BERT MAES: 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.
What changed
BERT MAES
NACE 46.322, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €2.2m-€661,059
Equity
€9.2m
2024 · €7.7m+€1.5m
Cash
€2.0m
2024 · €2.0m+€3,175
Balance sheet total
€12.3m
2024 · €10.7m+€1.6m
Largest movements
Assets
- Current investments +€1.2m
up €1.2m (+262.0%), from €466,667 to €1.7m
- Tangible fixed assets +€405,738
up €405,738 (+11.5%), from €3.5m to €3.9m
of which Furniture and vehicles: +€279,067
- Receivables within one year -€180,379
down €180,379 (-4.8%), from €3.8m to €3.6m
of which Trade receivables: -€180,663
- Stocks and contracts +€124,370
up €124,370 (+13.7%), from €910,498 to €1.0m
Equity and liabilities
- Reserves +€1.5m
up €1.5m (+20.7%), from €7.3m to €8.8m
- Trade debts +€776,672
up €776,672 (+56.1%), from €1.4m to €2.2m
- Debts after one year -€456,056
down €456,056 (-75.4%), from €604,871 to €148,815
- Current portion of long-term debt -€200,119
down €200,119 (-62.0%), from €322,842 to €122,723
Income statement
- Goods and materials +€3.0m
up €3.0m (+9.0%), from €33.6m to €36.7m
of which Purchases: +€3.4m
- Turnover +€2.9m
up €2.9m (+6.8%), from €42.8m to €45.7m
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.
Result 2024
€2.2m
Turnover
+€2.9m
Other operating income
-€2,869
Goods and materials
-€3.0m
Services and other goods
-€257,262
Staff costs
-€278,237
Depreciation
-€144,187
Write-downs
+€9,008
Other operating charges
-€12,664
Other operating items
+€8,000
Financial income
-€2,171
Financial charges
-€49,733
Taxes
+€200,225
Result 2025
€1.5m
Cash bridge derived
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.
From operations
+€2.9m
Investment
-€2.3m
Financing
-€656,175
Cash 2024
€2.0m
From operations (derived)
+€2.9m
Net result for the year
+€1.5m
Depreciation
+€651,114
Stocks and contracts
-€124,370
Receivables within one year
+€180,379
Deferred charges and accrued income
-€24,969
Trade debts
+€776,672
Tax, wage and social debts
-€70,389
Other debts
+€32,008
Accrued charges and deferred income
-€58
Investment (derived)
-€2.3m
Investment in fixed assets (net)
-€1.1m
Current investments
-€1.2m
Financing
-€656,175
Debts after one year
-€456,056
Current portion of long-term debt
-€200,119
Cash 2025
€2.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,724,591 | €12,323,103 | +€1.6m | +14.9% |
| Fixed assets | 21/28 | €3,542,469 | €3,946,076 | +€403,608 | +11.4% |
| Intangible fixed assets | 21 | €10,600 | €8,200 | -€2,400 | -22.6% |
| Tangible fixed assets | 22/27 | €3,531,734 | €3,937,471 | +€405,738 | +11.5% |
| Land and buildings | 22 | €2,434,233 | €2,401,786 | -€32,446 | -1.3% |
| Plant, machinery and equipment | 23 | €657,521 | €816,637 | +€159,116 | +24.2% |
| Furniture and vehicles | 24 | €439,980 | €719,048 | +€279,067 | +63.4% |
| Financial fixed assets | 28 | €135 | €405 | +€270 | +200.0% |
| Other financial fixed assets | 284/8 | €135 | €405 | +€270 | +200.0% |
| Amounts receivable and cash guarantees | 285/8 | €135 | €405 | +€270 | +200.0% |
| Current assets | 29/58 | €7,182,122 | €8,377,027 | +€1.2m | +16.6% |
| Stocks and contracts in progress | 3 | €910,498 | €1,034,868 | +€124,370 | +13.7% |
| Stocks | 30/36 | €910,498 | €1,034,868 | +€124,370 | +13.7% |
| Raw materials and consumables | 30/31 | €910,498 | €1,034,868 | +€124,370 | +13.7% |
| Amounts receivable within one year | 40/41 | €3,794,688 | €3,614,309 | -€180,379 | -4.8% |
| Trade receivables | 40 | €3,580,215 | €3,399,551 | -€180,663 | -5.0% |
| Other amounts receivable | 41 | €214,473 | €214,757 | +€284 | +0.1% |
| Current investments | 50/53 | €466,667 | €1,689,436 | +€1.2m | +262.0% |
| Other investments | 51/53 | €466,667 | €1,689,436 | +€1.2m | +262.0% |
