MAEK: 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.
MAEK
Largest movements
- Tangible fixed assets -€147,967
down €147,967 (-42.3%), from €349,923 to €201,957
of which Land and buildings: -€126,671
- Cash +€113,585
up €113,585 (+2261.4%), from €5,023 to €118,608
mainly Investment in fixed assets (net) (+€128,089) and Net result for the year (+€57,279)
- Receivables within one year +€5,479
up €5,479 (+19.0%), from €28,818 to €34,297
of which Other amounts receivable: +€21,895
- Reserves +€47,279
up €47,279 (+64.7%), from €73,033 to €120,312
- Debts after one year -€32,475
down €32,475 (-16.5%), from €196,585 to €164,111
- Other debts -€12,408
down €12,408 (-56.6%), from €21,908 to €9,500
- Current portion of long-term debt -€12,329
down €12,329 (-50.7%), from €24,326 to €11,997
- Trade debts -€11,307
down €11,307 (-60.0%), from €18,846 to €7,539
- Gross operating margin +€65,718
up €65,718 (+98.1%), from €66,964 to €132,682
- Taxes +€25,383
up €25,383 (+12738.5%), from €199 to €25,582
- Staff costs -€18,891
down €18,891 (-44.6%), from €42,329 to €23,437
- Depreciation -€6,969
down €6,969 (-26.0%), from €26,847 to €19,878
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €385,021 | €356,294 | -€28,727 | -7.5% |
| Fixed assets | 21/28 | €349,923 | €201,957 | -€147,967 | -42.3% |
| Tangible fixed assets | 22/27 | €349,923 | €201,957 | -€147,967 | -42.3% |
| Land and buildings | 22 | €281,837 | €155,166 | -€126,671 | -44.9% |
| Plant, machinery and equipment | 23 | €62,415 | €43,468 | -€18,947 | -30.4% |
| Furniture and vehicles | 24 | €5,672 | €3,323 | -€2,349 | -41.4% |
| Current assets | 29/58 | €35,098 | €154,338 | +€119,240 | +339.7% |
| Amounts receivable within one year | 40/41 | €28,818 | €34,297 | +€5,479 | +19.0% |
| Trade receivables | 40 | €28,818 | €12,402 | -€16,416 | -57.0% |
| Other amounts receivable | 41 | €0 | €21,895 | +€21,895 | |
| Cash at bank and in hand | 54/58 | €5,023 | €118,608 | +€113,585 | +2261.4% |
| Deferred charges and accrued income | 490/1 | €1,257 | €1,433 | +€176 | +14.0% |
| Total equity and liabilities | 10/49 | €385,021 | €356,294 | -€28,727 | -7.5% |
| Equity | 10/15 | €100,652 | €147,932 | +€47,279 | +47.0% |
| Contributions | 10/11 | €26,900 | €26,900 | = | 0.0% |
| Reserves | 13 | €73,033 | €120,312 | +€47,279 | +64.7% |
| Distributable reserves | 133 | €73,033 | €120,312 | +€47,279 | +64.7% |
| Profit (loss) carried forward | 14 | €719 | €719 | = | 0.0% |
| Amounts payable | 17/49 | €284,369 | €208,363 | -€76,006 | -26.7% |
| Amounts payable after more than one year | 17 | €196,585 | €164,111 | -€32,475 | -16.5% |
| Financial debts | 170/4 | €196,585 | €164,111 | -€32,475 | -16.5% |
| Amounts payable within one year | 42/48 | €87,783 | €44,252 | -€43,531 | -49.6% |
| Current portion of amounts payable after more than one year | 42 | €24,326 | €11,997 | -€12,329 | -50.7% |
| Trade debts | 44 | €18,846 | €7,539 | -€11,307 | -60.0% |
| Suppliers | 440/4 | €18,846 | €7,539 | -€11,307 | -60.0% |
| Taxes, remuneration and social security | 45 | €22,702 | €15,216 | -€7,487 | -33.0% |
| Taxes | 450/3 | €6,954 | €12,596 | +€5,642 | +81.1% |
| Remuneration and social security | 454/9 | €15,748 | €2,620 | -€13,129 | -83.4% |
| Other amounts payable | 47/48 | €21,908 | €9,500 | -€12,408 | -56.6% |
| Remuneration, social security and pensions | 62 | €42,329 | €23,437 | -€18,891 | -44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,847 | €19,878 | -€6,969 | -26.0% |
| Other operating charges | 640/8 | €3,272 | €2,203 | -€1,068 | -32.7% |
| Gross operating margin | 9900 | €66,964 | €132,682 | +€65,718 | +98.1% |
| Operating profit (loss) | 9901 | -€5,484 | €87,163 | +€92,647 | |
| Financial income | 75/76B | €99 | €497 | +€398 | +400.8% |
| Recurring financial income | 75 | €99 | €497 | +€398 | +400.8% |
| Financial charges | 65/66B | €4,084 | €4,798 | +€715 | +17.5% |
| Recurring financial charges | 65 | €4,084 | €4,798 | +€715 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | -€9,468 | €82,861 | +€92,330 | |
| Income taxes | 67/77 | €199 | €25,582 | +€25,383 | +12738.5% |
| Profit (loss) for the period | 9904 | -€9,668 | €57,279 | +€66,947 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,668 | €57,279 | +€66,947 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.