MAES ELECTRONICS: 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 ELECTRONICS
Largest movements
- Receivables within one year -€85,119
down €85,119 (-94.3%), from €90,262 to €5,144
of which Other amounts receivable: -€54,287
- Cash +€76,141
up €76,141 (+196.2%), from €38,803 to €114,944
mainly Receivables within one year (+€85,119) and Other debts (+€28,492)
- Tangible fixed assets +€3,240
up €3,240 (+138.0%), from €2,348 to €5,588
of which Plant, machinery and equipment: +€4,139
- Other debts +€28,492
new in 2025: €28,492
- Reserves -€24,203
down €24,203 (-24.3%), from €99,761 to €75,558
of which Distributable reserves: -€23,782
- Profit (loss) carried forward -€11,982
down €11,982, from €7,976 to -€4,007
- Gross operating margin -€21,438
down €21,438, from €9,112 to -€12,326
- Financial income -€8,800
down €8,800 (-79.4%), from €11,086 to €2,286
- Taxes -€1,581
down €1,581 (-93.1%), from €1,698 to €116
- Depreciation -€1,332
down €1,332 (-57.9%), from €2,302 to €970
- Other operating charges -€559
down €559 (-36.5%), from €1,530 to €971
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 | €238,539 | €231,381 | -€7,158 | -3.0% |
| Fixed assets | 21/28 | €2,363 | €5,588 | +€3,225 | +136.5% |
| Tangible fixed assets | 22/27 | €2,348 | €5,588 | +€3,240 | +138.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | €4,139 | +€4,139 | |
| Furniture and vehicles | 24 | €2,348 | €1,449 | -€899 | -38.3% |
| Financial fixed assets | 28 | €15 | €0 | -€15 | -100.0% |
| Current assets | 29/58 | €236,176 | €225,793 | -€10,383 | -4.4% |
| Stocks and contracts in progress | 3 | €103,759 | €103,759 | = | 0.0% |
| Stocks | 30/36 | €103,759 | €103,759 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €90,262 | €5,144 | -€85,119 | -94.3% |
| Trade receivables | 40 | €33,617 | €2,785 | -€30,832 | -91.7% |
| Other amounts receivable | 41 | €56,646 | €2,359 | -€54,287 | -95.8% |
| Cash at bank and in hand | 54/58 | €38,803 | €114,944 | +€76,141 | +196.2% |
| Deferred charges and accrued income | 490/1 | €3,351 | €1,946 | -€1,405 | -41.9% |
| Total equity and liabilities | 10/49 | €238,539 | €231,381 | -€7,158 | -3.0% |
| Equity | 10/15 | €231,683 | €195,498 | -€36,185 | -15.6% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €99,761 | €75,558 | -€24,203 | -24.3% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €421 | €0 | -€421 | -100.0% |
| Distributable reserves | 133 | €86,946 | €63,163 | -€23,782 | -27.4% |
| Profit (loss) carried forward | 14 | €7,976 | -€4,007 | -€11,982 | |
| Amounts payable | 17/49 | €6,856 | €35,884 | +€29,028 | +423.4% |
| Amounts payable within one year | 42/48 | €6,468 | €35,484 | +€29,015 | +448.6% |
| Financial debts | 43 | €1,217 | €0 | -€1,217 | -100.0% |
| Credit institutions | 430/8 | €1,217 | €0 | -€1,217 | -100.0% |
| Trade debts | 44 | €2,984 | €5,327 | +€2,343 | +78.5% |
| Suppliers | 440/4 | €2,984 | €5,327 | +€2,343 | +78.5% |
| Taxes, remuneration and social security | 45 | €2,268 | €1,665 | -€603 | -26.6% |
| Taxes | 450/3 | €2,268 | €1,665 | -€603 | -26.6% |
| Other amounts payable | 47/48 | - | €28,492 | +€28,492 | |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,302 | €970 | -€1,332 | -57.9% |
| Other operating charges | 640/8 | €1,530 | €971 | -€559 | -36.5% |
| Gross operating margin | 9900 | €9,112 | -€12,326 | -€21,438 | |
| Operating profit (loss) | 9901 | €5,281 | -€14,267 | -€19,548 | |
| Financial income | 75/76B | €11,086 | €2,286 | -€8,800 | -79.4% |
| Recurring financial income | 75 | €11,086 | €2,286 | -€8,800 | -79.4% |
| Financial charges | 65/66B | €628 | €306 | -€322 | -51.3% |
| Recurring financial charges | 65 | €628 | €306 | -€322 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €15,739 | -€12,286 | -€28,025 | |
| Income taxes | 67/77 | €1,698 | €116 | -€1,581 | -93.1% |
| Profit (loss) for the period | 9904 | €14,041 | -€12,403 | -€26,444 | |
| Transfer from tax-exempt reserves | 789 | - | €421 | +€421 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,041 | -€11,982 | -€26,023 |
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 11 October 2026 via checked.be.