JF 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
JF Maes
NACE 46.900, Non-specialised wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €670,290+€677,052
Equity
€7.4m
2024 · €6.0m+€1.3m
Cash
€612,323
2024 · €1.1m-€523,949
Balance sheet total
€10.3m
2024 · €9.1m+€1.3m
Largest movements
Assets
- Stocks and contracts +€941,776
up €941,776 (+23.0%), from €4.1m to €5.0m
- Receivables within one year +€604,243
up €604,243 (+25.7%), from €2.4m to €3.0m
of which Trade receivables: +€803,998
- Cash -€523,949
down €523,949 (-46.1%), from €1.1m to €612,323
mainly Stocks and contracts (-€941,776) and Current portion of long-term debt (-€800,000)
- Tangible fixed assets +€244,848
up €244,848 (+19.0%), from €1.3m to €1.5m
of which Land and buildings: +€198,829
Equity and liabilities
- Reserves +€1.4m
up €1.4m (+32.3%), from €4.2m to €5.5m
of which Distributable reserves: +€686,600
- Debts after one year +€1.0m
new in 2025: €1.0m
- Current portion of long-term debt -€800,000
no longer reported in 2025 (was €800,000)
- Accrued charges and deferred income -€150,510
down €150,510 (-57.3%), from €262,659 to €112,149
Income statement
- Turnover +€7.6m
up €7.6m (+37.2%), from €20.5m to €28.2m
- Goods and materials +€5.9m
up €5.9m (+34.9%), from €17.0m to €23.0m
of which Purchases: +€5.5m
- Other operating charges +€693,581
up €693,581 (+31.7%), from €2.2m to €2.9m
- Other operating income +€300,757
up €300,757 (+12.4%), from €2.4m to €2.7m
- Taxes +€299,920
up €299,920 (+200.5%), from €149,618 to €449,538
of which Taxes: +€240,028
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
€670,290
Turnover
+€7.6m
Other operating income
+€300,757
Goods and materials
-€5.9m
Services and other goods
-€248,540
Staff costs
-€7,949
Depreciation
-€43,819
Write-downs
-€10,176
Other operating charges
-€693,581
Other operating items
-€4,476
Financial income
-€17,660
Financial charges
-€3,057
Taxes
-€299,920
Result 2025
€1.3m
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
-€217,076
Investment
-€497,023
Financing
+€190,151
Cash 2024
€1.1m
From operations (derived)
-€217,076
Net result for the year
+€1.3m
Depreciation
+€270,565
Stocks and contracts
-€941,776
Receivables within one year
-€604,243
Deferred charges and accrued income
-€17,501
Provisions
-€4,567
Trade debts
-€94,120
Tax, wage and social debts
+€1,109
Advances received
+€11,088
Other debts
-€34,462
Accrued charges and deferred income
-€150,510
Investment (derived)
-€497,023
Investment in fixed assets (net)
-€497,023
Financing
+€190,151
Debts after one year
+€1.0m
Current portion of long-term debt
-€800,000
Contributions, distributions and other
-€9,849
Cash 2025
€612,323
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,082,210 | €10,348,240 | +€1.3m | +13.9% |
| Fixed assets | 21/28 | €1,452,938 | €1,679,396 | +€226,459 | +15.6% |
| Intangible fixed assets | 21 | €64,097 | €45,707 | -€18,389 | -28.7% |
| Tangible fixed assets | 22/27 | €1,286,341 | €1,531,189 | +€244,848 | +19.0% |
| Land and buildings | 22 | €829,474 | €1,028,302 | +€198,829 | +24.0% |
| Plant, machinery and equipment | 23 | €133,804 | €185,523 | +€51,719 | +38.7% |
| Furniture and vehicles | 24 | €108,297 | €88,305 | -€19,993 | -18.5% |
| Other tangible fixed assets | 26 | €214,766 | €229,059 | +€14,293 | +6.7% |
| Financial fixed assets | 28 | €102,500 | €102,500 | = | 0.0% |
| Other financial fixed assets | 284/8 | €102,500 | €102,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €102,500 | €102,500 | = | 0.0% |
| Current assets | 29/58 | €7,629,272 | €8,668,844 | +€1.0m | +13.6% |
| Stocks and contracts in progress | 3 | €4,101,528 | €5,043,304 | +€941,776 | +23.0% |
| Stocks | 30/36 | €4,101,528 | €5,043,304 | +€941,776 | +23.0% |
| Goods purchased for resale | 34 | €4,101,528 | €5,043,304 | +€941,776 | +23.0% |
| Amounts receivable within one year | 40/41 | €2,353,320 | €2,957,563 | +€604,243 | +25.7% |
| Trade receivables | 40 | €1,806,354 | €2,610,352 | +€803,998 | +44.5% |
| Other amounts receivable | 41 | €546,965 | €347,211 | -€199,754 | -36.5% |
| Cash at bank and in hand | 54/58 | €1,136,271 | €612,323 | -€523,949 | -46.1% |
| Deferred charges and accrued income | 490/1 | €38,153 | €55,654 | +€17,501 | +45.9% |
| Total equity and liabilities | 10/49 | €9,082,210 | €10,348,240 | +€1.3m | +13.9% |
