MAESTRO: what changed
MAESTRO
Largest movements
- Receivables within one year +€3,563
up €3,563 (+667%), from €535 to €4,098
of which Trade receivables: +€4,098
- Tangible fixed assets +€1,886
up €1,886 (+14.3%), from €13,222 to €15,108
of which Other tangible fixed assets: +€3,282
- Cash +€288
up €288 (+5.4%), from €5,345 to €5,634
mainly Net result for the year (+€7,329) and Depreciation (+€3,269)
- Profit (loss) carried forward +€7,329
up €7,329 (+19.8%), from -€36,931 to -€29,602
- Other debts -€2,470
down €2,470 (-55.1%), from €4,484 to €2,014
- Tax, wage and social debts +€550
up €550 (+1,127%), from €49 to €599
- Accrued charges and deferred income +€329
up €329 (+21.9%), from €1,500 to €1,829
- Gross operating margin +€2,939
up €2,939 (+27.1%), from €10,861 to €13,800
- Financial charges +€779
up €779 (+49.0%), from €1,590 to €2,369
- Depreciation +€583
up €583 (+21.7%), from €2,686 to €3,269
- Other operating charges +€448
up €448 (+117%), from €384 to €833
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,102 | €24,840 | +€5,738 | +30.0% |
| Fixed assets | 21/28 | €13,222 | €15,108 | +€1,886 | +14.3% |
| Tangible fixed assets | 22/27 | €13,222 | €15,108 | +€1,886 | +14.3% |
| Plant, machinery and equipment | 23 | €620 | €0 | -€620 | -100% |
| Furniture and vehicles | 24 | €1,502 | €726 | -€776 | -51.7% |
| Other tangible fixed assets | 26 | €11,100 | €14,382 | +€3,282 | +29.6% |
| Current assets | 29/58 | €5,880 | €9,732 | +€3,852 | +65.5% |
| Amounts receivable within one year | 40/41 | €535 | €4,098 | +€3,563 | +667% |
| Trade receivables | 40 | €0 | €4,098 | +€4,098 | |
| Other amounts receivable | 41 | €535 | €0 | -€535 | -100% |
| Cash at bank and in hand | 54/58 | €5,345 | €5,634 | +€288 | +5.4% |
| Total equity and liabilities | 10/49 | €19,102 | €24,840 | +€5,738 | +30.0% |
| Equity | 10/15 | -€11,931 | -€4,602 | +€7,329 | +61.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€36,931 | -€29,602 | +€7,329 | +19.8% |
| Amounts payable | 17/49 | €31,033 | €29,441 | -€1,592 | -5.1% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Other amounts payable | 178/9 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,533 | €2,613 | -€1,920 | -42.4% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €49 | €599 | +€550 | +1,127% |
| Taxes | 450/3 | €49 | €599 | +€550 | +1,127% |
| Other amounts payable | 47/48 | €4,484 | €2,014 | -€2,470 | -55.1% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,829 | +€329 | +21.9% |
| Remuneration, social security and pensions | 62 | €78 | €0 | -€78 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,686 | €3,269 | +€583 | +21.7% |
| Other operating charges | 640/8 | €384 | €833 | +€448 | +117% |
| Gross operating margin | 9900 | €10,861 | €13,800 | +€2,939 | +27.1% |
| Operating profit (loss) | 9901 | €7,712 | €9,698 | +€1,986 | +25.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €1,590 | €2,369 | +€779 | +49.0% |
| Recurring financial charges | 65 | €1,590 | €2,369 | +€779 | +49.0% |
| Profit (loss) for the period before taxes | 9903 | €6,121 | €7,329 | +€1,208 | +19.7% |
| Profit (loss) for the period | 9904 | €6,121 | €7,329 | +€1,208 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,121 | €7,329 | +€1,208 | +19.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.