MAEL: 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.
MAEL
Largest movements
- Stocks and contracts +€290,329
up €290,329 (+1018.7%), from €28,500 to €318,829
- Receivables within one year -€10,791
down €10,791 (-9.9%), from €108,587 to €97,795
of which Trade receivables: -€10,664
- Tangible fixed assets +€6,088
up €6,088 (+179.2%), from €3,398 to €9,486
of which Furniture and vehicles: +€5,598
- Debts after one year +€401,033
new in 2025: €401,033
- Advances received -€88,444
no longer reported in 2025 (was €88,444)
- Other debts -€56,677
no longer reported in 2025 (was €56,677)
- Reserves +€13,553
up €13,553 (+149.9%), from €9,043 to €22,596
- Trade debts +€12,651
up €12,651 (+202.3%), from €6,254 to €18,905
- Gross operating margin +€25,840
up €25,840 (+316.5%), from €8,165 to €34,005
- Financial charges +€6,459
up €6,459 (+4180.8%), from €155 to €6,614
- Write-downs +€6,000
new in 2025: €6,000
- Taxes +€2,776
up €2,776 (+174.3%), from €1,593 to €4,368
- Depreciation +€765
up €765 (+46.6%), from €1,639 to €2,404
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 | €164,811 | €449,152 | +€284,341 | +172.5% |
| Fixed assets | 21/28 | €3,398 | €9,486 | +€6,088 | +179.2% |
| Tangible fixed assets | 22/27 | €3,398 | €9,486 | +€6,088 | +179.2% |
| Plant, machinery and equipment | 23 | €729 | €1,219 | +€490 | +67.2% |
| Furniture and vehicles | 24 | €2,669 | €8,267 | +€5,598 | +209.7% |
| Current assets | 29/58 | €161,413 | €439,667 | +€278,254 | +172.4% |
| Stocks and contracts in progress | 3 | €28,500 | €318,829 | +€290,329 | +1018.7% |
| Stocks | 30/36 | €28,500 | €318,829 | +€290,329 | +1018.7% |
| Amounts receivable within one year | 40/41 | €108,587 | €97,795 | -€10,791 | -9.9% |
| Trade receivables | 40 | €103,551 | €92,887 | -€10,664 | -10.3% |
| Other amounts receivable | 41 | €5,036 | €4,909 | -€127 | -2.5% |
| Cash at bank and in hand | 54/58 | €24,326 | €23,042 | -€1,284 | -5.3% |
| Total equity and liabilities | 10/49 | €164,811 | €449,152 | +€284,341 | +172.5% |
| Equity | 10/15 | €12,043 | €25,596 | +€13,553 | +112.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €9,043 | €22,596 | +€13,553 | +149.9% |
| Distributable reserves | 133 | €9,043 | €22,596 | +€13,553 | +149.9% |
| Amounts payable | 17/49 | €152,768 | €423,556 | +€270,789 | +177.3% |
| Amounts payable after more than one year | 17 | - | €401,033 | +€401,033 | |
| Financial debts | 170/4 | - | €401,033 | +€401,033 | |
| Amounts payable within one year | 42/48 | €152,768 | €22,524 | -€130,244 | -85.3% |
| Trade debts | 44 | €6,254 | €18,905 | +€12,651 | +202.3% |
| Suppliers | 440/4 | €6,254 | €18,905 | +€12,651 | +202.3% |
| Advances received on contracts in progress | 46 | €88,444 | - | -€88,444 | |
| Taxes, remuneration and social security | 45 | €1,393 | €3,618 | +€2,226 | +159.8% |
| Taxes | 450/3 | €1,393 | €3,618 | +€2,226 | +159.8% |
| Other amounts payable | 47/48 | €56,677 | - | -€56,677 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,639 | €2,404 | +€765 | +46.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,000 | +€6,000 | |
| Other operating charges | 640/8 | €318 | €1,081 | +€763 | +240.0% |
| Gross operating margin | 9900 | €8,165 | €34,005 | +€25,840 | +316.5% |
| Operating profit (loss) | 9901 | €6,208 | €24,519 | +€18,312 | +295.0% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €155 | €6,614 | +€6,459 | +4180.8% |
| Recurring financial charges | 65 | €155 | €6,614 | +€6,459 | +4180.8% |
| Profit (loss) for the period before taxes | 9903 | €6,053 | €17,921 | +€11,868 | +196.1% |
| Income taxes | 67/77 | €1,593 | €4,368 | +€2,776 | +174.3% |
| Profit (loss) for the period | 9904 | €4,461 | €13,553 | +€9,092 | +203.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,461 | €13,553 | +€9,092 | +203.8% |
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 12 October 2026 via checked.be.