Maecenas Group: 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.
Maecenas Group
Largest movements
- Receivables within one year +€543,986
up €543,986 (+1376.8%), from €39,512 to €583,498
of which Other amounts receivable: +€512,906
- Financial fixed assets -€486,778
down €486,778 (-6.8%), from €7.1m to €6.7m
- Debts after one year +€209,775
up €209,775 (+13.6%), from €1.5m to €1.8m
- Other debts -€105,886
down €105,886 (-88.2%), from €120,010 to €14,124
- Financial charges -€94,683
down €94,683 (-28.2%), from €335,637 to €240,954
of which Non-recurring financial charges: -€67,296
- Write-downs -€86,246
down €86,246 (-255.5%), from -€33,751 to -€119,997
- Other operating charges -€40,905
down €40,905 (-97.5%), from €41,965 to €1,060
- Gross operating margin +€24,940
up €24,940, from -€6,099 to €18,841
- Financial income -€16,538
down €16,538 (-21.2%), from €77,830 to €61,292
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 | €7,194,071 | €7,251,399 | +€57,328 | +0.8% |
| Fixed assets | 21/28 | €7,143,787 | €6,657,009 | -€486,778 | -6.8% |
| Financial fixed assets | 28 | €7,143,787 | €6,657,009 | -€486,778 | -6.8% |
| Current assets | 29/58 | €50,284 | €594,390 | +€544,106 | +1082.1% |
| Amounts receivable after more than one year | 29 | €7,405 | €7,405 | = | 0.0% |
| Other amounts receivable | 291 | €7,405 | €7,405 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €39,512 | €583,498 | +€543,986 | +1376.8% |
| Trade receivables | 40 | €39,512 | €70,592 | +€31,080 | +78.7% |
| Other amounts receivable | 41 | €0 | €512,906 | +€512,906 | |
| Cash at bank and in hand | 54/58 | €3,367 | €3,265 | -€102 | -3.0% |
| Deferred charges and accrued income | 490/1 | €0 | €222 | +€222 | |
| Total equity and liabilities | 10/49 | €7,194,071 | €7,251,399 | +€57,328 | +0.8% |
| Equity | 10/15 | €4,902,909 | €4,861,024 | -€41,885 | -0.9% |
| Contributions | 10/11 | €1,665,698 | €1,665,698 | = | 0.0% |
| Capital | 10 | €1,665,698 | €1,665,698 | = | 0.0% |
| Issued capital | 100 | €1,705,698 | €1,705,698 | = | 0.0% |
| Uncalled capital | 101 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €3,822,739 | €3,822,739 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,564 | €21,564 | = | 0.0% |
| Legal reserve | 130 | €21,564 | €21,564 | = | 0.0% |
| Distributable reserves | 133 | €3,801,175 | €3,801,175 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€585,529 | -€627,414 | -€41,885 | -7.2% |
| Amounts payable | 17/49 | €2,291,162 | €2,390,375 | +€99,212 | +4.3% |
| Amounts payable after more than one year | 17 | €1,546,417 | €1,756,192 | +€209,775 | +13.6% |
| Financial debts | 170/4 | €1,546,417 | €1,756,192 | +€209,775 | +13.6% |
| Amounts payable within one year | 42/48 | €715,113 | €634,183 | -€80,931 | -11.3% |
| Financial debts | 43 | €553,676 | €553,975 | +€300 | +0.1% |
| Credit institutions | 430/8 | €553,676 | €553,975 | +€300 | +0.1% |
| Trade debts | 44 | €41,427 | €66,083 | +€24,656 | +59.5% |
| Suppliers | 440/4 | €41,427 | €66,083 | +€24,656 | +59.5% |
| Other amounts payable | 47/48 | €120,010 | €14,124 | -€105,886 | -88.2% |
| Accrued charges and deferred income | 492/3 | €29,632 | €0 | -€29,632 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€33,751 | -€119,997 | -€86,246 | -255.5% |
| Other operating charges | 640/8 | €41,965 | €1,060 | -€40,905 | -97.5% |
| Gross operating margin | 9900 | -€6,099 | €18,841 | +€24,940 | |
| Operating profit (loss) | 9901 | -€14,314 | €137,777 | +€152,091 | |
| Financial income | 75/76B | €77,830 | €61,292 | -€16,538 | -21.2% |
| Recurring financial income | 75 | €77,830 | €61,292 | -€16,538 | -21.2% |
| Financial charges | 65/66B | €335,637 | €240,954 | -€94,683 | -28.2% |
| Recurring financial charges | 65 | €148,344 | €120,957 | -€27,387 | -18.5% |
| Non-recurring financial charges | 66B | €187,293 | €119,997 | -€67,296 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | -€272,121 | -€41,885 | +€230,236 | +84.6% |
| Income taxes | 67/77 | -€3,385 | €0 | +€3,385 | |
| Profit (loss) for the period | 9904 | -€268,736 | -€41,885 | +€226,851 | +84.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€268,736 | -€41,885 | +€226,851 | +84.4% |
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 11 October 2026 via checked.be.