MAES IMMO: 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 IMMO
Largest movements
- Stocks and contracts +€454,076
up €454,076 (+908.2%), from €50,000 to €504,076
of which Contracts in progress: +€454,076
- Cash -€225,218
down €225,218 (-72.9%), from €308,794 to €83,576
mainly Stocks and contracts (-€454,076) and Receivables within one year (-€29,263)
- Receivables within one year +€29,263
up €29,263 (+55.9%), from €52,306 to €81,569
of which Trade receivables: +€21,311
- Debts after one year +€233,209
up €233,209 (+283.4%), from €82,300 to €315,509
- Trade debts +€37,402
up €37,402 (+4642.6%), from €806 to €38,207
- Gross operating margin -€151,526
down €151,526 (-88.6%), from €171,019 to €19,493
- Write-downs +€16,530
up €16,530, from -€16,530 to €0
- Depreciation -€7,815
down €7,815 (-82.6%), from €9,459 to €1,644
- Taxes +€3,525
up €3,525 (+297.0%), from €1,187 to €4,712
- Financial charges +€2,106
up €2,106 (+81.3%), from €2,591 to €4,697
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 | €1,406,970 | €1,681,800 | +€274,830 | +19.5% |
| Fixed assets | 21/28 | €995,870 | €1,012,579 | +€16,709 | +1.7% |
| Tangible fixed assets | 22/27 | €994,705 | €1,011,414 | +€16,709 | +1.7% |
| Land and buildings | 22 | €994,705 | €1,011,414 | +€16,709 | +1.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €1,165 | €1,165 | = | 0.0% |
| Current assets | 29/58 | €411,100 | €669,221 | +€258,121 | +62.8% |
| Stocks and contracts in progress | 3 | €50,000 | €504,076 | +€454,076 | +908.2% |
| Stocks | 30/36 | €50,000 | €50,000 | = | 0.0% |
| Contracts in progress | 37 | - | €454,076 | +€454,076 | |
| Amounts receivable within one year | 40/41 | €52,306 | €81,569 | +€29,263 | +55.9% |
| Trade receivables | 40 | €16,952 | €38,262 | +€21,311 | +125.7% |
| Other amounts receivable | 41 | €35,354 | €43,307 | +€7,952 | +22.5% |
| Cash at bank and in hand | 54/58 | €308,794 | €83,576 | -€225,218 | -72.9% |
| Total equity and liabilities | 10/49 | €1,406,970 | €1,681,800 | +€274,830 | +19.5% |
| Equity | 10/15 | €1,259,340 | €1,259,629 | +€289 | 0.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €828,050 | €828,050 | = | 0.0% |
| Reserves | 13 | €418,890 | €419,180 | +€289 | +0.1% |
| Tax-exempt reserves | 132 | €136,706 | €136,706 | = | 0.0% |
| Distributable reserves | 133 | €282,184 | €282,473 | +€289 | +0.1% |
| Provisions and deferred taxes | 16 | €45,442 | €45,442 | = | 0.0% |
| Deferred taxes | 168 | €45,442 | €45,442 | = | 0.0% |
| Amounts payable | 17/49 | €102,188 | €376,729 | +€274,541 | +268.7% |
| Amounts payable after more than one year | 17 | €82,300 | €315,509 | +€233,209 | +283.4% |
| Financial debts | 170/4 | €82,300 | €315,509 | +€233,209 | +283.4% |
| Amounts payable within one year | 42/48 | €19,888 | €61,220 | +€41,331 | +207.8% |
| Current portion of amounts payable after more than one year | 42 | €18,042 | €18,391 | +€349 | +1.9% |
| Trade debts | 44 | €806 | €38,207 | +€37,402 | +4642.6% |
| Suppliers | 440/4 | €806 | €38,207 | +€37,402 | +4642.6% |
| Taxes, remuneration and social security | 45 | €22 | €4,622 | +€4,599 | +20746.0% |
| Taxes | 450/3 | €22 | €4,622 | +€4,599 | +20746.0% |
| Other amounts payable | 47/48 | €1,018 | €0 | -€1,018 | -100.0% |
| Non-recurring operating income | 76A | €181,768 | €0 | -€181,768 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,459 | €1,644 | -€7,815 | -82.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€16,530 | €0 | +€16,530 | |
| Other operating charges | 640/8 | €10,977 | €11,113 | +€136 | +1.2% |
| Gross operating margin | 9900 | €171,019 | €19,493 | -€151,526 | -88.6% |
| Operating profit (loss) | 9901 | €167,114 | €6,736 | -€160,377 | -96.0% |
| Financial income | 75/76B | €1,348 | €2,961 | +€1,613 | +119.6% |
| Recurring financial income | 75 | €1,348 | €2,961 | +€1,613 | +119.6% |
| Financial charges | 65/66B | €2,591 | €4,697 | +€2,106 | +81.3% |
| Recurring financial charges | 65 | €2,591 | €4,697 | +€2,106 | +81.3% |
| Profit (loss) for the period before taxes | 9903 | €165,871 | €5,001 | -€160,870 | -97.0% |
| Transfer to deferred taxes | 680 | €45,442 | €0 | -€45,442 | -100.0% |
| Income taxes | 67/77 | €1,187 | €4,712 | +€3,525 | +297.0% |
| Profit (loss) for the period | 9904 | €119,242 | €289 | -€118,953 | -99.8% |
| Transfer to tax-exempt reserves | 689 | €136,326 | €0 | -€136,326 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,084 | €289 | +€17,373 |
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 12 October 2026 via checked.be.