MAES
InactiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 31-07-2026 PDF all 30 filings
Equity
€31,494▲ 2.5%
2024 · €30,719
Total assets
€31,448▼ 16.3%
2025 · €37,592
Net result
-€3,087
2025 · €775
Working capital
€0▼ 100%
2025 · €31,494
Multi-year overview
2018 to 2026, 9 financial yearsOperating result
-€3,077
2026
20182026
Net result
-€3,087
2026
20182026
Equity
no figure
2026
20182026
Total assets
€31,448
▼ 16.3%
2026
20182026
Debt
€31,448
▲ 416%
2026
20182026
Working capital
€0
▼ 100%
2026
20182026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192020202120222023202420252026
Operating result-€11,407--€5,420▲ 52.5%-€1,619▲ 70.1%-€1,893▼ 16.9%-€15,042▼ 695%-€7,296▲ 51.5%€3,038€1,505▼ 50.5%-€3,077
Net result-€12,022--€5,756▲ 52.1%-€2,007▲ 65.1%-€2,233▼ 11.2%-€17,700▼ 693%-€7,662▲ 56.7%€2,992€775▼ 74.1%-€3,087
Equity€63,086-€57,330▼ 9.1%€55,322▼ 3.5%€53,089▼ 4.0%€35,389▼ 33.3%€27,727▼ 21.7%€30,719▲ 10.8%€31,494▲ 2.5%
Total assets€65,746-€72,177▲ 9.8%€68,618▼ 4.9%€58,533▼ 14.7%€39,512▼ 32.5%€36,271▼ 8.2%€36,188▼ 0.2%€37,592▲ 3.9%€31,448▼ 16.3%
Debt€2,660-€14,848▲ 458%€13,295▼ 10.5%€5,443▼ 59.1%€4,123▼ 24.3%€8,544▲ 107%€5,469▼ 36.0%€6,098▲ 11.5%€31,448▲ 416%
Working capital€59,240-€38,486▼ 35.0%€40,474▲ 5.2%€42,237▲ 4.4%€28,040▼ 33.6%€23,881▼ 14.8%€25,323▲ 6.0%€31,494▲ 24.4%€0▼ 100%
The operating result for 2026 is a loss of €3,077, after a profit of €1,505 in 2025.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
Current ratio
1.00▼
2025 · 6.16
ROA
-9.8%▼
2025 · 2.1%
Debt ≤ 1 year
€31,448▲
2025 · €6,098
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €1,787 | - | - |
| Depreciation and write-downs of the year | €3,503 | €3,503 | €102 | - | - |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €6,463 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €344 | €3,996 | €3,996 | €3,996 | €3,503 | €3,503 | €102 | - | - | - |
| Other operating charges640/8 | - | - | - | €877 | €372 | €345 | €500 | €512 | - | - |
| Gross operating margin9900 | -€9,970 | -€213 | €3,572 | €2,980 | -€11,168 | -€3,448 | €3,640 | €2,017 | -€3,077 | - |
| Operating profit (loss)9901 | -€11,407 | -€5,420 | -€1,619 | -€1,893 | -€15,042 | -€7,296 | €3,038 | €1,505 | -€3,077 | - |
| Financial income75/76B | - | - | - | - | - | €9 | - | - | - | - |
| Recurring financial income75 | €12 | - | - | - | - | €9 | - | - | - | - |
| Financial charges65/66B | - | - | - | €340 | €2,658 | €375 | €46 | €730 | €9 | ▼ 98.7% |
| Recurring financial charges65 | €356 | €168 | €300 | €340 | €2,658 | €375 | €46 | €730 | €9 | ▼ 98.7% |
| Profit (loss) for the period before taxes9903 | -€11,751 | -€5,588 | -€1,919 | -€2,233 | -€17,700 | -€7,662 | €2,992 | €775 | -€3,087 | - |
| Income taxes67/77 | €271 | €168 | €89 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€12,022 | -€5,756 | -€2,007 | -€2,233 | -€17,700 | -€7,662 | €2,992 | €775 | -€3,087 | - |
| Profit (loss) for the period to be appropriated9905 | -€12,022 | -€5,756 | -€2,007 | -€2,233 | -€17,700 | -€7,662 | €2,992 | €775 | -€3,087 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Total assets20/58 | €65,746 | €72,177 | €68,618 | €58,533 | €39,512 | €36,271 | €36,188 | €37,592 | €31,448 | ▼ 16.3% |
| Fixed assets21/28 | €3,846 | €18,844 | €14,848 | €10,852 | €7,349 | €3,846 | €5,396 | - | - | - |
| Tangible fixed assets22/27 | €3,711 | €18,709 | €14,713 | €10,717 | €7,214 | €3,711 | €5,396 | - | - | - |
| Land and buildings22 | - | - | - | €3,711 | €3,711 | €3,711 | €3,711 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €426 | €213 | - | €780 | - | - | - |
| Furniture and vehicles24 | - | - | - | €6,580 | €3,290 | - | €904 | - | - | - |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €135 | - | - | - | - |
