MAEDES: 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.
MAEDES
Largest movements
- Stocks and contracts +€1.4m
up €1.4m (+394.3%), from €356,237 to €1.8m
- Receivables within one year -€81,901
down €81,901 (-86.7%), from €94,425 to €12,523
of which Trade receivables: -€80,303
- Cash +€66,623
up €66,623 (+105.5%), from €63,143 to €129,766
mainly Other debts (+€839,004) and Short-term financial debts (+€767,952)
- Tangible fixed assets -€23,284
down €23,284 (-8.6%), from €270,840 to €247,556
of which Other tangible fixed assets: -€13,518
- Other debts +€839,004
up €839,004 (+200.6%), from €418,285 to €1.3m
- Short-term financial debts +€767,952
new in 2025: €767,952
- Profit (loss) carried forward -€198,276
down €198,276 (-83.6%), from -€237,055 to -€435,331
- Trade debts -€55,213
down €55,213 (-32.6%), from €169,520 to €114,307
- Gross operating margin -€120,306
down €120,306 (-421.0%), from -€28,577 to -€148,883
- Financial charges +€49,654
up €49,654 (+779.4%), from €6,371 to €56,025
- Financial income +€31,233
up €31,233 (+3215.1%), from €971 to €32,205
- Other operating charges -€3,597
down €3,597 (-62.7%), from €5,734 to €2,137
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 | €784,857 | €2,151,029 | +€1.4m | +174.1% |
| Fixed assets | 21/28 | €270,840 | €247,556 | -€23,284 | -8.6% |
| Tangible fixed assets | 22/27 | €270,840 | €247,556 | -€23,284 | -8.6% |
| Leasing and similar rights | 25 | €192,075 | €182,309 | -€9,766 | -5.1% |
| Other tangible fixed assets | 26 | €78,765 | €65,247 | -€13,518 | -17.2% |
| Current assets | 29/58 | €514,017 | €1,903,473 | +€1.4m | +270.3% |
| Stocks and contracts in progress | 3 | €356,237 | €1,760,961 | +€1.4m | +394.3% |
| Stocks | 30/36 | €356,237 | €1,760,961 | +€1.4m | +394.3% |
| Amounts receivable within one year | 40/41 | €94,425 | €12,523 | -€81,901 | -86.7% |
| Trade receivables | 40 | €87,500 | €7,197 | -€80,303 | -91.8% |
| Other amounts receivable | 41 | €6,925 | €5,326 | -€1,599 | -23.1% |
| Cash at bank and in hand | 54/58 | €63,143 | €129,766 | +€66,623 | +105.5% |
| Deferred charges and accrued income | 490/1 | €213 | €223 | +€10 | +4.8% |
| Total equity and liabilities | 10/49 | €784,857 | €2,151,029 | +€1.4m | +174.1% |
| Equity | 10/15 | €41,642 | -€156,635 | -€198,276 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €272,496 | €272,496 | = | 0.0% |
| Distributable reserves | 133 | €272,496 | €272,496 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€237,055 | -€435,331 | -€198,276 | -83.6% |
| Amounts payable | 17/49 | €743,216 | €2,307,664 | +€1.6m | +210.5% |
| Amounts payable after more than one year | 17 | €146,662 | €145,068 | -€1,594 | -1.1% |
| Financial debts | 170/4 | €96,662 | €95,068 | -€1,594 | -1.6% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €596,366 | €2,160,024 | +€1.6m | +262.2% |
| Current portion of amounts payable after more than one year | 42 | €1,512 | €1,594 | +€81 | +5.4% |
| Financial debts | 43 | - | €767,952 | +€767,952 | |
| Credit institutions | 430/8 | - | €767,952 | +€767,952 | |
| Trade debts | 44 | €169,520 | €114,307 | -€55,213 | -32.6% |
| Suppliers | 440/4 | €169,520 | €114,307 | -€55,213 | -32.6% |
| Taxes, remuneration and social security | 45 | €7,048 | €18,881 | +€11,833 | +167.9% |
| Taxes | 450/3 | €7,048 | €18,881 | +€11,833 | +167.9% |
| Other amounts payable | 47/48 | €418,285 | €1,257,290 | +€839,004 | +200.6% |
| Accrued charges and deferred income | 492/3 | €188 | €2,572 | +€2,384 | +1271.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,804 | €23,284 | -€520 | -2.2% |
| Other operating charges | 640/8 | €5,734 | €2,137 | -€3,597 | -62.7% |
| Gross operating margin | 9900 | -€28,577 | -€148,883 | -€120,306 | -421.0% |
| Operating profit (loss) | 9901 | -€58,115 | -€174,303 | -€116,188 | -199.9% |
| Financial income | 75/76B | €971 | €32,205 | +€31,233 | +3215.1% |
| Recurring financial income | 75 | €971 | €32,205 | +€31,233 | +3215.1% |
| Financial charges | 65/66B | €6,371 | €56,025 | +€49,654 | +779.4% |
| Recurring financial charges | 65 | €6,371 | €56,025 | +€49,654 | +779.4% |
| Profit (loss) for the period before taxes | 9903 | -€63,514 | -€198,124 | -€134,609 | -211.9% |
| Income taxes | 67/77 | €146 | €153 | +€6 | +4.4% |
| Profit (loss) for the period | 9904 | -€63,661 | -€198,276 | -€134,616 | -211.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,661 | -€198,276 | -€134,616 | -211.5% |
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.