MAES: 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.
MAES
Largest movements
- Current investments +€290,000
up €290,000 (+138%), from €210,000 to €500,000
- Receivables within one year -€264,901
down €264,901 (-37.5%), from €705,799 to €440,898
of which Trade receivables: -€275,010
- Cash +€29,392
up €29,392 (+83.8%), from €35,071 to €64,463
mainly Receivables within one year (+€264,901) and Trade debts (+€81,930)
- Trade debts +€81,930
up €81,930 (+381%), from €21,518 to €103,448
- Other debts -€23,805
down €23,805 (-13.3%), from €178,907 to €155,103
- Gross operating margin -€85,561
down €85,561 (-60.8%), from €140,835 to €55,274
- Taxes -€28,150
down €28,150 (-98.1%), from €28,687 to €537
- Depreciation +€10,666
up €10,666 (+34.5%), from €30,945 to €41,611
- Financial charges -€6,321
down €6,321 (-47.4%), from €13,334 to €7,013
- Financial income -€1,590
down €1,590 (-26.3%), from €6,056 to €4,466
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 | €1,290,338 | €1,340,628 | +€50,291 | +3.9% |
| Fixed assets | 21/28 | €335,977 | €332,721 | -€3,256 | -1.0% |
| Tangible fixed assets | 22/27 | €335,977 | €332,721 | -€3,256 | -1.0% |
| Land and buildings | 22 | €227,784 | €222,929 | -€4,854 | -2.1% |
| Plant, machinery and equipment | 23 | €9,826 | €11,041 | +€1,216 | +12.4% |
| Furniture and vehicles | 24 | €98,368 | €98,751 | +€383 | +0.4% |
| Current assets | 29/58 | €954,361 | €1,007,907 | +€53,546 | +5.6% |
| Amounts receivable within one year | 40/41 | €705,799 | €440,898 | -€264,901 | -37.5% |
| Trade receivables | 40 | €698,858 | €423,848 | -€275,010 | -39.4% |
| Other amounts receivable | 41 | €6,941 | €17,051 | +€10,109 | +146% |
| Current investments | 50/53 | €210,000 | €500,000 | +€290,000 | +138% |
| Cash at bank and in hand | 54/58 | €35,071 | €64,463 | +€29,392 | +83.8% |
| Deferred charges and accrued income | 490/1 | €3,491 | €2,546 | -€945 | -27.1% |
| Total equity and liabilities | 10/49 | €1,290,338 | €1,340,628 | +€50,291 | +3.9% |
| Equity | 10/15 | €1,064,075 | €1,064,251 | +€176 | 0.0% |
| Contributions | 10/11 | €413,426 | €413,426 | = | 0.0% |
| Capital | 10 | €413,426 | €413,426 | = | 0.0% |
| Issued capital | 100 | €413,426 | €413,426 | = | 0.0% |
| Reserves | 13 | €650,650 | €650,826 | +€176 | 0.0% |
| Non-distributable reserves | 130/1 | €29,060 | €29,060 | = | 0.0% |
| Legal reserve | 130 | €29,060 | €29,060 | = | 0.0% |
| Distributable reserves | 133 | €621,590 | €621,766 | +€176 | 0.0% |
| Amounts payable | 17/49 | €226,262 | €276,377 | +€50,115 | +22.1% |
| Amounts payable within one year | 42/48 | €213,325 | €269,580 | +€56,255 | +26.4% |
| Trade debts | 44 | €21,518 | €103,448 | +€81,930 | +381% |
| Suppliers | 440/4 | €21,518 | €103,448 | +€81,930 | +381% |
| Taxes, remuneration and social security | 45 | €12,899 | €11,029 | -€1,870 | -14.5% |
| Taxes | 450/3 | €12,899 | €11,029 | -€1,870 | -14.5% |
| Other amounts payable | 47/48 | €178,907 | €155,103 | -€23,805 | -13.3% |
| Accrued charges and deferred income | 492/3 | €12,938 | €6,797 | -€6,141 | -47.5% |
| Non-recurring operating income | 76A | €19,000 | - | -€19,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,945 | €41,611 | +€10,666 | +34.5% |
| Other operating charges | 640/8 | €10,282 | €10,403 | +€121 | +1.2% |
| Gross operating margin | 9900 | €140,835 | €55,274 | -€85,561 | -60.8% |
| Operating profit (loss) | 9901 | €99,608 | €3,260 | -€96,348 | -96.7% |
| Financial income | 75/76B | €6,056 | €4,466 | -€1,590 | -26.3% |
| Recurring financial income | 75 | €6,056 | €4,466 | -€1,590 | -26.3% |
| Financial charges | 65/66B | €13,334 | €7,013 | -€6,321 | -47.4% |
| Recurring financial charges | 65 | €13,334 | €7,013 | -€6,321 | -47.4% |
| Profit (loss) for the period before taxes | 9903 | €92,331 | €713 | -€91,618 | -99.2% |
| Transfer from deferred taxes | 780 | €392 | - | -€392 | |
| Income taxes | 67/77 | €28,687 | €537 | -€28,150 | -98.1% |
| Profit (loss) for the period | 9904 | €64,035 | €176 | -€63,859 | -99.7% |
| Transfer from tax-exempt reserves | 789 | €1,224 | - | -€1,224 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,259 | €176 | -€65,083 | -99.7% |
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 18 October 2026 via checked.be.