Davy Maes: 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.
Davy Maes
Largest movements
- Receivables within one year +€40,105
up €40,105 (+510.9%), from €7,851 to €47,956
of which Trade receivables: +€31,646
- Cash +€26,033
up €26,033 (+51.2%), from €50,821 to €76,854
mainly Net result for the year (+€73,631) and Depreciation (+€13,461)
- Tangible fixed assets -€9,806
down €9,806 (-48.5%), from €20,214 to €10,408
of which Furniture and vehicles: -€5,250
- Financial fixed assets +€3,600
new in 2025: €3,600
- Profit (loss) carried forward +€73,631
up €73,631 (+95.7%), from -€76,906 to -€3,275
- Other debts -€15,162
down €15,162 (-39.4%), from €38,499 to €23,337
- Trade debts +€13,207
up €13,207 (+96.2%), from €13,734 to €26,942
- Current portion of long-term debt -€7,710
down €7,710 (-74.6%), from €10,338 to €2,628
- Debts after one year -€2,628
no longer reported in 2025 (was €2,628)
- Staff costs -€32,450
down €32,450 (-30.9%), from €104,966 to €72,515
- Gross operating margin +€6,071
up €6,071 (+3.8%), from €158,466 to €164,537
- Taxes +€2,407
up €2,407 (+1169.0%), from €206 to €2,613
- Financial charges -€2,125
down €2,125 (-84.8%), from €2,507 to €382
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 | €92,599 | €152,602 | +€60,003 | +64.8% |
| Fixed assets | 21/28 | €20,214 | €14,008 | -€6,206 | -30.7% |
| Tangible fixed assets | 22/27 | €20,214 | €10,408 | -€9,806 | -48.5% |
| Plant, machinery and equipment | 23 | €11,026 | €6,470 | -€4,555 | -41.3% |
| Furniture and vehicles | 24 | €9,188 | €3,938 | -€5,250 | -57.1% |
| Financial fixed assets | 28 | - | €3,600 | +€3,600 | |
| Current assets | 29/58 | €72,386 | €138,594 | +€66,208 | +91.5% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,851 | €47,956 | +€40,105 | +510.9% |
| Trade receivables | 40 | €6,093 | €37,739 | +€31,646 | +519.3% |
| Other amounts receivable | 41 | €1,757 | €10,217 | +€8,460 | +481.4% |
| Cash at bank and in hand | 54/58 | €50,821 | €76,854 | +€26,033 | +51.2% |
| Deferred charges and accrued income | 490/1 | €3,714 | €3,784 | +€70 | +1.9% |
| Total equity and liabilities | 10/49 | €92,599 | €152,602 | +€60,003 | +64.8% |
| Equity | 10/15 | €23,467 | €97,098 | +€73,631 | +313.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €94,173 | €94,173 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €92,313 | €92,313 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,906 | -€3,275 | +€73,631 | +95.7% |
| Amounts payable | 17/49 | €69,133 | €55,504 | -€13,628 | -19.7% |
| Amounts payable after more than one year | 17 | €2,628 | - | -€2,628 | |
| Financial debts | 170/4 | €2,628 | - | -€2,628 | |
| Amounts payable within one year | 42/48 | €66,504 | €55,504 | -€11,000 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €10,338 | €2,628 | -€7,710 | -74.6% |
| Trade debts | 44 | €13,734 | €26,942 | +€13,207 | +96.2% |
| Suppliers | 440/4 | €13,734 | €26,942 | +€13,207 | +96.2% |
| Taxes, remuneration and social security | 45 | €3,933 | €2,598 | -€1,336 | -34.0% |
| Taxes | 450/3 | €206 | €2,598 | +€2,392 | +1161.7% |
| Remuneration and social security | 454/9 | €3,727 | - | -€3,727 | |
| Other amounts payable | 47/48 | €38,499 | €23,337 | -€15,162 | -39.4% |
| Remuneration, social security and pensions | 62 | €104,966 | €72,515 | -€32,450 | -30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,544 | €13,461 | -€1,082 | -7.4% |
| Other operating charges | 640/8 | €2,795 | €1,985 | -€811 | -29.0% |
| Gross operating margin | 9900 | €158,466 | €164,537 | +€6,071 | +3.8% |
| Operating profit (loss) | 9901 | €36,161 | €76,576 | +€40,414 | +111.8% |
| Financial income | 75/76B | - | €50 | +€50 | |
| Recurring financial income | 75 | - | €50 | +€50 | |
| Financial charges | 65/66B | €2,507 | €382 | -€2,125 | -84.8% |
| Recurring financial charges | 65 | €2,507 | €382 | -€2,125 | -84.8% |
| Profit (loss) for the period before taxes | 9903 | €33,655 | €76,244 | +€42,589 | +126.5% |
| Income taxes | 67/77 | €206 | €2,613 | +€2,407 | +1169.0% |
| Profit (loss) for the period | 9904 | €33,449 | €73,631 | +€40,182 | +120.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,449 | €73,631 | +€40,182 | +120.1% |
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 8 October 2026 via checked.be.