J.J. 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.
J.J. Maes
Largest movements
- Receivables within one year +€57,588
up €57,588 (+38.7%), from €148,726 to €206,314
of which Other amounts receivable: +€78,674
- Cash +€50,677
up €50,677 (+81.4%), from €62,273 to €112,950
mainly Trade debts (+€141,201) and Depreciation (+€65,159)
- Stocks and contracts +€47,566
up €47,566 (+13.6%), from €348,569 to €396,134
- Trade debts +€141,201
up €141,201 (+78.3%), from €180,290 to €321,491
- Debts after one year -€36,507
down €36,507 (-8.9%), from €408,163 to €371,656
- Profit (loss) carried forward +€26,428
no longer reported in 2025 (was -€26,428)
- Gross operating margin +€35,846
up €35,846 (+10.8%), from €331,267 to €367,112
- Depreciation -€20,191
down €20,191 (-23.7%), from €85,349 to €65,159
- Staff costs -€15,894
down €15,894 (-8.2%), from €193,124 to €177,230
- Taxes +€15,202
up €15,202 (+392%), from €3,874 to €19,077
- Financial charges +€8,466
up €8,466 (+29.0%), from €29,165 to €37,632
of which Non-recurring financial charges: +€8,000
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,232,178 | €2,400,185 | +€168,007 | +7.5% |
| Fixed assets | 21/28 | €1,647,621 | €1,653,655 | +€6,034 | +0.4% |
| Tangible fixed assets | 22/27 | €1,644,756 | €1,650,790 | +€6,034 | +0.4% |
| Land and buildings | 22 | €1,599,815 | €1,573,364 | -€26,450 | -1.7% |
| Plant, machinery and equipment | 23 | €2,432 | €33,533 | +€31,101 | +1,279% |
| Furniture and vehicles | 24 | €42,508 | €43,892 | +€1,384 | +3.3% |
| Financial fixed assets | 28 | €2,865 | €2,865 | = | 0.0% |
| Current assets | 29/58 | €584,557 | €746,530 | +€161,973 | +27.7% |
| Stocks and contracts in progress | 3 | €348,569 | €396,134 | +€47,566 | +13.6% |
| Stocks | 30/36 | €348,569 | €396,134 | +€47,566 | +13.6% |
| Amounts receivable within one year | 40/41 | €148,726 | €206,314 | +€57,588 | +38.7% |
| Trade receivables | 40 | €24,688 | €3,602 | -€21,086 | -85.4% |
| Other amounts receivable | 41 | €124,037 | €202,711 | +€78,674 | +63.4% |
| Cash at bank and in hand | 54/58 | €62,273 | €112,950 | +€50,677 | +81.4% |
| Deferred charges and accrued income | 490/1 | €24,990 | €31,132 | +€6,142 | +24.6% |
| Total equity and liabilities | 10/49 | €2,232,178 | €2,400,185 | +€168,007 | +7.5% |
| Equity | 10/15 | €1,289,679 | €1,328,013 | +€38,334 | +3.0% |
| Contributions | 10/11 | €297,472 | €297,472 | = | 0.0% |
| Capital | 10 | €297,472 | €297,472 | = | 0.0% |
| Issued capital | 100 | €297,472 | €297,472 | = | 0.0% |
| Revaluation surpluses | 12 | €974,390 | €974,390 | = | 0.0% |
| Reserves | 13 | €44,245 | €56,151 | +€11,906 | +26.9% |
| Non-distributable reserves | 130/1 | €29,747 | €29,747 | = | 0.0% |
| Legal reserve | 130 | €29,747 | €29,747 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,498 | €14,498 | = | 0.0% |
| Distributable reserves | 133 | - | €11,906 | +€11,906 | |
| Profit (loss) carried forward | 14 | -€26,428 | - | +€26,428 | |
| Amounts payable | 17/49 | €942,498 | €1,072,172 | +€129,674 | +13.8% |
| Amounts payable after more than one year | 17 | €408,163 | €371,656 | -€36,507 | -8.9% |
| Financial debts | 170/4 | €408,163 | €371,656 | -€36,507 | -8.9% |
| Amounts payable within one year | 42/48 | €534,335 | €695,916 | +€161,581 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €62,348 | €62,941 | +€593 | +1.0% |
| Financial debts | 43 | €270,000 | €270,000 | = | 0.0% |
| Credit institutions | 430/8 | €270,000 | €270,000 | = | 0.0% |
| Trade debts | 44 | €180,290 | €321,491 | +€141,201 | +78.3% |
| Suppliers | 440/4 | €180,290 | €321,491 | +€141,201 | +78.3% |
| Taxes, remuneration and social security | 45 | €18,665 | €37,099 | +€18,433 | +98.8% |
| Taxes | 450/3 | €18,665 | €17,563 | -€1,102 | -5.9% |
| Remuneration and social security | 454/9 | - | €19,535 | +€19,535 | |
| Other amounts payable | 47/48 | €3,032 | €4,386 | +€1,354 | +44.7% |
| Accrued charges and deferred income | 492/3 | - | €4,599 | +€4,599 | |
| Remuneration, social security and pensions | 62 | €193,124 | €177,230 | -€15,894 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,349 | €65,159 | -€20,191 | -23.7% |
| Other operating charges | 640/8 | €29,392 | €29,682 | +€290 | +1.0% |
| Gross operating margin | 9900 | €331,267 | €367,112 | +€35,846 | +10.8% |
| Operating profit (loss) | 9901 | €23,401 | €95,042 | +€71,641 | +306% |
| Financial income | 75/76B | €448 | - | -€448 | |
| Recurring financial income | 75 | €448 | - | -€448 | |
| Financial charges | 65/66B | €29,165 | €37,632 | +€8,466 | +29.0% |
| Recurring financial charges | 65 | €29,165 | €29,632 | +€466 | +1.6% |
| Non-recurring financial charges | 66B | - | €8,000 | +€8,000 | |
| Profit (loss) for the period before taxes | 9903 | -€5,316 | €57,411 | +€62,727 | |
| Income taxes | 67/77 | €3,874 | €19,077 | +€15,202 | +392% |
| Profit (loss) for the period | 9904 | -€9,191 | €38,334 | +€47,525 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,191 | €38,334 | +€47,525 |
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 27 October 2026 via checked.be.