MAES & MORE: 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 & MORE
Largest movements
- Financial fixed assets +€276,111
up €276,111 (+14087.3%), from €1,960 to €278,071
- Current investments -€98,734
down €98,734 (-75.9%), from €130,000 to €31,266
- Receivables after one year -€80,000
down €80,000 (-100.0%), from €80,000 to €0
- Receivables within one year +€41,454
up €41,454 (+105.2%), from €39,390 to €80,844
of which Trade receivables: +€43,283
- Cash +€17,465
up €17,465 (+62.4%), from €27,977 to €45,442
mainly Debts after one year (+€135,471) and Net result for the year (+€123,430)
- Debts after one year +€135,471
new in 2025: €135,471
- Other debts +€51,925
up €51,925 (+1807.5%), from €2,873 to €54,798
- Reserves -€26,755
down €26,755 (-12.0%), from €223,237 to €196,483
of which Distributable reserves: -€24,895
- Trade debts +€12,441
up €12,441 (+785.8%), from €1,583 to €14,024
- Tax, wage and social debts -€12,235
down €12,235 (-33.9%), from €36,142 to €23,908
- Financial income +€34,179
up €34,179 (+3509.5%), from €974 to €35,153
- Gross operating margin +€23,601
up €23,601 (+20.9%), from €113,165 to €136,766
- Taxes +€12,197
up €12,197 (+37.0%), from €32,963 to €45,161
- Financial charges -€1,439
down €1,439 (-91.8%), from €1,568 to €129
of which Non-recurring financial charges: -€1,395
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 | €282,436 | €443,284 | +€160,848 | +57.0% |
| Fixed assets | 21/28 | €3,002 | €285,114 | +€282,112 | +9398.2% |
| Tangible fixed assets | 22/27 | €1,042 | €7,043 | +€6,001 | +576.1% |
| Plant, machinery and equipment | 23 | €1,042 | €805 | -€237 | -22.7% |
| Furniture and vehicles | 24 | - | €6,238 | +€6,238 | |
| Financial fixed assets | 28 | €1,960 | €278,071 | +€276,111 | +14087.3% |
| Current assets | 29/58 | €279,434 | €158,169 | -€121,264 | -43.4% |
| Amounts receivable after more than one year | 29 | €80,000 | €0 | -€80,000 | -100.0% |
| Other amounts receivable | 291 | €80,000 | €0 | -€80,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €39,390 | €80,844 | +€41,454 | +105.2% |
| Trade receivables | 40 | €37,269 | €80,551 | +€43,283 | +116.1% |
| Other amounts receivable | 41 | €2,121 | €292 | -€1,829 | -86.2% |
| Current investments | 50/53 | €130,000 | €31,266 | -€98,734 | -75.9% |
| Cash at bank and in hand | 54/58 | €27,977 | €45,442 | +€17,465 | +62.4% |
| Deferred charges and accrued income | 490/1 | €2,067 | €618 | -€1,449 | -70.1% |
| Total equity and liabilities | 10/49 | €282,436 | €443,284 | +€160,848 | +57.0% |
| Equity | 10/15 | €241,837 | €215,083 | -€26,755 | -11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €223,237 | €196,483 | -€26,755 | -12.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €221,377 | €196,483 | -€24,895 | -11.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €40,598 | €228,201 | +€187,603 | +462.1% |
| Amounts payable after more than one year | 17 | - | €135,471 | +€135,471 | |
| Financial debts | 170/4 | - | €135,471 | +€135,471 | |
| Amounts payable within one year | 42/48 | €40,598 | €92,730 | +€52,132 | +128.4% |
| Trade debts | 44 | €1,583 | €14,024 | +€12,441 | +785.8% |
| Suppliers | 440/4 | €1,583 | €14,024 | +€12,441 | +785.8% |
| Taxes, remuneration and social security | 45 | €36,142 | €23,908 | -€12,235 | -33.9% |
| Taxes | 450/3 | €36,142 | €23,908 | -€12,235 | -33.9% |
| Other amounts payable | 47/48 | €2,873 | €54,798 | +€51,925 | +1807.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,346 | €2,050 | +€704 | +52.3% |
| Other operating charges | 640/8 | €526 | €1,149 | +€622 | +118.3% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €113,165 | €136,766 | +€23,601 | +20.9% |
| Operating profit (loss) | 9901 | €111,292 | €133,567 | +€22,275 | +20.0% |
| Financial income | 75/76B | €974 | €35,153 | +€34,179 | +3509.5% |
| Recurring financial income | 75 | €974 | €35,153 | +€34,179 | +3509.5% |
| Financial charges | 65/66B | €1,568 | €129 | -€1,439 | -91.8% |
| Recurring financial charges | 65 | €173 | €129 | -€44 | -25.4% |
| Non-recurring financial charges | 66B | €1,395 | - | -€1,395 | |
| Profit (loss) for the period before taxes | 9903 | €110,698 | €168,591 | +€57,893 | +52.3% |
| Income taxes | 67/77 | €32,963 | €45,161 | +€12,197 | +37.0% |
| Profit (loss) for the period | 9904 | €77,735 | €123,430 | +€45,696 | +58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €77,735 | €123,430 | +€45,696 | +58.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.