MAES CONSTRUCT: what changed
Two fiscal 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 CONSTRUCT
Largest movements
- Stocks and contracts -€701,609
down €701,609 (-34.6%), from €2.0m to €1.3m
- Receivables within one year -€82,325
down €82,325 (-33.6%), from €244,783 to €162,458
of which Trade receivables: -€176,270
- Short-term financial debts -€959,685
down €959,685 (-52.3%), from €1.8m to €875,657
of which Other loans: -€976,560
- Other debts +€324,847
up €324,847 (+99.1%), from €327,683 to €652,530
- Trade debts -€196,537
down €196,537 (-68.1%), from €288,649 to €92,112
- Reserves +€134,959
up €134,959 (+76.4%), from €176,749 to €311,708
of which Distributable reserves: +€134,959
- Advances received -€100,000
no longer reported in 2025 (was €100,000)
- Gross operating margin +€288,742
up €288,742 (+356.9%), from €80,908 to €369,649
- Financial charges +€20,490
up €20,490 (+32.8%), from €62,424 to €82,914
of which Financial charges: +€19,994
- Taxes +€9,032
up €9,032 (+22768.4%), from €40 to €9,072
- Depreciation +€6,918
up €6,918 (+17.3%), from €40,076 to €46,994
- Staff costs +€5,798
up €5,798 (+8.0%), from €72,909 to €78,707
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 | €3,188,192 | €2,400,824 | -€787,368 | -24.7% |
| Fixed assets | 21/28 | €883,074 | €883,080 | +€6 | 0.0% |
| Tangible fixed assets | 22/27 | €883,074 | €883,080 | +€6 | 0.0% |
| Land and buildings | 22 | €883,074 | €842,596 | -€40,478 | -4.6% |
| Furniture and vehicles | 24 | - | €40,484 | +€40,484 | |
| Current assets | 29/58 | €2,305,118 | €1,517,744 | -€787,374 | -34.2% |
| Stocks and contracts in progress | 3 | €2,027,609 | €1,326,000 | -€701,609 | -34.6% |
| Stocks | 30/36 | €2,027,609 | €1,326,000 | -€701,609 | -34.6% |
| Amounts receivable within one year | 40/41 | €244,783 | €162,458 | -€82,325 | -33.6% |
| Trade receivables | 40 | €231,797 | €55,528 | -€176,270 | -76.0% |
| Other amounts receivable | 41 | €12,986 | €106,930 | +€93,945 | +723.4% |
| Cash at bank and in hand | 54/58 | €32,527 | €29,286 | -€3,241 | -10.0% |
| Deferred charges and accrued income | 490/1 | €199 | - | -€199 | |
| Total equity and liabilities | 10/49 | €3,188,192 | €2,400,824 | -€787,368 | -24.7% |
| Equity | 10/15 | €251,749 | €386,708 | +€134,959 | +53.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €176,749 | €311,708 | +€134,959 | +76.4% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €169,249 | €304,208 | +€134,959 | +79.7% |
| Amounts payable | 17/49 | €2,936,443 | €2,014,116 | -€922,327 | -31.4% |
| Amounts payable after more than one year | 17 | €344,832 | €346,684 | +€1,852 | +0.5% |
| Financial debts | 170/4 | €344,832 | €346,684 | +€1,852 | +0.5% |
| Amounts payable within one year | 42/48 | €2,590,644 | €1,667,432 | -€923,212 | -35.6% |
| Current portion of amounts payable after more than one year | 42 | €30,279 | €39,253 | +€8,973 | +29.6% |
| Financial debts | 43 | €1,835,342 | €875,657 | -€959,685 | -52.3% |
| Credit institutions | 430/8 | €5,625 | €22,500 | +€16,875 | +300.0% |
| Other loans | 439 | €1,829,717 | €853,157 | -€976,560 | -53.4% |
| Trade debts | 44 | €288,649 | €92,112 | -€196,537 | -68.1% |
| Suppliers | 440/4 | €288,649 | €92,112 | -€196,537 | -68.1% |
| Advances received on contracts in progress | 46 | €100,000 | - | -€100,000 | |
| Taxes, remuneration and social security | 45 | €8,690 | €7,880 | -€810 | -9.3% |
| Taxes | 450/3 | €5,798 | €1,956 | -€3,841 | -66.3% |
| Remuneration and social security | 454/9 | €2,893 | €5,924 | +€3,031 | +104.8% |
| Other amounts payable | 47/48 | €327,683 | €652,530 | +€324,847 | +99.1% |
| Accrued charges and deferred income | 492/3 | €968 | - | -€968 | |
| Remuneration, social security and pensions | 62 | €72,909 | €78,707 | +€5,798 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,076 | €46,994 | +€6,918 | +17.3% |
| Other operating charges | 640/8 | €15,281 | €17,147 | +€1,866 | +12.2% |
| Gross operating margin | 9900 | €80,908 | €369,649 | +€288,742 | +356.9% |
| Operating profit (loss) | 9901 | -€47,358 | €226,802 | +€274,160 | |
| Financial income | 75/76B | - | €143 | +€143 | |
| Recurring financial income | 75 | - | €143 | +€143 | |
| Financial charges | 65/66B | €62,424 | €82,914 | +€20,490 | +32.8% |
| Recurring financial charges | 65 | €62,424 | €82,418 | +€19,994 | +32.0% |
| Non-recurring financial charges | 66B | - | €496 | +€496 | |
| Profit (loss) for the period before taxes | 9903 | -€109,781 | €144,031 | +€253,813 | |
| Income taxes | 67/77 | €40 | €9,072 | +€9,032 | +22768.4% |
| Profit (loss) for the period | 9904 | -€109,821 | €134,959 | +€244,780 | |
| Profit (loss) for the period to be appropriated | 9905 | -€109,821 | €134,959 | +€244,780 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.