MAELE: 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.
MAELE
Largest movements
- Tangible fixed assets +€520,176
up €520,176 (+45.1%), from €1.2m to €1.7m
of which Land and buildings: +€498,642
- Cash +€179,182
up €179,182 (+214.5%), from €83,540 to €262,722
mainly Contributions, distributions and other (+€750,000) and Depreciation (+€34,273)
- Receivables within one year -€30,875
down €30,875 (-56.8%), from €54,357 to €23,482
of which Trade receivables: -€34,997
- Contributions +€750,000
up €750,000 (+4032.3%), from €18,600 to €768,600
- Debts after one year -€52,500
down €52,500 (-9.8%), from €538,125 to €485,625
- Gross operating margin -€119,273
down €119,273 (-71.7%), from €166,369 to €47,095
- Depreciation +€5,398
up €5,398 (+18.7%), from €28,875 to €34,273
- Other operating charges +€1,828
up €1,828 (+32.6%), from €5,604 to €7,432
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 | €1,290,420 | €1,958,910 | +€668,489 | +51.8% |
| Fixed assets | 21/28 | €1,152,347 | €1,672,523 | +€520,176 | +45.1% |
| Tangible fixed assets | 22/27 | €1,152,347 | €1,672,523 | +€520,176 | +45.1% |
| Land and buildings | 22 | €977,625 | €1,476,267 | +€498,642 | +51.0% |
| Plant, machinery and equipment | 23 | - | €16,051 | +€16,051 | |
| Furniture and vehicles | 24 | - | €5,484 | +€5,484 | |
| Other tangible fixed assets | 26 | €20,030 | €20,030 | = | 0.0% |
| Assets under construction and advance payments | 27 | €154,691 | €154,691 | = | 0.0% |
| Current assets | 29/58 | €138,074 | €286,387 | +€148,313 | +107.4% |
| Amounts receivable within one year | 40/41 | €54,357 | €23,482 | -€30,875 | -56.8% |
| Trade receivables | 40 | €54,357 | €19,360 | -€34,997 | -64.4% |
| Other amounts receivable | 41 | - | €4,122 | +€4,122 | |
| Cash at bank and in hand | 54/58 | €83,540 | €262,722 | +€179,182 | +214.5% |
| Deferred charges and accrued income | 490/1 | €177 | €184 | +€6 | +3.6% |
| Total equity and liabilities | 10/49 | €1,290,420 | €1,958,910 | +€668,489 | +51.8% |
| Equity | 10/15 | -€94,380 | €648,843 | +€743,224 | |
| Contributions | 10/11 | €18,600 | €768,600 | +€750,000 | +4032.3% |
| Profit (loss) carried forward | 14 | -€112,980 | -€119,757 | -€6,776 | -6.0% |
| Amounts payable | 17/49 | €1,384,801 | €1,310,066 | -€74,735 | -5.4% |
| Amounts payable after more than one year | 17 | €538,125 | €485,625 | -€52,500 | -9.8% |
| Financial debts | 170/4 | €538,125 | €485,625 | -€52,500 | -9.8% |
| Amounts payable within one year | 42/48 | €844,826 | €822,526 | -€22,300 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €52,500 | €52,500 | = | 0.0% |
| Trade debts | 44 | €17,116 | €5,891 | -€11,225 | -65.6% |
| Suppliers | 440/4 | €17,116 | €5,891 | -€11,225 | -65.6% |
| Taxes, remuneration and social security | 45 | €12,011 | €13,388 | +€1,376 | +11.5% |
| Taxes | 450/3 | €12,011 | €13,388 | +€1,376 | +11.5% |
| Other amounts payable | 47/48 | €763,199 | €750,748 | -€12,451 | -1.6% |
| Accrued charges and deferred income | 492/3 | €1,850 | €1,915 | +€65 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,875 | €34,273 | +€5,398 | +18.7% |
| Other operating charges | 640/8 | €5,604 | €7,432 | +€1,828 | +32.6% |
| Gross operating margin | 9900 | €166,369 | €47,095 | -€119,273 | -71.7% |
| Operating profit (loss) | 9901 | €131,889 | €5,390 | -€126,499 | -95.9% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €12,954 | €12,168 | -€786 | -6.1% |
| Recurring financial charges | 65 | €12,954 | €12,168 | -€786 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €118,935 | -€6,776 | -€125,711 | |
| Profit (loss) for the period | 9904 | €118,935 | -€6,776 | -€125,711 | |
| Profit (loss) for the period to be appropriated | 9905 | €118,935 | -€6,776 | -€125,711 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.