MAENE: 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.
MAENE
Largest movements
- Stocks and contracts -€55,369
down €55,369 (-100.0%), from €55,369 to €0
- Tangible fixed assets -€27,232
down €27,232 (-9.0%), from €303,507 to €276,275
of which Leasing and similar rights: -€113,502
- Cash +€7,216
up €7,216 (+15.4%), from €46,881 to €54,097
mainly Stocks and contracts (+€55,369) and Depreciation (+€39,381)
- Deferred charges and accrued income -€5,315
down €5,315 (-46.7%), from €11,371 to €6,056
- Debts after one year -€78,018
down €78,018 (-100.0%), from €78,018 to €0
- Reserves +€33,123
up €33,123 (+11.7%), from €283,799 to €316,922
- Current portion of long-term debt -€27,154
down €27,154 (-100.0%), from €27,154 to €0
- Tax, wage and social debts +€10,679
up €10,679 (+11784.0%), from €91 to €10,769
of which Taxes: +€10,679
- Trade debts -€10,613
down €10,613 (-91.8%), from €11,562 to €950
- Gross operating margin +€18,365
up €18,365 (+26.3%), from €69,925 to €88,290
- Depreciation -€8,275
down €8,275 (-17.4%), from €47,657 to €39,381
- Taxes +€5,121
up €5,121, from €0 to €5,121
- Financial charges -€3,746
down €3,746 (-49.2%), from €7,611 to €3,865
- Other operating charges -€2,817
down €2,817 (-27.7%), from €10,160 to €7,343
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 | €420,208 | €336,543 | -€83,665 | -19.9% |
| Fixed assets | 21/28 | €303,507 | €276,275 | -€27,232 | -9.0% |
| Tangible fixed assets | 22/27 | €303,507 | €276,275 | -€27,232 | -9.0% |
| Land and buildings | 22 | €141,497 | €122,428 | -€19,069 | -13.5% |
| Plant, machinery and equipment | 23 | €14,839 | €12,110 | -€2,728 | -18.4% |
| Furniture and vehicles | 24 | €29,424 | €137,492 | +€108,068 | +367.3% |
| Leasing and similar rights | 25 | €113,502 | €0 | -€113,502 | -100.0% |
| Other tangible fixed assets | 26 | €4,245 | €4,245 | = | 0.0% |
| Current assets | 29/58 | €116,701 | €60,268 | -€56,434 | -48.4% |
| Stocks and contracts in progress | 3 | €55,369 | €0 | -€55,369 | -100.0% |
| Stocks | 30/36 | €55,369 | €0 | -€55,369 | -100.0% |
| Amounts receivable within one year | 40/41 | €3,080 | €114 | -€2,965 | -96.3% |
| Trade receivables | 40 | €90 | €90 | = | 0.0% |
| Other amounts receivable | 41 | €2,990 | €24 | -€2,965 | -99.2% |
| Cash at bank and in hand | 54/58 | €46,881 | €54,097 | +€7,216 | +15.4% |
| Deferred charges and accrued income | 490/1 | €11,371 | €6,056 | -€5,315 | -46.7% |
| Total equity and liabilities | 10/49 | €420,208 | €336,543 | -€83,665 | -19.9% |
| Equity | 10/15 | €290,004 | €323,127 | +€33,123 | +11.4% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €283,799 | €316,922 | +€33,123 | +11.7% |
| Distributable reserves | 133 | €283,799 | €316,922 | +€33,123 | +11.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €130,204 | €13,416 | -€116,789 | -89.7% |
| Amounts payable after more than one year | 17 | €78,018 | €0 | -€78,018 | -100.0% |
| Financial debts | 170/4 | €78,018 | €0 | -€78,018 | -100.0% |
| Amounts payable within one year | 42/48 | €49,257 | €12,278 | -€36,980 | -75.1% |
| Current portion of amounts payable after more than one year | 42 | €27,154 | €0 | -€27,154 | -100.0% |
| Trade debts | 44 | €11,562 | €950 | -€10,613 | -91.8% |
| Suppliers | 440/4 | €11,562 | €950 | -€10,613 | -91.8% |
| Advances received on contracts in progress | 46 | €10,450 | €0 | -€10,450 | -100.0% |
| Taxes, remuneration and social security | 45 | €91 | €10,769 | +€10,679 | +11784.0% |
| Taxes | 450/3 | €91 | €10,769 | +€10,679 | +11784.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €559 | +€559 | |
| Accrued charges and deferred income | 492/3 | €2,928 | €1,138 | -€1,790 | -61.1% |
| Non-recurring operating income | 76A | €0 | €125,670 | +€125,670 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,657 | €39,381 | -€8,275 | -17.4% |
| Other operating charges | 640/8 | €10,160 | €7,343 | -€2,817 | -27.7% |
| Non-recurring operating charges | 66A | €29,582 | €1,504 | -€28,078 | -94.9% |
| Gross operating margin | 9900 | €69,925 | €88,290 | +€18,365 | +26.3% |
| Operating profit (loss) | 9901 | -€17,474 | €40,062 | +€57,535 | |
| Financial income | 75/76B | €3,724 | €2,047 | -€1,677 | -45.0% |
| Recurring financial income | 75 | €3,724 | €2,047 | -€1,677 | -45.0% |
| Financial charges | 65/66B | €7,611 | €3,865 | -€3,746 | -49.2% |
| Recurring financial charges | 65 | €7,611 | €3,865 | -€3,746 | -49.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,360 | €38,244 | +€59,605 | |
| Income taxes | 67/77 | €0 | €5,121 | +€5,121 | |
| Profit (loss) for the period | 9904 | -€21,360 | €33,123 | +€54,484 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,360 | €33,123 | +€54,484 |
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 2 October 2026 via checked.be.