BORIS MAHIEU: 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.
BORIS MAHIEU
Largest movements
- Receivables within one year -€269,898
down €269,898 (-69.5%), from €388,157 to €118,259
of which Other amounts receivable: -€178,004
- Current investments +€52,880
up €52,880 (+3.3%), from €1.6m to €1.6m
- Accrued charges and deferred income -€335,264
down €335,264 (-95.3%), from €351,719 to €16,456
- Other debts +€285,000
new in 2025: €285,000
- Reserves -€170,000
down €170,000 (-8.2%), from €2.1m to €1.9m
- Financial income +€399,728
up €399,728 (+2,471%), from €16,178 to €415,907
- Gross operating margin -€196,746
down €196,746 (-36.7%), from €536,643 to €339,897
- Financial charges +€20,386
up €20,386 (+434%), from €4,700 to €25,086
- Taxes -€14,448
down €14,448 (-9.1%), from €159,038 to €144,590
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 | €2,550,417 | €2,338,944 | -€211,473 | -8.3% |
| Fixed assets | 21/28 | €179,587 | €176,380 | -€3,207 | -1.8% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €147,686 | €129,479 | -€18,207 | -12.3% |
| Plant, machinery and equipment | 23 | €1,364 | €708 | -€657 | -48.1% |
| Furniture and vehicles | 24 | €72,750 | €60,377 | -€12,373 | -17.0% |
| Other tangible fixed assets | 26 | €73,571 | €68,395 | -€5,177 | -7.0% |
| Financial fixed assets | 28 | €31,900 | €46,900 | +€15,000 | +47.0% |
| Current assets | 29/58 | €2,370,830 | €2,162,564 | -€208,266 | -8.8% |
| Amounts receivable within one year | 40/41 | €388,157 | €118,259 | -€269,898 | -69.5% |
| Trade receivables | 40 | €91,894 | - | -€91,894 | |
| Other amounts receivable | 41 | €296,263 | €118,259 | -€178,004 | -60.1% |
| Current investments | 50/53 | €1,590,695 | €1,643,575 | +€52,880 | +3.3% |
| Cash at bank and in hand | 54/58 | €384,995 | €389,422 | +€4,427 | +1.1% |
| Deferred charges and accrued income | 490/1 | €6,983 | €11,307 | +€4,324 | +61.9% |
| Total equity and liabilities | 10/49 | €2,550,417 | €2,338,944 | -€211,473 | -8.3% |
| Equity | 10/15 | €2,134,543 | €1,967,716 | -€166,828 | -7.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,066,860 | €1,896,860 | -€170,000 | -8.2% |
| Distributable reserves | 133 | €2,066,860 | €1,896,860 | -€170,000 | -8.2% |
| Profit (loss) carried forward | 14 | €49,083 | €52,256 | +€3,172 | +6.5% |
| Amounts payable | 17/49 | €415,874 | €371,228 | -€44,645 | -10.7% |
| Amounts payable within one year | 42/48 | €64,154 | €354,773 | +€290,618 | +453% |
| Trade debts | 44 | €2,654 | €273 | -€2,382 | -89.7% |
| Suppliers | 440/4 | €2,654 | €273 | -€2,382 | -89.7% |
| Taxes, remuneration and social security | 45 | €61,500 | €69,500 | +€8,000 | +13.0% |
| Taxes | 450/3 | €61,500 | €69,500 | +€8,000 | +13.0% |
| Other amounts payable | 47/48 | - | €285,000 | +€285,000 | |
| Accrued charges and deferred income | 492/3 | €351,719 | €16,456 | -€335,264 | -95.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,565 | €36,611 | +€2,046 | +5.9% |
| Other operating charges | 640/8 | €2,798 | €1,344 | -€1,453 | -51.9% |
| Non-recurring operating charges | 66A | €469 | - | -€469 | |
| Gross operating margin | 9900 | €536,643 | €339,897 | -€196,746 | -36.7% |
| Operating profit (loss) | 9901 | €498,811 | €301,942 | -€196,870 | -39.5% |
| Financial income | 75/76B | €16,178 | €415,907 | +€399,728 | +2,471% |
| Recurring financial income | 75 | €16,178 | €415,907 | +€399,728 | +2,471% |
| Financial charges | 65/66B | €4,700 | €25,086 | +€20,386 | +434% |
| Recurring financial charges | 65 | €4,700 | €25,086 | +€20,386 | +434% |
| Profit (loss) for the period before taxes | 9903 | €510,290 | €692,762 | +€182,472 | +35.8% |
| Income taxes | 67/77 | €159,038 | €144,590 | -€14,448 | -9.1% |
| Profit (loss) for the period | 9904 | €351,252 | €548,172 | +€196,921 | +56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €351,252 | €548,172 | +€196,921 | +56.1% |
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 13 October 2026 via checked.be.