Maes Paints: 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 Paints
Largest movements
- Tangible fixed assets +€24,170
up €24,170 (+12.3%), from €195,885 to €220,054
- Stocks and contracts +€17,321
up €17,321 (+577%), from €3,000 to €20,321
- Current investments -€9,593
down €9,593 (-95.9%), from €10,006 to €414
- Cash -€5,792
down €5,792 (-95.8%), from €6,043 to €251
mainly Investment in fixed assets (net) (-€25,923) and Stocks and contracts (-€17,321)
- Receivables within one year +€4,946
up €4,946 (+33.5%), from €14,760 to €19,706
of which Trade receivables: +€4,252
- Debts after one year +€22,431
up €22,431 (+20.6%), from €108,730 to €131,161
- Reserves +€16,365
up €16,365 (+196%), from €8,368 to €24,733
- Other debts -€11,976
down €11,976 (-15.3%), from €78,149 to €66,173
- Current portion of long-term debt +€4,708
up €4,708 (+45.3%), from €10,401 to €15,108
- Gross operating margin -€10,275
down €10,275 (-29.8%), from €34,488 to €24,214
- Taxes +€1,466
up €1,466 (+685%), from €214 to €1,680
- Depreciation -€455
down €455 (-19.9%), from €2,292 to €1,836
- Financial charges +€367
up €367 (+13.7%), from €2,683 to €3,050
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 | €232,380 | €263,400 | +€31,019 | +13.3% |
| Fixed assets | 21/28 | €195,968 | €220,054 | +€24,087 | +12.3% |
| Intangible fixed assets | 21 | €83 | €0 | -€83 | -100% |
| Tangible fixed assets | 22/27 | €195,885 | €220,054 | +€24,170 | +12.3% |
| Land and buildings | 22 | €193,561 | €205,633 | +€12,072 | +6.2% |
| Plant, machinery and equipment | 23 | €2,324 | €4,111 | +€1,788 | +76.9% |
| Furniture and vehicles | 24 | €0 | €10,310 | +€10,310 | |
| Current assets | 29/58 | €36,412 | €43,345 | +€6,933 | +19.0% |
| Amounts receivable after more than one year | 29 | €450 | €450 | = | 0.0% |
| Other amounts receivable | 291 | €450 | €450 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,000 | €20,321 | +€17,321 | +577% |
| Stocks | 30/36 | €3,000 | €20,321 | +€17,321 | +577% |
| Amounts receivable within one year | 40/41 | €14,760 | €19,706 | +€4,946 | +33.5% |
| Trade receivables | 40 | €13,512 | €17,763 | +€4,252 | +31.5% |
| Other amounts receivable | 41 | €1,249 | €1,943 | +€694 | +55.6% |
| Current investments | 50/53 | €10,006 | €414 | -€9,593 | -95.9% |
| Cash at bank and in hand | 54/58 | €6,043 | €251 | -€5,792 | -95.8% |
| Deferred charges and accrued income | 490/1 | €2,153 | €2,203 | +€50 | +2.3% |
| Total equity and liabilities | 10/49 | €232,380 | €263,400 | +€31,019 | +13.3% |
| Equity | 10/15 | €27,828 | €43,333 | +€15,505 | +55.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,368 | €24,733 | +€16,365 | +196% |
| Distributable reserves | 133 | €8,368 | €24,733 | +€16,365 | +196% |
| Profit (loss) carried forward | 14 | €860 | - | -€860 | |
| Amounts payable | 17/49 | €204,552 | €220,067 | +€15,514 | +7.6% |
| Amounts payable after more than one year | 17 | €108,730 | €131,161 | +€22,431 | +20.6% |
| Financial debts | 170/4 | €108,730 | €131,161 | +€22,431 | +20.6% |
| Amounts payable within one year | 42/48 | €95,822 | €88,905 | -€6,917 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €10,401 | €15,108 | +€4,708 | +45.3% |
| Trade debts | 44 | €1,238 | €2,710 | +€1,471 | +119% |
| Suppliers | 440/4 | €1,238 | €2,710 | +€1,471 | +119% |
| Taxes, remuneration and social security | 45 | €6,034 | €4,914 | -€1,120 | -18.6% |
| Taxes | 450/3 | €2,222 | €3,902 | +€1,680 | +75.6% |
| Remuneration and social security | 454/9 | €3,813 | €1,012 | -€2,800 | -73.4% |
| Other amounts payable | 47/48 | €78,149 | €66,173 | -€11,976 | -15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,292 | €1,836 | -€455 | -19.9% |
| Other operating charges | 640/8 | €1,974 | €2,150 | +€176 | +8.9% |
| Gross operating margin | 9900 | €34,488 | €24,214 | -€10,275 | -29.8% |
| Operating profit (loss) | 9901 | €30,222 | €20,227 | -€9,995 | -33.1% |
| Financial income | 75/76B | €104 | €8 | -€96 | -92.7% |
| Recurring financial income | 75 | €104 | €8 | -€96 | -92.7% |
| Financial charges | 65/66B | €2,683 | €3,050 | +€367 | +13.7% |
| Recurring financial charges | 65 | €2,683 | €3,050 | +€367 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €27,643 | €17,185 | -€10,458 | -37.8% |
| Income taxes | 67/77 | €214 | €1,680 | +€1,466 | +685% |
| Profit (loss) for the period | 9904 | €27,429 | €15,505 | -€11,924 | -43.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,429 | €15,505 | -€11,924 | -43.5% |
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 30 October 2026 via checked.be.