SD 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.
SD Maes
Largest movements
- Receivables within one year -€206,299
down €206,299 (-39.8%), from €518,294 to €311,995
of which Trade receivables: -€239,900
- Tangible fixed assets +€156,926
up €156,926 (+43.4%), from €361,314 to €518,240
of which Land and buildings: +€154,891
- Current investments +€150,000
new in 2025: €150,000
- Stocks and contracts +€100,000
up €100,000 (+286%), from €35,000 to €135,000
of which Contracts in progress: +€100,000
- Cash -€26,882
down €26,882 (-25.0%), from €107,676 to €80,793
mainly Investment in fixed assets (net) (-€194,270) and Current investments (-€150,000)
- Debts after one year +€252,884
up €252,884 (+182%), from €139,049 to €391,934
of which Financial debts: +€257,884
- Trade debts -€81,290
down €81,290 (-19.9%), from €407,965 to €326,676
- Current portion of long-term debt +€38,661
up €38,661 (+258%), from €14,967 to €53,628
- Other debts -€31,852
down €31,852 (-50.5%), from €63,111 to €31,259
- Reserves +€25,258
up €25,258 (+7.7%), from €329,813 to €355,072
- Gross operating margin -€58,303
down €58,303 (-20.2%), from €288,645 to €230,341
- Staff costs -€18,069
down €18,069 (-17.3%), from €104,685 to €86,617
- Write-downs -€9,514
down €9,514 (-64.0%), from €14,860 to €5,346
- Taxes -€5,153
down €5,153 (-26.2%), from €19,642 to €14,489
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,027,861 | €1,201,977 | +€174,116 | +16.9% |
| Fixed assets | 21/28 | €361,354 | €518,280 | +€156,926 | +43.4% |
| Tangible fixed assets | 22/27 | €361,314 | €518,240 | +€156,926 | +43.4% |
| Land and buildings | 22 | €346,650 | €501,541 | +€154,891 | +44.7% |
| Plant, machinery and equipment | 23 | €3,612 | €5,612 | +€2,001 | +55.4% |
| Furniture and vehicles | 24 | €6,964 | €7,709 | +€745 | +10.7% |
| Other tangible fixed assets | 26 | €4,088 | €3,377 | -€711 | -17.4% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €666,507 | €683,698 | +€17,190 | +2.6% |
| Stocks and contracts in progress | 3 | €35,000 | €135,000 | +€100,000 | +286% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Contracts in progress | 37 | €25,000 | €125,000 | +€100,000 | +400% |
| Amounts receivable within one year | 40/41 | €518,294 | €311,995 | -€206,299 | -39.8% |
| Trade receivables | 40 | €508,892 | €268,992 | -€239,900 | -47.1% |
| Other amounts receivable | 41 | €9,403 | €43,003 | +€33,601 | +357% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €107,676 | €80,793 | -€26,882 | -25.0% |
| Deferred charges and accrued income | 490/1 | €5,537 | €5,909 | +€371 | +6.7% |
| Total equity and liabilities | 10/49 | €1,027,861 | €1,201,977 | +€174,116 | +16.9% |
| Equity | 10/15 | €348,413 | €373,672 | +€25,258 | +7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €329,813 | €355,072 | +€25,258 | +7.7% |
| Distributable reserves | 133 | €329,813 | €355,072 | +€25,258 | +7.7% |
| Amounts payable | 17/49 | €679,447 | €828,305 | +€148,858 | +21.9% |
| Amounts payable after more than one year | 17 | €139,049 | €391,934 | +€252,884 | +182% |
| Financial debts | 170/4 | €118,049 | €375,934 | +€257,884 | +218% |
| Other amounts payable | 178/9 | €21,000 | €16,000 | -€5,000 | -23.8% |
| Amounts payable within one year | 42/48 | €537,158 | €434,525 | -€102,633 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €14,967 | €53,628 | +€38,661 | +258% |
| Financial debts | 43 | €33,380 | €8,355 | -€25,025 | -75.0% |
| Credit institutions | 430/8 | €33,380 | €8,355 | -€25,025 | -75.0% |
| Trade debts | 44 | €407,965 | €326,676 | -€81,290 | -19.9% |
| Suppliers | 440/4 | €407,965 | €326,676 | -€81,290 | -19.9% |
| Taxes, remuneration and social security | 45 | €17,735 | €14,607 | -€3,127 | -17.6% |
| Taxes | 450/3 | €4,720 | €6,854 | +€2,133 | +45.2% |
| Remuneration and social security | 454/9 | €13,014 | €7,754 | -€5,261 | -40.4% |
| Other amounts payable | 47/48 | €63,111 | €31,259 | -€31,852 | -50.5% |
| Accrued charges and deferred income | 492/3 | €3,240 | €1,847 | -€1,393 | -43.0% |
| Non-recurring operating income | 76A | - | €5,756 | +€5,756 | |
| Remuneration, social security and pensions | 62 | €104,685 | €86,617 | -€18,069 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,636 | €37,345 | +€2,709 | +7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,860 | €5,346 | -€9,514 | -64.0% |
| Other operating charges | 640/8 | €5,553 | €7,189 | +€1,636 | +29.5% |
| Gross operating margin | 9900 | €288,645 | €230,341 | -€58,303 | -20.2% |
| Operating profit (loss) | 9901 | €128,911 | €93,845 | -€35,065 | -27.2% |
| Financial income | 75/76B | €955 | €172 | -€783 | -82.0% |
| Recurring financial income | 75 | €955 | €172 | -€783 | -82.0% |
| Financial charges | 65/66B | €25,307 | €24,139 | -€1,168 | -4.6% |
| Recurring financial charges | 65 | €25,307 | €24,139 | -€1,168 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €104,559 | €69,879 | -€34,680 | -33.2% |
| Income taxes | 67/77 | €19,642 | €14,489 | -€5,153 | -26.2% |
| Profit (loss) for the period | 9904 | €84,917 | €55,390 | -€29,527 | -34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €84,917 | €55,390 | -€29,527 | -34.8% |
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 15 October 2026 via checked.be.