MAES & PARTNERS: 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 & PARTNERS
Largest movements
- Financial fixed assets +€394,070
new in 2025: €394,070
- Receivables after one year -€45,000
no longer reported in 2025 (was €45,000)
- Cash +€36,082
up €36,082 (+91.0%), from €39,648 to €75,730
mainly Debts after one year (+€334,233) and Receivables after one year (+€45,000)
- Receivables within one year -€30,642
down €30,642 (-46.4%), from €66,045 to €35,403
of which Trade receivables: -€28,091
- Tangible fixed assets -€19,541
down €19,541 (-18.1%), from €107,841 to €88,300
- Debts after one year +€334,233
up €334,233 (+395%), from €84,611 to €418,843
of which Financial debts: +€254,163
- Provisions +€18,250
new in 2025: €18,250
- Reserves -€15,124
down €15,124 (-9.5%), from €159,800 to €144,676
of which Distributable reserves: -€15,124
- Depreciation +€25,988
up €25,988 (+724%), from €3,587 to €29,575
- Provisions +€18,250
new in 2025: €18,250
- Taxes -€14,972
down €14,972 (-88.8%), from €16,862 to €1,890
- Financial income -€8,622
down €8,622 (-78.4%), from €11,003 to €2,381
- Write-downs -€7,034
no longer reported in 2025 (was €7,034)
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 | €331,366 | €665,227 | +€333,860 | +101% |
| Fixed assets | 21/28 | €107,841 | €482,370 | +€374,529 | +347% |
| Tangible fixed assets | 22/27 | €107,841 | €88,300 | -€19,541 | -18.1% |
| Furniture and vehicles | 24 | €107,841 | €88,300 | -€19,541 | -18.1% |
| Financial fixed assets | 28 | - | €394,070 | +€394,070 | |
| Current assets | 29/58 | €223,525 | €182,856 | -€40,668 | -18.2% |
| Amounts receivable after more than one year | 29 | €45,000 | - | -€45,000 | |
| Other amounts receivable | 291 | €45,000 | - | -€45,000 | |
| Amounts receivable within one year | 40/41 | €66,045 | €35,403 | -€30,642 | -46.4% |
| Trade receivables | 40 | €63,494 | €35,403 | -€28,091 | -44.2% |
| Other amounts receivable | 41 | €2,551 | - | -€2,551 | |
| Current investments | 50/53 | €71,231 | €71,724 | +€492 | +0.7% |
| Cash at bank and in hand | 54/58 | €39,648 | €75,730 | +€36,082 | +91.0% |
| Deferred charges and accrued income | 490/1 | €1,600 | - | -€1,600 | |
| Total equity and liabilities | 10/49 | €331,366 | €665,227 | +€333,860 | +101% |
| Equity | 10/15 | €178,400 | €163,276 | -€15,124 | -8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €159,800 | €144,676 | -€15,124 | -9.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,344 | €6,344 | = | 0.0% |
| Distributable reserves | 133 | €151,596 | €136,473 | -€15,124 | -10.0% |
| Provisions and deferred taxes | 16 | - | €18,250 | +€18,250 | |
| Provisions for liabilities and charges | 160/5 | - | €18,250 | +€18,250 | |
| Other liabilities and charges | 164/5 | - | €18,250 | +€18,250 | |
| Amounts payable | 17/49 | €152,966 | €483,700 | +€330,734 | +216% |
| Amounts payable after more than one year | 17 | €84,611 | €418,843 | +€334,233 | +395% |
| Financial debts | 170/4 | €84,611 | €338,773 | +€254,163 | +300% |
| Other amounts payable | 178/9 | - | €80,070 | +€80,070 | |
| Amounts payable within one year | 42/48 | €68,356 | €64,857 | -€3,499 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €15,329 | €15,837 | +€508 | +3.3% |
| Trade debts | 44 | €2,169 | €2,319 | +€151 | +6.9% |
| Suppliers | 440/4 | €2,169 | €2,319 | +€151 | +6.9% |
| Taxes, remuneration and social security | 45 | €50,516 | €46,080 | -€4,436 | -8.8% |
| Taxes | 450/3 | €43,663 | €35,091 | -€8,571 | -19.6% |
| Remuneration and social security | 454/9 | €6,854 | €10,989 | +€4,135 | +60.3% |
| Other amounts payable | 47/48 | €341 | €621 | +€279 | +81.9% |
| Remuneration, social security and pensions | 62 | €60,519 | €64,261 | +€3,742 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,587 | €29,575 | +€25,988 | +724% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,034 | - | -€7,034 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €18,250 | +€18,250 | |
| Other operating charges | 640/8 | €621 | €524 | -€97 | -15.6% |
| Non-recurring operating charges | 66A | - | €4,913 | +€4,913 | |
| Gross operating margin | 9900 | €123,922 | €122,345 | -€1,578 | -1.3% |
| Operating profit (loss) | 9901 | €52,161 | €4,822 | -€47,340 | -90.8% |
| Financial income | 75/76B | €11,003 | €2,381 | -€8,622 | -78.4% |
| Recurring financial income | 75 | €11,003 | €2,381 | -€8,622 | -78.4% |
| Financial charges | 65/66B | €1,076 | €5,992 | +€4,916 | +457% |
| Recurring financial charges | 65 | €1,076 | €5,992 | +€4,916 | +457% |
| Profit (loss) for the period before taxes | 9903 | €62,089 | €1,211 | -€60,877 | -98.0% |
| Income taxes | 67/77 | €16,862 | €1,890 | -€14,972 | -88.8% |
| Profit (loss) for the period | 9904 | €45,227 | -€678 | -€45,905 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,227 | -€678 | -€45,905 |
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.