Benoît Maerten: 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.
Benoît Maerten
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+75.1%), from €2.1m to €3.6m
of which Land and buildings: +€1.6m
- Receivables within one year +€120,358
up €120,358 (+160.1%), from €75,180 to €195,538
of which Other amounts receivable: +€68,952
- Cash -€42,036
down €42,036 (-49.0%), from €85,776 to €43,739
mainly Investment in fixed assets (net) (-€1.9m) and Receivables within one year (-€120,358)
- Debts after one year +€1.6m
up €1.6m (+151.6%), from €1.0m to €2.6m
of which Financial debts: +€1.6m
- Trade debts +€132,984
up €132,984 (+600.0%), from €22,163 to €155,147
- Current portion of long-term debt +€44,959
up €44,959 (+29.0%), from €154,780 to €199,739
- Reserves -€44,831
down €44,831 (-4.6%), from €977,099 to €932,268
- Depreciation +€234,298
up €234,298 (+179.7%), from €130,381 to €364,678
- Taxes -€103,409
down €103,409 (-80.8%), from €127,911 to €24,502
- Gross operating margin -€45,830
down €45,830 (-8.2%), from €561,109 to €515,280
- Financial charges +€30,151
up €30,151 (+85.0%), from €35,490 to €65,641
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 | €2,298,836 | €3,945,061 | +€1.6m | +71.6% |
| Fixed assets | 21/28 | €2,079,432 | €3,641,194 | +€1.6m | +75.1% |
| Tangible fixed assets | 22/27 | €2,079,432 | €3,641,194 | +€1.6m | +75.1% |
| Land and buildings | 22 | €1,808,523 | €3,412,597 | +€1.6m | +88.7% |
| Plant, machinery and equipment | 23 | €1,909 | €1,460 | -€449 | -23.5% |
| Furniture and vehicles | 24 | €34,186 | €25,203 | -€8,982 | -26.3% |
| Other tangible fixed assets | 26 | €234,814 | €201,934 | -€32,880 | -14.0% |
| Current assets | 29/58 | €219,404 | €303,867 | +€84,462 | +38.5% |
| Amounts receivable within one year | 40/41 | €75,180 | €195,538 | +€120,358 | +160.1% |
| Trade receivables | 40 | €50,680 | €102,086 | +€51,406 | +101.4% |
| Other amounts receivable | 41 | €24,500 | €93,452 | +€68,952 | +281.4% |
| Current investments | 50/53 | €52,198 | €61,557 | +€9,359 | +17.9% |
| Cash at bank and in hand | 54/58 | €85,776 | €43,739 | -€42,036 | -49.0% |
| Deferred charges and accrued income | 490/1 | €6,251 | €3,033 | -€3,219 | -51.5% |
| Total equity and liabilities | 10/49 | €2,298,836 | €3,945,061 | +€1.6m | +71.6% |
| Equity | 10/15 | €983,299 | €938,468 | -€44,831 | -4.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €977,099 | €932,268 | -€44,831 | -4.6% |
| Distributable reserves | 133 | €977,099 | €932,268 | -€44,831 | -4.6% |
| Amounts payable | 17/49 | €1,315,537 | €3,006,592 | +€1.7m | +128.5% |
| Amounts payable after more than one year | 17 | €1,025,825 | €2,581,213 | +€1.6m | +151.6% |
| Financial debts | 170/4 | €1,023,125 | €2,578,513 | +€1.6m | +152.0% |
| Other amounts payable | 178/9 | €2,700 | €2,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €281,816 | €408,952 | +€127,136 | +45.1% |
| Current portion of amounts payable after more than one year | 42 | €154,780 | €199,739 | +€44,959 | +29.0% |
| Trade debts | 44 | €22,163 | €155,147 | +€132,984 | +600.0% |
| Suppliers | 440/4 | €22,163 | €155,147 | +€132,984 | +600.0% |
| Taxes, remuneration and social security | 45 | €82,677 | €54,066 | -€28,610 | -34.6% |
| Taxes | 450/3 | €82,677 | €54,066 | -€28,610 | -34.6% |
| Other amounts payable | 47/48 | €22,196 | - | -€22,196 | |
| Accrued charges and deferred income | 492/3 | €7,896 | €16,427 | +€8,531 | +108.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,381 | €364,678 | +€234,298 | +179.7% |
| Other operating charges | 640/8 | €14,630 | €16,518 | +€1,888 | +12.9% |
| Non-recurring operating charges | 66A | €189 | €1,002 | +€813 | +429.9% |
| Gross operating margin | 9900 | €561,109 | €515,280 | -€45,830 | -8.2% |
| Operating profit (loss) | 9901 | €415,910 | €133,082 | -€282,828 | -68.0% |
| Financial income | 75/76B | €508 | €830 | +€322 | +63.4% |
| Recurring financial income | 75 | €508 | €830 | +€322 | +63.4% |
| Financial charges | 65/66B | €35,490 | €65,641 | +€30,151 | +85.0% |
| Recurring financial charges | 65 | €35,490 | €65,641 | +€30,151 | +85.0% |
| Profit (loss) for the period before taxes | 9903 | €380,928 | €68,271 | -€312,657 | -82.1% |
| Income taxes | 67/77 | €127,911 | €24,502 | -€103,409 | -80.8% |
| Profit (loss) for the period | 9904 | €253,017 | €43,769 | -€209,248 | -82.7% |
| Profit (loss) for the period to be appropriated | 9905 | €253,017 | €43,769 | -€209,248 | -82.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.