MAES HOLDING: 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 HOLDING
Largest movements
- Cash -€39,503
down €39,503 (-52.7%), from €74,971 to €35,467
mainly Investment in fixed assets (net) (-€27,800) and Debts after one year (-€21,710)
- Tangible fixed assets +€11,700
up €11,700 (+2.1%), from €557,886 to €569,586
of which Land and buildings: +€11,797
- Debts after one year -€21,710
down €21,710 (-10.7%), from €202,297 to €180,587
- Profit (loss) carried forward -€6,452
down €6,452 (-7.4%), from -€87,327 to -€93,780
- Gross operating margin -€7,322
down €7,322 (-24.4%), from €30,029 to €22,708
- Other operating charges +€4,662
up €4,662 (+140%), from €3,332 to €7,994
- Financial charges -€557
down €557 (-9.9%), from €5,622 to €5,066
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 | €632,857 | €605,053 | -€27,803 | -4.4% |
| Fixed assets | 21/28 | €557,886 | €569,586 | +€11,700 | +2.1% |
| Tangible fixed assets | 22/27 | €557,886 | €569,586 | +€11,700 | +2.1% |
| Land and buildings | 22 | €557,300 | €569,097 | +€11,797 | +2.1% |
| Furniture and vehicles | 24 | €586 | €489 | -€97 | -16.5% |
| Current assets | 29/58 | €74,971 | €35,467 | -€39,503 | -52.7% |
| Cash at bank and in hand | 54/58 | €74,971 | €35,467 | -€39,503 | -52.7% |
| Total equity and liabilities | 10/49 | €632,857 | €605,053 | -€27,803 | -4.4% |
| Equity | 10/15 | €408,092 | €401,640 | -€6,452 | -1.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €490,420 | €490,420 | = | 0.0% |
| Distributable reserves | 133 | €490,420 | €490,420 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,327 | -€93,780 | -€6,452 | -7.4% |
| Amounts payable | 17/49 | €224,764 | €203,413 | -€21,351 | -9.5% |
| Amounts payable after more than one year | 17 | €202,297 | €180,587 | -€21,710 | -10.7% |
| Financial debts | 170/4 | €202,297 | €180,587 | -€21,710 | -10.7% |
| Amounts payable within one year | 42/48 | €22,467 | €22,826 | +€359 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €21,467 | €21,710 | +€242 | +1.1% |
| Trade debts | 44 | - | €78 | +€78 | |
| Suppliers | 440/4 | - | €78 | +€78 | |
| Taxes, remuneration and social security | 45 | - | €38 | +€38 | |
| Taxes | 450/3 | - | €38 | +€38 | |
| Other amounts payable | 47/48 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,292 | €16,100 | -€192 | -1.2% |
| Other operating charges | 640/8 | €3,332 | €7,994 | +€4,662 | +140% |
| Gross operating margin | 9900 | €30,029 | €22,708 | -€7,322 | -24.4% |
| Operating profit (loss) | 9901 | €10,405 | -€1,387 | -€11,792 | |
| Financial charges | 65/66B | €5,622 | €5,066 | -€557 | -9.9% |
| Recurring financial charges | 65 | €5,622 | €5,066 | -€557 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €4,783 | -€6,452 | -€11,235 | |
| Profit (loss) for the period | 9904 | €4,783 | -€6,452 | -€11,235 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,783 | -€6,452 | -€11,235 |
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 18 October 2026 via checked.be.