MAESL: 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.
MAESL
Largest movements
- Cash +€45,741
new in 2025: €45,741
mainly Net result for the year (+€29,436) and Receivables within one year (+€10,749)
- Receivables within one year -€10,749
down €10,749 (-49.0%), from €21,950 to €11,200
of which Trade receivables: -€10,914
- Current investments -€2,390
down €2,390 (-31.2%), from €7,651 to €5,261
- Tangible fixed assets +€2,071
new in 2025: €2,071
- Reserves +€29,436
up €29,436 (+172.9%), from €17,022 to €46,459
- Tax, wage and social debts +€4,426
up €4,426 (+48.6%), from €9,105 to €13,531
- Trade debts +€1,452
up €1,452 (+71.2%), from €2,038 to €3,490
- Gross operating margin +€28,381
up €28,381 (+129.7%), from €21,889 to €50,270
- Taxes +€10,098
up €10,098 (+233.1%), from €4,332 to €14,430
- Financial charges +€5,080
up €5,080 (+5523.1%), from €92 to €5,172
- Depreciation +€832
up €832 (+1502.9%), from €55 to €887
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 | €31,380 | €66,479 | +€35,099 | +111.9% |
| Formation expenses | 20 | €1,119 | €884 | -€235 | -21.0% |
| Fixed assets | 21/28 | - | €2,071 | +€2,071 | |
| Tangible fixed assets | 22/27 | - | €2,071 | +€2,071 | |
| Furniture and vehicles | 24 | - | €2,071 | +€2,071 | |
| Current assets | 29/58 | €30,261 | €63,525 | +€33,263 | +109.9% |
| Amounts receivable within one year | 40/41 | €21,950 | €11,200 | -€10,749 | -49.0% |
| Trade receivables | 40 | €21,950 | €11,035 | -€10,914 | -49.7% |
| Other amounts receivable | 41 | - | €165 | +€165 | |
| Current investments | 50/53 | €7,651 | €5,261 | -€2,390 | -31.2% |
| Cash at bank and in hand | 54/58 | - | €45,741 | +€45,741 | |
| Deferred charges and accrued income | 490/1 | €661 | €1,322 | +€662 | +100.1% |
| Total equity and liabilities | 10/49 | €31,380 | €66,479 | +€35,099 | +111.9% |
| Equity | 10/15 | €20,022 | €49,459 | +€29,436 | +147.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €17,022 | €46,459 | +€29,436 | +172.9% |
| Distributable reserves | 133 | €17,022 | €46,459 | +€29,436 | +172.9% |
| Amounts payable | 17/49 | €11,358 | €17,021 | +€5,663 | +49.9% |
| Amounts payable within one year | 42/48 | €11,358 | €17,021 | +€5,663 | +49.9% |
| Trade debts | 44 | €2,038 | €3,490 | +€1,452 | +71.2% |
| Suppliers | 440/4 | €2,038 | €3,490 | +€1,452 | +71.2% |
| Taxes, remuneration and social security | 45 | €9,105 | €13,531 | +€4,426 | +48.6% |
| Taxes | 450/3 | €9,105 | €13,531 | +€4,426 | +48.6% |
| Other amounts payable | 47/48 | €215 | - | -€215 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55 | €887 | +€832 | +1502.9% |
| Other operating charges | 640/8 | €387 | €516 | +€128 | +33.1% |
| Gross operating margin | 9900 | €21,889 | €50,270 | +€28,381 | +129.7% |
| Operating profit (loss) | 9901 | €21,446 | €48,868 | +€27,421 | +127.9% |
| Financial income | 75/76B | - | €171 | +€171 | |
| Recurring financial income | 75 | - | €171 | +€171 | |
| Financial charges | 65/66B | €92 | €5,172 | +€5,080 | +5523.1% |
| Recurring financial charges | 65 | €92 | €5,172 | +€5,080 | +5523.1% |
| Profit (loss) for the period before taxes | 9903 | €21,354 | €43,867 | +€22,512 | +105.4% |
| Income taxes | 67/77 | €4,332 | €14,430 | +€10,098 | +233.1% |
| Profit (loss) for the period | 9904 | €17,022 | €29,436 | +€12,414 | +72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,022 | €29,436 | +€12,414 | +72.9% |
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 3 October 2026 via checked.be.