MAES GROUP: 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 GROUP
Largest movements
- Cash +€70,675
up €70,675 (+33.2%), from €212,912 to €283,587
mainly Current investments (+€50,000) and Net result for the year (+€40,550)
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Receivables within one year -€20,022
down €20,022 (-61.4%), from €32,598 to €12,576
of which Trade receivables: -€14,518
- Deferred charges and accrued income -€8,137
down €8,137 (-48.3%), from €16,841 to €8,704
- Tangible fixed assets -€6,472
down €6,472 (-39.7%), from €16,305 to €9,833
of which Plant, machinery and equipment: -€9,671
- Accrued charges and deferred income -€65,487
down €65,487 (-37.5%), from €174,504 to €109,017
- Reserves +€40,550
up €40,550 (+31.2%), from €130,064 to €170,614
of which Distributable reserves: +€40,550
- Tax, wage and social debts +€6,551
up €6,551 (+152%), from €4,309 to €10,860
- Gross operating margin +€33,511
up €33,511 (+103%), from €32,407 to €65,917
- Taxes +€11,564
up €11,564 (+199%), from €5,800 to €17,364
- Financial income +€2,585
up €2,585 (+112%), from €2,306 to €4,891
- Depreciation -€2,451
down €2,451 (-16.8%), from €14,571 to €12,120
- Financial charges -€1,567
down €1,567 (-84.4%), from €1,856 to €289
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 | €331,792 | €315,476 | -€16,317 | -4.9% |
| Fixed assets | 21/28 | €19,441 | €10,609 | -€8,832 | -45.4% |
| Intangible fixed assets | 21 | €3,136 | €776 | -€2,360 | -75.3% |
| Tangible fixed assets | 22/27 | €16,305 | €9,833 | -€6,472 | -39.7% |
| Plant, machinery and equipment | 23 | €16,305 | €6,634 | -€9,671 | -59.3% |
| Furniture and vehicles | 24 | - | €3,198 | +€3,198 | |
| Current assets | 29/58 | €312,352 | €304,867 | -€7,484 | -2.4% |
| Amounts receivable within one year | 40/41 | €32,598 | €12,576 | -€20,022 | -61.4% |
| Trade receivables | 40 | €22,502 | €7,984 | -€14,518 | -64.5% |
| Other amounts receivable | 41 | €10,096 | €4,592 | -€5,504 | -54.5% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €212,912 | €283,587 | +€70,675 | +33.2% |
| Deferred charges and accrued income | 490/1 | €16,841 | €8,704 | -€8,137 | -48.3% |
| Total equity and liabilities | 10/49 | €331,792 | €315,476 | -€16,317 | -4.9% |
| Equity | 10/15 | €148,924 | €189,474 | +€40,550 | +27.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €130,064 | €170,614 | +€40,550 | +31.2% |
| Tax-exempt reserves | 132 | €462 | €462 | = | 0.0% |
| Distributable reserves | 133 | €129,602 | €170,152 | +€40,550 | +31.3% |
| Profit (loss) carried forward | 14 | €261 | €261 | +€0 | 0.0% |
| Amounts payable | 17/49 | €182,868 | €126,002 | -€56,867 | -31.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €8,364 | €16,985 | +€8,620 | +103% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €303 | €1,748 | +€1,445 | +477% |
| Suppliers | 440/4 | €303 | €1,748 | +€1,445 | +477% |
| Taxes, remuneration and social security | 45 | €4,309 | €10,860 | +€6,551 | +152% |
| Taxes | 450/3 | €4,309 | €10,860 | +€6,551 | +152% |
| Other amounts payable | 47/48 | €3,753 | €4,377 | +€624 | +16.6% |
| Accrued charges and deferred income | 492/3 | €174,504 | €109,017 | -€65,487 | -37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,571 | €12,120 | -€2,451 | -16.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €573 | €485 | -€89 | -15.5% |
| Gross operating margin | 9900 | €32,407 | €65,917 | +€33,511 | +103% |
| Operating profit (loss) | 9901 | €17,262 | €53,312 | +€36,050 | +209% |
| Financial income | 75/76B | €2,306 | €4,891 | +€2,585 | +112% |
| Recurring financial income | 75 | €2,306 | €4,891 | +€2,585 | +112% |
| Financial charges | 65/66B | €1,856 | €289 | -€1,567 | -84.4% |
| Recurring financial charges | 65 | €1,856 | €289 | -€1,567 | -84.4% |
| Profit (loss) for the period before taxes | 9903 | €17,712 | €57,914 | +€40,202 | +227% |
| Income taxes | 67/77 | €5,800 | €17,364 | +€11,564 | +199% |
| Profit (loss) for the period | 9904 | €11,912 | €40,550 | +€28,638 | +240% |
| Profit (loss) for the period to be appropriated | 9905 | €11,912 | €40,550 | +€28,638 | +240% |
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 16 October 2026 via checked.be.