MAES & ASSOCIATES: 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 & ASSOCIATES
Largest movements
- Current investments +€25,000
up €25,000 (+3.0%), from €825,000 to €850,000
- Tangible fixed assets -€15,046
down €15,046 (-7.8%), from €191,994 to €176,948
of which Land and buildings: -€14,269
- Cash +€13,632
up €13,632 (+406%), from €3,360 to €16,992
mainly Net result for the year (+€77,084) and Tax, wage and social debts (+€46,868)
- Tax, wage and social debts +€46,868
up €46,868 (+3,130%), from €1,497 to €48,365
- Reserves -€27,288
down €27,288 (-3.8%), from €725,056 to €697,767
of which Distributable reserves: -€27,288
- Taxes +€102,833
up €102,833 (+1,378%), from €7,464 to €110,297
- Gross operating margin -€24,097
down €24,097 (-11.4%), from €211,601 to €187,504
- Other operating charges -€2,373
down €2,373 (-85.3%), from €2,783 to €411
- Financial income +€2,304
up €2,304 (+13.2%), from €17,444 to €19,748
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 | €1,099,431 | €1,130,967 | +€31,536 | +2.9% |
| Fixed assets | 21/28 | €192,126 | €177,080 | -€15,046 | -7.8% |
| Tangible fixed assets | 22/27 | €191,994 | €176,948 | -€15,046 | -7.8% |
| Land and buildings | 22 | €171,695 | €157,426 | -€14,269 | -8.3% |
| Plant, machinery and equipment | 23 | €335 | €1,227 | +€892 | +267% |
| Furniture and vehicles | 24 | €12,281 | €9,959 | -€2,323 | -18.9% |
| Leasing and similar rights | 25 | €7,683 | €8,337 | +€654 | +8.5% |
| Financial fixed assets | 28 | €132 | €132 | = | 0.0% |
| Current assets | 29/58 | €907,305 | €953,887 | +€46,582 | +5.1% |
| Amounts receivable within one year | 40/41 | €78,945 | €86,895 | +€7,950 | +10.1% |
| Trade receivables | 40 | - | €26,895 | +€26,895 | |
| Other amounts receivable | 41 | €78,945 | €60,000 | -€18,945 | -24.0% |
| Current investments | 50/53 | €825,000 | €850,000 | +€25,000 | +3.0% |
| Cash at bank and in hand | 54/58 | €3,360 | €16,992 | +€13,632 | +406% |
| Total equity and liabilities | 10/49 | €1,099,431 | €1,130,967 | +€31,536 | +2.9% |
| Equity | 10/15 | €1,082,144 | €1,054,855 | -€27,288 | -2.5% |
| Contributions | 10/11 | €92,960 | €92,960 | = | 0.0% |
| Capital | 10 | €92,960 | €92,960 | = | 0.0% |
| Issued capital | 100 | €92,960 | €92,960 | = | 0.0% |
| Reserves | 13 | €725,056 | €697,767 | -€27,288 | -3.8% |
| Non-distributable reserves | 130/1 | €9,296 | €9,296 | = | 0.0% |
| Legal reserve | 130 | €9,296 | €9,296 | = | 0.0% |
| Distributable reserves | 133 | €715,760 | €688,471 | -€27,288 | -3.8% |
| Profit (loss) carried forward | 14 | €264,128 | €264,128 | = | 0.0% |
| Amounts payable | 17/49 | €17,287 | €76,112 | +€58,825 | +340% |
| Amounts payable within one year | 42/48 | €17,287 | €76,112 | +€58,825 | +340% |
| Trade debts | 44 | - | €3,172 | +€3,172 | |
| Suppliers | 440/4 | - | €3,172 | +€3,172 | |
| Taxes, remuneration and social security | 45 | €1,497 | €48,365 | +€46,868 | +3,130% |
| Taxes | 450/3 | €1,497 | €48,365 | +€46,868 | +3,130% |
| Other amounts payable | 47/48 | €15,789 | €24,574 | +€8,785 | +55.6% |
| Remuneration, social security and pensions | 62 | €110 | €74 | -€36 | -32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,501 | €18,161 | -€340 | -1.8% |
| Other operating charges | 640/8 | €2,783 | €411 | -€2,373 | -85.3% |
| Gross operating margin | 9900 | €211,601 | €187,504 | -€24,097 | -11.4% |
| Operating profit (loss) | 9901 | €190,206 | €168,858 | -€21,348 | -11.2% |
| Financial income | 75/76B | €17,444 | €19,748 | +€2,304 | +13.2% |
| Recurring financial income | 75 | €17,444 | €19,748 | +€2,304 | +13.2% |
| Financial charges | 65/66B | €805 | €1,225 | +€420 | +52.3% |
| Recurring financial charges | 65 | €805 | €1,225 | +€420 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €206,845 | €187,381 | -€19,464 | -9.4% |
| Income taxes | 67/77 | €7,464 | €110,297 | +€102,833 | +1,378% |
| Profit (loss) for the period | 9904 | €199,381 | €77,084 | -€122,297 | -61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €199,381 | €77,084 | -€122,297 | -61.3% |
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 18 October 2026 via checked.be.