MAES
ActiveSummary
The annual accounts of MAES for fiscal year 2025 show a net loss of 51% of total assets. The 2025 annual accounts show equity of €113k and a net result of €-72k. Equity is shrinking by ~5.9% per year across the filed fiscal years. Its solvency ranks better than 85% of 27965 sector peers (fiscal year 2025). The company has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-17
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6k at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 4.96 against 9.72 in 2024; short-term debt: 19.6% and cash: 3.8% of total assets), and 19.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
80.4%
Return on assets
-51.2%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-72k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
2 d early
2023
2 d early
2022
on the day
2021
11 d late
2020
11 d late
2019
28 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€113k▼ 38.9%
2024 · €185k
2018: €237k
2019: €221k▼ -6.7% vs 2018
2020: €231k▲ +4.5% vs 2019
2021: €239k▲ +3.3% vs 2020highest in 8 years
2022: €221k▼ -7.3% vs 2021
2023: €187k▼ -15.2% vs 2022
2024: €185k▼ -1.6% vs 2023
2025: €113k▼ -38.9% vs 2024lowest in 8 years
2018 → 2025
Total assets
€140k▼ 40.0%
2024 · €234k
2018: €253k
2019: €282k▲ +11.5% vs 2018
2020: €271k▼ -3.7% vs 2019
2021: €319k▲ +17.5% vs 2020highest in 8 years
2022: €234k▼ -26.7% vs 2021
2023: €273k▲ +16.7% vs 2022
2024: €234k▼ -14.3% vs 2023
2025: €140k▼ -40.0% vs 2024lowest in 8 years
2018 → 2025
Net result
€-72k▼ 2,368%
2024 · €-3k
2018: €34khighest in 8 years
2019: €-16k▼ -147% vs 2018
2020: €10k▲ +162% vs 2019
2021: €8k▼ -23.2% vs 2020
2022: €-17k▼ -330% vs 2021
2023: €12k▲ +171% vs 2022
2024: €-3k▼ -124% vs 2023
2025: €-72k▼ -2368% vs 2024lowest in 8 years
2018 → 2025
Working capital
€109k▼ 46.8%
2024 · €205k
2018: €202k
2019: €187k▼ -7.2% vs 2018
2020: €203k▲ +8.3% vs 2019
2021: €215k▲ +5.9% vs 2020highest in 8 years
2022: €203k▼ -5.8% vs 2021
2023: €175k▼ -13.7% vs 2022
2024: €205k▲ +17.2% vs 2023
2025: €109k▼ -46.8% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€239k-€221k▼ 7.3%€187k▼ 15.2%€185k▼ 1.6%€113k▼ 38.9%
2021: €239khighest in 5 years
2022: €221k▼ -7.3% vs 2021
2023: €187k▼ -15.2% vs 2022
2024: €185k▼ -1.6% vs 2023
2025: €113k▼ -38.9% vs 2024lowest in 5 years
Operating result€10k-€-18k€10k€-4k€-66k▼ 1,435%
2021: €10khighest in 5 years
2022: €-18k▼ -278% vs 2021
2023: €10k▲ +153% vs 2022
2024: €-4k▼ -145% vs 2023
2025: €-66k▼ -1435% vs 2024lowest in 5 years
Net result€8k-€-17k€12k€-3k€-72k▼ 2,368%
2021: €8k
2022: €-17k▼ -330% vs 2021
2023: €12k▲ +171% vs 2022highest in 5 years
2024: €-3k▼ -124% vs 2023
2025: €-72k▼ -2368% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €66k in 2025 against €4k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €140k
Fixed assets
€4k ▼ 29.1%
Current assets
€137k ▼ 40.2%
Equity and liabilities €140k
Equity
€113k ▼ 38.9%
Debt
€28k ▼ 43.9%
Debt's share of the balance-sheet total falls from 21.0% to 19.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-65k▼
2024 · €-3k
Cash flow
€-70k▼
2024 · €-2k
Current ratio
4.96▼
2024 · 9.72
Quick ratio
4.91▼
2024 · 9.72
Debt to equity
0.24▼
2024 · 0.27
ROE
-63.7%▼
2024 · -1.6%
ROA
-51.2%▼
2024 · -1.2%
Interest coverage
-527.90▼
2024 · -11.43
Debt ≤ 1 year
€28k▲
2024 · €23k
Income taxes
€7k▲
2024 · €2k
Staff costs
€1k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 45 lines
Balance sheet
Code20242025
Assets
Total assets20/58€234k€140k▼
Fixed assets21/28€5k€4k▼
Tangible fixed assets22/27€5k€4k▼
Land and buildings22€0€0=
Plant, machinery and equipment23€472€270▼
Furniture and vehicles24€5k€3k▼
Current assets29/58€228k€137k▼
