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 -€77,156
down €77,156 (-57.5%), from €134,208 to €57,052
of which Other amounts receivable: -€56,899
- Cash +€72,493
up €72,493 (+1,781%), from €4,071 to €76,564
mainly Receivables within one year (+€77,156) and Depreciation (+€41,919)
- Tangible fixed assets -€18,794
down €18,794 (-5.4%), from €346,524 to €327,730
of which Land and buildings: -€18,786
- Stocks and contracts -€15,762
down €15,762 (-87.3%), from €18,056 to €2,294
- Debts after one year -€41,749
down €41,749 (-16.4%), from €254,375 to €212,626
- Trade debts -€25,727
down €25,727 (-39.3%), from €65,390 to €39,663
- Profit (loss) carried forward +€21,694
up €21,694 (+287%), from €7,566 to €29,259
- Tax, wage and social debts +€8,584
up €8,584 (+180%), from €4,774 to €13,358
of which Taxes: +€8,778
- Gross operating margin +€75,058
up €75,058 (+45.8%), from €163,953 to €239,010
- Staff costs +€42,903
up €42,903 (+46.4%), from €92,467 to €135,370
- Taxes +€13,742
up €13,742 (+14,222%), from €97 to €13,839
- Depreciation -€9,844
down €9,844 (-19.0%), from €51,763 to €41,919
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 | €503,563 | €464,809 | -€38,754 | -7.7% |
| Fixed assets | 21/28 | €347,229 | €328,435 | -€18,794 | -5.4% |
| Tangible fixed assets | 22/27 | €346,524 | €327,730 | -€18,794 | -5.4% |
| Land and buildings | 22 | €272,577 | €253,791 | -€18,786 | -6.9% |
| Plant, machinery and equipment | 23 | €27,473 | €24,788 | -€2,686 | -9.8% |
| Furniture and vehicles | 24 | €46,474 | €49,151 | +€2,677 | +5.8% |
| Financial fixed assets | 28 | €705 | €705 | = | 0.0% |
| Current assets | 29/58 | €156,335 | €136,375 | -€19,960 | -12.8% |
| Stocks and contracts in progress | 3 | €18,056 | €2,294 | -€15,762 | -87.3% |
| Stocks | 30/36 | €18,056 | €2,294 | -€15,762 | -87.3% |
| Amounts receivable within one year | 40/41 | €134,208 | €57,052 | -€77,156 | -57.5% |
| Trade receivables | 40 | €75,243 | €54,986 | -€20,257 | -26.9% |
| Other amounts receivable | 41 | €58,965 | €2,066 | -€56,899 | -96.5% |
| Cash at bank and in hand | 54/58 | €4,071 | €76,564 | +€72,493 | +1,781% |
| Deferred charges and accrued income | 490/1 | €0 | €465 | +€465 | |
| Total equity and liabilities | 10/49 | €503,563 | €464,809 | -€38,754 | -7.7% |
| Equity | 10/15 | €135,533 | €157,227 | +€21,694 | +16.0% |
| Contributions | 10/11 | €62,700 | €62,700 | = | 0.0% |
| Capital | 10 | €62,700 | €62,700 | = | 0.0% |
| Issued capital | 100 | €62,700 | €62,700 | = | 0.0% |
| Reserves | 13 | €65,267 | €65,267 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,300 | €13,300 | = | 0.0% |
| Legal reserve | 130 | €13,300 | €13,300 | = | 0.0% |
| Distributable reserves | 133 | €51,967 | €51,967 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,566 | €29,259 | +€21,694 | +287% |
| Amounts payable | 17/49 | €368,031 | €307,583 | -€60,448 | -16.4% |
| Amounts payable after more than one year | 17 | €254,375 | €212,626 | -€41,749 | -16.4% |
| Financial debts | 170/4 | €254,375 | €212,626 | -€41,749 | -16.4% |
| Amounts payable within one year | 42/48 | €113,656 | €94,770 | -€18,886 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €43,492 | €41,749 | -€1,743 | -4.0% |
| Trade debts | 44 | €65,390 | €39,663 | -€25,727 | -39.3% |
| Suppliers | 440/4 | €65,390 | €39,663 | -€25,727 | -39.3% |
| Taxes, remuneration and social security | 45 | €4,774 | €13,358 | +€8,584 | +180% |
| Taxes | 450/3 | €88 | €8,866 | +€8,778 | +10,018% |
| Remuneration and social security | 454/9 | €4,686 | €4,492 | -€195 | -4.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €187 | +€187 | |
| Non-recurring operating income | 76A | €16,558 | €248 | -€16,310 | -98.5% |
| Remuneration, social security and pensions | 62 | €92,467 | €135,370 | +€42,903 | +46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,763 | €41,919 | -€9,844 | -19.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €13,025 | €12,904 | -€121 | -0.9% |
| Gross operating margin | 9900 | €163,953 | €239,010 | +€75,058 | +45.8% |
| Operating profit (loss) | 9901 | €6,697 | €48,817 | +€42,120 | +629% |
| Financial income | 75/76B | €227 | €248 | +€20 | +8.8% |
| Recurring financial income | 75 | €227 | €248 | +€20 | +8.8% |
| Financial charges | 65/66B | €13,412 | €13,532 | +€120 | +0.9% |
| Recurring financial charges | 65 | €13,412 | €13,532 | +€120 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,487 | €35,533 | +€42,020 | |
| Income taxes | 67/77 | €97 | €13,839 | +€13,742 | +14,222% |
| Profit (loss) for the period | 9904 | -€6,584 | €21,694 | +€28,277 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,584 | €21,694 | +€28,277 |
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 1 November 2026 via checked.be.