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
- Cash +€32,635
up €32,635 (+114%), from €28,522 to €61,158
mainly Other debts (+€190,998) and Net result for the year (+€112,131)
- Tangible fixed assets -€13,494
down €13,494 (-8.9%), from €151,948 to €138,454
- Other debts +€190,998
up €190,998 (+266%), from €71,890 to €262,888
- Reserves -€166,515
down €166,515 (-31.7%), from €525,879 to €359,365
of which Distributable reserves: -€166,515
- Gross operating margin +€28,067
up €28,067 (+21.7%), from €129,468 to €157,535
- Taxes -€4,202
down €4,202 (-9.7%), from €43,252 to €39,051
- Depreciation +€3,130
up €3,130 (+30.2%), from €10,364 to €13,494
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 | €663,246 | €687,525 | +€24,279 | +3.7% |
| Fixed assets | 21/28 | €151,948 | €138,454 | -€13,494 | -8.9% |
| Tangible fixed assets | 22/27 | €151,948 | €138,454 | -€13,494 | -8.9% |
| Land and buildings | 22 | €128,228 | €122,678 | -€5,550 | -4.3% |
| Plant, machinery and equipment | 23 | €6,562 | €3,781 | -€2,781 | -42.4% |
| Furniture and vehicles | 24 | €17,158 | €11,994 | -€5,163 | -30.1% |
| Current assets | 29/58 | €511,298 | €549,071 | +€37,773 | +7.4% |
| Amounts receivable after more than one year | 29 | €415,000 | €415,593 | +€593 | +0.1% |
| Other amounts receivable | 291 | €415,000 | €415,593 | +€593 | +0.1% |
| Amounts receivable within one year | 40/41 | €67,776 | €69,670 | +€1,894 | +2.8% |
| Trade receivables | 40 | €56,585 | €58,479 | +€1,894 | +3.3% |
| Other amounts receivable | 41 | €11,191 | €11,191 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,522 | €61,158 | +€32,635 | +114% |
| Deferred charges and accrued income | 490/1 | - | €2,650 | +€2,650 | |
| Total equity and liabilities | 10/49 | €663,246 | €687,525 | +€24,279 | +3.7% |
| Equity | 10/15 | €544,479 | €377,965 | -€166,515 | -30.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €525,879 | €359,365 | -€166,515 | -31.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €524,019 | €357,505 | -€166,515 | -31.8% |
| Amounts payable | 17/49 | €118,767 | €309,561 | +€190,794 | +161% |
| Amounts payable within one year | 42/48 | €116,583 | €307,376 | +€190,794 | +164% |
| Trade debts | 44 | €4,216 | €2,986 | -€1,230 | -29.2% |
| Suppliers | 440/4 | €4,216 | €2,986 | -€1,230 | -29.2% |
| Taxes, remuneration and social security | 45 | €40,477 | €41,502 | +€1,026 | +2.5% |
| Taxes | 450/3 | €40,477 | €41,502 | +€1,026 | +2.5% |
| Other amounts payable | 47/48 | €71,890 | €262,888 | +€190,998 | +266% |
| Accrued charges and deferred income | 492/3 | €2,184 | €2,184 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,364 | €13,494 | +€3,130 | +30.2% |
| Other operating charges | 640/8 | €1,529 | €1,576 | +€46 | +3.0% |
| Gross operating margin | 9900 | €129,468 | €157,535 | +€28,067 | +21.7% |
| Operating profit (loss) | 9901 | €117,575 | €142,466 | +€24,891 | +21.2% |
| Financial income | 75/76B | €12,681 | €12,058 | -€623 | -4.9% |
| Recurring financial income | 75 | €12,681 | €12,058 | -€623 | -4.9% |
| Financial charges | 65/66B | €4,479 | €3,342 | -€1,137 | -25.4% |
| Recurring financial charges | 65 | €4,479 | €3,342 | -€1,137 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €125,777 | €151,181 | +€25,405 | +20.2% |
| Income taxes | 67/77 | €43,252 | €39,051 | -€4,202 | -9.7% |
| Profit (loss) for the period | 9904 | €82,524 | €112,131 | +€29,606 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €82,524 | €112,131 | +€29,606 | +35.9% |
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.