Aaron Muylaert: 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.
Aaron Muylaert
Largest movements
- Cash -€67,784
down €67,784 (-70.2%), from €96,624 to €28,840
mainly Other debts (-€42,891) and Investment in fixed assets (net) (-€25,068)
- Receivables within one year +€22,511
up €22,511 (+38.1%), from €59,119 to €81,630
of which Trade receivables: +€45,135
- Tangible fixed assets +€16,470
up €16,470 (+191%), from €8,617 to €25,087
of which Furniture and vehicles: +€18,614
- Other debts -€42,891
down €42,891 (-85.7%), from €50,058 to €7,167
- Reserves +€18,838
up €18,838 (+20.5%), from €92,113 to €110,950
- Tax, wage and social debts -€5,010
down €5,010 (-32.9%), from €15,217 to €10,207
- Gross operating margin +€8,687
up €8,687 (+29.2%), from €29,771 to €38,459
- Depreciation +€5,160
up €5,160 (+150%), from €3,438 to €8,598
- Financial income -€1,086
down €1,086 (-99.0%), from €1,097 to €11
- Taxes +€847
up €847 (+11.4%), from €7,440 to €8,288
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 | €164,741 | €135,557 | -€29,183 | -17.7% |
| Fixed assets | 21/28 | €8,617 | €25,087 | +€16,470 | +191% |
| Tangible fixed assets | 22/27 | €8,617 | €25,087 | +€16,470 | +191% |
| Plant, machinery and equipment | 23 | €4,192 | €2,048 | -€2,144 | -51.1% |
| Furniture and vehicles | 24 | €4,425 | €23,039 | +€18,614 | +421% |
| Current assets | 29/58 | €156,124 | €110,470 | -€45,654 | -29.2% |
| Amounts receivable within one year | 40/41 | €59,119 | €81,630 | +€22,511 | +38.1% |
| Trade receivables | 40 | €36,495 | €81,630 | +€45,135 | +124% |
| Other amounts receivable | 41 | €22,624 | - | -€22,624 | |
| Cash at bank and in hand | 54/58 | €96,624 | €28,840 | -€67,784 | -70.2% |
| Deferred charges and accrued income | 490/1 | €381 | - | -€381 | |
| Total equity and liabilities | 10/49 | €164,741 | €135,557 | -€29,183 | -17.7% |
| Equity | 10/15 | €98,313 | €117,150 | +€18,838 | +19.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €92,113 | €110,950 | +€18,838 | +20.5% |
| Distributable reserves | 133 | €92,113 | €110,950 | +€18,838 | +20.5% |
| Profit (loss) carried forward | 14 | €0 | - | -€0 | |
| Amounts payable | 17/49 | €66,428 | €18,407 | -€48,021 | -72.3% |
| Amounts payable within one year | 42/48 | €66,428 | €18,407 | -€48,021 | -72.3% |
| Trade debts | 44 | €1,154 | €1,034 | -€120 | -10.4% |
| Suppliers | 440/4 | €1,154 | €1,034 | -€120 | -10.4% |
| Taxes, remuneration and social security | 45 | €15,217 | €10,207 | -€5,010 | -32.9% |
| Taxes | 450/3 | €15,217 | €10,207 | -€5,010 | -32.9% |
| Other amounts payable | 47/48 | €50,058 | €7,167 | -€42,891 | -85.7% |
| Non-recurring operating income | 76A | - | €826 | +€826 | |
| Remuneration, social security and pensions | 62 | €1,760 | €1,760 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,438 | €8,598 | +€5,160 | +150% |
| Other operating charges | 640/8 | €533 | €526 | -€8 | -1.4% |
| Gross operating margin | 9900 | €29,771 | €38,459 | +€8,687 | +29.2% |
| Operating profit (loss) | 9901 | €24,040 | €27,575 | +€3,535 | +14.7% |
| Financial income | 75/76B | €1,097 | €11 | -€1,086 | -99.0% |
| Recurring financial income | 75 | €1,097 | €11 | -€1,086 | -99.0% |
| Financial charges | 65/66B | €349 | €461 | +€112 | +32.2% |
| Recurring financial charges | 65 | €349 | €461 | +€112 | +32.2% |
| Profit (loss) for the period before taxes | 9903 | €24,788 | €27,125 | +€2,337 | +9.4% |
| Income taxes | 67/77 | €7,440 | €8,288 | +€847 | +11.4% |
| Profit (loss) for the period | 9904 | €17,348 | €18,838 | +€1,490 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,348 | €18,838 | +€1,490 | +8.6% |
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 29 October 2026 via checked.be.