MAES BEHEER: 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 BEHEER
Largest movements
- Current investments -€64,782
down €64,782 (-80.1%), from €80,899 to €16,117
- Cash -€21,430
down €21,430 (-64.7%), from €33,097 to €11,668
mainly Debts after one year (-€83,110) and Contributions, distributions and other (-€8,499)
- Debts after one year -€83,110
down €83,110 (-39.1%), from €212,764 to €129,654
- Other debts -€5,333
down €5,333 (-38.6%), from €13,832 to €8,499
- Gross operating margin +€27,180
up €27,180, from -€1,462 to €25,717
- Depreciation +€2,209
up €2,209 (+34.7%), from €6,363 to €8,572
- Financial charges -€2,144
down €2,144 (-27.6%), from €7,772 to €5,628
- Other operating charges -€396
down €396 (-12.2%), from €3,261 to €2,865
- Financial income -€385
down €385 (-81.5%), from €472 to €87
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 | €414,181 | €322,122 | -€92,059 | -22.2% |
| Fixed assets | 21/28 | €296,052 | €292,580 | -€3,472 | -1.2% |
| Tangible fixed assets | 22/27 | €296,052 | €292,580 | -€3,472 | -1.2% |
| Land and buildings | 22 | €296,052 | €292,580 | -€3,472 | -1.2% |
| Current assets | 29/58 | €118,129 | €29,542 | -€88,587 | -75.0% |
| Amounts receivable within one year | 40/41 | €142 | €26 | -€115 | -81.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €142 | €26 | -€115 | -81.5% |
| Current investments | 50/53 | €80,899 | €16,117 | -€64,782 | -80.1% |
| Cash at bank and in hand | 54/58 | €33,097 | €11,668 | -€21,430 | -64.7% |
| Deferred charges and accrued income | 490/1 | €3,991 | €1,731 | -€2,260 | -56.6% |
| Total equity and liabilities | 10/49 | €414,181 | €322,122 | -€92,059 | -22.2% |
| Equity | 10/15 | €175,298 | €175,538 | +€240 | +0.1% |
| Contributions | 10/11 | €198,315 | €198,315 | = | 0.0% |
| Capital | 10 | €198,315 | €198,315 | = | 0.0% |
| Issued capital | 100 | €198,315 | €198,315 | = | 0.0% |
| Reserves | 13 | €19,831 | €19,831 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,831 | €19,831 | = | 0.0% |
| Legal reserve | 130 | €19,831 | €19,831 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,848 | -€42,608 | +€240 | +0.6% |
| Amounts payable | 17/49 | €238,883 | €146,584 | -€92,299 | -38.6% |
| Amounts payable after more than one year | 17 | €212,764 | €129,654 | -€83,110 | -39.1% |
| Financial debts | 170/4 | €212,764 | €129,654 | -€83,110 | -39.1% |
| Amounts payable within one year | 42/48 | €22,144 | €16,930 | -€5,214 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €7,820 | €8,110 | +€290 | +3.7% |
| Trade debts | 44 | €492 | €320 | -€171 | -34.8% |
| Suppliers | 440/4 | €492 | €320 | -€171 | -34.8% |
| Other amounts payable | 47/48 | €13,832 | €8,499 | -€5,333 | -38.6% |
| Accrued charges and deferred income | 492/3 | €3,975 | €0 | -€3,975 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,363 | €8,572 | +€2,209 | +34.7% |
| Other operating charges | 640/8 | €3,261 | €2,865 | -€396 | -12.2% |
| Gross operating margin | 9900 | -€1,462 | €25,717 | +€27,180 | |
| Operating profit (loss) | 9901 | -€11,087 | €14,280 | +€25,368 | |
| Financial income | 75/76B | €472 | €87 | -€385 | -81.5% |
| Recurring financial income | 75 | €472 | €87 | -€385 | -81.5% |
| Financial charges | 65/66B | €7,772 | €5,628 | -€2,144 | -27.6% |
| Recurring financial charges | 65 | €7,772 | €5,628 | -€2,144 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | -€18,387 | €8,740 | +€27,127 | |
| Profit (loss) for the period | 9904 | -€18,387 | €8,740 | +€27,127 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,387 | €8,740 | +€27,127 |
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 14 October 2026 via checked.be.