ACTIVE

MAES

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Financial year 2025 · closed on 31/12/2025

Net result

176 €

-99.7% YoY

Gross margin

55,3 k €

-60.8% YoY

Equity

1,1 M €

+0.0% YoY

What does MAES do?

MAES is a Public limited company incorporated in 1983. Its main activity is: Wholesale of grain, unmanufactured tobacco, seeds and animal feeds. Its registered office is in Dentergem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0424.087.661

Incorporation

09/05/1983

Legal form

Public limited company

Registered office

Statiestraat(Den) 60
8720 Dentergem · FlandreSee on map

Contributed capital

413 425,70 €

Latest accounts

31/12/2025

Activities (NACE)

46212Wholesale of grain, unmanufactured tobacco, seeds and animal feeds· main 46212Wholesale of grain, unmanufactured tobacco, seeds and animal feeds 46211Wholesale of grain, unmanufactured tobacco, seeds and animal feeds 46211Wholesale of grain, unmanufactured tobacco, seeds and animal feeds

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	55,3 k €	-60.8%	140,8 k €	-26.7%	192,1 k €	-34.2%	291,9 k €	+63.4%	178,6 k €	+18.8%	150,3 k €	-13.2%	173,2 k €	-4.0%	180,3 k €	-1.4%	182,8 k €	+41.6%	129,2 k €	-9.1%	142,1 k €	+9.4%	129,9 k €	+74.3%	74,5 k €	-32.5%	110,3 k €	-13.9%	128,2 k €	-6.4%	136,9 k €	-47.6%	261,1 k €	+85.2%	141 k €	-54.6%	310,3 k €	-6.0%	329,9 k €
EBITDA	44,9 k €	-65.6%	130,6 k €	-27.7%	180,5 k €	-25.0%	240,5 k €	+92.0%	125,3 k €	+33.3%	94 k €	-19.7%	117,1 k €	+28.0%	91,5 k €	-13.0%	105,1 k €	+53.5%	68,5 k €	-26.2%	92,8 k €	+33.1%	69,7 k €	+96.8%	35,4 k €	+1.5%	34,9 k €	-24.4%	46,2 k €	+173%	16,9 k €	-81.2%	89,7 k €	+401%	-29,8 k €	-125%	121,1 k €	-26.1%	163,8 k €
Operating result	3,3 k €	-96.7%	99,6 k €	-35.9%	155,4 k €	-27.7%	214,9 k €	+131%	93 k €	+214%	29,6 k €	-43.8%	52,7 k €	+86.6%	28,2 k €	-17.0%	34 k €	+145%	13,9 k €	-82.2%	78,3 k €	+38.6%	56,5 k €	+1914%	2,8 k €	-68.3%	8,9 k €	-30.6%	12,8 k €	+183%	-15,3 k €	-138%	39,8 k €	+143%	-92,9 k €	-400%	30,9 k €	-23.2%	40,3 k €
