MAES-IMBRECHTS: 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-IMBRECHTS
Largest movements
- Current investments +€22,272
up €22,272 (+8.2%), from €272,377 to €294,649
- Reserves +€75,000
up €75,000 (+3.9%), from €1.9m to €2.0m
- Other debts -€25,191
down €25,191 (-97.4%), from €25,860 to €670
- Tax, wage and social debts -€23,776
down €23,776 (-62.9%), from €37,799 to €14,023
- Gross operating margin -€61,254
down €61,254 (-20.1%), from €304,041 to €242,787
- Taxes -€21,328
down €21,328 (-22.3%), from €95,843 to €74,515
- Financial income -€10,669
down €10,669 (-76.8%), from €13,889 to €3,220
of which Non-recurring financial income: -€8,908
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 | €2,019,615 | €2,045,069 | +€25,454 | +1.3% |
| Fixed assets | 21/28 | €1,534,284 | €1,524,909 | -€9,375 | -0.6% |
| Tangible fixed assets | 22/27 | €38,512 | €29,137 | -€9,375 | -24.3% |
| Land and buildings | 22 | €1,806 | €1,588 | -€218 | -12.1% |
| Furniture and vehicles | 24 | €36,706 | €27,549 | -€9,157 | -24.9% |
| Financial fixed assets | 28 | €1,495,772 | €1,495,772 | = | 0.0% |
| Current assets | 29/58 | €485,331 | €520,160 | +€34,829 | +7.2% |
| Amounts receivable within one year | 40/41 | €5,488 | €740 | -€4,748 | -86.5% |
| Trade receivables | 40 | - | €740 | +€740 | |
| Other amounts receivable | 41 | €5,488 | - | -€5,488 | |
| Current investments | 50/53 | €272,377 | €294,649 | +€22,272 | +8.2% |
| Cash at bank and in hand | 54/58 | €203,354 | €221,470 | +€18,116 | +8.9% |
| Deferred charges and accrued income | 490/1 | €4,112 | €3,301 | -€811 | -19.7% |
| Total equity and liabilities | 10/49 | €2,019,615 | €2,045,069 | +€25,454 | +1.3% |
| Equity | 10/15 | €1,951,824 | €2,027,701 | +€75,877 | +3.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,918,000 | €1,993,000 | +€75,000 | +3.9% |
| Distributable reserves | 133 | €1,918,000 | €1,993,000 | +€75,000 | +3.9% |
| Profit (loss) carried forward | 14 | €13,824 | €14,701 | +€877 | +6.3% |
| Amounts payable | 17/49 | €67,791 | €17,367 | -€50,423 | -74.4% |
| Amounts payable within one year | 42/48 | €64,696 | €14,752 | -€49,944 | -77.2% |
| Trade debts | 44 | €1,037 | €59 | -€977 | -94.3% |
| Suppliers | 440/4 | €1,037 | €59 | -€977 | -94.3% |
| Taxes, remuneration and social security | 45 | €37,799 | €14,023 | -€23,776 | -62.9% |
| Taxes | 450/3 | €37,799 | €14,023 | -€23,776 | -62.9% |
| Other amounts payable | 47/48 | €25,860 | €670 | -€25,191 | -97.4% |
| Accrued charges and deferred income | 492/3 | €3,095 | €2,616 | -€479 | -15.5% |
| Non-recurring operating income | 76A | €1,449 | - | -€1,449 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,606 | €12,731 | +€125 | +1.0% |
| Other operating charges | 640/8 | €1,889 | €1,872 | -€17 | -0.9% |
| Gross operating margin | 9900 | €304,041 | €242,787 | -€61,254 | -20.1% |
| Operating profit (loss) | 9901 | €289,546 | €228,184 | -€61,362 | -21.2% |
| Financial income | 75/76B | €13,889 | €3,220 | -€10,669 | -76.8% |
| Recurring financial income | 75 | €4,381 | €2,620 | -€1,761 | -40.2% |
| Non-recurring financial income | 76B | €9,508 | €600 | -€8,908 | -93.7% |
| Financial charges | 65/66B | €1,074 | €1,012 | -€62 | -5.8% |
| Recurring financial charges | 65 | €1,074 | €1,012 | -€62 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €302,361 | €230,392 | -€71,969 | -23.8% |
| Income taxes | 67/77 | €95,843 | €74,515 | -€21,328 | -22.3% |
| Profit (loss) for the period | 9904 | €206,519 | €155,877 | -€50,641 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €206,519 | €155,877 | -€50,641 | -24.5% |
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 19 October 2026 via checked.be.