MAES SOLUTIONS: 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 SOLUTIONS
Largest movements
- Financial fixed assets +€1.6m
up €1.6m (+542.4%), from €295,390 to €1.9m
- Cash -€503,262
down €503,262 (-41.0%), from €1.2m to €725,625
mainly Investment in fixed assets (net) (-€1.8m) and Contributions, distributions and other (-€1.1m)
- Tangible fixed assets +€187,012
up €187,012 (+25.1%), from €744,653 to €931,665
of which Plant, machinery and equipment: +€208,137
- Receivables within one year -€99,701
down €99,701 (-15.9%), from €627,340 to €527,638
of which Trade receivables: -€182,804
- Other debts +€1.7m
up €1.7m (+128.3%), from €1.3m to €2.9m
- Profit (loss) carried forward -€356,950
down €356,950 (-100.0%), from €357,088 to €138
- Reserves -€345,205
down €345,205 (-39.9%), from €865,270 to €520,065
of which Distributable reserves: -€317,840
- Tax, wage and social debts +€185,999
up €185,999 (+319.5%), from €58,207 to €244,206
- Gross operating margin -€39,041
down €39,041 (-10.3%), from €378,921 to €339,880
- Financial income +€38,623
up €38,623 (+18.5%), from €208,569 to €247,193
of which Non-recurring financial income: +€24,438
- Depreciation +€22,395
up €22,395 (+58.6%), from €38,237 to €60,632
- Taxes -€3,954
down €3,954 (-5.6%), from €70,028 to €66,074
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 | €3,129,888 | €4,303,939 | +€1.2m | +37.5% |
| Fixed assets | 21/28 | €1,040,043 | €2,829,223 | +€1.8m | +172.0% |
| Tangible fixed assets | 22/27 | €744,653 | €931,665 | +€187,012 | +25.1% |
| Land and buildings | 22 | €502,398 | €484,836 | -€17,562 | -3.5% |
| Plant, machinery and equipment | 23 | €230,148 | €438,285 | +€208,137 | +90.4% |
| Furniture and vehicles | 24 | €12,108 | €8,545 | -€3,563 | -29.4% |
| Financial fixed assets | 28 | €295,390 | €1,897,558 | +€1.6m | +542.4% |
| Current assets | 29/58 | €2,089,844 | €1,474,716 | -€615,128 | -29.4% |
| Amounts receivable within one year | 40/41 | €627,340 | €527,638 | -€99,701 | -15.9% |
| Trade receivables | 40 | €627,340 | €444,535 | -€182,804 | -29.1% |
| Other amounts receivable | 41 | - | €83,103 | +€83,103 | |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,228,888 | €725,625 | -€503,262 | -41.0% |
| Deferred charges and accrued income | 490/1 | €33,617 | €21,452 | -€12,165 | -36.2% |
| Total equity and liabilities | 10/49 | €3,129,888 | €4,303,939 | +€1.2m | +37.5% |
| Equity | 10/15 | €1,244,358 | €542,203 | -€702,155 | -56.4% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €865,270 | €520,065 | -€345,205 | -39.9% |
| Tax-exempt reserves | 132 | €216,815 | €189,450 | -€27,365 | -12.6% |
| Distributable reserves | 133 | €648,455 | €330,615 | -€317,840 | -49.0% |
| Profit (loss) carried forward | 14 | €357,088 | €138 | -€356,950 | -100.0% |
| Provisions and deferred taxes | 16 | €536,861 | €532,533 | -€4,328 | -0.8% |
| Provisions for liabilities and charges | 160/5 | €536,861 | €532,533 | -€4,328 | -0.8% |
| Other liabilities and charges | 164/5 | €536,861 | €532,533 | -€4,328 | -0.8% |
| Amounts payable | 17/49 | €1,348,669 | €3,229,204 | +€1.9m | +139.4% |
| Amounts payable within one year | 42/48 | €1,348,669 | €3,228,205 | +€1.9m | +139.4% |
| Trade debts | 44 | €2,554 | €43,074 | +€40,520 | +1586.4% |
| Suppliers | 440/4 | €2,554 | €43,074 | +€40,520 | +1586.4% |
| Taxes, remuneration and social security | 45 | €58,207 | €244,206 | +€185,999 | +319.5% |
| Taxes | 450/3 | €58,207 | €244,206 | +€185,999 | +319.5% |
| Other amounts payable | 47/48 | €1,287,908 | €2,940,925 | +€1.7m | +128.3% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,237 | €60,632 | +€22,395 | +58.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,204 | -€4,328 | -€124 | -2.9% |
| Other operating charges | 640/8 | €16,472 | €20,046 | +€3,574 | +21.7% |
| Gross operating margin | 9900 | €378,921 | €339,880 | -€39,041 | -10.3% |
| Operating profit (loss) | 9901 | €328,416 | €263,531 | -€64,886 | -19.8% |
| Financial income | 75/76B | €208,569 | €247,193 | +€38,623 | +18.5% |
| Recurring financial income | 75 | €208,569 | €222,754 | +€14,185 | +6.8% |
| Non-recurring financial income | 76B | - | €24,438 | +€24,438 | |
| Financial charges | 65/66B | €36,015 | €36,011 | -€4 | 0.0% |
| Recurring financial charges | 65 | €36,015 | €36,011 | -€4 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €500,971 | €474,712 | -€26,259 | -5.2% |
| Income taxes | 67/77 | €70,028 | €66,074 | -€3,954 | -5.6% |
| Profit (loss) for the period | 9904 | €430,943 | €408,638 | -€22,305 | -5.2% |
| Transfer from tax-exempt reserves | 789 | €570,455 | €105,250 | -€465,205 | -81.5% |
| Transfer to tax-exempt reserves | 689 | €105,250 | €77,885 | -€27,365 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €896,148 | €436,003 | -€460,145 | -51.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.