MAES MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€34,110
up €34,110 (+199.5%), from €17,099 to €51,208
of which Leasing and similar rights: +€40,104
- Cash +€9,198
up €9,198 (+47.2%), from €19,505 to €28,703
mainly Net result for the year (+€69,448) and Debts after one year (+€26,198)
- Profit (loss) carried forward +€69,448
up €69,448 (+17.2%), from -€403,671 to -€334,223
- Contributions -€60,000
down €60,000 (-16.7%), from €360,000 to €300,000
- Debts after one year +€26,198
up €26,198 (+21.7%), from €120,812 to €147,011
- Tax, wage and social debts +€4,442
up €4,442 (+98.0%), from €4,532 to €8,974
- Current portion of long-term debt +€4,284
up €4,284 (+48.8%), from €8,772 to €13,056
- Gross operating margin +€15,912
up €15,912 (+27.0%), from €59,029 to €74,941
- Depreciation -€4,784
down €4,784 (-55.7%), from €8,583 to €3,799
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.
Cash bridge derived
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 | €91,849 | €136,257 | +€44,407 | +48.3% |
| Fixed assets | 21/28 | €17,099 | €51,208 | +€34,110 | +199.5% |
| Tangible fixed assets | 22/27 | €17,099 | €51,208 | +€34,110 | +199.5% |
| Furniture and vehicles | 24 | €9,162 | €4,183 | -€4,978 | -54.3% |
| Leasing and similar rights | 25 | - | €40,104 | +€40,104 | |
| Other tangible fixed assets | 26 | €7,937 | €6,921 | -€1,016 | -12.8% |
| Current assets | 29/58 | €74,751 | €85,048 | +€10,298 | +13.8% |
| Amounts receivable within one year | 40/41 | €55,246 | €56,346 | +€1,100 | +2.0% |
| Trade receivables | 40 | €54,896 | €55,882 | +€986 | +1.8% |
| Other amounts receivable | 41 | €350 | €464 | +€114 | +32.5% |
| Cash at bank and in hand | 54/58 | €19,505 | €28,703 | +€9,198 | +47.2% |
| Total equity and liabilities | 10/49 | €91,849 | €136,257 | +€44,407 | +48.3% |
| Equity | 10/15 | -€43,671 | -€34,223 | +€9,448 | +21.6% |
| Contributions | 10/11 | €360,000 | €300,000 | -€60,000 | -16.7% |
| Profit (loss) carried forward | 14 | -€403,671 | -€334,223 | +€69,448 | +17.2% |
| Amounts payable | 17/49 | €135,521 | €170,480 | +€34,959 | +25.8% |
| Amounts payable after more than one year | 17 | €120,812 | €147,011 | +€26,198 | +21.7% |
| Financial debts | 170/4 | €120,812 | €147,011 | +€26,198 | +21.7% |
| Amounts payable within one year | 42/48 | €14,708 | €23,469 | +€8,761 | +59.6% |
| Current portion of amounts payable after more than one year | 42 | €8,772 | €13,056 | +€4,284 | +48.8% |
| Trade debts | 44 | €1,404 | €1,439 | +€35 | +2.5% |
| Suppliers | 440/4 | €1,404 | €1,439 | +€35 | +2.5% |
| Taxes, remuneration and social security | 45 | €4,532 | €8,974 | +€4,442 | +98.0% |
| Taxes | 450/3 | €4,532 | €8,974 | +€4,442 | +98.0% |
| Non-recurring operating income | 76A | - | €9,221 | +€9,221 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,583 | €3,799 | -€4,784 | -55.7% |
| Other operating charges | 640/8 | - | €326 | +€326 | |
| Gross operating margin | 9900 | €59,029 | €74,941 | +€15,912 | +27.0% |
| Operating profit (loss) | 9901 | €50,447 | €70,816 | +€20,369 | +40.4% |
| Financial income | 75/76B | - | €110 | +€110 | |
| Recurring financial income | 75 | - | €110 | +€110 | |
| Financial charges | 65/66B | €1,217 | €1,306 | +€89 | +7.3% |
| Recurring financial charges | 65 | €1,217 | €1,306 | +€89 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €49,230 | €69,620 | +€20,390 | +41.4% |
| Income taxes | 67/77 | €175 | €172 | -€3 | -1.6% |
| Profit (loss) for the period | 9904 | €49,055 | €69,448 | +€20,393 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,055 | €69,448 | +€20,393 | +41.6% |
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 12 October 2026 via checked.be.