MAES MMDL: 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 MMDL
Largest movements
- Cash +€22,442
up €22,442 (+17.4%), from €129,103 to €151,545
mainly Net result for the year (+€32,031) and Receivables within one year (+€12,675)
- Receivables within one year -€12,675
down €12,675 (-46.7%), from €27,139 to €14,464
of which Trade receivables: -€12,696
- Reserves +€32,031
up €32,031 (+24.8%), from €129,143 to €161,174
- Tax, wage and social debts -€16,707
down €16,707 (-97.9%), from €17,072 to €364
of which Taxes: -€16,707
- Trade debts -€4,914
down €4,914 (-55.7%), from €8,815 to €3,901
- Taxes +€2,552
up €2,552 (+18.8%), from €13,547 to €16,099
- Gross operating margin -€750
down €750 (-1.5%), from €50,769 to €50,019
- Depreciation -€635
down €635 (-33.1%), from €1,916 to €1,281
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 | €159,692 | €168,495 | +€8,802 | +5.5% |
| Fixed assets | 21/28 | €2,497 | €2,458 | -€38 | -1.5% |
| Tangible fixed assets | 22/27 | €2,497 | €2,458 | -€38 | -1.5% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €2,497 | €2,458 | -€38 | -1.5% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €157,196 | €166,036 | +€8,841 | +5.6% |
| Amounts receivable within one year | 40/41 | €27,139 | €14,464 | -€12,675 | -46.7% |
| Trade receivables | 40 | €24,681 | €11,985 | -€12,696 | -51.4% |
| Other amounts receivable | 41 | €2,458 | €2,478 | +€21 | +0.8% |
| Cash at bank and in hand | 54/58 | €129,103 | €151,545 | +€22,442 | +17.4% |
| Deferred charges and accrued income | 490/1 | €953 | €27 | -€926 | -97.1% |
| Total equity and liabilities | 10/49 | €159,692 | €168,495 | +€8,802 | +5.5% |
| Equity | 10/15 | €132,143 | €164,174 | +€32,031 | +24.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €129,143 | €161,174 | +€32,031 | +24.8% |
| Distributable reserves | 133 | €129,143 | €161,174 | +€32,031 | +24.8% |
| Amounts payable | 17/49 | €27,549 | €4,321 | -€23,228 | -84.3% |
| Amounts payable within one year | 42/48 | €27,549 | €4,321 | -€23,228 | -84.3% |
| Trade debts | 44 | €8,815 | €3,901 | -€4,914 | -55.7% |
| Suppliers | 440/4 | €8,815 | €3,901 | -€4,914 | -55.7% |
| Taxes, remuneration and social security | 45 | €17,072 | €364 | -€16,707 | -97.9% |
| Taxes | 450/3 | €17,072 | €364 | -€16,707 | -97.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,663 | €56 | -€1,607 | -96.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €206 | €0 | -€206 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,916 | €1,281 | -€635 | -33.1% |
| Other operating charges | 640/8 | €609 | €520 | -€89 | -14.7% |
| Gross operating margin | 9900 | €50,769 | €50,019 | -€750 | -1.5% |
| Operating profit (loss) | 9901 | €48,038 | €48,218 | +€180 | +0.4% |
| Financial income | 75/76B | - | €150 | +€150 | |
| Recurring financial income | 75 | - | €150 | +€150 | |
| Financial charges | 65/66B | €490 | €238 | -€251 | -51.3% |
| Recurring financial charges | 65 | €490 | €238 | -€251 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €47,548 | €48,129 | +€581 | +1.2% |
| Income taxes | 67/77 | €13,547 | €16,099 | +€2,552 | +18.8% |
| Profit (loss) for the period | 9904 | €34,002 | €32,031 | -€1,971 | -5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,002 | €32,031 | -€1,971 | -5.8% |
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 20 October 2026 via checked.be.