N.V.MAES: 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.
What changed
N.V.MAES
NACE 77.320, Rental and leasing activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€174,317
2024 · €161,015+€13,302
Equity
€6.0m
2024 · €6.1m-€45,757
Cash
€3.3m
2024 · €3.3m-€39,163
Balance sheet total
€6.6m
2024 · €6.7m-€132,349
Largest movements
Assets
- Receivables within one year -€71,184
down €71,184 (-24.7%), from €287,859 to €216,675
of which Other amounts receivable: -€44,329
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Taxes -€30,657
down €30,657 (-34.9%), from €87,815 to €57,158
- Other operating charges -€25,810
down €25,810 (-30.9%), from €83,502 to €57,692
- Gross operating margin -€23,163
down €23,163 (-4.5%), from €518,540 to €495,377
- Depreciation +€21,053
up €21,053 (+8.2%), from €255,993 to €277,046
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.
Result 2024
€161,015
Gross operating margin
-€23,163
Staff costs
+€37
Depreciation
-€21,053
Other operating charges
+€25,810
Financial income
+€885
Financial charges
+€130
Taxes
+€30,657
Result 2025
€174,317
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€510,238
Investment
-€297,327
Financing
-€252,075
Cash 2024
€3.3m
From operations (derived)
+€510,238
Net result for the year
+€174,317
Depreciation
+€277,046
Receivables within one year
+€71,184
Deferred charges and accrued income
+€42,283
Provisions
-€21,265
Trade debts
-€56,740
Tax, wage and social debts
-€36,662
Other debts
+€60,075
Accrued charges and deferred income
+€1
Investment (derived)
-€297,327
Investment in fixed assets (net)
-€297,327
Financing
-€252,075
Debts after one year
-€32,000
Contributions, distributions and other
-€220,075
Cash 2025
€3.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,746,972 | €6,614,623 | -€132,349 | -2.0% |
| Fixed assets | 21/28 | €3,091,191 | €3,111,473 | +€20,281 | +0.7% |
| Tangible fixed assets | 22/27 | €3,087,417 | €3,107,698 | +€20,281 | +0.7% |
| Land and buildings | 22 | €2,860,668 | €2,901,179 | +€40,512 | +1.4% |
| Plant, machinery and equipment | 23 | €188,944 | €142,553 | -€46,392 | -24.6% |
| Furniture and vehicles | 24 | €37,805 | €63,966 | +€26,161 | +69.2% |
| Financial fixed assets | 28 | €3,775 | €3,775 | = | 0.0% |
| Current assets | 29/58 | €3,655,781 | €3,503,151 | -€152,630 | -4.2% |
| Amounts receivable within one year | 40/41 | €287,859 | €216,675 | -€71,184 | -24.7% |
| Trade receivables | 40 | €136,029 | €109,174 | -€26,855 | -19.7% |
| Other amounts receivable | 41 | €151,829 | €107,500 | -€44,329 | -29.2% |
| Cash at bank and in hand | 54/58 | €3,325,346 | €3,286,182 | -€39,163 | -1.2% |
| Deferred charges and accrued income | 490/1 | €42,576 | €294 | -€42,283 | -99.3% |
| Total equity and liabilities | 10/49 | €6,746,972 | €6,614,623 | -€132,349 | -2.0% |
| Equity | 10/15 | €6,078,625 | €6,032,868 | -€45,757 | -0.8% |
| Contributions | 10/11 | €1,527,680 | €1,527,680 | = | 0.0% |
| Capital | 10 | €1,527,680 | €1,527,680 | = | 0.0% |
| Issued capital | 100 | €1,527,680 | €1,527,680 | = | 0.0% |
| Reserves | 13 | €318,599 | €272,842 | -€45,757 | -14.4% |
| Non-distributable reserves | 130/1 | €26,221 | €26,221 | = | 0.0% |
| Legal reserve | 130 | €26,221 | €26,221 | = | 0.0% |
| Tax-exempt reserves | 132 | €272,378 | €226,621 | -€45,757 | -16.8% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,232,345 | €4,232,345 | = | 0.0% |
| Provisions and deferred taxes | 16 | €108,886 | €87,621 | -€21,265 | -19.5% |
| Deferred taxes | 168 | €108,886 | €87,621 | -€21,265 | -19.5% |
| Amounts payable | 17/49 | €559,461 | €494,134 | -€65,327 | -11.7% |
| Amounts payable after more than one year | 17 | €170,667 | €138,667 | -€32,000 | -18.7% |
| Financial debts | 170/4 | €170,667 | €138,667 | -€32,000 | -18.7% |
| Amounts payable within one year | 42/48 | €388,608 | €355,280 | -€33,328 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €32,001 | €32,001 | = | 0.0% |
| Trade debts | 44 | €90,533 | €33,793 | -€56,740 | -62.7% |
| Suppliers | 440/4 | €90,533 | €33,793 | -€56,740 | -62.7% |
| Taxes, remuneration and social security | 45 | €106,074 | €69,412 | -€36,662 | -34.6% |
| Taxes | 450/3 | €106,074 | €69,412 | -€36,662 | -34.6% |
| Other amounts payable | 47/48 | €160,000 | €220,075 | +€60,075 | +37.5% |
| Accrued charges and deferred income | 492/3 | €186 | €187 | +€1 | +0.6% |
| Remuneration, social security and pensions | 62 | €37 | €0 | -€37 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €255,993 | €277,046 | +€21,053 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €83,502 | €57,692 | -€25,810 | -30.9% |
| Gross operating margin | 9900 | €518,540 | €495,377 | -€23,163 | -4.5% |
| Operating profit (loss) | 9901 | €179,008 | €160,639 | -€18,369 | -10.3% |
| Financial income | 75/76B | €53,912 | €54,796 | +€885 | +1.6% |
| Recurring financial income | 75 | €53,912 | €54,796 | +€885 | +1.6% |
| Financial charges | 65/66B | €5,355 | €5,225 | -€130 | -2.4% |
| Recurring financial charges | 65 | €5,355 | €5,225 | -€130 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €227,565 | €210,210 | -€17,355 | -7.6% |
| Transfer from deferred taxes | 780 | €21,265 | €21,265 | = | 0.0% |
| Income taxes | 67/77 | €87,815 | €57,158 | -€30,657 | -34.9% |
| Profit (loss) for the period | 9904 | €161,015 | €174,317 | +€13,302 | +8.3% |
| Transfer from tax-exempt reserves | 789 | €45,757 | €45,757 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €206,772 | €220,075 | +€13,302 | +6.4% |
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 23 October 2026 via checked.be.