (loss) | 9901 | €118,351 | €132,539 | +€14,188 | +12.0% |
| Financial income | 75/76B | €7,533 | €5,352 | -€2,181 | -29.0% |
| Recurring financial income | 75 | €7,533 | €5,352 | -€2,181 | -29.0% |
| Financial charges | 65/66B | €15,905 | €25,666 | +€9,761 | +61.4% |
| Recurring financial charges | 65 | €15,905 | €25,666 | +€9,761 | +61.4% |
| Profit (loss) for the period before taxes | 9903 | €109,979 | €112,225 | +€2,246 | +2.0% |
| Transfer from deferred taxes | 780 | €1,035 | €1,035 | = | 0.0% |
| Income taxes | 67/77 | €27,089 | €25,382 | -€1,706 | -6.3% |
| Profit (loss) for the period | 9904 | €83,925 | €87,878 | +€3,953 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €83,925 | €87,878 | +€3,953 | +4.7% |
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 1 November 2026 via checked.be.