Maes Projects: what changed
Two fiscal 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 Projects
Largest movements
- Cash -€24,223
down €24,223 (-98.4%), from €24,626 to €403
mainly Net result for the year (-€22,577) and Tax, wage and social debts (-€7,457)
- Receivables within one year -€8,555
down €8,555 (-36.4%), from €23,528 to €14,973
of which Trade receivables: -€10,033
- Tangible fixed assets -€4,740
down €4,740 (-13.4%), from €35,286 to €30,547
of which Furniture and vehicles: -€6,689
- Deferred charges and accrued income +€1,124
up €1,124, from €0 to €1,124
- Profit (loss) carried forward -€22,577
down €22,577, from €0 to -€22,577
- Tax, wage and social debts -€7,457
down €7,457 (-74.4%), from €10,029 to €2,571
of which Taxes: -€9,621
- Debts after one year -€6,575
down €6,575 (-22.5%), from €29,197 to €22,622
of which Financial debts: -€6,575
- Other debts -€1,515
down €1,515 (-27.6%), from €5,497 to €3,982
- Trade debts +€917
up €917 (+122.3%), from €749 to €1,666
of which Suppliers: +€917
- Gross operating margin -€52,112
down €52,112, from €45,447 to -€6,665
- Taxes -€9,691
down €9,691 (-100.0%), from €9,691 to €0
- Financial charges +€3,328
up €3,328 (+142.1%), from €2,341 to €5,669
- Depreciation +€2,835
up €2,835 (+44.9%), from €6,312 to €9,147
- Other operating charges +€549
up €549 (+225.6%), from €243 to €792
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.
Cash bridge derived
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 | €83,441 | €47,047 | -€36,394 | -43.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €35,286 | €30,547 | -€4,740 | -13.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €35,286 | €30,547 | -€4,740 | -13.4% |
| Land and buildings | 22 | €0 | €2,177 | +€2,177 | |
| Plant, machinery and equipment | 23 | €1,521 | €1,294 | -€227 | -14.9% |
| Furniture and vehicles | 24 | €33,766 | €27,076 | -€6,689 | -19.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €48,154 | €16,501 | -€31,654 | -65.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €23,528 | €14,973 | -€8,555 | -36.4% |
| Trade receivables | 40 | €21,411 | €11,378 | -€10,033 | -46.9% |
| Other amounts receivable | 41 | €2,117 | €3,595 | +€1,478 | +69.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €24,626 | €403 | -€24,223 | -98.4% |
| Deferred charges and accrued income | 490/1 | €0 | €1,124 | +€1,124 | |
| Total equity and liabilities | 10/49 | €83,441 | €47,047 | -€36,394 | -43.6% |
| Equity | 10/15 | €31,860 | €9,282 | -€22,577 | -70.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €26,860 | €26,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Own shares acquired | 1312 | €0 | - | = | |
| Financial assistance | 1313 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €26,860 | €26,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€22,577 | -€22,577 | |
| Investment grants | 15 | €0 | - | = | |
| Advance to shareholders on the distribution of net assets | 19 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Taxes | 161 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €51,581 | €37,765 | -€13,816 | -26.8% |
| Amounts payable after more than one year | 17 | €29,197 | €22,622 | -€6,575 | -22.5% |
| Financial debts | 170/4 | €29,197 | €22,622 | -€6,575 | -22.5% |
| Trade debts | 175 | €0 | - | = | |
| Advances received on contracts in progress | 176 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €22,384 | €14,794 | -€7,590 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €6,110 | €6,575 | +€465 | +7.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €749 | €1,666 | +€917 | +122.3% |
| Suppliers | 440/4 | €749 | €1,666 | +€917 | +122.3% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €10,029 | €2,571 | -€7,457 | -74.4% |
| Taxes | 450/3 | €9,693 | €71 | -€9,621 | -99.3% |
| Remuneration and social security | 454/9 | €336 | €2,500 | +€2,164 | +644.0% |
| Other amounts payable | 47/48 | €5,497 | €3,982 | -€1,515 | -27.6% |
| Accrued charges and deferred income | 492/3 | €0 | €349 | +€349 | |
| Remuneration, social security and pensions | 62 | - | €305 | +€305 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,312 | €9,147 | +€2,835 | +44.9% |
| Other operating charges | 640/8 | €243 | €792 | +€549 | +225.6% |
| Gross operating margin | 9900 | €45,447 | -€6,665 | -€52,112 | |
| Operating profit (loss) | 9901 | €38,892 | -€16,909 | -€55,800 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €2,341 | €5,669 | +€3,328 | +142.1% |
| Recurring financial charges | 65 | €2,341 | €5,669 | +€3,328 | +142.1% |
| Profit (loss) for the period before taxes | 9903 | €36,550 | -€22,577 | -€59,128 | |
| Income taxes | 67/77 | €9,691 | €0 | -€9,691 | -100.0% |
| Profit (loss) for the period | 9904 | €26,860 | -€22,577 | -€49,437 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,860 | -€22,577 | -€49,437 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.