DIRK MAERTENS: 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.
DIRK MAERTENS
Largest movements
- Tangible fixed assets +€37,279
up €37,279 (+14.1%), from €265,271 to €302,550
of which Land and buildings: +€36,594
- Current investments +€30,281
up €30,281 (+36.8%), from €82,290 to €112,571
- Cash -€12,234
down €12,234 (-14.1%), from €87,071 to €74,837
mainly Investment in fixed assets (net) (-€53,928) and Current investments (-€30,281)
- Receivables within one year -€5,329
down €5,329 (-16.0%), from €33,278 to €27,948
- Reserves +€73,354
up €73,354 (+28.2%), from €259,810 to €333,164
of which Distributable reserves: +€73,354
- Debts after one year -€26,883
down €26,883 (-20.0%), from €134,451 to €107,568
- Tax, wage and social debts +€9,358
up €9,358 (+96.5%), from €9,695 to €19,053
- Gross operating margin +€39,904
up €39,904 (+35.3%), from €112,999 to €152,903
- Taxes +€12,509
up €12,509 (+51.3%), from €24,385 to €36,894
- Financial income +€3,203
up €3,203 (+941%), from €340 to €3,543
of which Financial income: +€3,203
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 | €470,103 | €522,536 | +€52,433 | +11.2% |
| Fixed assets | 21/28 | €265,271 | €302,550 | +€37,279 | +14.1% |
| Tangible fixed assets | 22/27 | €265,271 | €302,550 | +€37,279 | +14.1% |
| Land and buildings | 22 | €261,206 | €297,800 | +€36,594 | +14.0% |
| Furniture and vehicles | 24 | €4,064 | €4,750 | +€685 | +16.9% |
| Current assets | 29/58 | €204,832 | €219,986 | +€15,154 | +7.4% |
| Amounts receivable within one year | 40/41 | €33,278 | €27,948 | -€5,329 | -16.0% |
| Trade receivables | 40 | €33,278 | €27,948 | -€5,329 | -16.0% |
| Current investments | 50/53 | €82,290 | €112,571 | +€30,281 | +36.8% |
| Cash at bank and in hand | 54/58 | €87,071 | €74,837 | -€12,234 | -14.1% |
| Deferred charges and accrued income | 490/1 | €2,194 | €4,630 | +€2,436 | +111% |
| Total equity and liabilities | 10/49 | €470,103 | €522,536 | +€52,433 | +11.2% |
| Equity | 10/15 | €266,010 | €339,364 | +€73,354 | +27.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €259,810 | €333,164 | +€73,354 | +28.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €259,810 | €333,164 | +€73,354 | +28.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €204,093 | €183,172 | -€20,921 | -10.3% |
| Amounts payable after more than one year | 17 | €134,451 | €107,568 | -€26,883 | -20.0% |
| Financial debts | 170/4 | €134,451 | €107,568 | -€26,883 | -20.0% |
| Amounts payable within one year | 42/48 | €68,642 | €75,604 | +€6,962 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €25,690 | €26,883 | +€1,193 | +4.6% |
| Trade debts | 44 | €28,193 | €29,223 | +€1,030 | +3.7% |
| Suppliers | 440/4 | €28,193 | €29,223 | +€1,030 | +3.7% |
| Taxes, remuneration and social security | 45 | €9,695 | €19,053 | +€9,358 | +96.5% |
| Taxes | 450/3 | €9,695 | €19,053 | +€9,358 | +96.5% |
| Other amounts payable | 47/48 | €5,064 | €445 | -€4,619 | -91.2% |
| Accrued charges and deferred income | 492/3 | €1,000 | €0 | -€1,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,254 | €16,649 | +€1,395 | +9.1% |
| Other operating charges | 640/8 | €2,131 | €1,945 | -€185 | -8.7% |
| Gross operating margin | 9900 | €112,999 | €152,903 | +€39,904 | +35.3% |
| Operating profit (loss) | 9901 | €95,615 | €134,309 | +€38,694 | +40.5% |
| Financial income | 75/76B | €340 | €3,543 | +€3,203 | +941% |
| Recurring financial income | 75 | €340 | €3,543 | +€3,203 | +941% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €8,999 | €7,617 | -€1,383 | -15.4% |
| Recurring financial charges | 65 | €8,999 | €7,617 | -€1,383 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €86,956 | €130,236 | +€43,280 | +49.8% |
| Income taxes | 67/77 | €24,385 | €36,894 | +€12,509 | +51.3% |
| Profit (loss) for the period | 9904 | €62,570 | €93,341 | +€30,771 | +49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €62,570 | €93,341 | +€30,771 | +49.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.