Net result	176 €	-99.7%	64 k €	-29.7%	91,1 k €	-31.8%	133,6 k €	+161%	51,1 k €	+695%	6,4 k €	-70.7%	21,9 k €	+239%	6,5 k €	-70.2%	21,7 k €	+137%	9,2 k €	-86.3%	66,9 k €	-7.9%	72,7 k €	+449%	13,2 k €	-24.3%	17,5 k €	+989%	-2 k €	-116%	12,4 k €	-56.6%	28,5 k €	+121%	-136,6 k €	-2655%	5,3 k €	-50.6%	10,8 k €
Balance sheet
Equity	1,1 M €	+0.0%	1,1 M €	+6.4%	1 M €	+10.0%	908,9 k €	+17.2%	775,3 k €	+7.1%	724,2 k €	+0.9%	717,8 k €	+3.2%	695,8 k €	+0.9%	689,4 k €	+3.3%	667,6 k €	+1.4%	658,4 k €	+11.3%	591,5 k €	+14.0%	518,8 k €	+52.3%	340,6 k €	+5.4%	323,1 k €	-0.6%	325 k €	+4.0%	312,7 k €	+10.0%	284,2 k €	-32.5%	420,8 k €	+1.8%	413,3 k €
Total assets	1,3 M €	+3.9%	1,3 M €	-15.4%	1,5 M €	-13.1%	1,8 M €	+15.5%	1,5 M €	+20.6%	1,3 M €	-11.7%	1,4 M €	-3.5%	1,5 M €	-12.0%	1,7 M €	+23.5%	1,4 M €	+22.0%	1,1 M €	+41.7%	786,7 k €	+15.2%	683 k €	-21.0%	864,5 k €	+5.1%	822,8 k €	-9.1%	904,7 k €	+5.7%	856,1 k €	-25.1%	1,1 M €	-8.5%	1,2 M €	+3.0%	1,2 M €
Cash	64,5 k €	+83.8%	35,1 k €	-56.8%	81,1 k €	-21.7%	103,6 k €	+1287%	7,5 k €	-73.7%	28,4 k €	+152%	11,3 k €	-81.4%	60,5 k €	+85.0%	32,7 k €	+290%	8,4 k €	-70.8%	28,7 k €	+280%	7,6 k €	+57.8%	4,8 k €	-91.1%	53,9 k €	-59.4%	132,8 k €	+5.1%	126,4 k €	+168%	47,1 k €	-1.4%	47,8 k €	-54.0%	103,9 k €	+124%	46,3 k €
Debts	269,6 k €	+26.4%	213,3 k €	-57.9%	507,2 k €	-38.9%	830,5 k €	+13.7%	730,2 k €	+40.1%	521,1 k €	-25.0%	695,1 k €	-9.7%	770,2 k €	-21.0%	974,4 k €	+43.2%	680,2 k €	+52.4%	446,3 k €	+139%	186,7 k €	+20.8%	154,5 k €	-70.0%	515,6 k €	+4.9%	491,3 k €	-13.2%	566,1 k €	+5.7%	535,7 k €	-37.4%	855,7 k €	+3.6%	825,6 k €	+3.4%	798,6 k €
Other
Workforce	–		–		–		1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	-28.6%	1,4 ETP	-30.0%	2,0 ETP	+5.3%	1,9 ETP	+5.6%	1,8 ETP	0.0%	1,8 ETP	-25.0%	2,4 ETP	-40.0%	4,0 ETP	-2.4%	4,1 ETP	-18.0%	5,0 ETP	+8.7%	4,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 21 ended

