MAE INVEST: 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.
MAE INVEST
Largest movements
- Tangible fixed assets +€90,639
up €90,639 (+280%), from €32,408 to €123,048
of which Furniture and vehicles: +€93,707
- Cash +€86,141
up €86,141 (+926%), from €9,305 to €95,446
mainly Net result for the year (+€100,342) and Debts after one year (+€70,634)
- Receivables within one year +€14,336
up €14,336 (+22.4%), from €63,967 to €78,303
of which Trade receivables: +€16,075
- Reserves +€100,342
up €100,342 (+147%), from €68,283 to €168,625
- Debts after one year +€70,634
new in 2025: €70,634
- Tax, wage and social debts +€23,802
up €23,802 (+447%), from €5,327 to €29,130
of which Taxes: +€23,786
- Current portion of long-term debt +€14,519
new in 2025: €14,519
- Other debts -€9,450
down €9,450 (-40.2%), from €23,509 to €14,058
- Gross operating margin +€133,348
up €133,348 (+476%), from €27,991 to €161,339
- Taxes +€34,781
up €34,781 (+475%), from €7,321 to €42,102
- Depreciation +€13,225
up €13,225 (+318%), from €4,162 to €17,388
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 | €106,982 | €301,498 | +€194,516 | +182% |
| Fixed assets | 21/28 | €33,710 | €124,349 | +€90,639 | +269% |
| Tangible fixed assets | 22/27 | €32,408 | €123,048 | +€90,639 | +280% |
| Land and buildings | 22 | €10,277 | €9,649 | -€628 | -6.1% |
| Plant, machinery and equipment | 23 | €3,475 | €2,271 | -€1,204 | -34.6% |
| Furniture and vehicles | 24 | €3,965 | €97,672 | +€93,707 | +2,363% |
| Other tangible fixed assets | 26 | €14,692 | €13,456 | -€1,236 | -8.4% |
| Financial fixed assets | 28 | €1,301 | €1,301 | = | 0.0% |
| Current assets | 29/58 | €73,272 | €177,149 | +€103,876 | +142% |
| Amounts receivable within one year | 40/41 | €63,967 | €78,303 | +€14,336 | +22.4% |
| Trade receivables | 40 | €22,158 | €38,233 | +€16,075 | +72.5% |
| Other amounts receivable | 41 | €41,810 | €40,071 | -€1,739 | -4.2% |
| Current investments | 50/53 | - | €2,655 | +€2,655 | |
| Cash at bank and in hand | 54/58 | €9,305 | €95,446 | +€86,141 | +926% |
| Deferred charges and accrued income | 490/1 | €0 | €744 | +€744 | |
| Total equity and liabilities | 10/49 | €106,982 | €301,498 | +€194,516 | +182% |
| Equity | 10/15 | €70,949 | €171,291 | +€100,342 | +141% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €68,283 | €168,625 | +€100,342 | +147% |
| Distributable reserves | 133 | €68,283 | €168,625 | +€100,342 | +147% |
| Profit (loss) carried forward | 14 | €166 | €166 | +€0 | 0.0% |
| Amounts payable | 17/49 | €36,032 | €130,206 | +€94,174 | +261% |
| Amounts payable after more than one year | 17 | - | €70,634 | +€70,634 | |
| Financial debts | 170/4 | - | €70,634 | +€70,634 | |
| Amounts payable within one year | 42/48 | €36,032 | €59,573 | +€23,540 | +65.3% |
| Current portion of amounts payable after more than one year | 42 | - | €14,519 | +€14,519 | |
| Financial debts | 43 | - | €196 | +€196 | |
| Credit institutions | 430/8 | - | €196 | +€196 | |
| Trade debts | 44 | €7,197 | €1,670 | -€5,527 | -76.8% |
| Suppliers | 440/4 | €7,197 | €1,670 | -€5,527 | -76.8% |
| Taxes, remuneration and social security | 45 | €5,327 | €29,130 | +€23,802 | +447% |
| Taxes | 450/3 | €3,097 | €26,883 | +€23,786 | +768% |
| Remuneration and social security | 454/9 | €2,231 | €2,247 | +€16 | +0.7% |
| Other amounts payable | 47/48 | €23,509 | €14,058 | -€9,450 | -40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,162 | €17,388 | +€13,225 | +318% |
| Other operating charges | 640/8 | €1,355 | €1,254 | -€101 | -7.5% |
| Gross operating margin | 9900 | €27,991 | €161,339 | +€133,348 | +476% |
| Operating profit (loss) | 9901 | €22,474 | €142,698 | +€120,224 | +535% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €242 | €254 | +€12 | +5.0% |
| Recurring financial charges | 65 | €242 | €254 | +€12 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €22,232 | €142,444 | +€120,212 | +541% |
| Income taxes | 67/77 | €7,321 | €42,102 | +€34,781 | +475% |
| Profit (loss) for the period | 9904 | €14,911 | €100,342 | +€85,431 | +573% |
| Profit (loss) for the period to be appropriated | 9905 | €14,911 | €100,342 | +€85,431 | +573% |
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 30 October 2026 via checked.be.