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 -€67,946
down €67,946 (-22.0%), from €308,852 to €240,907
of which Trade receivables: -€121,407
- Tangible fixed assets -€18,343
down €18,343 (-20.4%), from €89,852 to €71,509
of which Furniture and vehicles: -€15,304
- Cash -€8,447
down €8,447 (-43.1%), from €19,614 to €11,167
mainly Net result for the year (-€193,890) and Provisions (-€26,729)
- Profit (loss) carried forward -€139,683
new in 2025: -€139,683
- Other debts +€75,640
up €75,640 (+247%), from €30,590 to €106,230
- Reserves -€54,207
down €54,207 (-100%), from €54,207 to €0
- Trade debts +€38,802
up €38,802 (+24.3%), from €159,390 to €198,192
- Provisions -€26,729
down €26,729 (-21.7%), from €122,949 to €96,220
- Gross operating margin -€44,053
down €44,053 (-64.6%), from -€68,151 to -€112,204
- Provisions +€12,806
no longer reported in 2025 (was -€12,806)
- Staff costs +€7,664
up €7,664 (+17.8%), from €43,153 to €50,817
- Financial charges +€4,435
up €4,435 (+770%), from €576 to €5,011
- Depreciation -€2,312
down €2,312 (-11.0%), from €21,037 to €18,725
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 | €493,432 | €399,954 | -€93,478 | -18.9% |
| Fixed assets | 21/28 | €89,852 | €71,509 | -€18,343 | -20.4% |
| Tangible fixed assets | 22/27 | €89,852 | €71,509 | -€18,343 | -20.4% |
| Land and buildings | 22 | €44,360 | €40,951 | -€3,409 | -7.7% |
| Plant, machinery and equipment | 23 | €24 | €394 | +€370 | +1,527% |
| Furniture and vehicles | 24 | €45,468 | €30,164 | -€15,304 | -33.7% |
| Current assets | 29/58 | €403,580 | €328,445 | -€75,135 | -18.6% |
| Stocks and contracts in progress | 3 | €74,077 | €74,077 | = | 0.0% |
| Stocks | 30/36 | €74,077 | €74,077 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €308,852 | €240,907 | -€67,946 | -22.0% |
| Trade receivables | 40 | €151,808 | €30,401 | -€121,407 | -80.0% |
| Other amounts receivable | 41 | €157,045 | €210,506 | +€53,461 | +34.0% |
| Cash at bank and in hand | 54/58 | €19,614 | €11,167 | -€8,447 | -43.1% |
| Deferred charges and accrued income | 490/1 | €1,038 | €2,296 | +€1,258 | +121% |
| Total equity and liabilities | 10/49 | €493,432 | €399,954 | -€93,478 | -18.9% |
| Equity | 10/15 | €175,207 | -€18,683 | -€193,890 | |
| Contributions | 10/11 | €121,000 | €121,000 | = | 0.0% |
| Reserves | 13 | €54,207 | €0 | -€54,207 | -100% |
| Distributable reserves | 133 | €54,207 | €0 | -€54,207 | -100% |
| Profit (loss) carried forward | 14 | - | -€139,683 | -€139,683 | |
| Provisions and deferred taxes | 16 | €122,949 | €96,220 | -€26,729 | -21.7% |
| Provisions for liabilities and charges | 160/5 | €122,949 | €96,220 | -€26,729 | -21.7% |
| Other liabilities and charges | 164/5 | €122,949 | €96,220 | -€26,729 | -21.7% |
| Amounts payable | 17/49 | €195,276 | €322,417 | +€127,141 | +65.1% |
| Amounts payable within one year | 42/48 | €195,276 | €320,612 | +€125,336 | +64.2% |
| Current portion of amounts payable after more than one year | 42 | - | €33 | +€33 | |
| Trade debts | 44 | €159,390 | €198,192 | +€38,802 | +24.3% |
| Suppliers | 440/4 | €159,390 | €198,192 | +€38,802 | +24.3% |
| Taxes, remuneration and social security | 45 | €5,296 | €16,157 | +€10,862 | +205% |
| Taxes | 450/3 | €267 | €9,599 | +€9,331 | +3,490% |
| Remuneration and social security | 454/9 | €5,028 | €6,559 | +€1,530 | +30.4% |
| Other amounts payable | 47/48 | €30,590 | €106,230 | +€75,640 | +247% |
| Accrued charges and deferred income | 492/3 | - | €1,805 | +€1,805 | |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100% |
| Remuneration, social security and pensions | 62 | €43,153 | €50,817 | +€7,664 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,037 | €18,725 | -€2,312 | -11.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€12,806 | - | +€12,806 | |
| Other operating charges | 640/8 | €7,526 | €6,918 | -€608 | -8.1% |
| Gross operating margin | 9900 | -€68,151 | -€112,204 | -€44,053 | -64.6% |
| Operating profit (loss) | 9901 | -€127,061 | -€188,664 | -€61,603 | -48.5% |
| Financial income | 75/76B | €83 | €32 | -€51 | -61.3% |
| Recurring financial income | 75 | €83 | €32 | -€51 | -61.3% |
| Financial charges | 65/66B | €576 | €5,011 | +€4,435 | +770% |
| Recurring financial charges | 65 | €576 | €5,011 | +€4,435 | +770% |
| Profit (loss) for the period before taxes | 9903 | -€127,554 | -€193,642 | -€66,089 | -51.8% |
| Income taxes | 67/77 | €242 | €248 | +€6 | +2.4% |
| Profit (loss) for the period | 9904 | -€127,796 | -€193,890 | -€66,094 | -51.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€127,796 | -€193,890 | -€66,094 | -51.7% |
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 20 October 2026 via checked.be.