MAES LEO: 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 LEO
Largest movements
- Receivables within one year -€48,809
down €48,809 (-55.3%), from €88,247 to €39,439
of which Trade receivables: -€51,669
- Cash +€35,438
up €35,438 (+28.1%), from €126,096 to €161,534
mainly Receivables within one year (+€48,809) and Trade debts (+€13,340)
- Accrued charges and deferred income -€22,230
no longer reported in 2025 (was €22,230)
- Trade debts +€13,340
up €13,340 (+582%), from €2,292 to €15,632
- Other debts +€8,084
up €8,084 (+11.9%), from €67,733 to €75,817
- Reserves -€6,594
down €6,594 (-2.9%), from €229,930 to €223,336
- Tax, wage and social debts -€4,630
down €4,630 (-89.5%), from €5,171 to €541
of which Remuneration and social security: -€3,097
- Other operating charges +€18,212
up €18,212 (+1,702%), from €1,070 to €19,282
- Gross operating margin +€4,301
up €4,301 (+28.9%), from €14,882 to €19,183
- Taxes -€2,458
down €2,458 (-84.0%), from €2,927 to €469
- Write-downs +€2,016
new in 2025: €2,016
- Depreciation -€286
down €286 (-5.6%), from €5,135 to €4,849
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 | €352,145 | €340,115 | -€12,030 | -3.4% |
| Fixed assets | 21/28 | €11,372 | €14,097 | +€2,726 | +24.0% |
| Tangible fixed assets | 22/27 | €11,372 | €14,097 | +€2,726 | +24.0% |
| Plant, machinery and equipment | 23 | €530 | €230 | -€300 | -56.7% |
| Furniture and vehicles | 24 | €10,842 | €9,784 | -€1,058 | -9.8% |
| Other tangible fixed assets | 26 | - | €4,084 | +€4,084 | |
| Current assets | 29/58 | €340,773 | €326,017 | -€14,756 | -4.3% |
| Stocks and contracts in progress | 3 | €12,540 | €9,895 | -€2,644 | -21.1% |
| Stocks | 30/36 | €12,540 | €9,895 | -€2,644 | -21.1% |
| Amounts receivable within one year | 40/41 | €88,247 | €39,439 | -€48,809 | -55.3% |
| Trade receivables | 40 | €80,646 | €28,977 | -€51,669 | -64.1% |
| Other amounts receivable | 41 | €7,602 | €10,462 | +€2,860 | +37.6% |
| Current investments | 50/53 | €112,344 | €112,344 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €126,096 | €161,534 | +€35,438 | +28.1% |
| Deferred charges and accrued income | 490/1 | €1,546 | €2,805 | +€1,259 | +81.5% |
| Total equity and liabilities | 10/49 | €352,145 | €340,115 | -€12,030 | -3.4% |
| Equity | 10/15 | €254,719 | €248,125 | -€6,594 | -2.6% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €229,930 | €223,336 | -€6,594 | -2.9% |
| Distributable reserves | 133 | €229,930 | €223,336 | -€6,594 | -2.9% |
| Amounts payable | 17/49 | €97,426 | €91,990 | -€5,436 | -5.6% |
| Amounts payable within one year | 42/48 | €75,196 | €91,990 | +€16,794 | +22.3% |
| Trade debts | 44 | €2,292 | €15,632 | +€13,340 | +582% |
| Suppliers | 440/4 | €2,292 | €15,632 | +€13,340 | +582% |
| Taxes, remuneration and social security | 45 | €5,171 | €541 | -€4,630 | -89.5% |
| Taxes | 450/3 | €2,073 | €541 | -€1,533 | -73.9% |
| Remuneration and social security | 454/9 | €3,097 | - | -€3,097 | |
| Other amounts payable | 47/48 | €67,733 | €75,817 | +€8,084 | +11.9% |
| Accrued charges and deferred income | 492/3 | €22,230 | - | -€22,230 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,135 | €4,849 | -€286 | -5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,016 | +€2,016 | |
| Other operating charges | 640/8 | €1,070 | €19,282 | +€18,212 | +1,702% |
| Non-recurring operating charges | 66A | - | €522 | +€522 | |
| Gross operating margin | 9900 | €14,882 | €19,183 | +€4,301 | +28.9% |
| Operating profit (loss) | 9901 | €8,676 | -€7,486 | -€16,163 | |
| Financial income | 75/76B | €1,619 | €1,420 | -€199 | -12.3% |
| Recurring financial income | 75 | €1,619 | €1,420 | -€199 | -12.3% |
| Financial charges | 65/66B | €52 | €60 | +€8 | +16.1% |
| Recurring financial charges | 65 | €52 | €60 | +€8 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €10,244 | -€6,126 | -€16,370 | |
| Income taxes | 67/77 | €2,927 | €469 | -€2,458 | -84.0% |
| Profit (loss) for the period | 9904 | €7,317 | -€6,594 | -€13,912 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,317 | -€6,594 | -€13,912 |
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 31 October 2026 via checked.be.