MAEBAEY: 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.
MAEBAEY
Largest movements
- Receivables within one year -€15,198
down €15,198 (-36.1%), from €42,082 to €26,884
of which Trade receivables: -€15,350
- Cash +€9,283
up €9,283 (+269.8%), from €3,440 to €12,723
mainly Receivables within one year (+€15,198) and Investment in fixed assets (net) (+€666)
- Tangible fixed assets -€666
no longer reported in 2025 (was €666)
- Trade debts -€3,727
down €3,727 (-23.6%), from €15,785 to €12,058
- Other debts -€2,192
down €2,192 (-42.3%), from €5,187 to €2,995
- Profit (loss) carried forward -€1,072
down €1,072 (-15.2%), from -€7,072 to -€8,144
- Gross operating margin -€9,054
down €9,054, from €7,477 to -€1,577
- Financial income +€1,716
up €1,716 (+1442.8%), from €119 to €1,834
of which Non-recurring financial income: +€1,834
- Other operating charges +€798
up €798 (+676.0%), from €118 to €916
- Financial charges +€413
new in 2025: €413
- Depreciation -€170
no longer reported in 2025 (was €170)
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 | €50,055 | €43,065 | -€6,990 | -14.0% |
| Fixed assets | 21/28 | €3,166 | €2,500 | -€666 | -21.0% |
| Tangible fixed assets | 22/27 | €666 | - | -€666 | |
| Plant, machinery and equipment | 23 | €666 | - | -€666 | |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €46,890 | €40,565 | -€6,325 | -13.5% |
| Amounts receivable within one year | 40/41 | €42,082 | €26,884 | -€15,198 | -36.1% |
| Trade receivables | 40 | €39,336 | €23,985 | -€15,350 | -39.0% |
| Other amounts receivable | 41 | €2,747 | €2,899 | +€152 | +5.5% |
| Cash at bank and in hand | 54/58 | €3,440 | €12,723 | +€9,283 | +269.8% |
| Deferred charges and accrued income | 490/1 | €1,367 | €957 | -€410 | -30.0% |
| Total equity and liabilities | 10/49 | €50,055 | €43,065 | -€6,990 | -14.0% |
| Equity | 10/15 | €29,084 | €28,012 | -€1,072 | -3.7% |
| Contributions | 10/11 | €32,869 | €32,869 | = | 0.0% |
| Reserves | 13 | €3,287 | €3,287 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,287 | €3,287 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,287 | €3,287 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,072 | -€8,144 | -€1,072 | -15.2% |
| Amounts payable | 17/49 | €20,972 | €15,053 | -€5,919 | -28.2% |
| Amounts payable within one year | 42/48 | €20,972 | €15,053 | -€5,919 | -28.2% |
| Trade debts | 44 | €15,785 | €12,058 | -€3,727 | -23.6% |
| Suppliers | 440/4 | €15,785 | €12,058 | -€3,727 | -23.6% |
| Other amounts payable | 47/48 | €5,187 | €2,995 | -€2,192 | -42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170 | - | -€170 | |
| Other operating charges | 640/8 | €118 | €916 | +€798 | +676.0% |
| Gross operating margin | 9900 | €7,477 | -€1,577 | -€9,054 | |
| Operating profit (loss) | 9901 | €7,189 | -€2,493 | -€9,682 | |
| Financial income | 75/76B | €119 | €1,834 | +€1,716 | +1442.8% |
| Recurring financial income | 75 | €119 | €1,834 | +€1,716 | +1442.8% |
| Non-recurring financial income | 76B | - | €1,834 | +€1,834 | |
| Financial charges | 65/66B | - | €413 | +€413 | |
| Recurring financial charges | 65 | - | €413 | +€413 | |
| Profit (loss) for the period before taxes | 9903 | €7,308 | -€1,072 | -€8,379 | |
| Profit (loss) for the period | 9904 | €7,308 | -€1,072 | -€8,379 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,308 | -€1,072 | -€8,379 |
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 7 October 2026 via checked.be.