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
- Deferred charges and accrued income +€7,183
up €7,183 (+39.1%), from €18,379 to €25,562
- Tangible fixed assets +€6,075
up €6,075 (+8.8%), from €68,871 to €74,946
of which Furniture and vehicles: +€13,639
- Receivables within one year -€4,180
down €4,180 (-3.8%), from €109,124 to €104,944
of which Trade receivables: -€6,721
- Stocks and contracts +€3,905
up €3,905 (+78.6%), from €4,970 to €8,876
- Profit (loss) carried forward +€19,213
up €19,213 (+30.3%), from €63,362 to €82,574
- Trade debts +€18,528
up €18,528 (+51.6%), from €35,905 to €54,433
- Debts after one year -€17,219
down €17,219 (-62.0%), from €27,778 to €10,559
- Short-term financial debts -€10,476
down €10,476 (-82.8%), from €12,659 to €2,183
- Current portion of long-term debt +€2,500
up €2,500 (+15.8%), from €15,856 to €18,355
- Staff costs +€10,070
up €10,070 (+15.1%), from €66,857 to €76,926
- Taxes -€6,056
down €6,056 (-35.8%), from €16,907 to €10,851
- Financial charges +€5,116
up €5,116 (+127%), from €4,041 to €9,156
- Depreciation +€4,178
up €4,178 (+60.0%), from €6,962 to €11,141
- Other operating charges +€2,924
up €2,924 (+113%), from €2,582 to €5,506
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.
Derived cash bridge
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 | €206,620 | €220,072 | +€13,452 | +6.5% |
| Fixed assets | 21/28 | €68,871 | €74,946 | +€6,075 | +8.8% |
| Tangible fixed assets | 22/27 | €68,871 | €74,946 | +€6,075 | +8.8% |
| Plant, machinery and equipment | 23 | €6,616 | €4,055 | -€2,561 | -38.7% |
| Furniture and vehicles | 24 | €3,081 | €16,720 | +€13,639 | +443% |
| Other tangible fixed assets | 26 | €59,173 | €54,170 | -€5,003 | -8.5% |
| Current assets | 29/58 | €137,749 | €145,127 | +€7,378 | +5.4% |
| Stocks and contracts in progress | 3 | €4,970 | €8,876 | +€3,905 | +78.6% |
| Stocks | 30/36 | €4,970 | €8,876 | +€3,905 | +78.6% |
| Amounts receivable within one year | 40/41 | €109,124 | €104,944 | -€4,180 | -3.8% |
| Trade receivables | 40 | €11,193 | €4,472 | -€6,721 | -60.1% |
| Other amounts receivable | 41 | €97,932 | €100,473 | +€2,541 | +2.6% |
| Cash at bank and in hand | 54/58 | €5,275 | €5,745 | +€470 | +8.9% |
| Deferred charges and accrued income | 490/1 | €18,379 | €25,562 | +€7,183 | +39.1% |
| Total equity and liabilities | 10/49 | €206,620 | €220,072 | +€13,452 | +6.5% |
| Equity | 10/15 | €82,985 | €102,197 | +€19,213 | +23.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,031 | €1,031 | = | 0.0% |
| Distributable reserves | 133 | €1,031 | €1,031 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,362 | €82,574 | +€19,213 | +30.3% |
| Amounts payable | 17/49 | €123,636 | €117,875 | -€5,761 | -4.7% |
| Amounts payable after more than one year | 17 | €27,778 | €10,559 | -€17,219 | -62.0% |
| Financial debts | 170/4 | €27,778 | €10,559 | -€17,219 | -62.0% |
| Amounts payable within one year | 42/48 | €95,561 | €107,268 | +€11,707 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €15,856 | €18,355 | +€2,500 | +15.8% |
| Financial debts | 43 | €12,659 | €2,183 | -€10,476 | -82.8% |
| Credit institutions | 430/8 | €12,659 | €2,183 | -€10,476 | -82.8% |
| Trade debts | 44 | €35,905 | €54,433 | +€18,528 | +51.6% |
| Suppliers | 440/4 | €35,905 | €54,433 | +€18,528 | +51.6% |
| Taxes, remuneration and social security | 45 | €31,141 | €32,297 | +€1,156 | +3.7% |
| Taxes | 450/3 | €27,907 | €28,364 | +€456 | +1.6% |
| Remuneration and social security | 454/9 | €3,234 | €3,933 | +€699 | +21.6% |
| Accrued charges and deferred income | 492/3 | €296 | €48 | -€249 | -83.9% |
| Remuneration, social security and pensions | 62 | €66,857 | €76,926 | +€10,070 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,962 | €11,141 | +€4,178 | +60.0% |
| Other operating charges | 640/8 | €2,582 | €5,506 | +€2,924 | +113% |
| Gross operating margin | 9900 | €133,496 | €132,767 | -€730 | -0.5% |
| Operating profit (loss) | 9901 | €57,095 | €39,193 | -€17,902 | -31.4% |
| Financial income | 75/76B | €0 | €26 | +€26 | +8,059% |
| Recurring financial income | 75 | €0 | €26 | +€26 | +8,059% |
| Financial charges | 65/66B | €4,041 | €9,156 | +€5,116 | +127% |
| Recurring financial charges | 65 | €4,041 | €9,156 | +€5,116 | +127% |
| Profit (loss) for the period before taxes | 9903 | €53,055 | €30,063 | -€22,992 | -43.3% |
| Income taxes | 67/77 | €16,907 | €10,851 | -€6,056 | -35.8% |
| Profit (loss) for the period | 9904 | €36,148 | €19,213 | -€16,935 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,148 | €19,213 | -€16,935 | -46.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.