MaeSer: 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.
MaeSer
Largest movements
- Cash +€14,022
up €14,022 (+711.0%), from €1,972 to €15,994
mainly Net result for the year (+€19,682) and Tax, wage and social debts (+€7,172)
- Receivables within one year +€13,232
up €13,232 (+99.4%), from €13,319 to €26,551
of which Other amounts receivable: +€10,910
- Reserves +€19,682
new in 2025: €19,682
- Tax, wage and social debts +€7,172
up €7,172 (+434.4%), from €1,651 to €8,823
- Gross operating margin +€29,311
up €29,311, from -€2,716 to €26,595
- Taxes +€7,052
new in 2025: €7,052
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 | €15,618 | €42,879 | +€27,261 | +174.5% |
| Current assets | 29/58 | €15,618 | €42,879 | +€27,261 | +174.5% |
| Amounts receivable within one year | 40/41 | €13,319 | €26,551 | +€13,232 | +99.4% |
| Trade receivables | 40 | €4,055 | €6,377 | +€2,322 | +57.3% |
| Other amounts receivable | 41 | €9,264 | €20,175 | +€10,910 | +117.8% |
| Cash at bank and in hand | 54/58 | €1,972 | €15,994 | +€14,022 | +711.0% |
| Deferred charges and accrued income | 490/1 | €327 | €333 | +€6 | +1.9% |
| Total equity and liabilities | 10/49 | €15,618 | €42,879 | +€27,261 | +174.5% |
| Equity | 10/15 | €13,796 | €33,478 | +€19,682 | +142.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €19,682 | +€19,682 | |
| Distributable reserves | 133 | - | €19,682 | +€19,682 | |
| Profit (loss) carried forward | 14 | €10,796 | €10,796 | = | 0.0% |
| Amounts payable | 17/49 | €1,822 | €9,401 | +€7,579 | +415.9% |
| Amounts payable within one year | 42/48 | €1,822 | €9,401 | +€7,579 | +415.9% |
| Trade debts | 44 | €171 | €578 | +€406 | +237.1% |
| Suppliers | 440/4 | €171 | €578 | +€406 | +237.1% |
| Taxes, remuneration and social security | 45 | €1,651 | €8,823 | +€7,172 | +434.4% |
| Taxes | 450/3 | €1,651 | €8,823 | +€7,172 | +434.4% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | -€2,716 | €26,595 | +€29,311 | |
| Operating profit (loss) | 9901 | -€3,221 | €26,075 | +€29,296 | |
| Financial income | 75/76B | €761 | €797 | +€36 | +4.7% |
| Recurring financial income | 75 | €761 | €797 | +€36 | +4.7% |
| Financial charges | 65/66B | €302 | €138 | -€164 | -54.3% |
| Recurring financial charges | 65 | €302 | €138 | -€164 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,763 | €26,734 | +€29,496 | |
| Income taxes | 67/77 | - | €7,052 | +€7,052 | |
| Profit (loss) for the period | 9904 | -€2,763 | €19,682 | +€22,445 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,763 | €19,682 | +€22,445 |
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 9 October 2026 via checked.be.