MAES ADVIES: 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 ADVIES
Largest movements
- Financial fixed assets +€307,792
up €307,792 (+280%), from €110,012 to €417,804
- Receivables within one year -€75,994
down €75,994 (-34.4%), from €220,969 to €144,974
of which Other amounts receivable: -€76,730
- Tangible fixed assets -€10,251
down €10,251 (-12.8%), from €80,230 to €69,979
of which Land and buildings: -€6,566
- Debts after one year +€104,013
new in 2025: €104,013
- Other debts +€78,360
up €78,360 (+183%), from €42,750 to €121,110
- Current portion of long-term debt +€30,908
new in 2025: €30,908
- Tax, wage and social debts -€12,684
down €12,684 (-70.0%), from €18,109 to €5,426
- Trade debts +€11,986
up €11,986 (+626%), from €1,914 to €13,900
- Financial income +€17,529
up €17,529 (+772%), from €2,270 to €19,799
- Financial charges +€7,242
up €7,242 (+2,567%), from €282 to €7,524
- Taxes +€5,415
up €5,415 (+292%), from €1,854 to €7,269
- Gross operating margin +€3,170
up €3,170 (+23.5%), from €13,497 to €16,667
- Depreciation -€1,002
down €1,002 (-8.9%), from €11,254 to €10,251
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 | €415,575 | €637,489 | +€221,914 | +53.4% |
| Fixed assets | 21/28 | €190,242 | €487,783 | +€297,541 | +156% |
| Tangible fixed assets | 22/27 | €80,230 | €69,979 | -€10,251 | -12.8% |
| Land and buildings | 22 | €54,376 | €47,810 | -€6,566 | -12.1% |
| Plant, machinery and equipment | 23 | €1,945 | €305 | -€1,640 | -84.3% |
| Furniture and vehicles | 24 | €23,909 | €21,864 | -€2,045 | -8.6% |
| Financial fixed assets | 28 | €110,012 | €417,804 | +€307,792 | +280% |
| Current assets | 29/58 | €225,332 | €149,706 | -€75,626 | -33.6% |
| Amounts receivable within one year | 40/41 | €220,969 | €144,974 | -€75,994 | -34.4% |
| Trade receivables | 40 | €5,857 | €6,592 | +€735 | +12.6% |
| Other amounts receivable | 41 | €215,112 | €138,382 | -€76,730 | -35.7% |
| Cash at bank and in hand | 54/58 | €4,191 | €4,732 | +€541 | +12.9% |
| Deferred charges and accrued income | 490/1 | €173 | €0 | -€173 | -100% |
| Total equity and liabilities | 10/49 | €415,575 | €637,489 | +€221,914 | +53.4% |
| Equity | 10/15 | €352,801 | €362,132 | +€9,331 | +2.6% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Capital | 10 | €93,000 | €93,000 | = | 0.0% |
| Issued capital | 100 | €93,000 | €93,000 | = | 0.0% |
| Reserves | 13 | €259,801 | €269,132 | +€9,331 | +3.6% |
| Non-distributable reserves | 130/1 | €9,300 | €9,300 | = | 0.0% |
| Legal reserve | 130 | €9,300 | €9,300 | = | 0.0% |
| Distributable reserves | 133 | €250,501 | €259,832 | +€9,331 | +3.7% |
| Amounts payable | 17/49 | €62,773 | €275,357 | +€212,583 | +339% |
| Amounts payable after more than one year | 17 | - | €104,013 | +€104,013 | |
| Financial debts | 170/4 | - | €104,013 | +€104,013 | |
| Amounts payable within one year | 42/48 | €62,773 | €171,343 | +€108,570 | +173% |
| Current portion of amounts payable after more than one year | 42 | - | €30,908 | +€30,908 | |
| Trade debts | 44 | €1,914 | €13,900 | +€11,986 | +626% |
| Suppliers | 440/4 | €1,914 | €13,900 | +€11,986 | +626% |
| Taxes, remuneration and social security | 45 | €18,109 | €5,426 | -€12,684 | -70.0% |
| Taxes | 450/3 | €18,109 | €5,426 | -€12,684 | -70.0% |
| Other amounts payable | 47/48 | €42,750 | €121,110 | +€78,360 | +183% |
| Non-recurring operating income | 76A | €1,450 | €0 | -€1,450 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,254 | €10,251 | -€1,002 | -8.9% |
| Other operating charges | 640/8 | €2,260 | €2,091 | -€170 | -7.5% |
| Non-recurring operating charges | 66A | €75 | €0 | -€75 | -100% |
| Gross operating margin | 9900 | €13,497 | €16,667 | +€3,170 | +23.5% |
| Operating profit (loss) | 9901 | -€92 | €4,325 | +€4,416 | |
| Financial income | 75/76B | €2,270 | €19,799 | +€17,529 | +772% |
| Recurring financial income | 75 | €2,270 | €19,799 | +€17,529 | +772% |
| Financial charges | 65/66B | €282 | €7,524 | +€7,242 | +2,567% |
| Recurring financial charges | 65 | €282 | €7,524 | +€7,242 | +2,567% |
| Profit (loss) for the period before taxes | 9903 | €1,896 | €16,600 | +€14,704 | +775% |
| Income taxes | 67/77 | €1,854 | €7,269 | +€5,415 | +292% |
| Profit (loss) for the period | 9904 | €42 | €9,331 | +€9,289 | +22,080% |
| Profit (loss) for the period to be appropriated | 9905 | €42 | €9,331 | +€9,289 | +22,080% |
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 27 October 2026 via checked.be.