THE MAUL STARTUP STUDIO: 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 MAUL STARTUP STUDIO
Largest movements
- Deferred charges and accrued income +€18,382
up €18,382 (+308%), from €5,963 to €24,345
- Cash +€18,224
up €18,224 (+110%), from €16,586 to €34,810
mainly Trade debts (+€21,557) and Other debts (+€18,489)
- Receivables within one year +€14,105
up €14,105 (+23.4%), from €60,383 to €74,488
of which Trade receivables: +€10,720
- Trade debts +€21,557
up €21,557 (+558%), from €3,860 to €25,417
- Other debts +€18,489
up €18,489 (+175%), from €10,540 to €29,030
- Tax, wage and social debts +€12,481
up €12,481 (+33.1%), from €37,661 to €50,143
of which Remuneration and social security: +€13,065
- Current portion of long-term debt -€2,945
down €2,945 (-100%), from €2,945 to €0
- Profit (loss) carried forward +€1,501
up €1,501 (+906%), from €166 to €1,667
- Staff costs +€48,396
up €48,396 (+39.7%), from €121,917 to €170,312
- Gross operating margin +€33,963
up €33,963 (+23.4%), from €145,104 to €179,067
- Write-downs -€4,781
down €4,781 (-100%), from €4,781 to €0
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 | €85,090 | €136,107 | +€51,017 | +60.0% |
| Fixed assets | 21/28 | €2,158 | €2,464 | +€306 | +14.2% |
| Tangible fixed assets | 22/27 | €2,158 | €2,464 | +€306 | +14.2% |
| Furniture and vehicles | 24 | €2,158 | €2,464 | +€306 | +14.2% |
| Current assets | 29/58 | €82,932 | €133,642 | +€50,711 | +61.1% |
| Amounts receivable within one year | 40/41 | €60,383 | €74,488 | +€14,105 | +23.4% |
| Trade receivables | 40 | €56,412 | €67,132 | +€10,720 | +19.0% |
| Other amounts receivable | 41 | €3,970 | €7,356 | +€3,385 | +85.3% |
| Cash at bank and in hand | 54/58 | €16,586 | €34,810 | +€18,224 | +110% |
| Deferred charges and accrued income | 490/1 | €5,963 | €24,345 | +€18,382 | +308% |
| Total equity and liabilities | 10/49 | €85,090 | €136,107 | +€51,017 | +60.0% |
| Equity | 10/15 | €30,016 | €31,517 | +€1,501 | +5.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €26,850 | €26,850 | = | 0.0% |
| Distributable reserves | 133 | €26,850 | €26,850 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166 | €1,667 | +€1,501 | +906% |
| Amounts payable | 17/49 | €55,074 | €104,589 | +€49,516 | +89.9% |
| Amounts payable within one year | 42/48 | €55,007 | €104,589 | +€49,583 | +90.1% |
| Current portion of amounts payable after more than one year | 42 | €2,945 | €0 | -€2,945 | -100% |
| Trade debts | 44 | €3,860 | €25,417 | +€21,557 | +558% |
| Suppliers | 440/4 | €3,860 | €25,417 | +€21,557 | +558% |
| Taxes, remuneration and social security | 45 | €37,661 | €50,143 | +€12,481 | +33.1% |
| Taxes | 450/3 | €10,824 | €10,240 | -€584 | -5.4% |
| Remuneration and social security | 454/9 | €26,837 | €39,903 | +€13,065 | +48.7% |
| Other amounts payable | 47/48 | €10,540 | €29,030 | +€18,489 | +175% |
| Accrued charges and deferred income | 492/3 | €67 | €0 | -€67 | -100% |
| Remuneration, social security and pensions | 62 | €121,917 | €170,312 | +€48,396 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,001 | €1,325 | +€323 | +32.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,781 | €0 | -€4,781 | -100% |
| Other operating charges | 640/8 | €387 | €1,713 | +€1,325 | +342% |
| Gross operating margin | 9900 | €145,104 | €179,067 | +€33,963 | +23.4% |
| Operating profit (loss) | 9901 | €17,018 | €5,718 | -€11,300 | -66.4% |
| Financial income | 75/76B | €71 | €52 | -€19 | -26.6% |
| Recurring financial income | 75 | €71 | €52 | -€19 | -26.6% |
| Financial charges | 65/66B | €2,776 | €2,849 | +€74 | +2.7% |
| Recurring financial charges | 65 | €2,776 | €2,849 | +€74 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €14,313 | €2,920 | -€11,393 | -79.6% |
| Income taxes | 67/77 | €1,449 | €1,419 | -€31 | -2.1% |
| Profit (loss) for the period | 9904 | €12,864 | €1,501 | -€11,362 | -88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,864 | €1,501 | -€11,362 | -88.3% |
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 22 October 2026 via checked.be.