MAEMCO: 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.
MAEMCO
Largest movements
- Receivables after one year -€105,500
down €105,500 (-54.0%), from €195,500 to €90,000
- Cash +€88,314
up €88,314 (+41.4%), from €213,270 to €301,584
mainly Receivables after one year (+€105,500) and Net result for the year (+€92,004)
- Receivables within one year -€14,559
down €14,559 (-12.2%), from €119,786 to €105,227
of which Other amounts receivable: -€31,151
- Reserves -€65,397
down €65,397 (-12.7%), from €515,206 to €449,809
- Advances received +€27,742
up €27,742 (+34.1%), from €81,356 to €109,099
- Trade debts -€18,977
down €18,977 (-41.4%), from €45,853 to €26,875
- Debts after one year +€17,171
up €17,171 (+13.8%), from €124,046 to €141,217
- Other debts +€15,340
up €15,340 (+56.9%), from €26,937 to €42,277
- Gross operating margin -€31,287
down €31,287 (-5.8%), from €535,517 to €504,231
- Taxes -€12,057
down €12,057 (-24.4%), from €49,410 to €37,353
- Depreciation +€8,165
up €8,165 (+16.8%), from €48,604 to €56,768
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 | €873,542 | €851,382 | -€22,160 | -2.5% |
| Formation expenses | 20 | €146 | €0 | -€146 | -100.0% |
| Fixed assets | 21/28 | €299,917 | €306,013 | +€6,096 | +2.0% |
| Tangible fixed assets | 22/27 | €294,417 | €300,513 | +€6,096 | +2.1% |
| Plant, machinery and equipment | 23 | €104,407 | €74,863 | -€29,545 | -28.3% |
| Furniture and vehicles | 24 | €3,881 | €4,915 | +€1,034 | +26.6% |
| Other tangible fixed assets | 26 | €186,128 | €220,735 | +€34,607 | +18.6% |
| Financial fixed assets | 28 | €5,500 | €5,500 | = | 0.0% |
| Current assets | 29/58 | €573,480 | €545,369 | -€28,111 | -4.9% |
| Amounts receivable after more than one year | 29 | €195,500 | €90,000 | -€105,500 | -54.0% |
| Other amounts receivable | 291 | €195,500 | €90,000 | -€105,500 | -54.0% |
| Stocks and contracts in progress | 3 | €40,412 | €40,787 | +€375 | +0.9% |
| Stocks | 30/36 | €40,412 | €40,787 | +€375 | +0.9% |
| Amounts receivable within one year | 40/41 | €119,786 | €105,227 | -€14,559 | -12.2% |
| Trade receivables | 40 | €78,208 | €94,799 | +€16,592 | +21.2% |
| Other amounts receivable | 41 | €41,578 | €10,428 | -€31,151 | -74.9% |
| Cash at bank and in hand | 54/58 | €213,270 | €301,584 | +€88,314 | +41.4% |
| Deferred charges and accrued income | 490/1 | €4,512 | €7,771 | +€3,259 | +72.2% |
| Total equity and liabilities | 10/49 | €873,542 | €851,382 | -€22,160 | -2.5% |
| Equity | 10/15 | €545,206 | €479,809 | -€65,397 | -12.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €515,206 | €449,809 | -€65,397 | -12.7% |
| Distributable reserves | 133 | €515,206 | €449,809 | -€65,397 | -12.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €328,336 | €371,573 | +€43,237 | +13.2% |
| Amounts payable after more than one year | 17 | €124,046 | €141,217 | +€17,171 | +13.8% |
| Financial debts | 170/4 | €124,046 | €141,217 | +€17,171 | +13.8% |
| Amounts payable within one year | 42/48 | €198,473 | €223,932 | +€25,459 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €21,512 | €24,811 | +€3,299 | +15.3% |
| Trade debts | 44 | €45,853 | €26,875 | -€18,977 | -41.4% |
| Suppliers | 440/4 | €45,853 | €26,875 | -€18,977 | -41.4% |
| Advances received on contracts in progress | 46 | €81,356 | €109,099 | +€27,742 | +34.1% |
| Taxes, remuneration and social security | 45 | €22,816 | €20,871 | -€1,945 | -8.5% |
| Taxes | 450/3 | €8,414 | €8,965 | +€551 | +6.5% |
| Remuneration and social security | 454/9 | €14,401 | €11,906 | -€2,496 | -17.3% |
| Other amounts payable | 47/48 | €26,937 | €42,277 | +€15,340 | +56.9% |
| Accrued charges and deferred income | 492/3 | €5,817 | €6,424 | +€607 | +10.4% |
| Remuneration, social security and pensions | 62 | €312,849 | €307,495 | -€5,354 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,604 | €56,768 | +€8,165 | +16.8% |
| Other operating charges | 640/8 | €2,622 | €7,705 | +€5,083 | +193.9% |
| Gross operating margin | 9900 | €535,517 | €504,231 | -€31,287 | -5.8% |
| Operating profit (loss) | 9901 | €171,443 | €132,262 | -€39,181 | -22.9% |
| Financial income | 75/76B | €8,656 | €8,282 | -€374 | -4.3% |
| Recurring financial income | 75 | €8,656 | €8,282 | -€374 | -4.3% |
| Financial charges | 65/66B | €9,827 | €11,188 | +€1,361 | +13.8% |
| Recurring financial charges | 65 | €9,827 | €11,188 | +€1,361 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €170,272 | €129,357 | -€40,915 | -24.0% |
| Income taxes | 67/77 | €49,410 | €37,353 | -€12,057 | -24.4% |
| Profit (loss) for the period | 9904 | €120,862 | €92,004 | -€28,858 | -23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €120,862 | €92,004 | -€28,858 | -23.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.