MAES MGMT: what changed
Two fiscal 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 MGMT
Largest movements
- Cash +€49,510
up €49,510 (+141.6%), from €34,976 to €84,486
mainly Net result for the year (+€76,404) and Receivables within one year (+€47,895)
- Receivables within one year -€47,895
down €47,895 (-65.1%), from €73,597 to €25,702
of which Trade receivables: -€48,804
- Tangible fixed assets -€5,640
down €5,640 (-3.1%), from €180,014 to €174,374
- Receivables after one year -€3,600
down €3,600 (-62.1%), from €5,800 to €2,200
- Other debts -€81,301
down €81,301 (-77.5%), from €104,849 to €23,548
- Reserves +€76,404
up €76,404 (+359.4%), from €21,261 to €97,665
- Debts after one year -€9,742
down €9,742 (-6.7%), from €145,453 to €135,711
- Tax, wage and social debts +€3,973
up €3,973 (+14.2%), from €28,034 to €32,007
- Gross operating margin -€20,272
down €20,272 (-14.6%), from €138,861 to €118,589
- Taxes -€7,269
down €7,269 (-21.5%), from €33,860 to €26,591
- Financial charges +€2,392
up €2,392 (+37.6%), from €6,362 to €8,754
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 | €311,987 | €304,475 | -€7,511 | -2.4% |
| Fixed assets | 21/28 | €180,014 | €174,374 | -€5,640 | -3.1% |
| Tangible fixed assets | 22/27 | €180,014 | €174,374 | -€5,640 | -3.1% |
| Land and buildings | 22 | €180,014 | €174,374 | -€5,640 | -3.1% |
| Current assets | 29/58 | €131,973 | €130,102 | -€1,871 | -1.4% |
| Amounts receivable after more than one year | 29 | €5,800 | €2,200 | -€3,600 | -62.1% |
| Other amounts receivable | 291 | €5,800 | €2,200 | -€3,600 | -62.1% |
| Stocks and contracts in progress | 3 | €17,600 | €17,600 | = | 0.0% |
| Stocks | 30/36 | €17,600 | €17,600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €73,597 | €25,702 | -€47,895 | -65.1% |
| Trade receivables | 40 | €73,597 | €24,793 | -€48,804 | -66.3% |
| Other amounts receivable | 41 | €0 | €909 | +€909 | |
| Cash at bank and in hand | 54/58 | €34,976 | €84,486 | +€49,510 | +141.6% |
| Deferred charges and accrued income | 490/1 | - | €114 | +€114 | |
| Total equity and liabilities | 10/49 | €311,987 | €304,475 | -€7,511 | -2.4% |
| Equity | 10/15 | €24,261 | €100,665 | +€76,404 | +314.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €21,261 | €97,665 | +€76,404 | +359.4% |
| Distributable reserves | 133 | €21,261 | €97,665 | +€76,404 | +359.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €287,726 | €203,810 | -€83,916 | -29.2% |
| Amounts payable after more than one year | 17 | €145,453 | €135,711 | -€9,742 | -6.7% |
| Financial debts | 170/4 | €145,453 | €135,711 | -€9,742 | -6.7% |
| Amounts payable within one year | 42/48 | €142,273 | €68,099 | -€74,174 | -52.1% |
| Current portion of amounts payable after more than one year | 42 | €9,391 | €9,742 | +€352 | +3.7% |
| Trade debts | 44 | €0 | €2,802 | +€2,802 | |
| Suppliers | 440/4 | €0 | €2,802 | +€2,802 | |
| Taxes, remuneration and social security | 45 | €28,034 | €32,007 | +€3,973 | +14.2% |
| Taxes | 450/3 | €28,034 | €32,007 | +€3,973 | +14.2% |
| Other amounts payable | 47/48 | €104,849 | €23,548 | -€81,301 | -77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,640 | €5,640 | = | 0.0% |
| Other operating charges | 640/8 | €1,150 | €1,243 | +€93 | +8.1% |
| Gross operating margin | 9900 | €138,861 | €118,589 | -€20,272 | -14.6% |
| Operating profit (loss) | 9901 | €132,071 | €111,706 | -€20,365 | -15.4% |
| Financial income | 75/76B | €0 | €44 | +€44 | |
| Recurring financial income | 75 | €0 | €44 | +€44 | |
| Financial charges | 65/66B | €6,362 | €8,754 | +€2,392 | +37.6% |
| Recurring financial charges | 65 | €6,362 | €8,754 | +€2,392 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €125,709 | €102,996 | -€22,713 | -18.1% |
| Income taxes | 67/77 | €33,860 | €26,591 | -€7,269 | -21.5% |
| Profit (loss) for the period | 9904 | €91,849 | €76,404 | -€15,445 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €91,849 | €76,404 | -€15,445 | -16.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.