MaZo: 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.
MaZo
Largest movements
- Receivables within one year -€19,080
down €19,080 (-85.5%), from €22,313 to €3,233
of which Trade receivables: -€15,908
- Tangible fixed assets -€5,521
down €5,521 (-47.6%), from €11,601 to €6,080
of which Plant, machinery and equipment: -€4,279
- Cash +€3,261
up €3,261 (+8.5%), from €38,314 to €41,575
mainly Receivables within one year (+€19,080) and Depreciation (+€5,758)
- Deferred charges and accrued income -€1,446
no longer reported in 2025 (was €1,446)
- Profit (loss) carried forward -€18,299
new in 2025: -€18,299
- Tax, wage and social debts -€6,832
down €6,832 (-94.2%), from €7,250 to €419
- Other debts +€2,702
new in 2025: €2,702
- Gross operating margin -€7,564
down €7,564 (-210.6%), from -€3,592 to -€11,156
- Staff costs -€3,626
no longer reported in 2025 (was €3,626)
- Other operating charges -€341
down €341 (-34.3%), from €994 to €654
- Financial charges +€183
up €183 (+76.3%), from €239 to €422
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 | €74,375 | €51,351 | -€23,024 | -31.0% |
| Formation expenses | 20 | €700 | €463 | -€237 | -33.8% |
| Fixed assets | 21/28 | €11,601 | €6,080 | -€5,521 | -47.6% |
| Tangible fixed assets | 22/27 | €11,601 | €6,080 | -€5,521 | -47.6% |
| Plant, machinery and equipment | 23 | €7,551 | €3,272 | -€4,279 | -56.7% |
| Furniture and vehicles | 24 | €4,050 | €2,808 | -€1,243 | -30.7% |
| Current assets | 29/58 | €62,074 | €44,808 | -€17,266 | -27.8% |
| Amounts receivable within one year | 40/41 | €22,313 | €3,233 | -€19,080 | -85.5% |
| Trade receivables | 40 | €18,752 | €2,844 | -€15,908 | -84.8% |
| Other amounts receivable | 41 | €3,561 | €389 | -€3,172 | -89.1% |
| Cash at bank and in hand | 54/58 | €38,314 | €41,575 | +€3,261 | +8.5% |
| Deferred charges and accrued income | 490/1 | €1,446 | - | -€1,446 | |
| Total equity and liabilities | 10/49 | €74,375 | €51,351 | -€23,024 | -31.0% |
| Equity | 10/15 | €66,528 | €48,230 | -€18,299 | -27.5% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €54,528 | €54,528 | = | 0.0% |
| Distributable reserves | 133 | €54,528 | €54,528 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€18,299 | -€18,299 | |
| Amounts payable | 17/49 | €7,846 | €3,121 | -€4,725 | -60.2% |
| Amounts payable within one year | 42/48 | €7,846 | €3,121 | -€4,725 | -60.2% |
| Trade debts | 44 | €596 | - | -€596 | |
| Suppliers | 440/4 | €596 | - | -€596 | |
| Taxes, remuneration and social security | 45 | €7,250 | €419 | -€6,832 | -94.2% |
| Taxes | 450/3 | €7,250 | €419 | -€6,832 | -94.2% |
| Other amounts payable | 47/48 | - | €2,702 | +€2,702 | |
| Remuneration, social security and pensions | 62 | €3,626 | - | -€3,626 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,681 | €5,758 | +€77 | +1.4% |
| Other operating charges | 640/8 | €994 | €654 | -€341 | -34.3% |
| Gross operating margin | 9900 | -€3,592 | -€11,156 | -€7,564 | -210.6% |
| Operating profit (loss) | 9901 | -€13,893 | -€17,568 | -€3,675 | -26.5% |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.9% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.9% |
| Financial charges | 65/66B | €239 | €422 | +€183 | +76.3% |
| Recurring financial charges | 65 | €239 | €422 | +€183 | +76.3% |
| Profit (loss) for the period before taxes | 9903 | -€14,132 | -€17,990 | -€3,858 | -27.3% |
| Income taxes | 67/77 | €359 | €308 | -€51 | -14.2% |
| Profit (loss) for the period | 9904 | -€14,491 | -€18,299 | -€3,807 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,491 | -€18,299 | -€3,807 | -26.3% |
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.