Pierre MAUROY: 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.
Pierre MAUROY
Largest movements
- Tangible fixed assets +€42,483
up €42,483 (+21.5%), from €197,923 to €240,406
of which Plant, machinery and equipment: +€186,322
- Stocks and contracts -€41,708
down €41,708 (-85.6%), from €48,739 to €7,031
- Receivables within one year +€22,619
up €22,619 (+123%), from €18,446 to €41,066
of which Other amounts receivable: +€15,969
- Cash +€11,538
up €11,538 (+229%), from €5,044 to €16,582
mainly Net result for the year (+€283,735) and Provisions (+€57,531)
- Reserves +€172,593
up €172,593 (+613%), from €28,160 to €200,753
of which Tax-exempt reserves: +€172,593
- Debts after one year -€130,524
down €130,524 (-92.7%), from €140,785 to €10,261
- Profit (loss) carried forward +€111,142
up €111,142 (+94.4%), from -€117,746 to -€6,605
- Short-term financial debts -€85,000
no longer reported in 2025 (was €85,000)
- Provisions +€57,531
new in 2025: €57,531
- Gross operating margin +€169,136
up €169,136 (+78.8%), from €214,623 to €383,759
- Staff costs -€81,738
down €81,738 (-99.2%), from €82,431 to €693
- Financial charges -€14,202
down €14,202 (-48.7%), from €29,146 to €14,944
- Depreciation -€10,948
down €10,948 (-35.3%), from €31,003 to €20,055
- Other operating charges -€10,067
down €10,067 (-60.2%), from €16,726 to €6,660
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 | €275,122 | €310,007 | +€34,885 | +12.7% |
| Fixed assets | 21/28 | €198,451 | €242,434 | +€43,983 | +22.2% |
| Tangible fixed assets | 22/27 | €197,923 | €240,406 | +€42,483 | +21.5% |
| Land and buildings | 22 | €148,093 | - | -€148,093 | |
| Plant, machinery and equipment | 23 | €41,663 | €227,986 | +€186,322 | +447% |
| Furniture and vehicles | 24 | €8,168 | €12,421 | +€4,253 | +52.1% |
| Financial fixed assets | 28 | €528 | €2,028 | +€1,500 | +284% |
| Current assets | 29/58 | €76,670 | €67,572 | -€9,098 | -11.9% |
| Stocks and contracts in progress | 3 | €48,739 | €7,031 | -€41,708 | -85.6% |
| Stocks | 30/36 | €48,739 | €7,031 | -€41,708 | -85.6% |
| Amounts receivable within one year | 40/41 | €18,446 | €41,066 | +€22,619 | +123% |
| Trade receivables | 40 | €2,541 | €9,191 | +€6,650 | +262% |
| Other amounts receivable | 41 | €15,905 | €31,874 | +€15,969 | +100% |
| Cash at bank and in hand | 54/58 | €5,044 | €16,582 | +€11,538 | +229% |
| Deferred charges and accrued income | 490/1 | €4,441 | €2,894 | -€1,547 | -34.8% |
| Total equity and liabilities | 10/49 | €275,122 | €310,007 | +€34,885 | +12.7% |
| Equity | 10/15 | -€70,986 | €212,749 | +€283,735 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,160 | €200,753 | +€172,593 | +613% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €172,593 | +€172,593 | |
| Distributable reserves | 133 | €26,300 | €26,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,746 | -€6,605 | +€111,142 | +94.4% |
| Provisions and deferred taxes | 16 | - | €57,531 | +€57,531 | |
| Deferred taxes | 168 | - | €57,531 | +€57,531 | |
| Amounts payable | 17/49 | €346,108 | €39,727 | -€306,382 | -88.5% |
| Amounts payable after more than one year | 17 | €140,785 | €10,261 | -€130,524 | -92.7% |
| Financial debts | 170/4 | €140,785 | €10,261 | -€130,524 | -92.7% |
| Amounts payable within one year | 42/48 | €205,323 | €29,466 | -€175,857 | -85.6% |
| Current portion of amounts payable after more than one year | 42 | €41,732 | €16,421 | -€25,311 | -60.7% |
| Financial debts | 43 | €85,000 | - | -€85,000 | |
| Credit institutions | 430/8 | €85,000 | - | -€85,000 | |
| Trade debts | 44 | €34,254 | €12,705 | -€21,548 | -62.9% |
| Suppliers | 440/4 | €34,254 | €12,705 | -€21,548 | -62.9% |
| Advances received on contracts in progress | 46 | €30,000 | - | -€30,000 | |
| Taxes, remuneration and social security | 45 | €14,337 | €340 | -€13,998 | -97.6% |
| Taxes | 450/3 | €4,030 | €340 | -€3,691 | -91.6% |
| Remuneration and social security | 454/9 | €10,307 | - | -€10,307 | |
| Remuneration, social security and pensions | 62 | €82,431 | €693 | -€81,738 | -99.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,003 | €20,055 | -€10,948 | -35.3% |
| Other operating charges | 640/8 | €16,726 | €6,660 | -€10,067 | -60.2% |
| Non-recurring operating charges | 66A | €21,178 | - | -€21,178 | |
| Gross operating margin | 9900 | €214,623 | €383,759 | +€169,136 | +78.8% |
| Operating profit (loss) | 9901 | €63,286 | €356,351 | +€293,066 | +463% |
| Financial income | 75/76B | €752 | €205 | -€547 | -72.7% |
| Recurring financial income | 75 | €752 | €205 | -€547 | -72.7% |
| Financial charges | 65/66B | €29,146 | €14,944 | -€14,202 | -48.7% |
| Recurring financial charges | 65 | €29,146 | €14,944 | -€14,202 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €34,892 | €341,613 | +€306,721 | +879% |
| Transfer from deferred taxes | 780 | - | €2,469 | +€2,469 | |
| Transfer to deferred taxes | 680 | - | €60,000 | +€60,000 | |
| Income taxes | 67/77 | €340 | €347 | +€7 | +2.1% |
| Profit (loss) for the period | 9904 | €34,552 | €283,735 | +€249,183 | +721% |
| Transfer from tax-exempt reserves | 789 | - | €7,407 | +€7,407 | |
| Transfer to tax-exempt reserves | 689 | - | €180,000 | +€180,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,552 | €111,142 | +€76,590 | +222% |
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 26 October 2026 via checked.be.