MAES-VANRUSSELT: 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-VANRUSSELT
Largest movements
- Deferred charges and accrued income +€31,358
up €31,358 (+2,165%), from €1,448 to €32,807
- Reserves +€57,120
up €57,120 (+25.9%), from €220,123 to €277,243
of which Distributable reserves: +€57,120
- Debts after one year -€28,208
down €28,208 (-32.8%), from €86,127 to €57,918
- Financial income +€31,300
up €31,300 (+312,999,900%), from €0 to €31,300
- Gross operating margin -€24,793
down €24,793 (-32.3%), from €76,671 to €51,878
- Taxes -€5,455
down €5,455 (-36.4%), from €15,007 to €9,551
- Financial charges -€2,627
down €2,627 (-14.3%), from €18,435 to €15,807
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 | €690,806 | €723,165 | +€32,358 | +4.7% |
| Fixed assets | 21/28 | €657,358 | €657,358 | = | 0.0% |
| Financial fixed assets | 28 | €657,358 | €657,358 | = | 0.0% |
| Current assets | 29/58 | €33,448 | €65,807 | +€32,358 | +96.7% |
| Amounts receivable within one year | 40/41 | €32,000 | €33,000 | +€1,000 | +3.1% |
| Trade receivables | 40 | €32,000 | €33,000 | +€1,000 | +3.1% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €1,448 | €32,807 | +€31,358 | +2,165% |
| Total equity and liabilities | 10/49 | €690,806 | €723,165 | +€32,358 | +4.7% |
| Equity | 10/15 | €365,723 | €422,843 | +€57,120 | +15.6% |
| Contributions | 10/11 | €145,600 | €145,600 | = | 0.0% |
| Reserves | 13 | €220,123 | €277,243 | +€57,120 | +25.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €220,123 | €277,243 | +€57,120 | +25.9% |
| Amounts payable | 17/49 | €325,083 | €300,321 | -€24,762 | -7.6% |
| Amounts payable after more than one year | 17 | €86,127 | €57,918 | -€28,208 | -32.8% |
| Financial debts | 170/4 | €86,127 | €57,918 | -€28,208 | -32.8% |
| Amounts payable within one year | 42/48 | €238,586 | €242,274 | +€3,688 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €32,432 | €33,330 | +€898 | +2.8% |
| Financial debts | 43 | €5,092 | €2,866 | -€2,226 | -43.7% |
| Credit institutions | 430/8 | €5,092 | €2,866 | -€2,226 | -43.7% |
| Trade debts | 44 | €804 | €648 | -€156 | -19.4% |
| Suppliers | 440/4 | €804 | €648 | -€156 | -19.4% |
| Advances received on contracts in progress | 46 | €2,288 | €2,328 | +€40 | +1.8% |
| Taxes, remuneration and social security | 45 | €7,547 | €7,293 | -€253 | -3.4% |
| Taxes | 450/3 | €7,547 | €7,293 | -€253 | -3.4% |
| Other amounts payable | 47/48 | €190,424 | €195,809 | +€5,385 | +2.8% |
| Accrued charges and deferred income | 492/3 | €371 | €129 | -€242 | -65.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Other operating charges | 640/8 | €677 | €699 | +€21 | +3.2% |
| Gross operating margin | 9900 | €76,671 | €51,878 | -€24,793 | -32.3% |
| Operating profit (loss) | 9901 | €75,994 | €51,179 | -€24,815 | -32.7% |
| Financial income | 75/76B | €0 | €31,300 | +€31,300 | +312,999,900% |
| Recurring financial income | 75 | €0 | €31,300 | +€31,300 | +312,999,900% |
| Financial charges | 65/66B | €18,435 | €15,807 | -€2,627 | -14.3% |
| Recurring financial charges | 65 | €18,435 | €15,807 | -€2,627 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €57,559 | €66,672 | +€9,112 | +15.8% |
| Income taxes | 67/77 | €15,007 | €9,551 | -€5,455 | -36.4% |
| Profit (loss) for the period | 9904 | €42,553 | €57,120 | +€14,568 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,553 | €57,120 | +€14,568 | +34.2% |
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 26 October 2026 via checked.be.