MAES AIRCO: 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 AIRCO
Largest movements
- Stocks and contracts +€44,767
up €44,767 (+278%), from €16,124 to €60,891
- Receivables within one year +€21,618
up €21,618 (+46.1%), from €46,884 to €68,502
of which Trade receivables: +€31,954
- Tangible fixed assets +€17,890
up €17,890 (+4.7%), from €378,050 to €395,940
of which Land and buildings: +€19,629
- Cash -€11,604
down €11,604 (-10.5%), from €110,787 to €99,183
mainly Investment in fixed assets (net) (-€46,407) and Stocks and contracts (-€44,767)
- Deferred charges and accrued income +€8,251
up €8,251 (+151%), from €5,446 to €13,697
- Advances received +€53,980
new in 2025: €53,980
- Current portion of long-term debt +€8,440
up €8,440 (+63.8%), from €13,231 to €21,671
- Reserves +€8,430
up €8,430 (+10.2%), from €83,030 to €91,460
of which Distributable reserves: +€8,430
- Gross operating margin -€33,149
down €33,149 (-11.4%), from €289,741 to €256,592
- Staff costs +€26,467
up €26,467 (+15.0%), from €176,342 to €202,809
- Taxes -€13,155
down €13,155 (-89.4%), from €14,718 to €1,563
- Depreciation -€10,989
down €10,989 (-27.8%), from €39,505 to €28,517
- Financial charges +€4,223
up €4,223 (+38.8%), from €10,877 to €15,101
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 | €557,360 | €638,283 | +€80,923 | +14.5% |
| Fixed assets | 21/28 | €378,119 | €396,009 | +€17,890 | +4.7% |
| Tangible fixed assets | 22/27 | €378,050 | €395,940 | +€17,890 | +4.7% |
| Land and buildings | 22 | €357,735 | €377,364 | +€19,629 | +5.5% |
| Plant, machinery and equipment | 23 | €5,587 | €6,586 | +€999 | +17.9% |
| Furniture and vehicles | 24 | €14,728 | €11,989 | -€2,739 | -18.6% |
| Financial fixed assets | 28 | €69 | €69 | = | 0.0% |
| Current assets | 29/58 | €179,241 | €242,274 | +€63,033 | +35.2% |
| Stocks and contracts in progress | 3 | €16,124 | €60,891 | +€44,767 | +278% |
| Stocks | 30/36 | €16,124 | €60,891 | +€44,767 | +278% |
| Amounts receivable within one year | 40/41 | €46,884 | €68,502 | +€21,618 | +46.1% |
| Trade receivables | 40 | €31,290 | €63,243 | +€31,954 | +102% |
| Other amounts receivable | 41 | €15,594 | €5,259 | -€10,336 | -66.3% |
| Cash at bank and in hand | 54/58 | €110,787 | €99,183 | -€11,604 | -10.5% |
| Deferred charges and accrued income | 490/1 | €5,446 | €13,697 | +€8,251 | +151% |
| Total equity and liabilities | 10/49 | €557,360 | €638,283 | +€80,923 | +14.5% |
| Equity | 10/15 | €161,343 | €169,776 | +€8,433 | +5.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €83,030 | €91,460 | +€8,430 | +10.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €81,170 | €89,600 | +€8,430 | +10.4% |
| Profit (loss) carried forward | 14 | €72,113 | €72,116 | +€3 | 0.0% |
| Amounts payable | 17/49 | €396,018 | €468,507 | +€72,489 | +18.3% |
| Amounts payable after more than one year | 17 | €334,244 | €339,584 | +€5,340 | +1.6% |
| Financial debts | 170/4 | €334,244 | €339,584 | +€5,340 | +1.6% |
| Amounts payable within one year | 42/48 | €61,773 | €128,923 | +€67,150 | +109% |
| Current portion of amounts payable after more than one year | 42 | €13,231 | €21,671 | +€8,440 | +63.8% |
| Trade debts | 44 | €2,751 | €3,554 | +€803 | +29.2% |
| Suppliers | 440/4 | €2,751 | €3,554 | +€803 | +29.2% |
| Advances received on contracts in progress | 46 | - | €53,980 | +€53,980 | |
| Taxes, remuneration and social security | 45 | €16,914 | €18,020 | +€1,106 | +6.5% |
| Taxes | 450/3 | €1,120 | - | -€1,120 | |
| Remuneration and social security | 454/9 | €15,794 | €18,020 | +€2,226 | +14.1% |
| Other amounts payable | 47/48 | €28,878 | €31,698 | +€2,820 | +9.8% |
| Remuneration, social security and pensions | 62 | €176,342 | €202,809 | +€26,467 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,505 | €28,517 | -€10,989 | -27.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,714 | - | +€3,714 | |
| Other operating charges | 640/8 | €8,522 | €4,740 | -€3,782 | -44.4% |
| Gross operating margin | 9900 | €289,741 | €256,592 | -€33,149 | -11.4% |
| Operating profit (loss) | 9901 | €69,086 | €20,526 | -€48,560 | -70.3% |
| Financial income | 75/76B | €4,908 | €7,571 | +€2,663 | +54.2% |
| Recurring financial income | 75 | €4,908 | €7,571 | +€2,663 | +54.2% |
| Financial charges | 65/66B | €10,877 | €15,101 | +€4,223 | +38.8% |
| Recurring financial charges | 65 | €10,877 | €15,101 | +€4,223 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | €63,117 | €12,996 | -€50,120 | -79.4% |
| Income taxes | 67/77 | €14,718 | €1,563 | -€13,155 | -89.4% |
| Profit (loss) for the period | 9904 | €48,398 | €11,433 | -€36,965 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €48,398 | €11,433 | -€36,965 | -76.4% |
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 26 October 2026 via checked.be.