JO 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.
JO MAES
Largest movements
- Current investments +€87,000
up €87,000 (+42.9%), from €203,000 to €290,000
- Receivables after one year -€16,000
down €16,000 (-94.1%), from €17,000 to €1,000
of which Trade receivables: -€16,000
- Deferred charges and accrued income -€6,135
down €6,135 (-53.0%), from €11,576 to €5,441
- Tangible fixed assets +€4,920
up €4,920 (+40.4%), from €12,176 to €17,096
of which Furniture and vehicles: +€5,278
- Reserves +€74,373
up €74,373 (+39.9%), from €186,569 to €260,943
- Tax, wage and social debts -€9,898
down €9,898 (-27.5%), from €36,033 to €26,135
- Other debts +€6,829
up €6,829 (+196%), from €3,493 to €10,321
- Gross operating margin -€152,152
down €152,152 (-58.7%), from €259,322 to €107,170
- Taxes -€41,283
down €41,283 (-55.6%), from €74,229 to €32,947
- Financial income -€32,776
down €32,776 (-92.7%), from €35,350 to €2,574
- Financial charges -€31,817
down €31,817 (-99.4%), from €32,009 to €192
of which Non-recurring financial charges: -€30,986
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 | €246,351 | €318,052 | +€71,700 | +29.1% |
| Fixed assets | 21/28 | €12,276 | €17,196 | +€4,920 | +40.1% |
| Tangible fixed assets | 22/27 | €12,176 | €17,096 | +€4,920 | +40.4% |
| Plant, machinery and equipment | 23 | €606 | €248 | -€358 | -59.1% |
| Furniture and vehicles | 24 | - | €5,278 | +€5,278 | |
| Other tangible fixed assets | 26 | €11,570 | €11,570 | = | 0.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €234,075 | €300,855 | +€66,780 | +28.5% |
| Amounts receivable after more than one year | 29 | €17,000 | €1,000 | -€16,000 | -94.1% |
| Trade receivables | 290 | €16,000 | - | -€16,000 | |
| Other amounts receivable | 291 | €1,000 | €1,000 | = | 0.0% |
| Current investments | 50/53 | €203,000 | €290,000 | +€87,000 | +42.9% |
| Cash at bank and in hand | 54/58 | €2,499 | €4,414 | +€1,915 | +76.6% |
| Deferred charges and accrued income | 490/1 | €11,576 | €5,441 | -€6,135 | -53.0% |
| Total equity and liabilities | 10/49 | €246,351 | €318,052 | +€71,700 | +29.1% |
| Equity | 10/15 | €205,169 | €279,543 | +€74,373 | +36.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €186,569 | €260,943 | +€74,373 | +39.9% |
| Distributable reserves | 133 | €186,569 | €260,943 | +€74,373 | +39.9% |
| Amounts payable | 17/49 | €41,182 | €38,509 | -€2,673 | -6.5% |
| Amounts payable within one year | 42/48 | €40,322 | €38,509 | -€1,813 | -4.5% |
| Trade debts | 44 | €797 | €2,053 | +€1,256 | +158% |
| Suppliers | 440/4 | €797 | €2,053 | +€1,256 | +158% |
| Taxes, remuneration and social security | 45 | €36,033 | €26,135 | -€9,898 | -27.5% |
| Taxes | 450/3 | €36,033 | €26,135 | -€9,898 | -27.5% |
| Other amounts payable | 47/48 | €3,493 | €10,321 | +€6,829 | +196% |
| Accrued charges and deferred income | 492/3 | €860 | - | -€860 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €358 | €496 | +€139 | +38.7% |
| Other operating charges | 640/8 | €1,506 | €1,735 | +€229 | +15.2% |
| Gross operating margin | 9900 | €259,322 | €107,170 | -€152,152 | -58.7% |
| Operating profit (loss) | 9901 | €257,458 | €104,938 | -€152,520 | -59.2% |
| Financial income | 75/76B | €35,350 | €2,574 | -€32,776 | -92.7% |
| Recurring financial income | 75 | €35,350 | €2,574 | -€32,776 | -92.7% |
| Financial charges | 65/66B | €32,009 | €192 | -€31,817 | -99.4% |
| Recurring financial charges | 65 | €1,023 | €192 | -€831 | -81.2% |
| Non-recurring financial charges | 66B | €30,986 | - | -€30,986 | |
| Profit (loss) for the period before taxes | 9903 | €260,799 | €107,320 | -€153,479 | -58.8% |
| Income taxes | 67/77 | €74,229 | €32,947 | -€41,283 | -55.6% |
| Profit (loss) for the period | 9904 | €186,569 | €74,373 | -€112,196 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €186,569 | €74,373 | -€112,196 | -60.1% |
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 26 October 2026 via checked.be.