MAE: 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.
MAE
Largest movements
- Stocks and contracts -€18,248
down €18,248 (-6.7%), from €274,223 to €255,975
- Reserves +€56,892
up €56,892 (+14.3%), from €398,315 to €455,207
- Trade debts -€45,554
down €45,554 (-71.1%), from €64,090 to €18,536
- Tax, wage and social debts -€23,524
down €23,524 (-37.0%), from €63,657 to €40,133
of which Taxes: -€28,848
- Short-term financial debts -€10,099
down €10,099 (-100.0%), from €10,099 to €0
- Gross operating margin +€25,248
up €25,248 (+11.0%), from €229,419 to €254,667
- Staff costs +€7,895
up €7,895 (+5.3%), from €148,032 to €155,927
- Taxes +€4,381
up €4,381 (+23.1%), from €18,955 to €23,336
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 | €685,204 | €664,779 | -€20,425 | -3.0% |
| Fixed assets | 21/28 | €12,664 | €9,178 | -€3,486 | -27.5% |
| Tangible fixed assets | 22/27 | €12,664 | €9,178 | -€3,486 | -27.5% |
| Plant, machinery and equipment | 23 | €913 | €428 | -€485 | -53.1% |
| Furniture and vehicles | 24 | €1,853 | €441 | -€1,412 | -76.2% |
| Other tangible fixed assets | 26 | €9,897 | €8,308 | -€1,589 | -16.1% |
| Current assets | 29/58 | €672,540 | €655,601 | -€16,939 | -2.5% |
| Stocks and contracts in progress | 3 | €274,223 | €255,975 | -€18,248 | -6.7% |
| Stocks | 30/36 | €274,223 | €255,975 | -€18,248 | -6.7% |
| Amounts receivable within one year | 40/41 | €55,446 | €55,703 | +€257 | +0.5% |
| Trade receivables | 40 | €0 | €8,029 | +€8,029 | |
| Other amounts receivable | 41 | €55,446 | €47,674 | -€7,772 | -14.0% |
| Cash at bank and in hand | 54/58 | €337,486 | €338,053 | +€567 | +0.2% |
| Deferred charges and accrued income | 490/1 | €5,385 | €5,871 | +€485 | +9.0% |
| Total equity and liabilities | 10/49 | €685,204 | €664,779 | -€20,425 | -3.0% |
| Equity | 10/15 | €546,075 | €604,827 | +€58,752 | +10.8% |
| Contributions | 10/11 | €8,720 | €8,720 | = | 0.0% |
| Reserves | 13 | €398,315 | €455,207 | +€56,892 | +14.3% |
| Distributable reserves | 133 | €398,315 | €455,207 | +€56,892 | +14.3% |
| Profit (loss) carried forward | 14 | €139,039 | €140,899 | +€1,860 | +1.3% |
| Amounts payable | 17/49 | €139,129 | €59,952 | -€79,177 | -56.9% |
| Amounts payable within one year | 42/48 | €139,129 | €59,952 | -€79,177 | -56.9% |
| Financial debts | 43 | €10,099 | €0 | -€10,099 | -100.0% |
| Credit institutions | 430/8 | €10,099 | €0 | -€10,099 | -100.0% |
| Trade debts | 44 | €64,090 | €18,536 | -€45,554 | -71.1% |
| Suppliers | 440/4 | €64,090 | €18,536 | -€45,554 | -71.1% |
| Taxes, remuneration and social security | 45 | €63,657 | €40,133 | -€23,524 | -37.0% |
| Taxes | 450/3 | €45,861 | €17,013 | -€28,848 | -62.9% |
| Remuneration and social security | 454/9 | €17,796 | €23,120 | +€5,324 | +29.9% |
| Other amounts payable | 47/48 | €1,283 | €1,283 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €148,032 | €155,927 | +€7,895 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,740 | €3,486 | -€254 | -6.8% |
| Other operating charges | 640/8 | €3,809 | €3,723 | -€87 | -2.3% |
| Gross operating margin | 9900 | €229,419 | €254,667 | +€25,248 | +11.0% |
| Operating profit (loss) | 9901 | €73,837 | €91,532 | +€17,695 | +24.0% |
| Financial income | 75/76B | €112 | €0 | -€112 | -100.0% |
| Recurring financial income | 75 | €112 | €0 | -€112 | -100.0% |
| Financial charges | 65/66B | €8,237 | €9,444 | +€1,207 | +14.7% |
| Recurring financial charges | 65 | €8,237 | €9,444 | +€1,207 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €65,712 | €82,088 | +€16,375 | +24.9% |
| Income taxes | 67/77 | €18,955 | €23,336 | +€4,381 | +23.1% |
| Profit (loss) for the period | 9904 | €46,758 | €58,752 | +€11,994 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,758 | €58,752 | +€11,994 | +25.7% |
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 6 October 2026 via checked.be.