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 after one year -€41,355
down €41,355 (-55.1%), from €75,000 to €33,645
- Cash +€37,309
up €37,309 (+1194.3%), from €3,124 to €40,433
mainly Receivables after one year (+€41,355) and Stocks and contracts (+€772)
- Reserves -€3,656
down €3,656 (-7.4%), from €49,584 to €45,928
of which Distributable reserves: -€3,656
- Gross operating margin +€2,339
up €2,339 (+32.1%), from -€7,286 to -€4,947
- Financial income +€948
up €948 (+104.0%), from €912 to €1,860
- Other operating charges -€212
down €212 (-29.2%), from €727 to €515
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 | €84,119 | €79,060 | -€5,059 | -6.0% |
| Fixed assets | 21/28 | €425 | €0 | -€425 | -100.0% |
| Financial fixed assets | 28 | €425 | €0 | -€425 | -100.0% |
| Current assets | 29/58 | €83,694 | €79,060 | -€4,634 | -5.5% |
| Amounts receivable after more than one year | 29 | €75,000 | €33,645 | -€41,355 | -55.1% |
| Other amounts receivable | 291 | €75,000 | €33,645 | -€41,355 | -55.1% |
| Stocks and contracts in progress | 3 | €772 | €0 | -€772 | -100.0% |
| Stocks | 30/36 | €772 | €0 | -€772 | -100.0% |
| Amounts receivable within one year | 40/41 | €4,671 | €4,852 | +€181 | +3.9% |
| Trade receivables | 40 | €4,671 | €4,671 | = | 0.0% |
| Other amounts receivable | 41 | - | €181 | +€181 | |
| Cash at bank and in hand | 54/58 | €3,124 | €40,433 | +€37,309 | +1194.3% |
| Deferred charges and accrued income | 490/1 | €127 | €131 | +€4 | +2.8% |
| Total equity and liabilities | 10/49 | €84,119 | €79,060 | -€5,059 | -6.0% |
| Equity | 10/15 | €82,705 | €79,049 | -€3,656 | -4.4% |
| Contributions | 10/11 | €33,121 | €33,121 | = | 0.0% |
| Reserves | 13 | €49,584 | €45,928 | -€3,656 | -7.4% |
| Non-distributable reserves | 130/1 | €3,312 | €3,312 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,312 | €3,312 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,094 | €1,094 | = | 0.0% |
| Distributable reserves | 133 | €45,177 | €41,521 | -€3,656 | -8.1% |
| Amounts payable | 17/49 | €1,414 | €11 | -€1,403 | -99.2% |
| Amounts payable within one year | 42/48 | €1,414 | €11 | -€1,403 | -99.2% |
| Trade debts | 44 | - | €11 | +€11 | |
| Suppliers | 440/4 | - | €11 | +€11 | |
| Taxes, remuneration and social security | 45 | €614 | €0 | -€614 | -100.0% |
| Taxes | 450/3 | €614 | €0 | -€614 | -100.0% |
| Other amounts payable | 47/48 | €800 | €0 | -€800 | -100.0% |
| Other operating charges | 640/8 | €727 | €515 | -€212 | -29.2% |
| Non-recurring operating charges | 66A | €8,465 | €0 | -€8,465 | -100.0% |
| Gross operating margin | 9900 | -€7,286 | -€4,947 | +€2,339 | +32.1% |
| Operating profit (loss) | 9901 | -€16,477 | -€5,462 | +€11,016 | +66.9% |
| Financial income | 75/76B | €912 | €1,860 | +€948 | +104.0% |
| Recurring financial income | 75 | €912 | €1,860 | +€948 | +104.0% |
| Financial charges | 65/66B | €40 | €54 | +€14 | +35.3% |
| Recurring financial charges | 65 | €40 | €54 | +€14 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | -€15,605 | -€3,656 | +€11,950 | +76.6% |
| Profit (loss) for the period | 9904 | -€15,605 | -€3,656 | +€11,950 | +76.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,605 | -€3,656 | +€11,950 | +76.6% |
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 9 October 2026 via checked.be.