Two Mae: 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.
Two Mae
Largest movements
- Receivables within one year +€54,503
up €54,503 (+135.3%), from €40,277 to €94,780
of which Other amounts receivable: +€50,668
- Tangible fixed assets -€52,399
down €52,399 (-10.6%), from €495,738 to €443,339
- Cash -€8,580
down €8,580 (-85.3%), from €10,056 to €1,476
mainly Receivables within one year (-€54,503) and Debts after one year (-€10,332)
- Debts after one year -€10,332
down €10,332 (-3.9%), from €268,302 to €257,970
- Trade debts -€7,842
down €7,842 (-47.9%), from €16,381 to €8,539
- Profit (loss) carried forward +€7,021
up €7,021 (+10.6%), from €65,962 to €72,983
- Gross operating margin +€37,918
up €37,918 (+91.3%), from €41,553 to €79,472
- Financial income +€2,998
up €2,998 (+152.1%), from €1,971 to €4,969
- Taxes +€2,549
new in 2025: €2,549
- Depreciation +€1,980
up €1,980 (+3.6%), from €55,442 to €57,423
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 | €549,916 | €540,834 | -€9,082 | -1.7% |
| Fixed assets | 21/28 | €495,738 | €443,339 | -€52,399 | -10.6% |
| Tangible fixed assets | 22/27 | €495,738 | €443,339 | -€52,399 | -10.6% |
| Land and buildings | 22 | €495,738 | €443,339 | -€52,399 | -10.6% |
| Current assets | 29/58 | €54,178 | €97,494 | +€43,316 | +80.0% |
| Amounts receivable within one year | 40/41 | €40,277 | €94,780 | +€54,503 | +135.3% |
| Trade receivables | 40 | - | €3,834 | +€3,834 | |
| Other amounts receivable | 41 | €40,277 | €90,945 | +€50,668 | +125.8% |
| Cash at bank and in hand | 54/58 | €10,056 | €1,476 | -€8,580 | -85.3% |
| Deferred charges and accrued income | 490/1 | €3,845 | €1,238 | -€2,606 | -67.8% |
| Total equity and liabilities | 10/49 | €549,916 | €540,834 | -€9,082 | -1.7% |
| Equity | 10/15 | €211,684 | €218,705 | +€7,021 | +3.3% |
| Contributions | 10/11 | €119,000 | €119,000 | = | 0.0% |
| Reserves | 13 | €26,722 | €26,722 | = | 0.0% |
| Distributable reserves | 133 | €26,722 | €26,722 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,962 | €72,983 | +€7,021 | +10.6% |
| Amounts payable | 17/49 | €338,232 | €322,128 | -€16,103 | -4.8% |
| Amounts payable after more than one year | 17 | €268,302 | €257,970 | -€10,332 | -3.9% |
| Financial debts | 170/4 | €268,302 | €257,970 | -€10,332 | -3.9% |
| Amounts payable within one year | 42/48 | €69,930 | €64,159 | -€5,771 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €9,901 | €10,332 | +€431 | +4.4% |
| Trade debts | 44 | €16,381 | €8,539 | -€7,842 | -47.9% |
| Suppliers | 440/4 | €16,381 | €8,539 | -€7,842 | -47.9% |
| Taxes, remuneration and social security | 45 | - | €2,549 | +€2,549 | |
| Taxes | 450/3 | - | €2,549 | +€2,549 | |
| Other amounts payable | 47/48 | €43,648 | €42,739 | -€909 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,442 | €57,423 | +€1,980 | +3.6% |
| Other operating charges | 640/8 | €4,952 | €5,106 | +€154 | +3.1% |
| Gross operating margin | 9900 | €41,553 | €79,472 | +€37,918 | +91.3% |
| Operating profit (loss) | 9901 | -€18,841 | €16,943 | +€35,784 | |
| Financial income | 75/76B | €1,971 | €4,969 | +€2,998 | +152.1% |
| Recurring financial income | 75 | €1,971 | €4,969 | +€2,998 | +152.1% |
| Financial charges | 65/66B | €12,825 | €12,343 | -€482 | -3.8% |
| Recurring financial charges | 65 | €12,825 | €12,343 | -€482 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | -€29,694 | €9,570 | +€39,264 | |
| Income taxes | 67/77 | - | €2,549 | +€2,549 | |
| Profit (loss) for the period | 9904 | -€29,694 | €7,021 | +€36,715 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,694 | €7,021 | +€36,715 |
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 1 October 2026 via checked.be.