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
- Cash -€103,544
down €103,544 (-54.9%), from €188,497 to €84,953
mainly Current investments (-€96,669) and Receivables within one year (-€21,997)
- Current investments +€96,669
new in 2025: €96,669
- Receivables within one year +€21,997
up €21,997 (+161.5%), from €13,623 to €35,620
- Tangible fixed assets +€7,606
up €7,606 (+52.3%), from €14,549 to €22,155
of which Furniture and vehicles: +€7,752
- Reserves +€17,830
up €17,830 (+12.2%), from €146,430 to €164,260
of which Distributable reserves: +€17,830
- Tax, wage and social debts +€8,720
up €8,720 (+108.3%), from €8,048 to €16,767
of which Taxes: +€6,415
- Accrued charges and deferred income -€2,681
down €2,681 (-99.1%), from €2,706 to €25
- Gross operating margin -€3,956
down €3,956 (-10.9%), from €36,332 to €32,376
- Financial income +€3,259
up €3,259 (+942.3%), from €346 to €3,605
- Depreciation +€3,038
up €3,038 (+115.8%), from €2,624 to €5,662
- Taxes -€2,262
down €2,262 (-19.2%), from €11,799 to €9,537
- Financial charges +€1,877
up €1,877 (+993.9%), from €189 to €2,066
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.
Cash bridge derived
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 | €219,027 | €243,722 | +€24,695 | +11.3% |
| Fixed assets | 21/28 | €15,209 | €22,815 | +€7,606 | +50.0% |
| Tangible fixed assets | 22/27 | €14,549 | €22,155 | +€7,606 | +52.3% |
| Furniture and vehicles | 24 | €14,320 | €22,072 | +€7,752 | +54.1% |
| Other tangible fixed assets | 26 | €229 | €83 | -€146 | -63.9% |
| Financial fixed assets | 28 | €660 | €660 | = | 0.0% |
| Current assets | 29/58 | €203,818 | €220,907 | +€17,089 | +8.4% |
| Amounts receivable within one year | 40/41 | €13,623 | €35,620 | +€21,997 | +161.5% |
| Trade receivables | 40 | €13,623 | €35,620 | +€21,997 | +161.5% |
| Current investments | 50/53 | - | €96,669 | +€96,669 | |
| Cash at bank and in hand | 54/58 | €188,497 | €84,953 | -€103,544 | -54.9% |
| Deferred charges and accrued income | 490/1 | €1,698 | €3,665 | +€1,967 | +115.9% |
| Total equity and liabilities | 10/49 | €219,027 | €243,722 | +€24,695 | +11.3% |
| Equity | 10/15 | €206,300 | €224,130 | +€17,831 | +8.6% |
| Contributions | 10/11 | €88,100 | €88,100 | = | 0.0% |
| Reserves | 13 | €146,430 | €164,260 | +€17,830 | +12.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €146,430 | €164,260 | +€17,830 | +12.2% |
| Profit (loss) carried forward | 14 | -€28,230 | -€28,230 | +€1 | 0.0% |
| Amounts payable | 17/49 | €12,727 | €19,591 | +€6,864 | +53.9% |
| Amounts payable within one year | 42/48 | €10,021 | €19,566 | +€9,545 | +95.2% |
| Trade debts | 44 | €1,973 | €2,799 | +€825 | +41.8% |
| Suppliers | 440/4 | €1,973 | €2,799 | +€825 | +41.8% |
| Taxes, remuneration and social security | 45 | €8,048 | €16,767 | +€8,720 | +108.3% |
| Taxes | 450/3 | €5,497 | €11,912 | +€6,415 | +116.7% |
| Remuneration and social security | 454/9 | €2,551 | €4,856 | +€2,305 | +90.4% |
| Accrued charges and deferred income | 492/3 | €2,706 | €25 | -€2,681 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,624 | €5,662 | +€3,038 | +115.8% |
| Other operating charges | 640/8 | €853 | €885 | +€33 | +3.8% |
| Gross operating margin | 9900 | €36,332 | €32,376 | -€3,956 | -10.9% |
| Operating profit (loss) | 9901 | €32,856 | €25,829 | -€7,026 | -21.4% |
| Financial income | 75/76B | €346 | €3,605 | +€3,259 | +942.3% |
| Recurring financial income | 75 | €346 | €3,605 | +€3,259 | +942.3% |
| Financial charges | 65/66B | €189 | €2,066 | +€1,877 | +993.9% |
| Recurring financial charges | 65 | €189 | €2,066 | +€1,877 | +993.9% |
| Profit (loss) for the period before taxes | 9903 | €33,013 | €27,368 | -€5,645 | -17.1% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €11,799 | €9,537 | -€2,262 | -19.2% |
| Profit (loss) for the period | 9904 | €21,214 | €17,831 | -€3,383 | -15.9% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €21,214 | €17,831 | -€3,383 | -15.9% |
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 12 October 2026 via checked.be.