MAAR: 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.
MAAR
Largest movements
- Tangible fixed assets +€13,865
up €13,865 (+567%), from €2,444 to €16,309
of which Furniture and vehicles: +€14,112
- Cash -€3,743
down €3,743 (-99.9%), from €3,747 to €5
mainly Debts after one year (-€19,800) and Investment in fixed assets (net) (-€15,399)
- Deferred charges and accrued income -€2,515
down €2,515 (-81.3%), from €3,095 to €580
- Receivables within one year -€1,878
down €1,878 (-5.1%), from €36,968 to €35,090
of which Trade receivables: -€1,670
- Debts after one year -€19,800
down €19,800 (-100%), from €19,800 to €0
- Other debts +€16,217
up €16,217 (+67.4%), from €24,044 to €40,261
- Profit (loss) carried forward +€10,405
up €10,405 (+15.8%), from -€65,708 to -€55,303
- Short-term financial debts +€3,883
up €3,883 (+346%), from €1,123 to €5,006
- Trade debts -€3,023
down €3,023 (-96.2%), from €3,144 to €121
- Gross operating margin +€8,324
up €8,324 (+113%), from €7,389 to €15,713
- Other operating charges +€2,020
up €2,020 (+234%), from €865 to €2,885
- Depreciation +€973
up €973 (+173%), from €561 to €1,535
- Financial charges -€685
down €685 (-49.1%), from €1,397 to €711
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 | €46,254 | €51,984 | +€5,730 | +12.4% |
| Fixed assets | 21/28 | €2,444 | €16,309 | +€13,865 | +567% |
| Tangible fixed assets | 22/27 | €2,444 | €16,309 | +€13,865 | +567% |
| Land and buildings | 22 | €2,055 | €1,808 | -€247 | -12.0% |
| Furniture and vehicles | 24 | €389 | €14,501 | +€14,112 | +3,625% |
| Current assets | 29/58 | €43,810 | €35,674 | -€8,135 | -18.6% |
| Amounts receivable within one year | 40/41 | €36,968 | €35,090 | -€1,878 | -5.1% |
| Trade receivables | 40 | €36,760 | €35,090 | -€1,670 | -4.5% |
| Other amounts receivable | 41 | €208 | €0 | -€208 | -100% |
| Cash at bank and in hand | 54/58 | €3,747 | €5 | -€3,743 | -99.9% |
| Deferred charges and accrued income | 490/1 | €3,095 | €580 | -€2,515 | -81.3% |
| Total equity and liabilities | 10/49 | €46,254 | €51,984 | +€5,730 | +12.4% |
| Equity | 10/15 | -€8,815 | €1,591 | +€10,405 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €38,343 | €38,343 | = | 0.0% |
| Distributable reserves | 133 | €38,343 | €38,343 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,708 | -€55,303 | +€10,405 | +15.8% |
| Amounts payable | 17/49 | €55,069 | €50,393 | -€4,676 | -8.5% |
| Amounts payable after more than one year | 17 | €19,800 | €0 | -€19,800 | -100% |
| Financial debts | 170/4 | €19,800 | €0 | -€19,800 | -100% |
| Amounts payable within one year | 42/48 | €35,269 | €50,393 | +€15,124 | +42.9% |
| Financial debts | 43 | €1,123 | €5,006 | +€3,883 | +346% |
| Credit institutions | 430/8 | €1,123 | €5,006 | +€3,883 | +346% |
| Trade debts | 44 | €3,144 | €121 | -€3,023 | -96.2% |
| Suppliers | 440/4 | €3,144 | €121 | -€3,023 | -96.2% |
| Taxes, remuneration and social security | 45 | €6,958 | €5,005 | -€1,953 | -28.1% |
| Taxes | 450/3 | €6,958 | €5,005 | -€1,953 | -28.1% |
| Other amounts payable | 47/48 | €24,044 | €40,261 | +€16,217 | +67.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €561 | €1,535 | +€973 | +173% |
| Other operating charges | 640/8 | €865 | €2,885 | +€2,020 | +234% |
| Gross operating margin | 9900 | €7,389 | €15,713 | +€8,324 | +113% |
| Operating profit (loss) | 9901 | €5,963 | €11,293 | +€5,330 | +89.4% |
| Financial income | 75/76B | €8 | €0 | -€8 | -100% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -100% |
| Financial charges | 65/66B | €1,397 | €711 | -€685 | -49.1% |
| Recurring financial charges | 65 | €1,397 | €711 | -€685 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | €4,574 | €10,582 | +€6,008 | +131% |
| Income taxes | 67/77 | €197 | €177 | -€20 | -10.3% |
| Profit (loss) for the period | 9904 | €4,377 | €10,405 | +€6,028 | +138% |
| Profit (loss) for the period to be appropriated | 9905 | €4,377 | €10,405 | +€6,028 | +138% |
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 27 October 2026 via checked.be.