Maz-L: 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-L
Largest movements
- Cash -€36,781
down €36,781 (-69.5%), from €52,946 to €16,165
mainly Receivables within one year (-€35,519) and Contributions, distributions and other (-€31,840)
- Receivables within one year +€35,519
up €35,519 (+425%), from €8,367 to €43,886
of which Trade receivables: +€29,164
- Deferred charges and accrued income -€5,081
down €5,081 (-64.9%), from €7,835 to €2,754
- Tangible fixed assets +€833
up €833 (+32.5%), from €2,568 to €3,401
of which Furniture and vehicles: +€1,541
- Other debts +€31,493
up €31,493, from €0 to €31,493
- Reserves -€17,937
down €17,937 (-44.0%), from €40,745 to €22,808
of which Distributable reserves: -€17,937
- Tax, wage and social debts -€9,544
down €9,544 (-57.8%), from €16,509 to €6,964
- Trade debts -€8,593
down €8,593 (-66.8%), from €12,871 to €4,277
- Current portion of long-term debt -€1,389
down €1,389 (-100%), from €1,389 to €0
- Gross operating margin +€20,095
up €20,095 (+656%), from €3,063 to €23,158
- Taxes +€5,585
up €5,585 (+697%), from €801 to €6,386
- Financial charges +€310
up €310 (+56.2%), from €551 to €860
- Financial income +€291
up €291 (+675%), from €43 to €335
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 | €71,835 | €66,325 | -€5,510 | -7.7% |
| Fixed assets | 21/28 | €2,688 | €3,521 | +€833 | +31.0% |
| Tangible fixed assets | 22/27 | €2,568 | €3,401 | +€833 | +32.5% |
| Furniture and vehicles | 24 | €885 | €2,426 | +€1,541 | +174% |
| Other tangible fixed assets | 26 | €1,683 | €975 | -€707 | -42.0% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €69,147 | €62,804 | -€6,343 | -9.2% |
| Amounts receivable within one year | 40/41 | €8,367 | €43,886 | +€35,519 | +425% |
| Trade receivables | 40 | €1,137 | €30,301 | +€29,164 | +2,565% |
| Other amounts receivable | 41 | €7,230 | €13,585 | +€6,355 | +87.9% |
| Cash at bank and in hand | 54/58 | €52,946 | €16,165 | -€36,781 | -69.5% |
| Deferred charges and accrued income | 490/1 | €7,835 | €2,754 | -€5,081 | -64.9% |
| Total equity and liabilities | 10/49 | €71,835 | €66,325 | -€5,510 | -7.7% |
| Equity | 10/15 | €41,068 | €23,131 | -€17,937 | -43.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €40,745 | €22,808 | -€17,937 | -44.0% |
| 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 | €38,885 | €20,948 | -€17,937 | -46.1% |
| Profit (loss) carried forward | 14 | -€678 | -€678 | = | 0.0% |
| Amounts payable | 17/49 | €30,768 | €43,194 | +€12,427 | +40.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €30,768 | €42,735 | +€11,967 | +38.9% |
| Current portion of amounts payable after more than one year | 42 | €1,389 | €0 | -€1,389 | -100% |
| Trade debts | 44 | €12,871 | €4,277 | -€8,593 | -66.8% |
| Suppliers | 440/4 | €12,871 | €4,277 | -€8,593 | -66.8% |
| Taxes, remuneration and social security | 45 | €16,509 | €6,964 | -€9,544 | -57.8% |
| Taxes | 450/3 | €16,509 | €6,964 | -€9,544 | -57.8% |
| Other amounts payable | 47/48 | €0 | €31,493 | +€31,493 | |
| Accrued charges and deferred income | 492/3 | - | €460 | +€460 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,045 | €1,842 | -€203 | -9.9% |
| Other operating charges | 640/8 | €387 | €501 | +€113 | +29.3% |
| Gross operating margin | 9900 | €3,063 | €23,158 | +€20,095 | +656% |
| Operating profit (loss) | 9901 | €631 | €20,816 | +€20,185 | +3,199% |
| Financial income | 75/76B | €43 | €335 | +€291 | +675% |
| Recurring financial income | 75 | €43 | €335 | +€291 | +675% |
| Financial charges | 65/66B | €551 | €860 | +€310 | +56.2% |
| Recurring financial charges | 65 | €551 | €860 | +€310 | +56.2% |
| Profit (loss) for the period before taxes | 9903 | €123 | €20,290 | +€20,166 | +16,354% |
| Income taxes | 67/77 | €801 | €6,386 | +€5,585 | +697% |
| Profit (loss) for the period | 9904 | -€678 | €13,904 | +€14,581 | |
| Profit (loss) for the period to be appropriated | 9905 | -€678 | €13,904 | +€14,581 |
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 14 October 2026 via checked.be.