Stocks and contracts in progress3-€1k
Stocks30/36-€1k
Amounts receivable within one year40/41€183k€128k▼
Trade receivables40€141k€101k▼
Other amounts receivable41€42k€27k▼
Cash at bank and in hand54/58€4k€5k▲
Deferred charges and accrued income490/1€42k€2k▼
Equity and liabilities
Total equity and liabilities10/49€234k€140k▼
Equity10/15€185k€113k▼
Contributions10/11€19k€19k=
Reserves13€174k€174k=
Distributable reserves133€174k€174k=
Profit (loss) carried forward14€-8k€-80k▼
Amounts payable17/49€49k€28k▼
Amounts payable within one year42/48€23k€28k▲
Trade debts44€19k€14k▼
Suppliers440/4€19k€14k▼
Taxes, remuneration and social security45€5k€14k▲
Taxes450/3€2k€9k▲
Remuneration and social security454/9€3k€5k▲
Accrued charges and deferred income492/3€26k-
Income statement
Code20242025
Non-recurring operating income76A€15k-
Remuneration, social security and pensions62-€1k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1k€2k▲
Other operating charges640/8€1k€1k▲
Non-recurring operating charges66A-€98k
Gross operating margin9900€-2k€35k▲
Operating profit (loss)9901€-4k€-66k▼
Financial income75/76B€3k€2k▼
Recurring financial income75€3k€2k▼
Financial charges65/66B€276€122▼
Recurring financial charges65€276€122▼
Profit (loss) for the period before taxes9903€-1k€-65k▼
Income taxes67/77€2k€7k▲
Profit (loss) for the period9904€-3k€-72k▼
Profit (loss) for the period to be appropriated9905€-3k€-72k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-8k€-80k▼
Profit (loss) brought forward from the previous period14P€-5k€-8k▼
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €15k | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €1k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16k | €16k | €18k | €1k | €2k | ▲ 31.8% |
| Other operating charges640/8 | €1k | €1k | €1k | €1k | €1k | ▲ 4.7% |
| Non-recurring operating charges66A | - | - | - | - | €98k | - |
| Gross operating margin9900 | €27k | €-511 | €29k | €-2k | €35k | ▲ 1,740% |
| Operating profit (loss)9901 | €10k | €-18k | €10k | €-4k | €-66k | ▼ 1,435% |
| Financial income75/76B | €13 | €2k | €4k | €3k | €2k | ▼ 52.7% |
| Recurring financial income75 | €13 | €2k | €4k | €3k | €2k | ▼ 52.7% |
| Financial charges65/66B | €351 | €472 | €145 | €276 | €122 | ▼ 55.6% |
| Recurring financial charges65 | €351 | €472 | €145 | €276 | €122 | ▼ 55.6% |
| Profit (loss) for the period before taxes9903 | €10k | €-17k | €13k | €-1k | €-65k | ▼ 4,760% |
| Income taxes67/77 | €2k | €892 | €778 | €2k | €7k | ▲ 350% |
| Profit (loss) for the period9904 | €8k | €-17k | €12k | €-3k | €-72k | ▼ 2,368% |
| Profit (loss) for the period to be appropriated9905 | €8k | €-17k | €12k | €-3k | €-72k | ▼ 2,368% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €319k | €234k | €273k | €234k | €140k | ▼ 40.0% |
| Fixed assets21/28 | €34k | €19k | €13k | €5k | €4k | ▼ 29.1% |
| Tangible fixed assets22/27 | €34k | €19k | €13k | €5k | €4k | ▼ 29.1% |
| Land and buildings22 | - | €0 | €0 | €0 | €0 | - |
| Plant, machinery and equipment23 | - | €877 | €675 | €472 | €270 | ▼ 42.9% |
| Furniture and vehicles24 | €16k | €9k | €12k | €5k | €3k | ▼ 27.7% |
| Leasing and similar rights25 | €18k | €9k | €0 | - | - | - |
| Current assets29/58 | €285k | €215k | €260k | €228k | €137k | ▼ 40.2% |
| Stocks and contracts in progress3 | - | €8k | €1k | - | €1k | - |
| Stocks30/36 | - | €8k | €1k | - | €1k | - |
| Amounts receivable within one year40/41 | €185k | €183k | €230k | €183k | €128k | ▼ 30.2% |
| Trade receivables40 | €151k | €138k | €149k | €141k | €101k | ▼ 28.7% |
| Other amounts receivable41 | €34k | €45k | €81k | €42k | €27k | ▼ 35.2% |
| Cash at bank and in hand54/58 | €96k | €14k | €13k | €4k | €5k | ▲ 48.1% |
