MAES WARMTE: 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 WARMTE
Largest movements
- Cash -€85,988
down €85,988 (-45.4%), from €189,257 to €103,269
mainly Other debts (-€110,825) and Net result for the year (-€58,018)
- Stocks and contracts -€72,250
no longer reported in 2025 (was €72,250)
of which Contracts in progress: -€40,000
- Tangible fixed assets -€22,308
down €22,308 (-16.5%), from €135,554 to €113,246
of which Land and buildings: -€12,877
- Receivables within one year -€6,506
down €6,506 (-21.1%), from €30,816 to €24,310
of which Other amounts receivable: -€14,313
- Other debts -€110,825
down €110,825 (-92.7%), from €119,539 to €8,714
- Profit (loss) carried forward -€58,018
down €58,018 (-42.6%), from -€136,049 to -€194,068
- Debts after one year -€10,899
down €10,899 (-5.6%), from €193,672 to €182,774
- Advances received -€5,000
no longer reported in 2025 (was €5,000)
- Trade debts -€4,363
down €4,363 (-84.7%), from €5,152 to €789
- Gross operating margin -€27,575
down €27,575 (-1054.4%), from -€2,615 to -€30,190
- Financial charges -€1,311
down €1,311 (-36.7%), from €3,573 to €2,262
of which Non-recurring financial charges: -€1,244
- Depreciation -€381
down €381 (-1.7%), from €22,563 to €22,182
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 | €431,491 | €244,099 | -€187,393 | -43.4% |
| Fixed assets | 21/28 | €135,554 | €113,246 | -€22,308 | -16.5% |
| Tangible fixed assets | 22/27 | €135,554 | €113,246 | -€22,308 | -16.5% |
| Land and buildings | 22 | €107,622 | €94,744 | -€12,877 | -12.0% |
| Plant, machinery and equipment | 23 | €126 | - | -€126 | |
| Furniture and vehicles | 24 | €27,806 | €18,501 | -€9,305 | -33.5% |
| Current assets | 29/58 | €295,938 | €130,853 | -€165,084 | -55.8% |
| Stocks and contracts in progress | 3 | €72,250 | - | -€72,250 | |
| Stocks | 30/36 | €32,250 | - | -€32,250 | |
| Contracts in progress | 37 | €40,000 | - | -€40,000 | |
| Amounts receivable within one year | 40/41 | €30,816 | €24,310 | -€6,506 | -21.1% |
| Trade receivables | 40 | €9,003 | €16,810 | +€7,807 | +86.7% |
| Other amounts receivable | 41 | €21,813 | €7,500 | -€14,313 | -65.6% |
| Cash at bank and in hand | 54/58 | €189,257 | €103,269 | -€85,988 | -45.4% |
| Deferred charges and accrued income | 490/1 | €3,615 | €3,274 | -€341 | -9.4% |
| Total equity and liabilities | 10/49 | €431,491 | €244,099 | -€187,393 | -43.4% |
| Equity | 10/15 | €96,585 | €38,566 | -€58,018 | -60.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €214,034 | €214,034 | = | 0.0% |
| Distributable reserves | 133 | €214,034 | €214,034 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,049 | -€194,068 | -€58,018 | -42.6% |
| Amounts payable | 17/49 | €334,907 | €205,533 | -€129,374 | -38.6% |
| Amounts payable after more than one year | 17 | €193,672 | €182,774 | -€10,899 | -5.6% |
| Financial debts | 170/4 | €193,672 | €182,774 | -€10,899 | -5.6% |
| Amounts payable within one year | 42/48 | €141,235 | €22,759 | -€118,476 | -83.9% |
| Current portion of amounts payable after more than one year | 42 | €10,567 | €10,899 | +€332 | +3.1% |
| Trade debts | 44 | €5,152 | €789 | -€4,363 | -84.7% |
| Suppliers | 440/4 | €5,152 | €789 | -€4,363 | -84.7% |
| Advances received on contracts in progress | 46 | €5,000 | - | -€5,000 | |
| Taxes, remuneration and social security | 45 | €977 | €2,358 | +€1,380 | +141.3% |
| Taxes | 450/3 | - | €2,358 | +€2,358 | |
| Remuneration and social security | 454/9 | €977 | - | -€977 | |
| Other amounts payable | 47/48 | €119,539 | €8,714 | -€110,825 | -92.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,563 | €22,182 | -€381 | -1.7% |
| Other operating charges | 640/8 | €3,400 | €3,258 | -€141 | -4.2% |
| Non-recurring operating charges | 66A | - | €126 | +€126 | |
| Gross operating margin | 9900 | -€2,615 | -€30,190 | -€27,575 | -1054.4% |
| Operating profit (loss) | 9901 | -€28,578 | -€55,757 | -€27,179 | -95.1% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €3,573 | €2,262 | -€1,311 | -36.7% |
| Recurring financial charges | 65 | €2,329 | €2,262 | -€67 | -2.9% |
| Non-recurring financial charges | 66B | €1,244 | - | -€1,244 | |
| Profit (loss) for the period before taxes | 9903 | -€32,136 | -€58,018 | -€25,882 | -80.5% |
| Profit (loss) for the period | 9904 | -€32,136 | -€58,018 | -€25,882 | -80.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,136 | -€58,018 | -€25,882 | -80.5% |
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 10 October 2026 via checked.be.