MAES P. PROJECTS: 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 P. PROJECTS
Largest movements
- Cash +€139,063
up €139,063 (+359%), from €38,739 to €177,802
mainly Net result for the year (+€428,518) and Receivables within one year (+€14,541)
- Reserves +€375,878
up €375,878 (+10.9%), from €3.5m to €3.8m
- Debts after one year -€200,000
no longer reported in 2025 (was €200,000)
- Other debts -€44,503
down €44,503 (-45.6%), from €97,670 to €53,167
- Gross operating margin +€175,328
up €175,328 (+295%), from €59,344 to €234,672
- Turnover +€175,164
up €175,164 (+76.8%), from €228,122 to €403,286
- Financial income +€175,000
up €175,000 (+140%), from €125,000 to €300,000
- Taxes +€71,166
up €71,166 (+244%), from €29,201 to €100,367
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 | €4,070,620 | €4,195,126 | +€124,506 | +3.1% |
| Fixed assets | 21/28 | €4,010,000 | €4,010,000 | = | 0.0% |
| Financial fixed assets | 28 | €4,010,000 | €4,010,000 | = | 0.0% |
| Current assets | 29/58 | €60,620 | €185,126 | +€124,506 | +205% |
| Amounts receivable within one year | 40/41 | €21,724 | €7,182 | -€14,541 | -66.9% |
| Trade receivables | 40 | €111 | - | -€111 | |
| Other amounts receivable | 41 | €21,612 | €7,182 | -€14,430 | -66.8% |
| Cash at bank and in hand | 54/58 | €38,739 | €177,802 | +€139,063 | +359% |
| Deferred charges and accrued income | 490/1 | €157 | €141 | -€16 | -10.1% |
| Total equity and liabilities | 10/49 | €4,070,620 | €4,195,126 | +€124,506 | +3.1% |
| Equity | 10/15 | €3,558,599 | €3,934,477 | +€375,878 | +10.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €3,458,599 | €3,834,477 | +€375,878 | +10.9% |
| Distributable reserves | 133 | €3,458,599 | €3,834,477 | +€375,878 | +10.9% |
| Amounts payable | 17/49 | €512,021 | €260,649 | -€251,372 | -49.1% |
| Amounts payable after more than one year | 17 | €200,000 | - | -€200,000 | |
| Financial debts | 170/4 | €200,000 | - | -€200,000 | |
| Amounts payable within one year | 42/48 | €312,021 | €260,649 | -€51,372 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €437 | €459 | +€22 | +5.1% |
| Suppliers | 440/4 | €437 | €459 | +€22 | +5.1% |
| Taxes, remuneration and social security | 45 | €13,914 | €7,022 | -€6,891 | -49.5% |
| Taxes | 450/3 | €13,914 | €7,022 | -€6,891 | -49.5% |
| Other amounts payable | 47/48 | €97,670 | €53,167 | -€44,503 | -45.6% |
| Turnover | 70 | €228,122 | €403,286 | +€175,164 | +76.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €169,311 | €168,614 | -€697 | -0.4% |
| Other operating charges | 640/8 | €1,914 | €3,815 | +€1,901 | +99.3% |
| Gross operating margin | 9900 | €59,344 | €234,672 | +€175,328 | +295% |
| Operating profit (loss) | 9901 | €57,430 | €230,857 | +€173,427 | +302% |
| Financial income | 75/76B | €125,000 | €300,000 | +€175,000 | +140% |
| Recurring financial income | 75 | €125,000 | €300,000 | +€175,000 | +140% |
| Financial charges | 65/66B | €2,931 | €1,972 | -€959 | -32.7% |
| Recurring financial charges | 65 | €2,931 | €1,972 | -€959 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €179,499 | €528,885 | +€349,386 | +195% |
| Income taxes | 67/77 | €29,201 | €100,367 | +€71,166 | +244% |
| Profit (loss) for the period | 9904 | €150,298 | €428,518 | +€278,219 | +185% |
| Profit (loss) for the period to be appropriated | 9905 | €150,298 | €428,518 | +€278,219 | +185% |
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 13 October 2026 via checked.be.