HAES - MAES: what changed
Two financial 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
HAES - MAES
NACE 47.781, Retail sale of solid, liquid and gaseous fuels, excluding motor fuels
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€312,932
2024 · €268,689+€44,244
Equity
€1.8m
2024 · €1.6m+€232,932
Cash
€1.4m
2024 · €1.2m+€164,131
Balance sheet total
€2.6m
2024 · €2.4m+€219,924
Largest movements
Assets
- Cash +€164,131
up €164,131 (+13.5%), from €1.2m to €1.4m
mainly Net result for the year (+€312,932) and Tax, wage and social debts (+€79,525)
- Receivables within one year +€44,984
up €44,984 (+5.2%), from €862,206 to €907,191
of which Trade receivables: +€53,790
Equity and liabilities
- Profit (loss) carried forward +€212,932
up €212,932 (+31.3%), from €680,069 to €893,002
- Tax, wage and social debts +€79,525
up €79,525 (+114%), from €69,956 to €149,481
of which Taxes: +€76,841
- Trade debts -€41,671
down €41,671 (-8.5%), from €490,328 to €448,657
- Debts after one year -€28,751
down €28,751 (-41.4%), from €69,449 to €40,699
Income statement
- Gross operating margin +€61,891
up €61,891 (+10.4%), from €592,860 to €654,751
- Taxes +€20,813
up €20,813 (+20.1%), from €103,648 to €124,461
- Depreciation -€8,384
down €8,384 (-33.9%), from €24,762 to €16,378
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
€268,689
Gross operating margin
+€61,891
Staff costs
-€1,676
Depreciation
+€8,384
Other operating charges
-€160
Financial income
+€27
Financial charges
-€3,409
Taxes
-€20,813
Result 2025
€312,932
raises the resultlowers the result
Derived cash bridge
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
+€282,067
Investment
-€2,200
Financing
-€115,736
Cash 2024
€1.2m
From operations (derived)
+€282,067
Net result for the year
+€312,932
Depreciation
+€16,378
Stocks and contracts
-€17,921
Receivables within one year
-€44,984
Deferred charges and accrued income
-€7,066
Trade debts
-€41,671
Tax, wage and social debts
+€79,525
Other debts
-€15,895
Accrued charges and deferred income
+€769
Investment (derived)
-€2,200
Investment in fixed assets (net)
-€2,200
Financing
-€115,736
Debts after one year
-€28,751
Current portion of long-term debt
-€6,986
Contributions, distributions and other
-€80,000
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,356,350 | €2,576,273 | +€219,924 | +9.3% |
| Fixed assets | 21/28 | €152,175 | €137,997 | -€14,178 | -9.3% |
| Tangible fixed assets | 22/27 | €141,015 | €126,837 | -€14,178 | -10.1% |
| Land and buildings | 22 | €17,961 | €12,695 | -€5,266 | -29.3% |
| Plant, machinery and equipment | 23 | €3,284 | €3,772 | +€488 | +14.9% |
| Furniture and vehicles | 24 | €3,469 | €1,344 | -€2,125 | -61.3% |
| Leasing and similar rights | 25 | €116,300 | €109,025 | -€7,275 | -6.3% |
| Financial fixed assets | 28 | €11,160 | €11,160 | = | 0.0% |
| Current assets | 29/58 | €2,204,175 | €2,438,277 | +€234,102 | +10.6% |
| Stocks and contracts in progress | 3 | €103,500 | €121,421 | +€17,921 | +17.3% |
| Stocks | 30/36 | €103,500 | €121,421 | +€17,921 | +17.3% |
| Amounts receivable within one year | 40/41 | €862,206 | €907,191 | +€44,984 | +5.2% |
| Trade receivables | 40 | €852,860 | €906,650 | +€53,790 | +6.3% |
| Other amounts receivable | 41 | €9,346 | €540 | -€8,806 | -94.2% |
| Cash at bank and in hand | 54/58 | €1,219,607 | €1,383,737 | +€164,131 | +13.5% |
| Deferred charges and accrued income | 490/1 | €18,862 | €25,928 | +€7,066 | +37.5% |
| Total equity and liabilities | 10/49 | €2,356,350 | €2,576,273 | +€219,924 | +9.3% |
| Equity | 10/15 | €1,586,143 | €1,819,075 | +€232,932 | +14.7% |
| Contributions | 10/11 | €285,000 | €285,000 | = | 0.0% |
| Capital | 10 | €285,000 | €285,000 | = | 0.0% |
| Issued capital | 100 | €285,000 | €285,000 | = | 0.0% |
| Reserves | 13 | €621,073 | €641,073 | +€20,000 | +3.2% |
| Non-distributable reserves | 130/1 | €28,500 | €28,500 | = | 0.0% |
| Legal reserve | 130 | €28,500 | €28,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,573 | €12,573 | = | 0.0% |
| Distributable reserves | 133 | €580,000 | €600,000 | +€20,000 | +3.4% |
| Profit (loss) carried forward | 14 | €680,069 | €893,002 | +€212,932 | +31.3% |
| Amounts payable | 17/49 | €770,207 | €757,198 | -€13,009 | -1.7% |
| Amounts payable after more than one year | 17 | €69,449 | €40,699 | -€28,751 | -41.4% |
| Financial debts | 170/4 | €69,449 | €40,699 | -€28,751 | -41.4% |
| Amounts payable within one year | 42/48 | €699,824 | €714,797 | +€14,973 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €35,736 | €28,751 | -€6,986 | -19.5% |
| Trade debts | 44 | €490,328 | €448,657 | -€41,671 | -8.5% |
| Suppliers | 440/4 | €490,328 | €448,657 | -€41,671 | -8.5% |
| Taxes, remuneration and social security | 45 | €69,956 | €149,481 | +€79,525 | +114% |
| Taxes | 450/3 | €54,711 | €131,552 | +€76,841 | +140% |
| Remuneration and social security | 454/9 | €15,245 | €17,929 | +€2,684 | +17.6% |
| Other amounts payable | 47/48 | €103,803 | €87,908 | -€15,895 | -15.3% |
| Accrued charges and deferred income | 492/3 | €934 | €1,703 | +€769 | +82.3% |
| Non-recurring operating income | 76A | €14,564 | €7,000 | -€7,564 | -51.9% |
| Remuneration, social security and pensions | 62 | €147,869 | €149,546 | +€1,676 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,762 | €16,378 | -€8,384 | -33.9% |
| Other operating charges | 640/8 | €35,875 | €36,035 | +€160 | +0.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €592,860 | €654,751 | +€61,891 | +10.4% |
| Operating profit (loss) | 9901 | €384,353 | €452,792 | +€68,438 | +17.8% |
| Financial income | 75/76B | €64 | €91 | +€27 | +42.6% |
| Recurring financial income | 75 | €64 | €91 | +€27 | +42.6% |
| Financial charges | 65/66B | €12,080 | €15,489 | +€3,409 | +28.2% |
| Recurring financial charges | 65 | €12,080 | €15,489 | +€3,409 | +28.2% |
| Profit (loss) for the period before taxes | 9903 | €372,337 | €437,394 | +€65,057 | +17.5% |
| Income taxes | 67/77 | €103,648 | €124,461 | +€20,813 | +20.1% |
| Profit (loss) for the period | 9904 | €268,689 | €312,932 | +€44,244 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €268,689 | €312,932 | +€44,244 | +16.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.