BV Maes Alex: what changed
BV Maes Alex
Largest movements
- Cash +€40,405
up €40,405 (+29.2%), from €138,424 to €178,829
mainly Net result for the year (+€54,116) and Trade debts (+€25,344)
- Tangible fixed assets -€10,626
down €10,626 (-25.1%), from €42,286 to €31,660
- Stocks and contracts +€5,778
up €5,778 (+148%), from €3,899 to €9,677
- Receivables within one year +€3,269
up €3,269 (+23.9%), from €13,654 to €16,922
of which Trade receivables: +€2,101
- Reserves +€27,816
up €27,816 (+17.6%), from €157,625 to €185,441
- Trade debts +€25,344
up €25,344 (+836%), from €3,032 to €28,377
- Debts after one year -€6,759
down €6,759 (-27.2%), from €24,838 to €18,079
- Other debts -€5,613
down €5,613 (-79.8%), from €7,037 to €1,423
- Depreciation +€3,009
up €3,009 (+36.7%), from €8,195 to €11,204
- Other operating charges +€1,244
up €1,244 (+246%), from €505 to €1,750
- Gross operating margin +€1,104
up €1,104 (+1.1%), from €97,443 to €98,547
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 | €201,978 | €240,853 | +€38,875 | +19.2% |
| Fixed assets | 21/28 | €42,446 | €31,820 | -€10,626 | -25.0% |
| Tangible fixed assets | 22/27 | €42,286 | €31,660 | -€10,626 | -25.1% |
| Furniture and vehicles | 24 | €42,286 | €31,660 | -€10,626 | -25.1% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €159,531 | €209,032 | +€49,501 | +31.0% |
| Stocks and contracts in progress | 3 | €3,899 | €9,677 | +€5,778 | +148% |
| Stocks | 30/36 | €3,899 | €9,677 | +€5,778 | +148% |
| Amounts receivable within one year | 40/41 | €13,654 | €16,922 | +€3,269 | +23.9% |
| Trade receivables | 40 | €8,314 | €10,416 | +€2,101 | +25.3% |
| Other amounts receivable | 41 | €5,340 | €6,507 | +€1,167 | +21.9% |
| Cash at bank and in hand | 54/58 | €138,424 | €178,829 | +€40,405 | +29.2% |
| Deferred charges and accrued income | 490/1 | €3,554 | €3,604 | +€49 | +1.4% |
| Total equity and liabilities | 10/49 | €201,978 | €240,853 | +€38,875 | +19.2% |
| Equity | 10/15 | €157,725 | €185,541 | +€27,816 | +17.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €157,625 | €185,441 | +€27,816 | +17.6% |
| Distributable reserves | 133 | €157,625 | €185,441 | +€27,816 | +17.6% |
| Amounts payable | 17/49 | €44,252 | €55,311 | +€11,059 | +25.0% |
| Amounts payable after more than one year | 17 | €24,838 | €18,079 | -€6,759 | -27.2% |
| Financial debts | 170/4 | €24,838 | €18,079 | -€6,759 | -27.2% |
| Amounts payable within one year | 42/48 | €19,192 | €37,082 | +€17,890 | +93.2% |
| Current portion of amounts payable after more than one year | 42 | €6,504 | €6,759 | +€255 | +3.9% |
| Trade debts | 44 | €3,032 | €28,377 | +€25,344 | +836% |
| Suppliers | 440/4 | €3,032 | €28,377 | +€25,344 | +836% |
| Taxes, remuneration and social security | 45 | €2,619 | €523 | -€2,096 | -80.0% |
| Taxes | 450/3 | €2,619 | €523 | -€2,096 | -80.0% |
| Other amounts payable | 47/48 | €7,037 | €1,423 | -€5,613 | -79.8% |
| Accrued charges and deferred income | 492/3 | €221 | €150 | -€71 | -32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,195 | €11,204 | +€3,009 | +36.7% |
| Other operating charges | 640/8 | €505 | €1,750 | +€1,244 | +246% |
| Gross operating margin | 9900 | €97,443 | €98,547 | +€1,104 | +1.1% |
| Operating profit (loss) | 9901 | €88,743 | €85,593 | -€3,150 | -3.5% |
| Financial income | 75/76B | €1,133 | €1,291 | +€157 | +13.9% |
| Recurring financial income | 75 | €1,133 | €1,291 | +€157 | +13.9% |
| Financial charges | 65/66B | €1,791 | €1,845 | +€54 | +3.0% |
| Recurring financial charges | 65 | €1,791 | €1,845 | +€54 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €88,086 | €85,039 | -€3,047 | -3.5% |
| Income taxes | 67/77 | €30,562 | €30,923 | +€361 | +1.2% |
| Profit (loss) for the period | 9904 | €57,524 | €54,116 | -€3,408 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,524 | €54,116 | -€3,408 | -5.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.