MAES D-IT: 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 D-IT
Largest movements
- Tangible fixed assets +€326,496
up €326,496 (+319%), from €102,273 to €428,768
of which Land and buildings: +€335,982
- Receivables within one year -€32,059
down €32,059 (-54.8%), from €58,498 to €26,439
of which Trade receivables: -€28,975
- Cash -€31,380
down €31,380 (-95.3%), from €32,935 to €1,555
mainly Investment in fixed assets (net) (-€353,393) and Contributions, distributions and other (-€30,000)
- Debts after one year +€225,035
up €225,035 (+582%), from €38,673 to €263,709
- Profit (loss) carried forward -€30,000
down €30,000 (-29.6%), from €101,465 to €71,465
- Other debts +€25,902
up €25,902 (+96.2%), from €26,935 to €52,836
- Reserves +€24,869
up €24,869 (+134%), from €18,565 to €43,434
- Current portion of long-term debt +€15,488
new in 2025: €15,488
- Depreciation +€14,963
up €14,963 (+125%), from €11,934 to €26,897
- Financial charges +€12,826
up €12,826 (+281%), from €4,568 to €17,394
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 | €194,545 | €457,602 | +€263,056 | +135% |
| Fixed assets | 21/28 | €103,113 | €429,608 | +€326,496 | +317% |
| Tangible fixed assets | 22/27 | €102,273 | €428,768 | +€326,496 | +319% |
| Land and buildings | 22 | €65,821 | €401,803 | +€335,982 | +510% |
| Plant, machinery and equipment | 23 | €26,996 | €23,014 | -€3,982 | -14.8% |
| Furniture and vehicles | 24 | €9,456 | €3,951 | -€5,505 | -58.2% |
| Financial fixed assets | 28 | €840 | €840 | = | 0.0% |
| Current assets | 29/58 | €91,433 | €27,993 | -€63,440 | -69.4% |
| Amounts receivable within one year | 40/41 | €58,498 | €26,439 | -€32,059 | -54.8% |
| Trade receivables | 40 | €55,414 | €26,439 | -€28,975 | -52.3% |
| Other amounts receivable | 41 | €3,084 | - | -€3,084 | |
| Cash at bank and in hand | 54/58 | €32,935 | €1,555 | -€31,380 | -95.3% |
| Total equity and liabilities | 10/49 | €194,545 | €457,602 | +€263,056 | +135% |
| Equity | 10/15 | €125,030 | €119,899 | -€5,131 | -4.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €18,565 | €43,434 | +€24,869 | +134% |
| Distributable reserves | 133 | €18,565 | €43,434 | +€24,869 | +134% |
| Profit (loss) carried forward | 14 | €101,465 | €71,465 | -€30,000 | -29.6% |
| Amounts payable | 17/49 | €69,515 | €337,703 | +€268,188 | +386% |
| Amounts payable after more than one year | 17 | €38,673 | €263,709 | +€225,035 | +582% |
| Financial debts | 170/4 | €38,673 | €263,709 | +€225,035 | +582% |
| Amounts payable within one year | 42/48 | €30,842 | €73,994 | +€43,152 | +140% |
| Current portion of amounts payable after more than one year | 42 | - | €15,488 | +€15,488 | |
| Trade debts | 44 | - | €144 | +€144 | |
| Suppliers | 440/4 | - | €144 | +€144 | |
| Taxes, remuneration and social security | 45 | €3,907 | €5,526 | +€1,618 | +41.4% |
| Taxes | 450/3 | €3,907 | €5,526 | +€1,618 | +41.4% |
| Other amounts payable | 47/48 | €26,935 | €52,836 | +€25,902 | +96.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,934 | €26,897 | +€14,963 | +125% |
| Other operating charges | 640/8 | €442 | €353 | -€89 | -20.1% |
| Gross operating margin | 9900 | €83,370 | €83,569 | +€199 | +0.2% |
| Operating profit (loss) | 9901 | €70,994 | €56,318 | -€14,675 | -20.7% |
| Financial charges | 65/66B | €4,568 | €17,394 | +€12,826 | +281% |
| Recurring financial charges | 65 | €4,568 | €17,394 | +€12,826 | +281% |
| Profit (loss) for the period before taxes | 9903 | €66,426 | €38,924 | -€27,501 | -41.4% |
| Income taxes | 67/77 | €13,827 | €14,056 | +€229 | +1.7% |
| Profit (loss) for the period | 9904 | €52,598 | €24,869 | -€27,730 | -52.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,598 | €24,869 | -€27,730 | -52.7% |
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 15 October 2026 via checked.be.