MAES KJELL: 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 KJELL
Largest movements
- Cash +€30,318
up €30,318 (+240%), from €12,627 to €42,945
mainly Net result for the year (+€39,144) and Tax, wage and social debts (+€3,387)
- Tangible fixed assets +€5,691
up €5,691 (+205%), from €2,781 to €8,472
of which Plant, machinery and equipment: +€6,865
- Receivables within one year +€2,784
up €2,784 (+18.1%), from €15,376 to €18,159
of which Other amounts receivable: +€1,449
- Deferred charges and accrued income +€1,393
up €1,393 (+83.4%), from €1,671 to €3,064
- Reserves +€39,144
up €39,144 (+2,105%), from €1,860 to €41,004
- Tax, wage and social debts +€3,387
up €3,387 (+69.4%), from €4,881 to €8,267
of which Taxes: +€3,754
- Trade debts -€2,525
down €2,525 (-28.7%), from €8,811 to €6,285
- Gross operating margin +€58,973
up €58,973 (+50.8%), from €116,076 to €175,049
- Taxes +€10,367
up €10,367 (+6,257%), from €166 to €10,533
- Staff costs +€9,712
up €9,712 (+9.1%), from €107,269 to €116,981
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 | €33,469 | €73,701 | +€40,232 | +120% |
| Fixed assets | 21/28 | €2,781 | €8,472 | +€5,691 | +205% |
| Tangible fixed assets | 22/27 | €2,781 | €8,472 | +€5,691 | +205% |
| Plant, machinery and equipment | 23 | €865 | €7,730 | +€6,865 | +794% |
| Furniture and vehicles | 24 | €1,741 | €742 | -€999 | -57.4% |
| Other tangible fixed assets | 26 | €175 | - | -€175 | |
| Current assets | 29/58 | €30,688 | €65,229 | +€34,541 | +113% |
| Stocks and contracts in progress | 3 | €1,015 | €1,061 | +€46 | +4.5% |
| Stocks | 30/36 | €1,015 | €1,061 | +€46 | +4.5% |
| Amounts receivable within one year | 40/41 | €15,376 | €18,159 | +€2,784 | +18.1% |
| Trade receivables | 40 | €14,560 | €15,895 | +€1,335 | +9.2% |
| Other amounts receivable | 41 | €816 | €2,264 | +€1,449 | +178% |
| Cash at bank and in hand | 54/58 | €12,627 | €42,945 | +€30,318 | +240% |
| Deferred charges and accrued income | 490/1 | €1,671 | €3,064 | +€1,393 | +83.4% |
| Total equity and liabilities | 10/49 | €33,469 | €73,701 | +€40,232 | +120% |
| Equity | 10/15 | €5,852 | €44,996 | +€39,144 | +669% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €41,004 | +€39,144 | +2,105% |
| Distributable reserves | 133 | €1,860 | €41,004 | +€39,144 | +2,105% |
| Profit (loss) carried forward | 14 | -€14,608 | -€14,608 | = | 0.0% |
| Amounts payable | 17/49 | €27,617 | €28,705 | +€1,088 | +3.9% |
| Amounts payable within one year | 42/48 | €27,617 | €28,705 | +€1,088 | +3.9% |
| Trade debts | 44 | €8,811 | €6,285 | -€2,525 | -28.7% |
| Suppliers | 440/4 | €8,811 | €6,285 | -€2,525 | -28.7% |
| Advances received on contracts in progress | 46 | €281 | €281 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,881 | €8,267 | +€3,387 | +69.4% |
| Taxes | 450/3 | €1,006 | €4,760 | +€3,754 | +373% |
| Remuneration and social security | 454/9 | €3,874 | €3,507 | -€367 | -9.5% |
| Other amounts payable | 47/48 | €13,645 | €13,872 | +€226 | +1.7% |
| Remuneration, social security and pensions | 62 | €107,269 | €116,981 | +€9,712 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,232 | €1,786 | -€1,446 | -44.7% |
| Other operating charges | 640/8 | €2,421 | €3,026 | +€605 | +25.0% |
| Gross operating margin | 9900 | €116,076 | €175,049 | +€58,973 | +50.8% |
| Operating profit (loss) | 9901 | €3,155 | €53,257 | +€50,102 | +1,588% |
| Financial income | 75/76B | €0 | €31 | +€31 | +104,567% |
| Recurring financial income | 75 | €0 | €31 | +€31 | +104,567% |
| Financial charges | 65/66B | €3,649 | €3,611 | -€38 | -1.1% |
| Recurring financial charges | 65 | €3,649 | €3,611 | -€38 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | -€495 | €49,677 | +€50,172 | |
| Income taxes | 67/77 | €166 | €10,533 | +€10,367 | +6,257% |
| Profit (loss) for the period | 9904 | -€660 | €39,144 | +€39,805 | |
| Profit (loss) for the period to be appropriated | 9905 | -€660 | €39,144 | +€39,805 |
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 17 October 2026 via checked.be.