MAESIMMO: 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.
MAESIMMO
Largest movements
- Receivables within one year +€155,932
up €155,932 (+128.9%), from €120,936 to €276,869
- Cash -€136,952
down €136,952 (-37.9%), from €361,311 to €224,359
mainly Receivables within one year (-€155,932) and Contributions, distributions and other (-€70,449)
- Tangible fixed assets -€26,686
down €26,686 (-13.3%), from €200,167 to €173,481
- Other debts +€48,125
up €48,125 (+215.6%), from €22,323 to €70,449
- Reserves -€41,101
down €41,101 (-18.6%), from €220,787 to €179,685
of which Distributable reserves: -€41,101
- Debts after one year -€13,735
down €13,735 (-36.4%), from €37,756 to €24,021
- Gross operating margin -€24,979
down €24,979 (-15.6%), from €159,702 to €134,724
- Staff costs +€20,781
up €20,781 (+305.2%), from €6,809 to €27,590
- Taxes -€13,625
down €13,625 (-47.7%), from €28,571 to €14,946
- Financial income +€4,601
up €4,601 (+71.7%), from €6,419 to €11,020
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 | €741,390 | €731,295 | -€10,095 | -1.4% |
| Fixed assets | 21/28 | €200,167 | €173,481 | -€26,686 | -13.3% |
| Tangible fixed assets | 22/27 | €200,167 | €173,481 | -€26,686 | -13.3% |
| Land and buildings | 22 | €115,982 | €106,283 | -€9,699 | -8.4% |
| Plant, machinery and equipment | 23 | €53,867 | €44,105 | -€9,762 | -18.1% |
| Furniture and vehicles | 24 | €30,318 | €23,093 | -€7,226 | -23.8% |
| Current assets | 29/58 | €541,223 | €557,814 | +€16,591 | +3.1% |
| Amounts receivable after more than one year | 29 | €2,033 | - | -€2,033 | |
| Other amounts receivable | 291 | €2,033 | - | -€2,033 | |
| Stocks and contracts in progress | 3 | €4,349 | €3,993 | -€356 | -8.2% |
| Stocks | 30/36 | €4,349 | €3,993 | -€356 | -8.2% |
| Amounts receivable within one year | 40/41 | €120,936 | €276,869 | +€155,932 | +128.9% |
| Other amounts receivable | 41 | €120,936 | €276,869 | +€155,932 | +128.9% |
| Current investments | 50/53 | €52,593 | €52,593 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €361,311 | €224,359 | -€136,952 | -37.9% |
| Total equity and liabilities | 10/49 | €741,390 | €731,295 | -€10,095 | -1.4% |
| Equity | 10/15 | €596,711 | €555,610 | -€41,101 | -6.9% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €220,787 | €179,685 | -€41,101 | -18.6% |
| Non-distributable reserves | 130/1 | €22,605 | €22,605 | = | 0.0% |
| Legal reserve | 130 | €22,605 | €22,605 | = | 0.0% |
| Distributable reserves | 133 | €198,182 | €157,080 | -€41,101 | -20.7% |
| Profit (loss) carried forward | 14 | €25,924 | €25,924 | = | 0.0% |
| Amounts payable | 17/49 | €144,679 | €175,685 | +€31,006 | +21.4% |
| Amounts payable after more than one year | 17 | €37,756 | €24,021 | -€13,735 | -36.4% |
| Financial debts | 170/4 | €37,756 | €24,021 | -€13,735 | -36.4% |
| Amounts payable within one year | 42/48 | €106,923 | €151,051 | +€44,128 | +41.3% |
| Current portion of amounts payable after more than one year | 42 | €12,808 | €13,018 | +€210 | +1.6% |
| Trade debts | 44 | €11,269 | €11,869 | +€600 | +5.3% |
| Suppliers | 440/4 | €11,269 | €11,869 | +€600 | +5.3% |
| Taxes, remuneration and social security | 45 | €60,522 | €55,716 | -€4,806 | -7.9% |
| Taxes | 450/3 | €58,044 | €53,498 | -€4,546 | -7.8% |
| Remuneration and social security | 454/9 | €2,478 | €2,218 | -€260 | -10.5% |
| Other amounts payable | 47/48 | €22,323 | €70,449 | +€48,125 | +215.6% |
| Accrued charges and deferred income | 492/3 | - | €613 | +€613 | |
| Remuneration, social security and pensions | 62 | €6,809 | €27,590 | +€20,781 | +305.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,993 | €34,354 | +€361 | +1.1% |
| Other operating charges | 640/8 | €36,575 | €36,882 | +€307 | +0.8% |
| Gross operating margin | 9900 | €159,702 | €134,724 | -€24,979 | -15.6% |
| Operating profit (loss) | 9901 | €82,325 | €35,898 | -€46,427 | -56.4% |
| Financial income | 75/76B | €6,419 | €11,020 | +€4,601 | +71.7% |
| Recurring financial income | 75 | €6,419 | €11,020 | +€4,601 | +71.7% |
| Financial charges | 65/66B | €3,356 | €2,625 | -€731 | -21.8% |
| Recurring financial charges | 65 | €3,356 | €2,625 | -€731 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €85,388 | €44,293 | -€41,095 | -48.1% |
| Income taxes | 67/77 | €28,571 | €14,946 | -€13,625 | -47.7% |
| Profit (loss) for the period | 9904 | €56,817 | €29,347 | -€27,469 | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €56,817 | €29,347 | -€27,469 | -48.3% |
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 8 October 2026 via checked.be.