| Current assets29/58 | €61,900 | €53,334 | €53,770 | €47,681 | €32,163 | €32,425 | €30,793 | €37,592 | €31,448 | ▼ 16.3% |
| Stocks and contracts in progress3 | €9,400 | - | €2,990 | €5,000 | - | €1,667 | - | - | - | - |
| Stocks30/36 | - | - | - | - | - | €1,667 | - | - | - | - |
| Contracts in progress37 | - | - | - | €5,000 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €30,131 | €39,123 | €20,921 | €23,752 | €14,828 | €16,461 | €18,316 | €2,708 | €614 | ▼ 77.3% |
| Trade receivables40 | - | - | - | €23,752 | €14,189 | €16,461 | €17,859 | €2,708 | - | - |
| Other amounts receivable41 | - | - | - | - | €639 | - | €457 | - | €614 | - |
| Cash at bank and in hand54/58 | €20,182 | €12,195 | €28,864 | €17,925 | €15,909 | €13,236 | €11,400 | €34,884 | €30,833 | ▼ 11.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1,004 | €1,426 | €1,061 | €1,077 | - | - | - |
| Equity and liabilities | ||||||||||
| Total equity and liabilities10/49 | €65,746 | €72,177 | €68,618 | €58,533 | €39,512 | €36,271 | €36,188 | €37,592 | €31,448 | ▼ 16.3% |
| Equity10/15 | €63,086 | €57,330 | €55,322 | €53,089 | €35,389 | €27,727 | €30,719 | €31,494 | - | - |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | - | - |
| Reserves13 | €31,860 | €31,860 | €31,860 | €31,860 | €31,860 | €31,860 | €31,860 | €31,860 | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Distributable reserves133 | - | - | - | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | - | - |
| Profit (loss) carried forward14 | €12,634 | €6,878 | €4,870 | €2,637 | -€15,063 | -€22,725 | -€19,733 | -€18,958 | - | - |
| Amounts payable17/49 | €2,660 | €14,848 | €13,295 | €5,443 | €4,123 | €8,544 | €5,469 | €6,098 | €31,448 | ▲ 416% |
| Amounts payable within one year42/48 | €2,660 | €14,848 | €13,295 | €5,443 | €4,123 | €8,544 | €5,469 | €6,098 | €31,448 | ▲ 416% |
| Trade debts44 | €1,011 | €3,202 | €2,545 | €464 | €1,144 | €5,763 | €1,675 | €2,443 | - | - |
| Suppliers440/4 | - | - | - | €464 | €1,144 | €5,763 | €1,675 | €2,443 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1,182 | €73 | €76 | €73 | €565 | €2,944 | ▲ 421% |
| Taxes450/3 | - | - | - | €682 | €73 | €76 | €73 | €565 | €2,944 | ▲ 421% |
| Remuneration and social security454/9 | - | - | - | €500 | - | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €3,798 | €2,906 | €2,706 | €3,721 | €3,089 | €28,503 | ▲ 823% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,022 | -€5,756 | -€2,007 | -€2,233 | -€17,700 | -€7,662 | €2,992 | €775 | -€3,087 | - |
| + Depreciation and write-downs630 | €344 | €3,996 | €3,996 | €3,996 | €3,503 | €3,503 | €102 | - | - | - |
| Operating cash flow (approximation) | -€11,678 | -€1,761 | €1,988 | €1,763 | -€14,197 | -€4,159 | €3,094 | €775 | -€3,087 | - |
| Investment in fixed assets (approximation) | - | -€18,993 | €0 | €0 | €0 | €0 | -€1,652 | - | - | - |
| Change in cash | - | -€7,988 | €16,669 | -€10,939 | -€2,016 | -€2,673 | -€1,836 | €23,484 | -€4,050 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 31-07-2026 | 2026-00364407 | |
| 31-12-2025 | micro format | 31-07-2026 | 2026-00364400 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00341387 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00302029 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00386945 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20404762 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-51300011 | |
| 31-12-2019 | micro format | 21-08-2020 | 2020-43500428 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59500001 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-41400213 |