MAZE: 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.
MAZE
Largest movements
- Cash +€85,633
up €85,633 (+212.5%), from €40,304 to €125,937
mainly Net result for the year (+€96,390) and Tax, wage and social debts (+€15,848)
- Receivables within one year +€32,939
up €32,939 (+56.2%), from €58,571 to €91,509
of which Other amounts receivable: +€27,949
- Receivables after one year -€8,750
down €8,750 (-14.3%), from €61,250 to €52,500
- Reserves +€96,390
up €96,390 (+73.1%), from €131,883 to €228,272
- Tax, wage and social debts +€15,848
up €15,848 (+71.6%), from €22,136 to €37,984
- Trade debts -€3,940
down €3,940 (-74.0%), from €5,325 to €1,385
- Gross operating margin +€19,164
up €19,164 (+18.1%), from €105,917 to €125,081
- Taxes +€4,221
up €4,221 (+18.5%), from €22,754 to €26,975
- Financial income +€2,031
up €2,031 (+304.2%), from €668 to €2,699
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 | €166,357 | €275,141 | +€108,784 | +65.4% |
| Fixed assets | 21/28 | €2,527 | €737 | -€1,789 | -70.8% |
| Intangible fixed assets | 21 | €1,123 | - | -€1,123 | |
| Tangible fixed assets | 22/27 | €1,403 | €737 | -€666 | -47.5% |
| Furniture and vehicles | 24 | €1,403 | €737 | -€666 | -47.5% |
| Current assets | 29/58 | €163,831 | €274,404 | +€110,573 | +67.5% |
| Amounts receivable after more than one year | 29 | €61,250 | €52,500 | -€8,750 | -14.3% |
| Other amounts receivable | 291 | €61,250 | €52,500 | -€8,750 | -14.3% |
| Amounts receivable within one year | 40/41 | €58,571 | €91,509 | +€32,939 | +56.2% |
| Trade receivables | 40 | €41,025 | €46,014 | +€4,989 | +12.2% |
| Other amounts receivable | 41 | €17,546 | €45,496 | +€27,949 | +159.3% |
| Cash at bank and in hand | 54/58 | €40,304 | €125,937 | +€85,633 | +212.5% |
| Deferred charges and accrued income | 490/1 | €3,706 | €4,457 | +€751 | +20.3% |
| Total equity and liabilities | 10/49 | €166,357 | €275,141 | +€108,784 | +65.4% |
| Equity | 10/15 | €136,883 | €233,272 | +€96,390 | +70.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €131,883 | €228,272 | +€96,390 | +73.1% |
| Distributable reserves | 133 | €131,883 | €228,272 | +€96,390 | +73.1% |
| Amounts payable | 17/49 | €29,475 | €41,869 | +€12,394 | +42.0% |
| Amounts payable within one year | 42/48 | €27,461 | €39,369 | +€11,908 | +43.4% |
| Trade debts | 44 | €5,325 | €1,385 | -€3,940 | -74.0% |
| Suppliers | 440/4 | €5,325 | €1,385 | -€3,940 | -74.0% |
| Taxes, remuneration and social security | 45 | €22,136 | €37,984 | +€15,848 | +71.6% |
| Taxes | 450/3 | €22,136 | €37,984 | +€15,848 | +71.6% |
| Accrued charges and deferred income | 492/3 | €2,014 | €2,500 | +€486 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,038 | €1,789 | -€248 | -12.2% |
| Other operating charges | 640/8 | €1,241 | €1,170 | -€70 | -5.7% |
| Gross operating margin | 9900 | €105,917 | €125,081 | +€19,164 | +18.1% |
| Operating profit (loss) | 9901 | €102,639 | €122,121 | +€19,482 | +19.0% |
| Financial income | 75/76B | €668 | €2,699 | +€2,031 | +304.2% |
| Recurring financial income | 75 | €668 | €2,699 | +€2,031 | +304.2% |
| Financial charges | 65/66B | €2,233 | €1,455 | -€778 | -34.8% |
| Recurring financial charges | 65 | €2,233 | €1,455 | -€778 | -34.8% |
| Profit (loss) for the period before taxes | 9903 | €101,073 | €123,364 | +€22,291 | +22.1% |
| Income taxes | 67/77 | €22,754 | €26,975 | +€4,221 | +18.5% |
| Profit (loss) for the period | 9904 | €78,319 | €96,390 | +€18,071 | +23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,319 | €96,390 | +€18,071 | +23.1% |
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 29 September 2026 via checked.be.