Maes Ind.: what changed
What changed
Maes Ind.
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €523,845+€648,980
Equity
€2.2m
2024 · €1.1m+€1.2m
Cash
€318,689
2024 · €577,029-€258,340
Balance sheet total
€4.7m
2024 · €3.5m+€1.1m
Largest movements
Assets
- Receivables within one year +€1.1m
up €1.1m (+61.7%), from €1.7m to €2.8m
of which Trade receivables: +€904,901
- Tangible fixed assets +€306,821
up €306,821 (+166%), from €184,369 to €491,190
of which Furniture and vehicles: +€291,768
- Cash -€258,340
down €258,340 (-44.8%), from €577,029 to €318,689
mainly Receivables within one year (-€1.1m) and Short-term financial debts (-€510,000)
- Intangible fixed assets -€60,953
down €60,953 (-20.9%), from €292,110 to €231,156
- Stocks and contracts +€60,623
up €60,623 (+8.5%), from €714,259 to €774,882
of which Contracts in progress: +€160,881
Equity and liabilities
- Profit (loss) carried forward +€751,825
up €751,825 (+144%), from €523,845 to €1.3m
- Short-term financial debts -€510,000
down €510,000 (-71.8%), from €710,000 to €200,000
- Reserves +€421,000
up €421,000 (+81.9%), from €514,070 to €935,070
of which Tax-exempt reserves: +€421,000
- Current portion of long-term debt +€219,655
up €219,655 (+223%), from €98,443 to €318,098
- Debts after one year +€196,336
up €196,336 (+139%), from €141,291 to €337,627
Income statement
- Gross operating margin +€883,752
up €883,752 (+27.9%), from €3.2m to €4.0m
- Taxes +€213,896
up €213,896 (+107%), from €200,613 to €414,509
- Depreciation +€80,621
up €80,621 (+153%), from €52,701 to €133,321
- Staff costs -€77,185
down €77,185 (-3.3%), from €2.3m to €2.2m
- Financial income -€49,032
down €49,032 (-98.7%), from €49,671 to €639
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€523,845
Gross operating margin
+€883,752
Staff costs
+€77,185
Depreciation
-€80,621
Other operating charges
-€17,444
Other operating items
+€3,013
Financial income
-€49,032
Financial charges
+€46,022
Taxes
-€213,896
Result 2025
€1.2m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€214,858
Investment
-€379,189
Financing
-€94,009
Cash 2024
€577,029
From operations (derived)
+€214,858
Net result for the year
+€1.2m
Depreciation
+€133,321
Stocks and contracts
-€60,623
Receivables within one year
-€1.1m
Deferred charges and accrued income
-€2,302
Trade debts
+€135,903
Tax, wage and social debts
-€35,810
Other debts
-€56,348
Investment (derived)
-€379,189
Investment in fixed assets (net)
-€379,189
Financing
-€94,009
Debts after one year
+€196,336
Current portion of long-term debt
+€219,655
Short-term financial debts
-€510,000
Cash 2025
€318,689
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,543,107 | €4,665,668 | +€1.1m | +31.7% |
| Fixed assets | 21/28 | €476,614 | €722,482 | +€245,867 | +51.6% |
| Intangible fixed assets | 21 | €292,110 | €231,156 | -€60,953 | -20.9% |
| Tangible fixed assets | 22/27 | €184,369 | €491,190 | +€306,821 | +166% |
| Plant, machinery and equipment | 23 | €32,175 | €43,101 | +€10,926 | +34.0% |
| Furniture and vehicles | 24 | €5,186 | €296,954 | +€291,768 | +5,626% |
| Other tangible fixed assets | 26 | €147,009 | €151,136 | +€4,127 | +2.8% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €3,066,493 | €3,943,186 | +€876,693 | +28.6% |
| Stocks and contracts in progress | 3 | €714,259 | €774,882 | +€60,623 | +8.5% |
| Stocks | 30/36 | €431,883 | €331,625 | -€100,258 | -23.2% |
| Contracts in progress | 37 | €282,376 | €443,257 | +€160,881 | +57.0% |
| Amounts receivable within one year | 40/41 | €1,737,780 | €2,809,888 | +€1.1m | +61.7% |
| Trade receivables | 40 | €1,636,619 | €2,541,521 | +€904,901 | +55.3% |
| Other amounts receivable | 41 | €101,160 | €268,367 | +€167,207 | +165% |
| Cash at bank and in hand | 54/58 | €577,029 | €318,689 | -€258,340 | -44.8% |
| Deferred charges and accrued income | 490/1 | €37,424 | €39,727 | +€2,302 | +6.2% |
| Total equity and liabilities | 10/49 | €3,543,107 | €4,665,668 | +€1.1m | +31.7% |
| Equity | 10/15 | €1,056,514 | €2,229,339 | +€1.2m | +111% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €514,070 | €935,070 | +€421,000 | +81.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €421,000 | +€421,000 | |
| Distributable reserves | 133 | €514,070 | €514,070 | = | 0.0% |
| Profit (loss) carried forward | 14 | €523,845 | €1,275,669 | +€751,825 | +144% |
| Amounts payable | 17/49 | €2,486,593 | €2,436,329 | -€50,264 | -2.0% |
| Amounts payable after more than one year | 17 | €141,291 | €337,627 | +€196,336 | +139% |
| Financial debts | 170/4 | €141,291 | €337,627 | +€196,336 | +139% |
| Amounts payable within one year | 42/48 | €2,345,302 | €2,098,702 | -€246,600 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €98,443 | €318,098 | +€219,655 | +223% |
| Financial debts | 43 | €710,000 | €200,000 | -€510,000 | -71.8% |
| Credit institutions | 430/8 | €710,000 | €200,000 | -€510,000 | -71.8% |
| Trade debts | 44 | €807,765 | €943,669 | +€135,903 | +16.8% |
| Suppliers | 440/4 | €807,765 | €943,669 | +€135,903 | +16.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €304,094 | €268,284 | -€35,810 | -11.8% |
| Taxes | 450/3 | €25,228 | €48,467 | +€23,239 | +92.1% |
| Remuneration and social security | 454/9 | €278,866 | €219,816 | -€59,049 | -21.2% |
| Other amounts payable | 47/48 | €425,000 | €368,652 | -€56,348 | -13.3% |
| Non-recurring operating income | 76A | €85,390 | €11,798 | -€73,591 | -86.2% |
| Remuneration, social security and pensions | 62 | €2,326,311 | €2,249,125 | -€77,185 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,701 | €133,321 | +€80,621 | +153% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €7,132 | €24,576 | +€17,444 | +245% |
| Non-recurring operating charges | 66A | €3,013 | €0 | -€3,013 | -100% |
| Gross operating margin | 9900 | €3,166,100 | €4,049,852 | +€883,752 | +27.9% |
| Operating profit (loss) | 9901 | €776,944 | €1,642,829 | +€865,885 | +111% |
| Financial income | 75/76B | €49,671 | €639 | -€49,032 | -98.7% |
| Recurring financial income | 75 | €49,671 | €639 | -€49,032 | -98.7% |
| Financial charges | 65/66B | €102,156 | €56,134 | -€46,022 | -45.1% |
| Recurring financial charges | 65 | €102,156 | €56,134 | -€46,022 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €724,458 | €1,587,334 | +€862,876 | +119% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €200,613 | €414,509 | +€213,896 | +107% |
| Profit (loss) for the period | 9904 | €523,845 | €1,172,825 | +€648,980 | +124% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | - | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €523,845 | €751,825 | +€227,980 | +43.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.