M.A.E.S.: 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.
M.A.E.S.
Largest movements
- Receivables within one year +€33,975
up €33,975 (+27.5%), from €123,460 to €157,435
of which Other amounts receivable: +€43,655
- Tangible fixed assets +€8,437
up €8,437 (+545.6%), from €1,546 to €9,983
- Cash -€4,998
down €4,998 (-39.7%), from €12,595 to €7,598
mainly Contributions, distributions and other (-€35,580) and Receivables within one year (-€33,975)
- Deferred charges and accrued income +€2,755
up €2,755 (+112.5%), from €2,449 to €5,204
- Other debts +€28,269
up €28,269 (+39.2%), from €72,134 to €100,403
- Debts after one year +€6,547
new in 2025: €6,547
- Trade debts +€2,977
up €2,977 (+830.9%), from €358 to €3,335
- Current portion of long-term debt +€1,965
new in 2025: €1,965
- Depreciation +€1,843
up €1,843 (+183.0%), from €1,007 to €2,850
- Financial income +€1,125
up €1,125, from €0 to €1,125
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €140,551 | €180,719 | +€40,169 | +28.6% |
| Fixed assets | 21/28 | €2,046 | €10,483 | +€8,437 | +412.3% |
| Tangible fixed assets | 22/27 | €1,546 | €9,983 | +€8,437 | +545.6% |
| Furniture and vehicles | 24 | €1,546 | €9,983 | +€8,437 | +545.6% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €138,504 | €170,236 | +€31,732 | +22.9% |
| Amounts receivable within one year | 40/41 | €123,460 | €157,435 | +€33,975 | +27.5% |
| Trade receivables | 40 | €9,680 | €0 | -€9,680 | -100.0% |
| Other amounts receivable | 41 | €113,780 | €157,435 | +€43,655 | +38.4% |
| Cash at bank and in hand | 54/58 | €12,595 | €7,598 | -€4,998 | -39.7% |
| Deferred charges and accrued income | 490/1 | €2,449 | €5,204 | +€2,755 | +112.5% |
| Total equity and liabilities | 10/49 | €140,551 | €180,719 | +€40,169 | +28.6% |
| Equity | 10/15 | €61,474 | €61,474 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €42,874 | €42,874 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €42,874 | €42,874 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €79,076 | €119,245 | +€40,169 | +50.8% |
| Amounts payable after more than one year | 17 | - | €6,547 | +€6,547 | |
| Financial debts | 170/4 | - | €6,547 | +€6,547 | |
| Amounts payable within one year | 42/48 | €78,786 | €112,399 | +€33,613 | +42.7% |
| Current portion of amounts payable after more than one year | 42 | - | €1,965 | +€1,965 | |
| Trade debts | 44 | €358 | €3,335 | +€2,977 | +830.9% |
| Suppliers | 440/4 | €358 | €3,335 | +€2,977 | +830.9% |
| Taxes, remuneration and social security | 45 | €6,294 | €6,695 | +€401 | +6.4% |
| Taxes | 450/3 | €6,294 | €6,695 | +€401 | +6.4% |
| Other amounts payable | 47/48 | €72,134 | €100,403 | +€28,269 | +39.2% |
| Accrued charges and deferred income | 492/3 | €290 | €299 | +€9 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,007 | €2,850 | +€1,843 | +183.0% |
| Other operating charges | 640/8 | €712 | €676 | -€36 | -5.1% |
| Gross operating margin | 9900 | €48,987 | €48,820 | -€167 | -0.3% |
| Operating profit (loss) | 9901 | €47,268 | €45,294 | -€1,974 | -4.2% |
| Financial income | 75/76B | €0 | €1,125 | +€1,125 | |
| Recurring financial income | 75 | €0 | €1,125 | +€1,125 | |
| Financial charges | 65/66B | €84 | €543 | +€459 | +546.1% |
| Recurring financial charges | 65 | €84 | €543 | +€459 | +546.1% |
| Profit (loss) for the period before taxes | 9903 | €47,184 | €45,876 | -€1,308 | -2.8% |
| Income taxes | 67/77 | €10,632 | €10,297 | -€335 | -3.2% |
| Profit (loss) for the period | 9904 | €36,552 | €35,580 | -€973 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,552 | €35,580 | -€973 | -2.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.