Maes-Laeremans: 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-Laeremans
Largest movements
- Tangible fixed assets +€57,743
up €57,743 (+158%), from €36,590 to €94,333
of which Leasing and similar rights: +€63,559
- Receivables within one year -€9,600
down €9,600 (-58.1%), from €16,515 to €6,915
of which Trade receivables: -€9,515
- Cash -€2,475
down €2,475 (-80.2%), from €3,086 to €611
mainly Investment in fixed assets (net) (-€81,511) and Trade debts (-€5,714)
- Deferred charges and accrued income -€1,898
down €1,898 (-59.8%), from €3,172 to €1,275
- Debts after one year +€33,087
up €33,087 (+1,448%), from €2,285 to €35,372
- Current portion of long-term debt +€13,345
up €13,345 (+194%), from €6,882 to €20,228
- Trade debts -€5,714
down €5,714 (-72.8%), from €7,843 to €2,129
- Tax, wage and social debts -€4,351
down €4,351 (-85.1%), from €5,114 to €763
- Other debts +€2,500
up €2,500 (+18.2%), from €13,766 to €16,266
- Depreciation +€10,855
up €10,855 (+84.1%), from €12,913 to €23,768
- Taxes -€4,405
down €4,405 (-86.6%), from €5,084 to €679
- Gross operating margin -€2,105
down €2,105 (-6.1%), from €34,754 to €32,649
- Other operating charges -€727
down €727 (-64.5%), from €1,127 to €400
- Financial charges +€530
up €530 (+30.0%), from €1,764 to €2,294
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 | €59,363 | €103,134 | +€43,771 | +73.7% |
| Fixed assets | 21/28 | €36,590 | €94,333 | +€57,743 | +158% |
| Tangible fixed assets | 22/27 | €36,590 | €94,333 | +€57,743 | +158% |
| Plant, machinery and equipment | 23 | €14,304 | €9,288 | -€5,016 | -35.1% |
| Furniture and vehicles | 24 | €3,543 | €2,743 | -€800 | -22.6% |
| Leasing and similar rights | 25 | €18,743 | €82,302 | +€63,559 | +339% |
| Current assets | 29/58 | €22,773 | €8,801 | -€13,972 | -61.4% |
| Amounts receivable within one year | 40/41 | €16,515 | €6,915 | -€9,600 | -58.1% |
| Trade receivables | 40 | €15,242 | €5,727 | -€9,515 | -62.4% |
| Other amounts receivable | 41 | €1,272 | €1,188 | -€84 | -6.6% |
| Cash at bank and in hand | 54/58 | €3,086 | €611 | -€2,475 | -80.2% |
| Deferred charges and accrued income | 490/1 | €3,172 | €1,275 | -€1,898 | -59.8% |
| Total equity and liabilities | 10/49 | €59,363 | €103,134 | +€43,771 | +73.7% |
| Equity | 10/15 | €23,213 | €25,078 | +€1,865 | +8.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €18,213 | €20,078 | +€1,865 | +10.2% |
| Distributable reserves | 133 | €18,213 | €20,078 | +€1,865 | +10.2% |
| Amounts payable | 17/49 | €36,150 | €78,056 | +€41,906 | +116% |
| Amounts payable after more than one year | 17 | €2,285 | €35,372 | +€33,087 | +1,448% |
| Financial debts | 170/4 | €2,285 | €35,372 | +€33,087 | +1,448% |
| Amounts payable within one year | 42/48 | €33,606 | €42,643 | +€9,037 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €6,882 | €20,228 | +€13,345 | +194% |
| Financial debts | 43 | - | €1,682 | +€1,682 | |
| Other loans | 439 | - | €1,682 | +€1,682 | |
| Trade debts | 44 | €7,843 | €2,129 | -€5,714 | -72.8% |
| Suppliers | 440/4 | €7,843 | €2,129 | -€5,714 | -72.8% |
| Advances received on contracts in progress | 46 | - | €1,575 | +€1,575 | |
| Taxes, remuneration and social security | 45 | €5,114 | €763 | -€4,351 | -85.1% |
| Taxes | 450/3 | €5,114 | €763 | -€4,351 | -85.1% |
| Other amounts payable | 47/48 | €13,766 | €16,266 | +€2,500 | +18.2% |
| Accrued charges and deferred income | 492/3 | €259 | €41 | -€219 | -84.3% |
| Non-recurring operating income | 76A | €2,088 | - | -€2,088 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,913 | €23,768 | +€10,855 | +84.1% |
| Other operating charges | 640/8 | €1,127 | €400 | -€727 | -64.5% |
| Non-recurring operating charges | 66A | - | €3,644 | +€3,644 | |
| Gross operating margin | 9900 | €34,754 | €32,649 | -€2,105 | -6.1% |
| Operating profit (loss) | 9901 | €20,713 | €4,837 | -€15,876 | -76.6% |
| Financial income | 75/76B | €0 | €0 | +€0 | +53.3% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +53.3% |
| Financial charges | 65/66B | €1,764 | €2,294 | +€530 | +30.0% |
| Recurring financial charges | 65 | €1,764 | €2,294 | +€530 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | €18,950 | €2,544 | -€16,406 | -86.6% |
| Income taxes | 67/77 | €5,084 | €679 | -€4,405 | -86.6% |
| Profit (loss) for the period | 9904 | €13,865 | €1,865 | -€12,000 | -86.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,865 | €1,865 | -€12,000 | -86.6% |
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 25 October 2026 via checked.be.