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
- Receivables within one year -€161,695
down €161,695 (-46.6%), from €347,282 to €185,587
of which Trade receivables: -€142,442
- Cash +€57,983
up €57,983 (+109%), from €53,121 to €111,105
mainly Receivables within one year (+€161,695) and Depreciation (+€71,156)
- Trade debts -€89,881
down €89,881 (-70.5%), from €127,448 to €37,566
- Debts after one year -€44,642
down €44,642 (-37.3%), from €119,565 to €74,922
- Reserves +€38,398
up €38,398 (+6.2%), from €616,228 to €654,626
of which Distributable reserves: +€38,398
- Other debts -€18,311
down €18,311 (-8.8%), from €207,488 to €189,178
- Gross operating margin +€54,426
up €54,426 (+43.3%), from €125,770 to €180,196
- Depreciation +€9,665
up €9,665 (+15.7%), from €61,491 to €71,156
- Taxes +€6,960
up €6,960 (+92.2%), from €7,546 to €14,506
- Financial charges -€3,152
down €3,152 (-17.4%), from €18,129 to €14,977
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 | €1,232,878 | €1,121,972 | -€110,906 | -9.0% |
| Fixed assets | 21/28 | €379,753 | €372,937 | -€6,816 | -1.8% |
| Tangible fixed assets | 22/27 | €379,483 | €372,667 | -€6,816 | -1.8% |
| Land and buildings | 22 | €282,616 | €250,264 | -€32,352 | -11.4% |
| Plant, machinery and equipment | 23 | €2,250 | €830 | -€1,421 | -63.1% |
| Furniture and vehicles | 24 | €94,617 | €121,573 | +€26,957 | +28.5% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €853,125 | €749,034 | -€104,090 | -12.2% |
| Stocks and contracts in progress | 3 | €444,700 | €447,422 | +€2,721 | +0.6% |
| Stocks | 30/36 | €444,700 | €447,422 | +€2,721 | +0.6% |
| Amounts receivable within one year | 40/41 | €347,282 | €185,587 | -€161,695 | -46.6% |
| Trade receivables | 40 | €293,176 | €150,734 | -€142,442 | -48.6% |
| Other amounts receivable | 41 | €54,106 | €34,853 | -€19,253 | -35.6% |
| Cash at bank and in hand | 54/58 | €53,121 | €111,105 | +€57,983 | +109% |
| Deferred charges and accrued income | 490/1 | €8,022 | €4,921 | -€3,100 | -38.7% |
| Total equity and liabilities | 10/49 | €1,232,878 | €1,121,972 | -€110,906 | -9.0% |
| Equity | 10/15 | €687,141 | €725,539 | +€38,398 | +5.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €8,913 | €8,913 | = | 0.0% |
| Reserves | 13 | €616,228 | €654,626 | +€38,398 | +6.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,149 | €13,149 | = | 0.0% |
| Distributable reserves | 133 | €596,878 | €635,277 | +€38,398 | +6.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €545,737 | €396,433 | -€149,305 | -27.4% |
| Amounts payable after more than one year | 17 | €119,565 | €74,922 | -€44,642 | -37.3% |
| Financial debts | 170/4 | €119,565 | €74,922 | -€44,642 | -37.3% |
| Amounts payable within one year | 42/48 | €404,197 | €302,497 | -€101,700 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €69,261 | €75,753 | +€6,492 | +9.4% |
| Trade debts | 44 | €127,448 | €37,566 | -€89,881 | -70.5% |
| Suppliers | 440/4 | €127,448 | €37,566 | -€89,881 | -70.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €207,488 | €189,178 | -€18,311 | -8.8% |
| Accrued charges and deferred income | 492/3 | €21,975 | €19,013 | -€2,962 | -13.5% |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,491 | €71,156 | +€9,665 | +15.7% |
| Other operating charges | 640/8 | €11,955 | €11,167 | -€788 | -6.6% |
| Non-recurring operating charges | 66A | €4,748 | €0 | -€4,748 | -100% |
| Gross operating margin | 9900 | €125,770 | €180,196 | +€54,426 | +43.3% |
| Operating profit (loss) | 9901 | €47,576 | €97,873 | +€50,296 | +106% |
| Financial income | 75/76B | €206 | €8 | -€198 | -96.1% |
| Recurring financial income | 75 | €206 | €8 | -€198 | -96.1% |
| Financial charges | 65/66B | €18,129 | €14,977 | -€3,152 | -17.4% |
| Recurring financial charges | 65 | €18,129 | €14,977 | -€3,152 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €29,654 | €82,904 | +€53,250 | +180% |
| Income taxes | 67/77 | €7,546 | €14,506 | +€6,960 | +92.2% |
| Profit (loss) for the period | 9904 | €22,108 | €68,398 | +€46,290 | +209% |
| Profit (loss) for the period to be appropriated | 9905 | €22,108 | €68,398 | +€46,290 | +209% |
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 20 October 2026 via checked.be.