MAEL 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.
MAEL GROUP
Largest movements
- Receivables within one year -€11,416
down €11,416 (-36.3%), from €31,458 to €20,043
of which Trade receivables: -€18,006
- Deferred charges and accrued income -€2,963
down €2,963 (-47.7%), from €6,212 to €3,249
- Cash +€1,093
up €1,093 (+261.0%), from €419 to €1,512
mainly Receivables within one year (+€11,416) and Other debts (+€7,741)
- Tax, wage and social debts -€13,725
down €13,725 (-62.3%), from €22,032 to €8,307
of which Remuneration and social security: -€11,771
- Profit (loss) carried forward -€12,806
down €12,806 (-80.0%), from €16,008 to €3,202
- Other debts +€7,741
up €7,741 (+901.2%), from €859 to €8,600
- Trade debts +€5,184
up €5,184 (+86.3%), from €6,006 to €11,191
- Gross operating margin -€104,473
down €104,473 (-78.2%), from €133,661 to €29,187
- Staff costs -€70,875
down €70,875 (-74.1%), from €95,598 to €24,723
- Taxes -€8,307
no longer reported in 2025 (was €8,307)
- Depreciation -€2,684
down €2,684 (-89.4%), from €3,004 to €320
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 | €53,005 | €39,399 | -€13,606 | -25.7% |
| Fixed assets | 21/28 | €14,916 | €14,596 | -€320 | -2.1% |
| Tangible fixed assets | 22/27 | €916 | €596 | -€320 | -34.9% |
| Furniture and vehicles | 24 | €916 | €596 | -€320 | -34.9% |
| Financial fixed assets | 28 | €14,000 | €14,000 | = | 0.0% |
| Current assets | 29/58 | €38,089 | €24,803 | -€13,286 | -34.9% |
| Amounts receivable within one year | 40/41 | €31,458 | €20,043 | -€11,416 | -36.3% |
| Trade receivables | 40 | €30,913 | €12,907 | -€18,006 | -58.2% |
| Other amounts receivable | 41 | €546 | €7,135 | +€6,590 | +1207.8% |
| Cash at bank and in hand | 54/58 | €419 | €1,512 | +€1,093 | +261.0% |
| Deferred charges and accrued income | 490/1 | €6,212 | €3,249 | -€2,963 | -47.7% |
| Total equity and liabilities | 10/49 | €53,005 | €39,399 | -€13,606 | -25.7% |
| Equity | 10/15 | €24,107 | €11,301 | -€12,806 | -53.1% |
| Contributions | 10/11 | €8,100 | €8,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,008 | €3,202 | -€12,806 | -80.0% |
| Amounts payable | 17/49 | €28,897 | €28,098 | -€800 | -2.8% |
| Amounts payable within one year | 42/48 | €28,897 | €28,098 | -€800 | -2.8% |
| Trade debts | 44 | €6,006 | €11,191 | +€5,184 | +86.3% |
| Suppliers | 440/4 | €6,006 | €11,191 | +€5,184 | +86.3% |
| Taxes, remuneration and social security | 45 | €22,032 | €8,307 | -€13,725 | -62.3% |
| Taxes | 450/3 | €10,261 | €8,307 | -€1,954 | -19.0% |
| Remuneration and social security | 454/9 | €11,771 | - | -€11,771 | |
| Other amounts payable | 47/48 | €859 | €8,600 | +€7,741 | +901.2% |
| Remuneration, social security and pensions | 62 | €95,598 | €24,723 | -€70,875 | -74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,004 | €320 | -€2,684 | -89.4% |
| Other operating charges | 640/8 | €3,971 | €3,293 | -€678 | -17.1% |
| Gross operating margin | 9900 | €133,661 | €29,187 | -€104,473 | -78.2% |
| Operating profit (loss) | 9901 | €31,088 | €851 | -€30,236 | -97.3% |
| Financial income | 75/76B | €64 | €195 | +€131 | +204.9% |
| Recurring financial income | 75 | €64 | €195 | +€131 | +204.9% |
| Financial charges | 65/66B | €6,463 | €5,252 | -€1,210 | -18.7% |
| Recurring financial charges | 65 | €6,463 | €5,252 | -€1,210 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €24,689 | -€4,206 | -€28,895 | |
| Income taxes | 67/77 | €8,307 | - | -€8,307 | |
| Profit (loss) for the period | 9904 | €16,382 | -€4,206 | -€20,588 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,382 | -€4,206 | -€20,588 |
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 9 October 2026 via checked.be.