MAES L&M: 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 L&M
Largest movements
- Cash +€14,562
up €14,562 (+35.7%), from €40,842 to €55,404
mainly Other debts (+€32,566) and Net result for the year (+€31,640)
- Tangible fixed assets -€1,501
down €1,501 (-34.7%), from €4,323 to €2,822
of which Plant, machinery and equipment: -€812
- Deferred charges and accrued income -€936
down €936 (-84.3%), from €1,110 to €174
- Other debts +€32,566
up €32,566 (+204%), from €15,968 to €48,534
- Reserves -€23,931
down €23,931 (-100%), from €23,931 to €0
- Trade debts +€2,849
up €2,849 (+138%), from €2,057 to €4,906
- Accrued charges and deferred income +€700
up €700, from €0 to €700
- Gross operating margin +€20,427
up €20,427 (+76.9%), from €26,571 to €46,998
- Taxes +€7,007
up €7,007 (+130%), from €5,405 to €12,412
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 | €55,546 | €68,079 | +€12,534 | +22.6% |
| Fixed assets | 21/28 | €4,323 | €2,822 | -€1,501 | -34.7% |
| Tangible fixed assets | 22/27 | €4,323 | €2,822 | -€1,501 | -34.7% |
| Plant, machinery and equipment | 23 | €1,787 | €975 | -€812 | -45.4% |
| Furniture and vehicles | 24 | €2,536 | €1,847 | -€689 | -27.2% |
| Current assets | 29/58 | €51,223 | €65,258 | +€14,035 | +27.4% |
| Amounts receivable within one year | 40/41 | €9,271 | €9,680 | +€409 | +4.4% |
| Trade receivables | 40 | €9,075 | €9,680 | +€605 | +6.7% |
| Other amounts receivable | 41 | €196 | €0 | -€196 | -100% |
| Cash at bank and in hand | 54/58 | €40,842 | €55,404 | +€14,562 | +35.7% |
| Deferred charges and accrued income | 490/1 | €1,110 | €174 | -€936 | -84.3% |
| Total equity and liabilities | 10/49 | €55,546 | €68,079 | +€12,534 | +22.6% |
| Equity | 10/15 | €26,931 | €3,000 | -€23,931 | -88.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €23,931 | €0 | -€23,931 | -100% |
| Distributable reserves | 133 | €23,931 | €0 | -€23,931 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €28,615 | €65,079 | +€36,464 | +127% |
| Amounts payable within one year | 42/48 | €28,615 | €64,379 | +€35,764 | +125% |
| Trade debts | 44 | €2,057 | €4,906 | +€2,849 | +138% |
| Suppliers | 440/4 | €2,057 | €4,906 | +€2,849 | +138% |
| Taxes, remuneration and social security | 45 | €10,590 | €10,940 | +€350 | +3.3% |
| Taxes | 450/3 | €10,590 | €10,940 | +€350 | +3.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €15,968 | €48,534 | +€32,566 | +204% |
| Accrued charges and deferred income | 492/3 | €0 | €700 | +€700 | |
| Non-recurring operating income | 76A | - | €20,171 | +€20,171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,398 | €1,501 | +€103 | +7.4% |
| Other operating charges | 640/8 | €724 | €520 | -€204 | -28.2% |
| Gross operating margin | 9900 | €26,571 | €46,998 | +€20,427 | +76.9% |
| Operating profit (loss) | 9901 | €24,449 | €44,977 | +€20,527 | +84.0% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €462 | €924 | +€462 | +100% |
| Recurring financial charges | 65 | €462 | €924 | +€462 | +100% |
| Profit (loss) for the period before taxes | 9903 | €23,990 | €44,052 | +€20,062 | +83.6% |
| Income taxes | 67/77 | €5,405 | €12,412 | +€7,007 | +130% |
| Profit (loss) for the period | 9904 | €18,585 | €31,640 | +€13,055 | +70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,585 | €31,640 | +€13,055 | +70.2% |
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 15 October 2026 via checked.be.