THE MAESTRO: 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.
THE MAESTRO
Largest movements
- Cash +€20,442
up €20,442 (+15.5%), from €132,230 to €152,672
mainly Receivables within one year (+€15,141) and Tax, wage and social debts (+€9,547)
- Receivables within one year -€15,141
down €15,141 (-39.0%), from €38,796 to €23,656
of which Other amounts receivable: -€27,164
- Deferred charges and accrued income +€2,496
new in 2026: €2,496
- Advances received -€11,200
no longer reported in 2026 (was €11,200)
- Tax, wage and social debts +€9,547
up €9,547 (+150%), from €6,376 to €15,923
- Profit (loss) carried forward +€7,063
up €7,063 (+82.9%), from €8,523 to €15,586
- Trade debts +€2,362
up €2,362 (+3,634%), from €65 to €2,427
- Depreciation +€7,376
up €7,376 (+447%), from €1,649 to €9,025
- Gross operating margin -€4,288
down €4,288 (-16.2%), from €26,491 to €22,204
- Other operating charges +€1,868
up €1,868 (+482%), from €387 to €2,256
- Financial income -€1,763
down €1,763 (-100.0%), from €1,763 to €0
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €176,163 | €183,936 | +€7,773 | +4.4% |
| Fixed assets | 21/28 | €5,137 | €5,112 | -€25 | -0.5% |
| Tangible fixed assets | 22/27 | €932 | €907 | -€25 | -2.7% |
| Plant, machinery and equipment | 23 | €400 | - | -€400 | |
| Furniture and vehicles | 24 | €532 | €907 | +€375 | +70.4% |
| Financial fixed assets | 28 | €4,205 | €4,205 | = | 0.0% |
| Current assets | 29/58 | €171,026 | €178,824 | +€7,798 | +4.6% |
| Amounts receivable within one year | 40/41 | €38,796 | €23,656 | -€15,141 | -39.0% |
| Trade receivables | 40 | €11,632 | €23,656 | +€12,023 | +103% |
| Other amounts receivable | 41 | €27,164 | - | -€27,164 | |
| Cash at bank and in hand | 54/58 | €132,230 | €152,672 | +€20,442 | +15.5% |
| Deferred charges and accrued income | 490/1 | - | €2,496 | +€2,496 | |
| Total equity and liabilities | 10/49 | €176,163 | €183,936 | +€7,773 | +4.4% |
| Equity | 10/15 | €158,523 | €165,586 | +€7,063 | +4.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,523 | €15,586 | +€7,063 | +82.9% |
| Amounts payable | 17/49 | €17,641 | €18,350 | +€709 | +4.0% |
| Amounts payable within one year | 42/48 | €17,641 | €18,350 | +€709 | +4.0% |
| Trade debts | 44 | €65 | €2,427 | +€2,362 | +3,634% |
| Suppliers | 440/4 | €65 | €2,427 | +€2,362 | +3,634% |
| Advances received on contracts in progress | 46 | €11,200 | - | -€11,200 | |
| Taxes, remuneration and social security | 45 | €6,376 | €15,923 | +€9,547 | +150% |
| Taxes | 450/3 | €6,376 | €15,923 | +€9,547 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,649 | €9,025 | +€7,376 | +447% |
| Other operating charges | 640/8 | €387 | €2,256 | +€1,868 | +482% |
| Gross operating margin | 9900 | €26,491 | €22,204 | -€4,288 | -16.2% |
| Operating profit (loss) | 9901 | €24,455 | €10,923 | -€13,532 | -55.3% |
| Financial income | 75/76B | €1,763 | €0 | -€1,763 | -100.0% |
| Recurring financial income | 75 | €1,763 | €0 | -€1,763 | -100.0% |
| Financial charges | 65/66B | €297 | €291 | -€6 | -1.9% |
| Recurring financial charges | 65 | €297 | €291 | -€6 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €25,922 | €10,632 | -€15,290 | -59.0% |
| Income taxes | 67/77 | €3,814 | €3,569 | -€245 | -6.4% |
| Profit (loss) for the period | 9904 | €22,108 | €7,063 | -€15,045 | -68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,108 | €7,063 | -€15,045 | -68.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.