MAENO: 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.
MAENO
Largest movements
- Tangible fixed assets -€46,441
down €46,441 (-13.8%), from €336,483 to €290,042
of which Land and buildings: -€43,241
- Receivables within one year +€46,112
up €46,112 (+27.6%), from €166,813 to €212,925
of which Other amounts receivable: +€46,112
- Cash -€31,435
down €31,435 (-12.7%), from €247,006 to €215,571
mainly Receivables within one year (-€46,112) and Net result for the year (-€19,410)
- Deferred charges and accrued income +€11,729
new in 2023: €11,729
- Profit (loss) carried forward -€19,410
down €19,410 (-231.1%), from -€8,399 to -€27,809
- Taxes +€5,673
new in 2023: €5,673
- Gross operating margin -€4,178
down €4,178 (-11.3%), from €36,884 to €32,706
- Depreciation +€963
up €963 (+2.0%), from €47,126 to €48,089
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €754,692 | €733,008 | -€21,684 | -2.9% |
| Formation expenses | 20 | €1,993 | €1,544 | -€449 | -22.5% |
| Fixed assets | 21/28 | €338,880 | €291,239 | -€47,641 | -14.1% |
| Intangible fixed assets | 21 | €2,397 | €1,197 | -€1,200 | -50.1% |
| Tangible fixed assets | 22/27 | €336,483 | €290,042 | -€46,441 | -13.8% |
| Land and buildings | 22 | €306,235 | €262,994 | -€43,241 | -14.1% |
| Plant, machinery and equipment | 23 | €30,248 | €27,048 | -€3,200 | -10.6% |
| Current assets | 29/58 | €413,819 | €440,225 | +€26,406 | +6.4% |
| Amounts receivable within one year | 40/41 | €166,813 | €212,925 | +€46,112 | +27.6% |
| Trade receivables | 40 | €5,592 | €5,592 | = | 0.0% |
| Other amounts receivable | 41 | €161,221 | €207,333 | +€46,112 | +28.6% |
| Cash at bank and in hand | 54/58 | €247,006 | €215,571 | -€31,435 | -12.7% |
| Deferred charges and accrued income | 490/1 | - | €11,729 | +€11,729 | |
| Total equity and liabilities | 10/49 | €754,692 | €733,008 | -€21,684 | -2.9% |
| Equity | 10/15 | €752,376 | €732,966 | -€19,410 | -2.6% |
| Contributions | 10/11 | €18,584 | €18,584 | = | 0.0% |
| Capital | 10 | €18,584 | €18,584 | = | 0.0% |
| Issued capital | 100 | €18,584 | €18,584 | = | 0.0% |
| Reserves | 13 | €742,191 | €742,191 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €702,832 | €702,832 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,399 | -€27,809 | -€19,410 | -231.1% |
| Amounts payable | 17/49 | €2,316 | €42 | -€2,274 | -98.2% |
| Amounts payable within one year | 42/48 | €1,871 | - | -€1,871 | |
| Trade debts | 44 | €1,871 | - | -€1,871 | |
| Suppliers | 440/4 | €1,871 | - | -€1,871 | |
| Accrued charges and deferred income | 492/3 | €445 | €42 | -€403 | -90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,126 | €48,089 | +€963 | +2.0% |
| Other operating charges | 640/8 | €6,562 | €6,748 | +€186 | +2.8% |
| Non-recurring operating charges | 66A | - | €625 | +€625 | |
| Gross operating margin | 9900 | €36,884 | €32,706 | -€4,178 | -11.3% |
| Operating profit (loss) | 9901 | -€16,804 | -€22,756 | -€5,952 | -35.4% |
| Financial income | 75/76B | €9,769 | €10,112 | +€343 | +3.5% |
| Recurring financial income | 75 | €9,769 | €10,112 | +€343 | +3.5% |
| Financial charges | 65/66B | €1,364 | €1,093 | -€271 | -19.9% |
| Recurring financial charges | 65 | €1,364 | €1,093 | -€271 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | -€8,399 | -€13,737 | -€5,338 | -63.6% |
| Income taxes | 67/77 | - | €5,673 | +€5,673 | |
| Profit (loss) for the period | 9904 | -€8,399 | -€19,410 | -€11,011 | -131.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,399 | -€19,410 | -€11,011 | -131.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.