Maendeleo: 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.
Maendeleo
Largest movements
- Current investments -€585,473
down €585,473 (-3.7%), from €15.8m to €15.2m
- Receivables within one year -€443,979
down €443,979 (-85.0%), from €522,165 to €78,187
of which Other amounts receivable: -€444,235
- Tax, wage and social debts -€915,418
down €915,418 (-98.0%), from €933,745 to €18,327
of which Taxes: -€921,078
- Financial income -€10.3m
down €10.3m (-94.8%), from €10.8m to €565,072
- Taxes -€959,962
down €959,962 (-99.9%), from €960,522 to €560
- Financial charges +€206,066
up €206,066 (+465.2%), from €44,294 to €250,360
- Other operating charges +€66,533
up €66,533 (+4777.6%), from €1,393 to €67,925
- Staff costs +€58,613
up €58,613 (+117.0%), from €50,108 to €108,721
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 | €17,438,396 | €16,552,847 | -€885,549 | -5.1% |
| Fixed assets | 21/28 | €187,631 | €307,999 | +€120,368 | +64.2% |
| Tangible fixed assets | 22/27 | €187,631 | €307,999 | +€120,368 | +64.2% |
| Land and buildings | 22 | - | €111,360 | +€111,360 | |
| Plant, machinery and equipment | 23 | - | €2,227 | +€2,227 | |
| Furniture and vehicles | 24 | €187,631 | €194,412 | +€6,781 | +3.6% |
| Current assets | 29/58 | €17,250,765 | €16,244,848 | -€1.0m | -5.8% |
| Amounts receivable within one year | 40/41 | €522,165 | €78,187 | -€443,979 | -85.0% |
| Trade receivables | 40 | - | €257 | +€257 | |
| Other amounts receivable | 41 | €522,165 | €77,930 | -€444,235 | -85.1% |
| Current investments | 50/53 | €15,807,452 | €15,221,979 | -€585,473 | -3.7% |
| Cash at bank and in hand | 54/58 | €919,068 | €940,898 | +€21,829 | +2.4% |
| Deferred charges and accrued income | 490/1 | €2,079 | €3,785 | +€1,706 | +82.0% |
| Total equity and liabilities | 10/49 | €17,438,396 | €16,552,847 | -€885,549 | -5.1% |
| Equity | 10/15 | €16,496,837 | €16,403,796 | -€93,041 | -0.6% |
| Contributions | 10/11 | €6,892,875 | €6,892,875 | = | 0.0% |
| Reserves | 13 | €9,603,962 | €9,603,962 | = | 0.0% |
| Distributable reserves | 133 | €9,603,962 | €9,603,962 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€93,041 | -€93,041 | |
| Amounts payable | 17/49 | €941,559 | €149,051 | -€792,508 | -84.2% |
| Amounts payable within one year | 42/48 | €941,559 | €149,051 | -€792,508 | -84.2% |
| Financial debts | 43 | - | €297 | +€297 | |
| Credit institutions | 430/8 | - | €297 | +€297 | |
| Trade debts | 44 | €7,814 | €6,371 | -€1,443 | -18.5% |
| Suppliers | 440/4 | €7,814 | €6,371 | -€1,443 | -18.5% |
| Taxes, remuneration and social security | 45 | €933,745 | €18,327 | -€915,418 | -98.0% |
| Taxes | 450/3 | €921,078 | €0 | -€921,078 | -100.0% |
| Remuneration and social security | 454/9 | €12,667 | €18,327 | +€5,660 | +44.7% |
| Other amounts payable | 47/48 | - | €124,056 | +€124,056 | |
| Remuneration, social security and pensions | 62 | €50,108 | €108,721 | +€58,613 | +117.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,965 | €45,921 | +€38,956 | +559.3% |
| Other operating charges | 640/8 | €1,393 | €67,925 | +€66,533 | +4777.6% |
| Gross operating margin | 9900 | -€168,458 | -€184,626 | -€16,168 | -9.6% |
| Operating profit (loss) | 9901 | -€226,923 | -€407,193 | -€180,269 | -79.4% |
| Financial income | 75/76B | €10,835,702 | €565,072 | -€10.3m | -94.8% |
| Recurring financial income | 75 | €10,835,702 | €565,072 | -€10.3m | -94.8% |
| Financial charges | 65/66B | €44,294 | €250,360 | +€206,066 | +465.2% |
| Recurring financial charges | 65 | €44,294 | €250,360 | +€206,066 | +465.2% |
| Profit (loss) for the period before taxes | 9903 | €10,564,484 | -€92,480 | -€10.7m | |
| Income taxes | 67/77 | €960,522 | €560 | -€959,962 | -99.9% |
| Profit (loss) for the period | 9904 | €9,603,962 | -€93,041 | -€9.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €9,603,962 | -€93,041 | -€9.7m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.