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
- Tangible fixed assets -€62,303
down €62,303 (-18.3%), from €340,113 to €277,810
of which Furniture and vehicles: -€33,292
- Cash -€15,050
down €15,050 (-79.5%), from €18,921 to €3,871
mainly Other debts (-€51,175) and Net result for the year (-€25,101)
- Receivables within one year -€11,798
down €11,798 (-15.3%), from €77,246 to €65,448
of which Trade receivables: -€18,078
- Other debts -€51,175
down €51,175 (-38.0%), from €134,816 to €83,642
- Profit (loss) carried forward -€25,101
down €25,101 (-19.7%), from -€127,297 to -€152,398
- Debts after one year -€18,550
down €18,550 (-21.7%), from €85,521 to €66,970
- Trade debts +€18,300
up €18,300 (+18.8%), from €97,578 to €115,878
- Tax, wage and social debts -€10,990
down €10,990 (-99.2%), from €11,075 to €85
of which Taxes: -€9,790
- Gross operating margin +€52,117
up €52,117 (+665%), from €7,834 to €59,951
- Other operating charges +€8,396
up €8,396 (+208%), from €4,039 to €12,434
- Financial charges +€1,359
up €1,359 (+13.7%), from €9,917 to €11,276
- Financial income +€896
up €896 (+1,360%), from €66 to €962
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 | €468,165 | €372,826 | -€95,339 | -20.4% |
| Fixed assets | 21/28 | €340,890 | €278,587 | -€62,303 | -18.3% |
| Tangible fixed assets | 22/27 | €340,113 | €277,810 | -€62,303 | -18.3% |
| Land and buildings | 22 | €228,958 | €210,059 | -€18,899 | -8.3% |
| Plant, machinery and equipment | 23 | €26,747 | €16,635 | -€10,112 | -37.8% |
| Furniture and vehicles | 24 | €84,408 | €51,116 | -€33,292 | -39.4% |
| Financial fixed assets | 28 | €776 | €776 | = | 0.0% |
| Current assets | 29/58 | €127,275 | €94,239 | -€33,036 | -26.0% |
| Stocks and contracts in progress | 3 | €29,069 | €24,920 | -€4,149 | -14.3% |
| Stocks | 30/36 | €29,069 | €24,920 | -€4,149 | -14.3% |
| Amounts receivable within one year | 40/41 | €77,246 | €65,448 | -€11,798 | -15.3% |
| Trade receivables | 40 | €69,957 | €51,878 | -€18,078 | -25.8% |
| Other amounts receivable | 41 | €7,290 | €13,570 | +€6,280 | +86.2% |
| Cash at bank and in hand | 54/58 | €18,921 | €3,871 | -€15,050 | -79.5% |
| Deferred charges and accrued income | 490/1 | €2,039 | - | -€2,039 | |
| Total equity and liabilities | 10/49 | €468,165 | €372,826 | -€95,339 | -20.4% |
| Equity | 10/15 | €53,487 | €28,386 | -€25,101 | -46.9% |
| Contributions | 10/11 | €11,332 | €11,332 | = | 0.0% |
| Reserves | 13 | €169,452 | €169,452 | = | 0.0% |
| Distributable reserves | 133 | €169,452 | €169,452 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,297 | -€152,398 | -€25,101 | -19.7% |
| Amounts payable | 17/49 | €414,678 | €344,440 | -€70,238 | -16.9% |
| Amounts payable after more than one year | 17 | €85,521 | €66,970 | -€18,550 | -21.7% |
| Financial debts | 170/4 | €85,521 | €66,970 | -€18,550 | -21.7% |
| Amounts payable within one year | 42/48 | €328,724 | €277,439 | -€51,285 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €27,124 | €19,701 | -€7,423 | -27.4% |
| Financial debts | 43 | €58,131 | €58,133 | +€3 | 0.0% |
| Credit institutions | 430/8 | €58,131 | €58,133 | +€3 | 0.0% |
| Trade debts | 44 | €97,578 | €115,878 | +€18,300 | +18.8% |
| Suppliers | 440/4 | €97,578 | €115,878 | +€18,300 | +18.8% |
| Taxes, remuneration and social security | 45 | €11,075 | €85 | -€10,990 | -99.2% |
| Taxes | 450/3 | €9,875 | €85 | -€9,790 | -99.1% |
| Remuneration and social security | 454/9 | €1,200 | - | -€1,200 | |
| Other amounts payable | 47/48 | €134,816 | €83,642 | -€51,175 | -38.0% |
| Accrued charges and deferred income | 492/3 | €433 | €30 | -€403 | -93.0% |
| Non-recurring operating income | 76A | €10,602 | - | -€10,602 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,778 | €62,303 | +€525 | +0.9% |
| Other operating charges | 640/8 | €4,039 | €12,434 | +€8,396 | +208% |
| Gross operating margin | 9900 | €7,834 | €59,951 | +€52,117 | +665% |
| Operating profit (loss) | 9901 | -€57,983 | -€14,787 | +€43,196 | +74.5% |
| Financial income | 75/76B | €66 | €962 | +€896 | +1,360% |
| Recurring financial income | 75 | €66 | €962 | +€896 | +1,360% |
| Financial charges | 65/66B | €9,917 | €11,276 | +€1,359 | +13.7% |
| Recurring financial charges | 65 | €9,917 | €11,276 | +€1,359 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | -€67,834 | -€25,101 | +€42,733 | +63.0% |
| Profit (loss) for the period | 9904 | -€67,834 | -€25,101 | +€42,733 | +63.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€67,834 | -€25,101 | +€42,733 | +63.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.