| Equity | 10/15 | €6,036,297 | €7,373,790 | +€1.3m | +22.2% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Capital | 10 | €1,800,000 | €1,800,000 | = | 0.0% |
| Issued capital | 100 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €4,178,380 | €5,529,710 | +€1.4m | +32.3% |
| Non-distributable reserves | 130/1 | €180,000 | €180,000 | = | 0.0% |
| Legal reserve | 130 | €180,000 | €180,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €666,980 | €1,331,710 | +€664,730 | +99.7% |
| Distributable reserves | 133 | €3,331,400 | €4,018,000 | +€686,600 | +20.6% |
| Profit (loss) carried forward | 14 | €5,039 | €1,051 | -€3,988 | -79.1% |
| Investment grants | 15 | €52,878 | €43,029 | -€9,849 | -18.6% |
| Provisions and deferred taxes | 16 | €18,269 | €13,702 | -€4,567 | -25.0% |
| Deferred taxes | 168 | €18,269 | €13,702 | -€4,567 | -25.0% |
| Amounts payable | 17/49 | €3,027,643 | €2,960,748 | -€66,895 | -2.2% |
| Amounts payable after more than one year | 17 | - | €1,000,000 | +€1.0m | |
| Trade debts | 175 | - | €1,000,000 | +€1.0m | |
| Suppliers | 1750 | - | €1,000,000 | +€1.0m | |
| Amounts payable within one year | 42/48 | €2,764,985 | €1,848,599 | -€916,385 | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €800,000 | - | -€800,000 | |
| Trade debts | 44 | €1,497,595 | €1,403,474 | -€94,120 | -6.3% |
| Suppliers | 440/4 | €1,329,072 | €1,395,955 | +€66,883 | +5.0% |
| Bills of exchange payable | 441 | €168,523 | €7,519 | -€161,003 | -95.5% |
| Advances received on contracts in progress | 46 | €28,497 | €39,585 | +€11,088 | +38.9% |
| Taxes, remuneration and social security | 45 | €43,613 | €44,722 | +€1,109 | +2.5% |
| Taxes | 450/3 | €240 | - | -€240 | |
| Remuneration and social security | 454/9 | €43,373 | €44,722 | +€1,349 | +3.1% |
| Other amounts payable | 47/48 | €395,280 | €360,818 | -€34,462 | -8.7% |
| Accrued charges and deferred income | 492/3 | €262,659 | €112,149 | -€150,510 | -57.3% |
| Operating income | 70/76A | €22,962,196 | €30,902,384 | +€7.9m | +34.6% |
| Turnover | 70 | €20,528,705 | €28,172,613 | +€7.6m | +37.2% |
| Other operating income | 74 | €2,424,277 | €2,725,033 | +€300,757 | +12.4% |
| Non-recurring operating income | 76A | €9,214 | €4,738 | -€4,476 | -48.6% |
| Operating charges | 60/66A | €22,219,860 | €29,162,361 | +€6.9m | +31.2% |
| Goods for resale, raw materials and consumables | 60 | €17,027,903 | €22,966,337 | +€5.9m | +34.9% |
| Purchases | 600/8 | €18,395,945 | €23,908,113 | +€5.5m | +30.0% |
| Change in stocks: decrease (increase) | 609 | -€1,368,042 | -€941,776 | +€426,266 | +31.2% |
| Services and other goods | 61 | €2,329,468 | €2,578,008 | +€248,540 | +10.7% |
| Remuneration, social security and pensions | 62 | €449,395 | €457,345 | +€7,949 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €226,746 | €270,565 | +€43,819 | +19.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€411 | €9,766 | +€10,176 | |
| Other operating charges | 640/8 | €2,186,759 | €2,880,340 | +€693,581 | +31.7% |
| Operating profit (loss) | 9901 | €742,335 | €1,740,024 | +€997,689 | +134.4% |
| Financial income | 75/76B | €103,496 | €85,836 | -€17,660 | -17.1% |
| Recurring financial income | 75 | €103,496 | €85,836 | -€17,660 | -17.1% |
| Income from financial fixed assets | 750 | €16,080 | - | -€16,080 | |
| Income from current assets | 751 | €578 | €4,980 | +€4,402 | +761.8% |
| Other financial income | 752/9 | €86,838 | €80,856 | -€5,982 | -6.9% |
| Financial charges | 65/66B | €30,490 | €33,547 | +€3,057 | +10.0% |
| Recurring financial charges | 65 | €30,490 | €33,547 | +€3,057 | +10.0% |
| Other financial charges | 652/9 | €30,490 | €33,547 | +€3,057 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €815,341 | €1,792,313 | +€976,972 | +119.8% |
| Transfer from deferred taxes | 780 | €4,567 | €4,567 | = | 0.0% |
| Income taxes | 67/77 | €149,618 | €449,538 | +€299,920 | +200.5% |
| Taxes | 670/3 | €209,510 | €449,538 | +€240,028 | +114.6% |
| Tax adjustments and reversals of tax provisions | 77 | €59,892 | - | -€59,892 | |
| Profit (loss) for the period | 9904 | €670,290 | €1,347,342 | +€677,052 | +101.0% |
| Transfer from tax-exempt reserves | 789 | €8,870 | €8,870 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €294,700 | €673,600 | +€378,900 | +128.6% |
| Profit (loss) for the period to be appropriated | 9905 | €384,460 | €682,612 | +€298,152 | +77.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.