Active mandates

Christine Maes

Director · since 25 mars 2026

Active

Jens Eelbode

Director · since 25 mars 2026

Active

Carl MAES

Director · since 08 décembre 2023 · until 25 mars 2026

Active

Elise MAES

Director · since 08 décembre 2023 · until 25 mars 2026

Active

Roeland MAES

Managing director · since 08 décembre 2023 · until 14 juin 2029

Active

Ended mandates

Carl MAES

Director · since 08 décembre 2023 · until 14 juin 2029

Ended

Elise MAES

Director · since 08 décembre 2023 · until 14 juin 2029

Ended

Carl MAES

Director · since 14 juin 2019 · until 14 juin 2025

Ended

Elise MAES

Director · since 14 juin 2019 · until 14 juin 2025

Ended

At this address

Other companies at this address

Company	CBE no.
Jens Eelbode● Active	0759.741.612
MAES● Active	1032.693.078

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	15/06/2026	17/06/2025	17/06/2024	13/06/2023	14/06/2022	14/06/2021
General meeting	12/06/2026	13/06/2025	14/06/2024	09/06/2023	10/06/2022	11/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

43 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	12/06/2026	15/06/2026	Dutch	PDF
Abridged model	31/12/2024	13/06/2025	17/06/2025	Dutch	PDF
Abridged model	31/12/2023	14/06/2024	17/06/2024	Dutch	PDF
Abridged model	31/12/2022	09/06/2023	13/06/2023	Dutch	PDF
Abridged model	31/12/2021	10/06/2022	14/06/2022	Dutch	PDF
Abridged model	31/12/2020	11/06/2021	14/06/2021	Dutch	PDF
Abridged model	31/12/2019	12/06/2020	15/06/2020	Dutch	PDF
Abridged model	31/12/2018	14/06/2019	17/06/2019	Dutch	PDF
Abridged model	31/12/2017	08/06/2018	15/06/2018	Dutch	PDF
Abridged model	31/12/2016	09/06/2017	12/06/2017	Dutch	PDF
Abridged model	31/12/2015	10/06/2016	13/06/2016	Dutch	PDF
Abridged model	31/12/2014	12/06/2015	15/06/2015	Dutch	PDF
Abridged model	31/12/2013	13/06/2014	17/06/2014	Dutch	PDF
Abridged model	31/12/2012	14/06/2013	17/06/2013	Dutch	PDF
Abridged model	31/12/2011	08/06/2012	11/06/2012	Dutch	PDF
Abridged model	31/12/2010	04/06/2011	08/06/2011	Dutch	PDF
Abridged model	31/12/2009	05/06/2010	09/06/2010	Dutch	PDF
Abridged model	31/12/2008	06/06/2009	08/06/2009	Dutch	PDF
Abridged model	31/12/2007	07/06/2008	24/06/2008	Dutch	PDF
Abridged model	31/12/2006	02/06/2007	20/06/2007	Dutch	PDF
Abridged model	31/12/2005	03/06/2006	28/06/2006	Dutch	PDF
Abridged model	31/12/2004	04/06/2005	29/06/2005	Dutch	PDF
Abridged model	31/12/2003	05/06/2004	29/06/2004	Dutch	PDF
Abridged model	31/12/2002	07/06/2003	01/07/2003	Dutch	PDF

View all 43 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 21 ended

Active mandates

Christine Maes

Director · since 25 mars 2026

Active

Jens Eelbode

Director · since 25 mars 2026

Active

Carl MAES

Director · since 08 décembre 2023 · until 25 mars 2026

Active

Elise MAES

Director · since 08 décembre 2023 · until 25 mars 2026

Active

Roeland MAES

Managing director · since 08 décembre 2023 · until 14 juin 2029

Active

Ended mandates

Carl MAES

Director · since 08 décembre 2023 · until 14 juin 2029

Ended

Elise MAES

Director · since 08 décembre 2023 · until 14 juin 2029

Ended

Carl MAES

Director · since 14 juin 2019 · until 14 juin 2025

Ended

Elise MAES

Director · since 14 juin 2019 · until 14 juin 2025

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates02/06/2026
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Other20/12/2023
ALGEMENE VERGADERING
PDF
Mandates08/07/2019
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring08/01/2014
Fusie È
PDF
Restructuring18/11/2013
fusievoorstel
PDF
Mandates12/08/2013
benoeming bestuurders |
PDF
Capital / shares12/01/2012
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates01/12/2009
benoeming bestuurder
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025176 €↓
2024
Annual accounts 202464 k €↓
2023
Annual accounts 202391,1 k €↓
2022
Annual accounts 2022133,6 k €↑
2021
Annual accounts 202151,1 k €↑
2020
Annual accounts 20206,4 k €↓
2019
Annual accounts 201921,9 k €↑
2018
Annual accounts 20186,5 k €↓
2017
Annual accounts 201721,7 k €↑
2016
Annual accounts 20169,2 k €↓
2015
Annual accounts 201566,9 k €↓
2014
Annual accounts 201472,7 k €↑
2013
Annual accounts 201313,2 k €↓
2012
Annual accounts 201217,5 k €↑
2011
Annual accounts 2011-2 k €↓
2010
Annual accounts 201012,4 k €↓
2009
Annual accounts 200928,5 k €↑
2008
Annual accounts 2008-136,6 k €↓
2007
Annual accounts 20075,3 k €↓
2006
Annual accounts 200610,8 k €
09/05/1983
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

MAES

Overview

What does MAES do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline