A. MAE: what changed
Two fiscal 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.
A. MAE
Largest movements
- Receivables within one year -€187,808
no longer reported in 2024 (was €187,808)
of which Trade receivables: -€184,550
- Stocks and contracts -€107,150
down €107,150 (-58.1%), from €184,550 to €77,400
- Cash -€43,565
no longer reported in 2024 (was €43,565)
mainly Net result for the year (-€206,200) and Trade debts (-€116,137)
- Tangible fixed assets +€11,758
up €11,758 (+1416.6%), from €830 to €12,588
of which Furniture and vehicles: +€12,018
- Profit (loss) carried forward -€206,200
down €206,200, from €2,996 to -€203,204
- Trade debts -€116,137
down €116,137 (-60.6%), from €191,761 to €75,624
- Debts after one year -€25,788
down €25,788 (-65.6%), from €39,322 to €13,534
- Tax, wage and social debts +€11,016
up €11,016 (+34.8%), from €31,674 to €42,690
- Other debts +€8,334
up €8,334 (+1242.6%), from €671 to €9,005
- Gross operating margin -€187,457
down €187,457, from €24,623 to -€162,834
- Financial charges +€7,678
up €7,678 (+95.6%), from €8,028 to €15,706
- Depreciation +€3,344
up €3,344 (+1286.2%), from €260 to €3,604
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €418,152 | €90,608 | -€327,544 | -78.3% |
| Fixed assets | 21/28 | €1,450 | €13,208 | +€11,758 | +810.9% |
| Tangible fixed assets | 22/27 | €830 | €12,588 | +€11,758 | +1416.6% |
| Plant, machinery and equipment | 23 | €830 | €570 | -€260 | -31.3% |
| Furniture and vehicles | 24 | - | €12,018 | +€12,018 | |
| Financial fixed assets | 28 | €620 | €620 | = | 0.0% |
| Current assets | 29/58 | €416,702 | €77,400 | -€339,302 | -81.4% |
| Stocks and contracts in progress | 3 | €184,550 | €77,400 | -€107,150 | -58.1% |
| Stocks | 30/36 | €184,550 | €77,400 | -€107,150 | -58.1% |
| Amounts receivable within one year | 40/41 | €187,808 | - | -€187,808 | |
| Trade receivables | 40 | €184,550 | - | -€184,550 | |
| Other amounts receivable | 41 | €3,258 | - | -€3,258 | |
| Cash at bank and in hand | 54/58 | €43,565 | - | -€43,565 | |
| Deferred charges and accrued income | 490/1 | €779 | - | -€779 | |
| Total equity and liabilities | 10/49 | €418,152 | €90,608 | -€327,544 | -78.3% |
| Equity | 10/15 | €56,456 | -€149,744 | -€206,200 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €34,860 | €34,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €33,000 | €33,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,996 | -€203,204 | -€206,200 | |
| Amounts payable | 17/49 | €361,695 | €240,352 | -€121,343 | -33.5% |
| Amounts payable after more than one year | 17 | €39,322 | €13,534 | -€25,788 | -65.6% |
| Financial debts | 170/4 | €39,322 | €13,534 | -€25,788 | -65.6% |
| Amounts payable within one year | 42/48 | €322,374 | €226,818 | -€95,556 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €24,169 | €25,788 | +€1,619 | +6.7% |
| Financial debts | 43 | €52,098 | €51,711 | -€387 | -0.7% |
| Credit institutions | 430/8 | €52,098 | €51,711 | -€387 | -0.7% |
| Trade debts | 44 | €191,761 | €75,624 | -€116,137 | -60.6% |
| Suppliers | 440/4 | €191,761 | €75,624 | -€116,137 | -60.6% |
| Advances received on contracts in progress | 46 | €22,000 | €22,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €31,674 | €42,690 | +€11,016 | +34.8% |
| Taxes | 450/3 | €31,674 | €42,690 | +€11,016 | +34.8% |
| Other amounts payable | 47/48 | €671 | €9,005 | +€8,334 | +1242.6% |
| Non-recurring operating income | 76A | €63,287 | - | -€63,287 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €260 | €3,604 | +€3,344 | +1286.2% |
| Other operating charges | 640/8 | €402 | €1,687 | +€1,285 | +319.4% |
| Non-recurring operating charges | 66A | - | €22,369 | +€22,369 | |
| Gross operating margin | 9900 | €24,623 | -€162,834 | -€187,457 | |
| Operating profit (loss) | 9901 | €23,961 | -€190,494 | -€214,455 | |
| Financial income | 75/76B | €34 | - | -€34 | |
| Recurring financial income | 75 | €34 | - | -€34 | |
| Financial charges | 65/66B | €8,028 | €15,706 | +€7,678 | +95.6% |
| Recurring financial charges | 65 | €8,028 | €15,706 | +€7,678 | +95.6% |
| Profit (loss) for the period before taxes | 9903 | €15,967 | -€206,200 | -€222,167 | |
| Profit (loss) for the period | 9904 | €15,967 | -€206,200 | -€222,167 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,967 | -€206,200 | -€222,167 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.