MAEPO: 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.
MAEPO
Largest movements
- Stocks and contracts -€2.5m
down €2.5m (-36.6%), from €6.7m to €4.3m
- Cash +€113,807
up €113,807 (+690%), from €16,500 to €130,307
mainly Stocks and contracts (+€2.5m) and Debts after one year (+€328,800)
- Receivables within one year +€84,984
up €84,984 (+200%), from €42,533 to €127,516
of which Trade receivables: +€116,951
- Short-term financial debts -€1.4m
down €1.4m (-53.5%), from €2.7m to €1.3m
- Profit (loss) carried forward -€601,718
down €601,718 (-59.2%), from -€1.0m to -€1.6m
- Advances received -€373,000
down €373,000 (-100%), from €373,000 to €0
- Debts after one year +€328,800
up €328,800 (+10.8%), from €3.0m to €3.4m
- Trade debts -€133,799
down €133,799 (-40.5%), from €330,607 to €196,808
- Gross operating margin -€233,746
down €233,746 (-159%), from -€146,825 to -€380,572
- Other operating charges +€27,886
up €27,886 (+174%), from €16,056 to €43,942
- Financial charges -€20,798
down €20,798 (-10.6%), from €196,599 to €175,801
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.
Derived cash bridge
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 | €6,838,787 | €4,569,522 | -€2.3m | -33.2% |
| Fixed assets | 21/28 | €1,654 | €250 | -€1,404 | -84.9% |
| Tangible fixed assets | 22/27 | €1,654 | €250 | -€1,404 | -84.9% |
| Plant, machinery and equipment | 23 | €1,654 | €250 | -€1,404 | -84.9% |
| Current assets | 29/58 | €6,837,133 | €4,569,272 | -€2.3m | -33.2% |
| Stocks and contracts in progress | 3 | €6,739,856 | €4,274,536 | -€2.5m | -36.6% |
| Stocks | 30/36 | €6,739,856 | €4,274,536 | -€2.5m | -36.6% |
| Amounts receivable within one year | 40/41 | €42,533 | €127,516 | +€84,984 | +200% |
| Trade receivables | 40 | €5,365 | €122,316 | +€116,951 | +2,180% |
| Other amounts receivable | 41 | €37,168 | €5,201 | -€31,968 | -86.0% |
| Cash at bank and in hand | 54/58 | €16,500 | €130,307 | +€113,807 | +690% |
| Deferred charges and accrued income | 490/1 | €38,244 | €36,913 | -€1,331 | -3.5% |
| Total equity and liabilities | 10/49 | €6,838,787 | €4,569,522 | -€2.3m | -33.2% |
| Equity | 10/15 | €341,636 | -€260,082 | -€601,718 | |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,108,637 | €1,108,637 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €1,083,637 | €1,083,637 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,017,001 | -€1,618,719 | -€601,718 | -59.2% |
| Amounts payable | 17/49 | €6,497,151 | €4,829,604 | -€1.7m | -25.7% |
| Amounts payable after more than one year | 17 | €3,034,168 | €3,362,968 | +€328,800 | +10.8% |
| Financial debts | 170/4 | €3,034,168 | €3,362,968 | +€328,800 | +10.8% |
| Amounts payable within one year | 42/48 | €3,446,700 | €1,457,200 | -€2.0m | -57.7% |
| Financial debts | 43 | €2,707,500 | €1,257,799 | -€1.4m | -53.5% |
| Credit institutions | 430/8 | €2,707,500 | €1,257,799 | -€1.4m | -53.5% |
| Trade debts | 44 | €330,607 | €196,808 | -€133,799 | -40.5% |
| Suppliers | 440/4 | €330,607 | €196,808 | -€133,799 | -40.5% |
| Advances received on contracts in progress | 46 | €373,000 | €0 | -€373,000 | -100% |
| Taxes, remuneration and social security | 45 | €34,728 | €1,728 | -€33,000 | -95.0% |
| Taxes | 450/3 | €6,000 | €0 | -€6,000 | -100% |
| Remuneration and social security | 454/9 | €28,728 | €1,728 | -€27,000 | -94.0% |
| Other amounts payable | 47/48 | €866 | €866 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €16,283 | €9,436 | -€6,847 | -42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,404 | €1,404 | = | 0.0% |
| Other operating charges | 640/8 | €16,056 | €43,942 | +€27,886 | +174% |
| Gross operating margin | 9900 | -€146,825 | -€380,572 | -€233,746 | -159% |
| Operating profit (loss) | 9901 | -€164,285 | -€425,917 | -€261,633 | -159% |
| Financial income | 75/76B | €235 | €0 | -€235 | -100% |
| Recurring financial income | 75 | €235 | €0 | -€235 | -100% |
| Financial charges | 65/66B | €196,599 | €175,801 | -€20,798 | -10.6% |
| Recurring financial charges | 65 | €196,599 | €175,801 | -€20,798 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | -€360,649 | -€601,718 | -€241,069 | -66.8% |
| Profit (loss) for the period | 9904 | -€360,649 | -€601,718 | -€241,069 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€360,649 | -€601,718 | -€241,069 | -66.8% |
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 30 October 2026 via checked.be.