MaeWheels: 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.
MaeWheels
Largest movements
- Stocks and contracts -€215,171
down €215,171 (-69.3%), from €310,311 to €95,140
- Cash +€176,427
up €176,427 (+1234.9%), from €14,287 to €190,714
mainly Stocks and contracts (+€215,171) and Current portion of long-term debt (+€123,907)
- Receivables within one year -€18,625
down €18,625 (-9.3%), from €199,546 to €180,921
of which Trade receivables: -€27,572
- Current portion of long-term debt +€123,907
new in 2025: €123,907
- Short-term financial debts -€77,353
no longer reported in 2025 (was €77,353)
- Tax, wage and social debts -€54,906
down €54,906 (-55.8%), from €98,424 to €43,519
- Other debts -€32,317
down €32,317 (-95.0%), from €34,019 to €1,702
- Debts after one year -€27,803
down €27,803 (-13.1%), from €212,000 to €184,197
of which Other amounts payable: -€187,000
- Gross operating margin +€34,234
up €34,234 (+38.9%), from €87,915 to €122,149
- Other operating charges +€5,930
up €5,930 (+15.6%), from €38,117 to €44,047
- Financial charges -€5,325
down €5,325 (-35.2%), from €15,126 to €9,801
- Depreciation -€5,053
down €5,053 (-30.4%), from €16,614 to €11,561
- Taxes +€1,422
new in 2025: €1,422
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 | €561,770 | €501,085 | -€60,685 | -10.8% |
| Fixed assets | 21/28 | €37,490 | €34,310 | -€3,180 | -8.5% |
| Tangible fixed assets | 22/27 | €37,490 | €34,310 | -€3,180 | -8.5% |
| Land and buildings | 22 | €7,390 | €5,890 | -€1,500 | -20.3% |
| Plant, machinery and equipment | 23 | €23,368 | €23,283 | -€85 | -0.4% |
| Other tangible fixed assets | 26 | €6,732 | €5,137 | -€1,595 | -23.7% |
| Current assets | 29/58 | €524,280 | €466,775 | -€57,505 | -11.0% |
| Stocks and contracts in progress | 3 | €310,311 | €95,140 | -€215,171 | -69.3% |
| Stocks | 30/36 | €310,311 | €95,140 | -€215,171 | -69.3% |
| Amounts receivable within one year | 40/41 | €199,546 | €180,921 | -€18,625 | -9.3% |
| Trade receivables | 40 | €197,303 | €169,731 | -€27,572 | -14.0% |
| Other amounts receivable | 41 | €2,243 | €11,190 | +€8,947 | +398.8% |
| Cash at bank and in hand | 54/58 | €14,287 | €190,714 | +€176,427 | +1234.9% |
| Deferred charges and accrued income | 490/1 | €136 | - | -€136 | |
| Total equity and liabilities | 10/49 | €561,770 | €501,085 | -€60,685 | -10.8% |
| Equity | 10/15 | €45,303 | €67,388 | +€22,085 | +48.8% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €37,803 | €59,888 | +€22,085 | +58.4% |
| Distributable reserves | 133 | €37,803 | €59,888 | +€22,085 | +58.4% |
| Amounts payable | 17/49 | €516,468 | €433,697 | -€82,771 | -16.0% |
| Amounts payable after more than one year | 17 | €212,000 | €184,197 | -€27,803 | -13.1% |
| Financial debts | 170/4 | - | €159,197 | +€159,197 | |
| Other amounts payable | 178/9 | €212,000 | €25,000 | -€187,000 | -88.2% |
| Amounts payable within one year | 42/48 | €301,801 | €244,456 | -€57,345 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | - | €123,907 | +€123,907 | |
| Financial debts | 43 | €77,353 | - | -€77,353 | |
| Credit institutions | 430/8 | €77,353 | - | -€77,353 | |
| Trade debts | 44 | €92,005 | €75,329 | -€16,676 | -18.1% |
| Suppliers | 440/4 | €92,005 | €75,329 | -€16,676 | -18.1% |
| Taxes, remuneration and social security | 45 | €98,424 | €43,519 | -€54,906 | -55.8% |
| Taxes | 450/3 | €98,424 | €43,519 | -€54,906 | -55.8% |
| Other amounts payable | 47/48 | €34,019 | €1,702 | -€32,317 | -95.0% |
| Accrued charges and deferred income | 492/3 | €2,667 | €5,045 | +€2,378 | +89.1% |
| Remuneration, social security and pensions | 62 | €133 | - | -€133 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,614 | €11,561 | -€5,053 | -30.4% |
| Other operating charges | 640/8 | €38,117 | €44,047 | +€5,930 | +15.6% |
| Gross operating margin | 9900 | €87,915 | €122,149 | +€34,234 | +38.9% |
| Operating profit (loss) | 9901 | €33,051 | €66,541 | +€33,490 | +101.3% |
| Financial income | 75/76B | €660 | €1,767 | +€1,107 | +167.7% |
| Recurring financial income | 75 | €660 | €1,767 | +€1,107 | +167.7% |
| Financial charges | 65/66B | €15,126 | €9,801 | -€5,325 | -35.2% |
| Recurring financial charges | 65 | €15,126 | €9,801 | -€5,325 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €18,585 | €58,508 | +€39,922 | +214.8% |
| Income taxes | 67/77 | - | €1,422 | +€1,422 | |
| Profit (loss) for the period | 9904 | €18,585 | €57,085 | +€38,500 | +207.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,585 | €57,085 | +€38,500 | +207.2% |
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 4 October 2026 via checked.be.