Maes Frederik: 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 Frederik
Largest movements
- Tangible fixed assets +€301,268
up €301,268 (+67.0%), from €449,494 to €750,762
of which Land and buildings: +€310,831
- Cash -€64,533
down €64,533 (-74.3%), from €86,873 to €22,340
mainly Investment in fixed assets (net) (-€374,415) and Current investments (-€45,066)
- Current investments +€45,066
up €45,066 (+807,631%), from €6 to €45,071
- Debts after one year +€240,399
up €240,399 (+122%), from €196,248 to €436,647
- Reserves +€29,740
up €29,740 (+4.7%), from €636,072 to €665,813
- Current portion of long-term debt +€22,647
up €22,647 (+52.0%), from €43,577 to €66,224
- Depreciation +€47,048
up €47,048 (+180%), from €26,100 to €73,148
- Gross operating margin +€24,016
up €24,016 (+17.7%), from €135,524 to €159,540
- Financial charges +€6,927
up €6,927 (+134%), from €5,187 to €12,114
- Taxes -€6,633
down €6,633 (-22.9%), from €28,978 to €22,345
- Other operating charges +€3,475
up €3,475 (+342%), from €1,017 to €4,491
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 | €976,198 | €1,263,649 | +€287,450 | +29.4% |
| Fixed assets | 21/28 | €842,181 | €1,143,449 | +€301,268 | +35.8% |
| Tangible fixed assets | 22/27 | €449,494 | €750,762 | +€301,268 | +67.0% |
| Land and buildings | 22 | €60,533 | €371,364 | +€310,831 | +513% |
| Furniture and vehicles | 24 | €5,838 | €13,016 | +€7,178 | +123% |
| Other tangible fixed assets | 26 | €383,123 | €366,382 | -€16,741 | -4.4% |
| Financial fixed assets | 28 | €392,687 | €392,687 | = | 0.0% |
| Current assets | 29/58 | €134,017 | €120,200 | -€13,817 | -10.3% |
| Amounts receivable within one year | 40/41 | €43,311 | €49,272 | +€5,961 | +13.8% |
| Trade receivables | 40 | €3,768 | €2,429 | -€1,339 | -35.5% |
| Other amounts receivable | 41 | €39,543 | €46,842 | +€7,300 | +18.5% |
| Current investments | 50/53 | €6 | €45,071 | +€45,066 | +807,631% |
| Cash at bank and in hand | 54/58 | €86,873 | €22,340 | -€64,533 | -74.3% |
| Deferred charges and accrued income | 490/1 | €3,827 | €3,517 | -€311 | -8.1% |
| Total equity and liabilities | 10/49 | €976,198 | €1,263,649 | +€287,450 | +29.4% |
| Equity | 10/15 | €648,472 | €678,213 | +€29,740 | +4.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €636,072 | €665,813 | +€29,740 | +4.7% |
| Distributable reserves | 133 | €636,072 | €665,813 | +€29,740 | +4.7% |
| Provisions and deferred taxes | 16 | €26,019 | €26,019 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €26,019 | €26,019 | = | 0.0% |
| Other liabilities and charges | 164/5 | €26,019 | €26,019 | = | 0.0% |
| Amounts payable | 17/49 | €301,707 | €559,417 | +€257,710 | +85.4% |
| Amounts payable after more than one year | 17 | €196,248 | €436,647 | +€240,399 | +122% |
| Financial debts | 170/4 | €196,248 | €436,647 | +€240,399 | +122% |
| Amounts payable within one year | 42/48 | €105,459 | €122,770 | +€17,311 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €43,577 | €66,224 | +€22,647 | +52.0% |
| Trade debts | 44 | €2,406 | €2,037 | -€370 | -15.4% |
| Suppliers | 440/4 | €2,406 | €2,037 | -€370 | -15.4% |
| Taxes, remuneration and social security | 45 | €39,475 | €34,509 | -€4,966 | -12.6% |
| Taxes | 450/3 | €39,475 | €34,509 | -€4,966 | -12.6% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,100 | €73,148 | +€47,048 | +180% |
| Other operating charges | 640/8 | €1,017 | €4,491 | +€3,475 | +342% |
| Gross operating margin | 9900 | €135,524 | €159,540 | +€24,016 | +17.7% |
| Operating profit (loss) | 9901 | €108,407 | €81,901 | -€26,507 | -24.5% |
| Financial income | 75/76B | €2,107 | €2,298 | +€191 | +9.1% |
| Recurring financial income | 75 | €2,107 | €2,298 | +€191 | +9.1% |
| Financial charges | 65/66B | €5,187 | €12,114 | +€6,927 | +134% |
| Recurring financial charges | 65 | €5,187 | €12,114 | +€6,927 | +134% |
| Profit (loss) for the period before taxes | 9903 | €105,327 | €72,085 | -€33,242 | -31.6% |
| Income taxes | 67/77 | €28,978 | €22,345 | -€6,633 | -22.9% |
| Profit (loss) for the period | 9904 | €76,349 | €49,740 | -€26,609 | -34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €76,349 | €49,740 | -€26,609 | -34.9% |
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 21 October 2026 via checked.be.