Maes Project Management: 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 Project Management
Largest movements
- Tangible fixed assets -€44,552
down €44,552 (-14.8%), from €301,414 to €256,862
of which Furniture and vehicles: -€50,808
- Receivables within one year +€14,646
up €14,646 (+16.6%), from €88,336 to €102,982
of which Trade receivables: +€9,182
- Cash +€13,248
up €13,248 (+9.0%), from €147,314 to €160,562
mainly Depreciation (+€75,490) and Net result for the year (+€16,150)
- Stocks and contracts +€6,658
up €6,658 (+28.0%), from €23,812 to €30,470
- Debts after one year -€25,574
down €25,574 (-28.3%), from €90,349 to €64,776
- Reserves +€16,150
up €16,150 (+4.0%), from €403,033 to €419,183
- Depreciation +€33,044
up €33,044 (+77.9%), from €42,445 to €75,490
- Gross operating margin -€23,735
down €23,735 (-18.6%), from €127,617 to €103,882
- Taxes -€15,768
down €15,768 (-71.7%), from €21,979 to €6,211
- Financial charges +€1,580
up €1,580 (+49.8%), from €3,173 to €4,753
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 | €563,042 | €554,416 | -€8,626 | -1.5% |
| Fixed assets | 21/28 | €301,414 | €256,862 | -€44,552 | -14.8% |
| Tangible fixed assets | 22/27 | €301,414 | €256,862 | -€44,552 | -14.8% |
| Land and buildings | 22 | €21,409 | €27,400 | +€5,991 | +28.0% |
| Plant, machinery and equipment | 23 | €40,637 | €40,901 | +€264 | +0.7% |
| Furniture and vehicles | 24 | €239,368 | €188,561 | -€50,808 | -21.2% |
| Current assets | 29/58 | €261,628 | €297,554 | +€35,927 | +13.7% |
| Stocks and contracts in progress | 3 | €23,812 | €30,470 | +€6,658 | +28.0% |
| Stocks | 30/36 | €23,812 | €30,470 | +€6,658 | +28.0% |
| Amounts receivable within one year | 40/41 | €88,336 | €102,982 | +€14,646 | +16.6% |
| Trade receivables | 40 | €83,992 | €93,174 | +€9,182 | +10.9% |
| Other amounts receivable | 41 | €4,344 | €9,808 | +€5,465 | +126% |
| Cash at bank and in hand | 54/58 | €147,314 | €160,562 | +€13,248 | +9.0% |
| Deferred charges and accrued income | 490/1 | €2,166 | €3,540 | +€1,374 | +63.4% |
| Total equity and liabilities | 10/49 | €563,042 | €554,416 | -€8,626 | -1.5% |
| Equity | 10/15 | €421,633 | €437,783 | +€16,150 | +3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €403,033 | €419,183 | +€16,150 | +4.0% |
| Distributable reserves | 133 | €403,033 | €419,183 | +€16,150 | +4.0% |
| Amounts payable | 17/49 | €141,408 | €116,633 | -€24,775 | -17.5% |
| Amounts payable after more than one year | 17 | €90,349 | €64,776 | -€25,574 | -28.3% |
| Financial debts | 170/4 | €90,349 | €64,776 | -€25,574 | -28.3% |
| Amounts payable within one year | 42/48 | €51,059 | €51,857 | +€798 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €25,126 | €25,574 | +€447 | +1.8% |
| Trade debts | 44 | €9,644 | €7,796 | -€1,849 | -19.2% |
| Suppliers | 440/4 | €9,644 | €7,796 | -€1,849 | -19.2% |
| Taxes, remuneration and social security | 45 | €9,121 | €12,024 | +€2,903 | +31.8% |
| Taxes | 450/3 | €6,771 | €9,674 | +€2,903 | +42.9% |
| Remuneration and social security | 454/9 | €2,350 | €2,350 | = | 0.0% |
| Other amounts payable | 47/48 | €7,168 | €6,464 | -€704 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,445 | €75,490 | +€33,044 | +77.9% |
| Other operating charges | 640/8 | €1,540 | €1,728 | +€188 | +12.2% |
| Non-recurring operating charges | 66A | - | €1,007 | +€1,007 | |
| Gross operating margin | 9900 | €127,617 | €103,882 | -€23,735 | -18.6% |
| Operating profit (loss) | 9901 | €83,631 | €25,657 | -€57,974 | -69.3% |
| Financial income | 75/76B | €1,380 | €1,457 | +€77 | +5.6% |
| Recurring financial income | 75 | €1,380 | €1,457 | +€77 | +5.6% |
| Financial charges | 65/66B | €3,173 | €4,753 | +€1,580 | +49.8% |
| Recurring financial charges | 65 | €3,173 | €4,753 | +€1,580 | +49.8% |
| Profit (loss) for the period before taxes | 9903 | €81,838 | €22,361 | -€59,477 | -72.7% |
| Income taxes | 67/77 | €21,979 | €6,211 | -€15,768 | -71.7% |
| Profit (loss) for the period | 9904 | €59,859 | €16,150 | -€43,709 | -73.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,859 | €16,150 | -€43,709 | -73.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.