| Cash at bank and in hand | 54/58 | €1,979,895 | €1,983,070 | +€3,175 | +0.2% |
| Deferred charges and accrued income | 490/1 | €30,374 | €55,344 | +€24,969 | +82.2% |
| Total equity and liabilities | 10/49 | €10,724,591 | €12,323,103 | +€1.6m | +14.9% |
| Equity | 10/15 | €7,677,624 | €9,194,077 | +€1.5m | +19.8% |
| Contributions | 10/11 | €368,500 | €368,500 | = | 0.0% |
| Reserves | 13 | €7,309,124 | €8,825,577 | +€1.5m | +20.7% |
| Distributable reserves | 133 | €7,309,124 | €8,825,577 | +€1.5m | +20.7% |
| Amounts payable | 17/49 | €3,046,967 | €3,129,026 | +€82,059 | +2.7% |
| Amounts payable after more than one year | 17 | €604,871 | €148,815 | -€456,056 | -75.4% |
| Financial debts | 170/4 | €604,871 | €148,815 | -€456,056 | -75.4% |
| Credit institutions | 173 | €604,871 | €148,815 | -€456,056 | -75.4% |
| Amounts payable within one year | 42/48 | €2,433,671 | €2,971,845 | +€538,173 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €322,842 | €122,723 | -€200,119 | -62.0% |
| Trade debts | 44 | €1,385,059 | €2,161,732 | +€776,672 | +56.1% |
| Suppliers | 440/4 | €1,385,059 | €2,161,732 | +€776,672 | +56.1% |
| Taxes, remuneration and social security | 45 | €534,178 | €463,789 | -€70,389 | -13.2% |
| Taxes | 450/3 | €47,549 | €10,647 | -€36,902 | -77.6% |
| Remuneration and social security | 454/9 | €486,629 | €453,143 | -€33,487 | -6.9% |
| Other amounts payable | 47/48 | €191,592 | €223,601 | +€32,008 | +16.7% |
| Accrued charges and deferred income | 492/3 | €8,426 | €8,367 | -€58 | -0.7% |
| Operating income | 70/76A | €42,947,373 | €45,847,744 | +€2.9m | +6.8% |
| Turnover | 70 | €42,771,396 | €45,666,636 | +€2.9m | +6.8% |
| Other operating income | 74 | €175,977 | €173,108 | -€2,869 | -1.6% |
| Non-recurring operating income | 76A | - | €8,000 | +€8,000 | |
| Operating charges | 60/66A | €40,040,728 | €43,750,479 | +€3.7m | +9.3% |
| Goods for resale, raw materials and consumables | 60 | €33,635,736 | €36,662,146 | +€3.0m | +9.0% |
| Purchases | 600/8 | €33,386,957 | €36,786,515 | +€3.4m | +10.2% |
| Change in stocks: decrease (increase) | 609 | €248,779 | -€124,370 | -€373,149 | |
| Services and other goods | 61 | €2,653,276 | €2,910,538 | +€257,262 | +9.7% |
| Remuneration, social security and pensions | 62 | €3,179,599 | €3,457,837 | +€278,237 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €506,927 | €651,114 | +€144,187 | +28.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,598 | €11,590 | -€9,008 | -43.7% |
| Other operating charges | 640/8 | €44,591 | €57,255 | +€12,664 | +28.4% |
| Operating profit (loss) | 9901 | €2,906,645 | €2,097,265 | -€809,380 | -27.8% |
| Financial income | 75/76B | €27,910 | €25,738 | -€2,171 | -7.8% |
| Recurring financial income | 75 | €27,910 | €25,738 | -€2,171 | -7.8% |
| Income from current assets | 751 | €0 | €961 | +€961 | +4805100.0% |
| Other financial income | 752/9 | €27,910 | €24,777 | -€3,132 | -11.2% |
| Financial charges | 65/66B | €24,088 | €73,821 | +€49,733 | +206.5% |
| Recurring financial charges | 65 | €24,088 | €73,821 | +€49,733 | +206.5% |
| Debt charges | 650 | €14,784 | €8,780 | -€6,004 | -40.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €60,564 | +€60,564 | |
| Other financial charges | 652/9 | €9,304 | €4,477 | -€4,827 | -51.9% |
| Profit (loss) for the period before taxes | 9903 | €2,910,467 | €2,049,183 | -€861,284 | -29.6% |
| Income taxes | 67/77 | €732,954 | €532,729 | -€200,225 | -27.3% |
| Taxes | 670/3 | €732,954 | €532,729 | -€200,225 | -27.3% |
| Profit (loss) for the period | 9904 | €2,177,513 | €1,516,454 | -€661,059 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,177,513 | €1,516,454 | -€661,059 | -30.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.