MAES: what changed
Two fiscal 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 +€621,458
up €621,458 (+18.4%), from €3.4m to €4.0m
of which Trade receivables: +€577,965
- Receivables after one year +€179,677
up €179,677, from €0 to €179,677
of which Trade receivables: +€179,677
- Cash +€75,602
up €75,602 (+20.3%), from €373,194 to €448,796
mainly Net result for the year (+€626,546) and Other debts (+€600,007)
- Other debts +€600,007
up €600,007 (+296.6%), from €202,329 to €802,337
- Accrued charges and deferred income +€160,986
up €160,986 (+116.1%), from €138,694 to €299,680
- Tax, wage and social debts +€117,039
up €117,039 (+55.4%), from €211,251 to €328,290
of which Taxes: +€85,057
- Taxes -€171,189
down €171,189 (-79.8%), from €214,491 to €43,302
- Gross operating margin -€122,294
down €122,294 (-9.0%), from €1.4m to €1.2m
- Write-downs +€39,610
new in 2024: €39,610
- Staff costs -€24,287
down €24,287 (-4.9%), from €492,017 to €467,730
- Financial charges +€24,011
up €24,011 (+196.5%), from €12,222 to €36,233
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,915,283 | €4,794,392 | +€879,109 | +22.5% |
| Fixed assets | 21/28 | €20,254 | €18,946 | -€1,307 | -6.5% |
| Tangible fixed assets | 22/27 | €11,738 | €9,430 | -€2,307 | -19.7% |
| Plant, machinery and equipment | 23 | €7,505 | €6,032 | -€1,473 | -19.6% |
| Furniture and vehicles | 24 | €4,233 | €3,399 | -€834 | -19.7% |
| Financial fixed assets | 28 | €8,516 | €9,516 | +€1,000 | +11.7% |
| Current assets | 29/58 | €3,895,030 | €4,775,446 | +€880,416 | +22.6% |
| Amounts receivable after more than one year | 29 | €0 | €179,677 | +€179,677 | |
| Trade receivables | 290 | - | €179,677 | +€179,677 | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €132,100 | €132,100 | = | 0.0% |
| Stocks | 30/36 | €132,100 | €132,100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,382,964 | €4,004,423 | +€621,458 | +18.4% |
| Trade receivables | 40 | €3,225,209 | €3,803,175 | +€577,965 | +17.9% |
| Other amounts receivable | 41 | €157,755 | €201,248 | +€43,493 | +27.6% |
| Cash at bank and in hand | 54/58 | €373,194 | €448,796 | +€75,602 | +20.3% |
| Deferred charges and accrued income | 490/1 | €6,771 | €10,450 | +€3,679 | +54.3% |
| Total equity and liabilities | 10/49 | €3,915,283 | €4,794,392 | +€879,109 | +22.5% |
| Equity | 10/15 | €1,855,443 | €1,881,990 | +€26,546 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,836,843 | €1,863,390 | +€26,546 | +1.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,836,843 | €1,863,390 | +€26,546 | +1.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,059,840 | €2,912,402 | +€852,562 | +41.4% |
| Amounts payable within one year | 42/48 | €1,921,146 | €2,612,722 | +€691,577 | +36.0% |
| Trade debts | 44 | €1,507,566 | €1,482,096 | -€25,470 | -1.7% |
| Suppliers | 440/4 | €1,507,566 | €1,482,096 | -€25,470 | -1.7% |
| Taxes, remuneration and social security | 45 | €211,251 | €328,290 | +€117,039 | +55.4% |
| Taxes | 450/3 | €163,532 | €248,589 | +€85,057 | +52.0% |
| Remuneration and social security | 454/9 | €47,718 | €79,701 | +€31,983 | +67.0% |
| Other amounts payable | 47/48 | €202,329 | €802,337 | +€600,007 | +296.6% |
| Accrued charges and deferred income | 492/3 | €138,694 | €299,680 | +€160,986 | +116.1% |
| Non-recurring operating income | 76A | €2,800 | €0 | -€2,800 | -100.0% |
| Remuneration, social security and pensions | 62 | €492,017 | €467,730 | -€24,287 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,300 | €2,307 | -€5,993 | -72.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €39,610 | +€39,610 | |
| Other operating charges | 640/8 | €21,799 | €5,061 | -€16,738 | -76.8% |
| Non-recurring operating charges | 66A | €0 | €31,000 | +€31,000 | |
| Gross operating margin | 9900 | €1,366,353 | €1,244,059 | -€122,294 | -9.0% |
| Operating profit (loss) | 9901 | €844,237 | €698,351 | -€145,886 | -17.3% |
| Financial income | 75/76B | €12,789 | €7,731 | -€5,058 | -39.6% |
| Recurring financial income | 75 | €12,789 | €7,731 | -€5,058 | -39.6% |
| Financial charges | 65/66B | €12,222 | €36,233 | +€24,011 | +196.5% |
| Recurring financial charges | 65 | €12,222 | €36,233 | +€24,011 | +196.5% |
| Profit (loss) for the period before taxes | 9903 | €844,804 | €669,849 | -€174,956 | -20.7% |
| Income taxes | 67/77 | €214,491 | €43,302 | -€171,189 | -79.8% |
| Profit (loss) for the period | 9904 | €630,313 | €626,546 | -€3,767 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €630,313 | €626,546 | -€3,767 | -0.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.