MAES CONSULT: 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 CONSULT
Largest movements
- Current investments +€308,731
up €308,731 (+72.3%), from €426,965 to €735,696
- Cash -€114,821
down €114,821 (-81.6%), from €140,694 to €25,873
mainly Current investments (-€308,731) and Contributions, distributions and other (-€92,253)
- Tangible fixed assets -€38,933
down €38,933 (-4.3%), from €899,469 to €860,536
- Reserves +€243,155
up €243,155 (+20.5%), from €1.2m to €1.4m
of which Distributable reserves: +€243,155
- Debts after one year -€50,000
down €50,000 (-22.2%), from €225,000 to €175,000
- Other debts -€44,490
down €44,490 (-71.8%), from €61,944 to €17,454
- Gross operating margin +€34,334
up €34,334 (+6.1%), from €560,834 to €595,168
- Financial income +€24,788
up €24,788 (+170%), from €14,572 to €39,360
- Other operating charges +€10,651
up €10,651 (+198%), from €5,369 to €16,020
- Taxes +€8,955
up €8,955 (+6.7%), from €134,347 to €143,302
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 | €1,597,882 | €1,757,191 | +€159,309 | +10.0% |
| Fixed assets | 21/28 | €900,367 | €860,788 | -€39,579 | -4.4% |
| Intangible fixed assets | 21 | €898 | €252 | -€646 | -71.9% |
| Tangible fixed assets | 22/27 | €899,469 | €860,536 | -€38,933 | -4.3% |
| Land and buildings | 22 | €828,663 | €810,482 | -€18,181 | -2.2% |
| Plant, machinery and equipment | 23 | €17,203 | €12,715 | -€4,488 | -26.1% |
| Furniture and vehicles | 24 | €53,603 | €37,339 | -€16,264 | -30.3% |
| Current assets | 29/58 | €697,515 | €896,403 | +€198,888 | +28.5% |
| Amounts receivable within one year | 40/41 | €129,265 | €134,509 | +€5,244 | +4.1% |
| Trade receivables | 40 | €129,207 | €132,245 | +€3,038 | +2.4% |
| Other amounts receivable | 41 | €58 | €2,264 | +€2,206 | +3,787% |
| Current investments | 50/53 | €426,965 | €735,696 | +€308,731 | +72.3% |
| Cash at bank and in hand | 54/58 | €140,694 | €25,873 | -€114,821 | -81.6% |
| Deferred charges and accrued income | 490/1 | €590 | €325 | -€265 | -45.0% |
| Total equity and liabilities | 10/49 | €1,597,882 | €1,757,191 | +€159,309 | +10.0% |
| Equity | 10/15 | €1,203,152 | €1,446,307 | +€243,155 | +20.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,184,552 | €1,427,707 | +€243,155 | +20.5% |
| 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 | €1,182,692 | €1,425,847 | +€243,155 | +20.6% |
| Amounts payable | 17/49 | €394,730 | €310,883 | -€83,846 | -21.2% |
| Amounts payable after more than one year | 17 | €225,000 | €175,000 | -€50,000 | -22.2% |
| Financial debts | 170/4 | €225,000 | €175,000 | -€50,000 | -22.2% |
| Amounts payable within one year | 42/48 | €169,178 | €135,479 | -€33,699 | -19.9% |
| Current portion of amounts payable after more than one year | 42 | €54,167 | €54,167 | = | 0.0% |
| Financial debts | 43 | €5 | €5 | = | 0.0% |
| Credit institutions | 430/8 | €5 | €5 | = | 0.0% |
| Trade debts | 44 | €8,750 | €5,027 | -€3,723 | -42.5% |
| Suppliers | 440/4 | €8,750 | €5,027 | -€3,723 | -42.5% |
| Taxes, remuneration and social security | 45 | €44,313 | €58,826 | +€14,513 | +32.8% |
| Taxes | 450/3 | €33,992 | €43,998 | +€10,007 | +29.4% |
| Remuneration and social security | 454/9 | €10,321 | €14,828 | +€4,507 | +43.7% |
| Other amounts payable | 47/48 | €61,944 | €17,454 | -€44,490 | -71.8% |
| Accrued charges and deferred income | 492/3 | €552 | €405 | -€147 | -26.6% |
| Non-recurring operating income | 76A | €300 | - | -€300 | |
| Remuneration, social security and pensions | 62 | €73,102 | €75,098 | +€1,995 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,449 | €60,221 | -€228 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,200 | -€1,200 | |
| Other operating charges | 640/8 | €5,369 | €16,020 | +€10,651 | +198% |
| Gross operating margin | 9900 | €560,834 | €595,168 | +€34,334 | +6.1% |
| Operating profit (loss) | 9901 | €421,914 | €445,029 | +€23,115 | +5.5% |
| Financial income | 75/76B | €14,572 | €39,360 | +€24,788 | +170% |
| Recurring financial income | 75 | €14,572 | €39,360 | +€24,788 | +170% |
| Financial charges | 65/66B | €5,336 | €5,680 | +€344 | +6.4% |
| Recurring financial charges | 65 | €5,336 | €5,680 | +€344 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €431,150 | €478,710 | +€47,560 | +11.0% |
| Income taxes | 67/77 | €134,347 | €143,302 | +€8,955 | +6.7% |
| Profit (loss) for the period | 9904 | €296,803 | €335,408 | +€38,605 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €296,803 | €335,408 | +€38,605 | +13.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.