| Deferred charges and accrued income490/1 | €4k | €10k | €16k | €42k | €2k | ▼ 94.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €319k | €234k | €273k | €234k | €140k | ▼ 40.0% |
| Equity10/15 | €239k | €221k | €187k | €185k | €113k | ▼ 38.9% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €220k | €220k | €174k | €174k | €174k | = |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | €218k | €218k | €174k | €174k | €174k | = |
| Profit (loss) carried forward14 | - | €-17k | €-5k | €-8k | €-80k | ▼ 893% |
| Amounts payable17/49 | €80k | €13k | €85k | €49k | €28k | ▼ 43.9% |
| Amounts payable after more than one year17 | €10k | - | - | - | - | - |
| Financial debts170/4 | €10k | - | - | - | - | - |
| Amounts payable within one year42/48 | €70k | €13k | €85k | €23k | €28k | ▲ 17.2% |
| Current portion of amounts payable after more than one year42 | €10k | €10k | - | - | - | - |
| Trade debts44 | €57k | €2k | €36k | €19k | €14k | ▼ 24.4% |
| Suppliers440/4 | €57k | €2k | €36k | €19k | €14k | ▼ 24.4% |
| Taxes, remuneration and social security45 | €3k | €892 | €4k | €5k | €14k | ▲ 172% |
| Taxes450/3 | - | €892 | €2k | €2k | €9k | ▲ 268% |
| Remuneration and social security454/9 | €3k | - | €2k | €3k | €5k | ▲ 85.0% |
| Other amounts payable47/48 | - | - | €46k | - | - | - |
| Accrued charges and deferred income492/3 | €937 | - | - | €26k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8k | €-17k | €12k | €-3k | €-72k | ▼ 2,368% |
| + Depreciation and write-downs630 | €16k | €16k | €18k | €1k | €2k | ▲ 31.8% |
| Operating cash flow (approximation) | €24k | €-951 | €30k | €-2k | €-70k | ▼ 3,912% |
| Investment in fixed assets (approximation) | - | €-1k | €-12k | €6k | €0 | ▼ 100% |
| Change in cash | - | €-82k | €-883 | €-9k | €2k | ▲ 118% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-72k
Net result drops to €-72k, the lowest in the series.
29-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Liquidity triplescurrent ratio 9.72
Current ratio from 3.05 to 9.72; short-term debt falls from €85k to €23k.
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €12k
Net result €12k after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity quadruplescurrent ratio 17.10
Current ratio from 4.09 to 17.10; short-term debt falls from €70k to €13k.
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 11 days late
2021
11-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 11 days late
2020
31-12
Financial
Back to profitnet €10k
Net result €10k after one loss-making year.
03-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
29-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
01-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 1 day late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Dessel · 1 establishment unit since 1991
Ground area
233 m²
Building footprint
156 m²
Volume, LiDAR
1,162 m³
Parcel 13006B1539/00B002, Flanders · tallest building 10.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MAES BVBA
since 19912.052.427.552
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13006B1539/00B002 | Flanders | 233 m² | 1 · 156 m² | 10.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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BE 0507.915.259
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Of 7,041 companies in sector 43221 we hold annual accounts for 3,473. 3,055 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded29-03-1991
Fiscal year end31-12
Activities, NACEBEL 2025
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
43410Roofing work
Scores and ratios are computed by Checked and are not a credit decision.