MAAEN: 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.
MAAEN
Largest movements
- Tangible fixed assets -€20,819
down €20,819 (-7.8%), from €265,630 to €244,812
of which Land and buildings: -€13,000
- Cash +€18,550
up €18,550 (+8.7%), from €212,682 to €231,231
mainly Other debts (+€234,160) and Net result for the year (+€76,713)
- Current investments +€13,500
new in 2025: €13,500
- Deferred charges and accrued income -€12,483
down €12,483 (-78.0%), from €15,994 to €3,511
- Receivables within one year +€5,734
up €5,734 (+58.0%), from €9,881 to €15,615
- Reserves -€257,647
no longer reported in 2025 (was €257,647)
- Other debts +€234,160
up €234,160 (+1947.3%), from €12,025 to €246,185
- Tax, wage and social debts +€45,818
up €45,818 (+948.8%), from €4,829 to €50,646
- Debts after one year -€20,119
down €20,119 (-9.5%), from €211,727 to €191,608
- Gross operating margin +€10,665
up €10,665 (+9.0%), from €119,044 to €129,708
- Taxes +€2,194
up €2,194 (+11.4%), from €19,217 to €21,411
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 | €539,840 | €543,653 | +€3,813 | +0.7% |
| Fixed assets | 21/28 | €266,013 | €244,994 | -€21,019 | -7.9% |
| Intangible fixed assets | 21 | €382 | €182 | -€200 | -52.3% |
| Tangible fixed assets | 22/27 | €265,630 | €244,812 | -€20,819 | -7.8% |
| Land and buildings | 22 | €208,000 | €195,000 | -€13,000 | -6.3% |
| Plant, machinery and equipment | 23 | €52,065 | €46,883 | -€5,182 | -10.0% |
| Furniture and vehicles | 24 | €5,565 | €2,928 | -€2,637 | -47.4% |
| Current assets | 29/58 | €273,827 | €298,659 | +€24,832 | +9.1% |
| Stocks and contracts in progress | 3 | €35,270 | €34,801 | -€469 | -1.3% |
| Stocks | 30/36 | €35,270 | €34,801 | -€469 | -1.3% |
| Amounts receivable within one year | 40/41 | €9,881 | €15,615 | +€5,734 | +58.0% |
| Trade receivables | 40 | €9,881 | €15,615 | +€5,734 | +58.0% |
| Current investments | 50/53 | - | €13,500 | +€13,500 | |
| Cash at bank and in hand | 54/58 | €212,682 | €231,231 | +€18,550 | +8.7% |
| Deferred charges and accrued income | 490/1 | €15,994 | €3,511 | -€12,483 | -78.0% |
| Total equity and liabilities | 10/49 | €539,840 | €543,653 | +€3,813 | +0.7% |
| Equity | 10/15 | €276,247 | €18,600 | -€257,647 | -93.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €257,647 | - | -€257,647 | |
| Distributable reserves | 133 | €257,647 | - | -€257,647 | |
| Amounts payable | 17/49 | €263,593 | €525,053 | +€261,460 | +99.2% |
| Amounts payable after more than one year | 17 | €211,727 | €191,608 | -€20,119 | -9.5% |
| Financial debts | 170/4 | €211,727 | €191,608 | -€20,119 | -9.5% |
| Amounts payable within one year | 42/48 | €51,041 | €332,034 | +€280,993 | +550.5% |
| Current portion of amounts payable after more than one year | 42 | €19,856 | €20,119 | +€263 | +1.3% |
| Trade debts | 44 | €14,331 | €15,083 | +€752 | +5.2% |
| Suppliers | 440/4 | €14,331 | €15,083 | +€752 | +5.2% |
| Taxes, remuneration and social security | 45 | €4,829 | €50,646 | +€45,818 | +948.8% |
| Taxes | 450/3 | €4,829 | €50,646 | +€45,818 | +948.8% |
| Other amounts payable | 47/48 | €12,025 | €246,185 | +€234,160 | +1947.3% |
| Accrued charges and deferred income | 492/3 | €826 | €1,411 | +€586 | +71.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,886 | €26,784 | -€102 | -0.4% |
| Other operating charges | 640/8 | €1,668 | €1,715 | +€47 | +2.8% |
| Gross operating margin | 9900 | €119,044 | €129,708 | +€10,665 | +9.0% |
| Operating profit (loss) | 9901 | €90,490 | €101,210 | +€10,720 | +11.8% |
| Financial income | 75/76B | €1,319 | €1,036 | -€284 | -21.5% |
| Recurring financial income | 75 | €1,319 | €1,036 | -€284 | -21.5% |
| Financial charges | 65/66B | €4,614 | €4,121 | -€493 | -10.7% |
| Recurring financial charges | 65 | €4,614 | €4,121 | -€493 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €87,195 | €98,124 | +€10,929 | +12.5% |
| Income taxes | 67/77 | €19,217 | €21,411 | +€2,194 | +11.4% |
| Profit (loss) for the period | 9904 | €67,977 | €76,713 | +€8,736 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,977 | €76,713 | +€8,736 | +12.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.