Dirk Maes: 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 Maes
Largest movements
- Cash +€115,565
up €115,565 (+348%), from €33,162 to €148,727
mainly Current investments (+€90,000) and Net result for the year (+€65,661)
- Current investments -€90,000
no longer reported in 2025 (was €90,000)
- Receivables within one year +€62,965
up €62,965 (+156%), from €40,427 to €103,392
of which Trade receivables: +€67,698
- Tangible fixed assets -€5,039
down €5,039 (-33.7%), from €14,932 to €9,893
of which Furniture and vehicles: -€5,039
- Trade debts +€64,850
up €64,850 (+470%), from €13,800 to €78,650
- Other debts +€11,000
new in 2025: €11,000
- Reserves +€4,180
up €4,180 (+2.7%), from €155,963 to €160,143
- Tax, wage and social debts +€3,569
up €3,569 (+84.7%), from €4,214 to €7,783
of which Taxes: +€3,408
- Gross operating margin +€50,912
up €50,912 (+72.0%), from €70,753 to €121,665
- Taxes +€10,490
up €10,490 (+104%), from €10,124 to €20,613
- Financial income +€1,653
up €1,653 (+1,199%), from €138 to €1,791
- Depreciation +€1,304
up €1,304 (+34.9%), from €3,735 to €5,039
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 | €180,176 | €263,775 | +€83,599 | +46.4% |
| Fixed assets | 21/28 | €14,932 | €9,893 | -€5,039 | -33.7% |
| Tangible fixed assets | 22/27 | €14,932 | €9,893 | -€5,039 | -33.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €14,932 | €9,893 | -€5,039 | -33.7% |
| Current assets | 29/58 | €165,244 | €253,882 | +€88,638 | +53.6% |
| Amounts receivable within one year | 40/41 | €40,427 | €103,392 | +€62,965 | +156% |
| Trade receivables | 40 | €32,285 | €99,983 | +€67,698 | +210% |
| Other amounts receivable | 41 | €8,143 | €3,409 | -€4,733 | -58.1% |
| Current investments | 50/53 | €90,000 | - | -€90,000 | |
| Cash at bank and in hand | 54/58 | €33,162 | €148,727 | +€115,565 | +348% |
| Deferred charges and accrued income | 490/1 | €1,655 | €1,763 | +€108 | +6.5% |
| Total equity and liabilities | 10/49 | €180,176 | €263,775 | +€83,599 | +46.4% |
| Equity | 10/15 | €162,163 | €166,343 | +€4,180 | +2.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €155,963 | €160,143 | +€4,180 | +2.7% |
| Distributable reserves | 133 | €155,963 | €160,143 | +€4,180 | +2.7% |
| Amounts payable | 17/49 | €18,013 | €97,432 | +€79,419 | +441% |
| Amounts payable within one year | 42/48 | €18,013 | €97,432 | +€79,419 | +441% |
| Trade debts | 44 | €13,800 | €78,650 | +€64,850 | +470% |
| Suppliers | 440/4 | €13,800 | €78,650 | +€64,850 | +470% |
| Taxes, remuneration and social security | 45 | €4,214 | €7,783 | +€3,569 | +84.7% |
| Taxes | 450/3 | - | €3,408 | +€3,408 | |
| Remuneration and social security | 454/9 | €4,214 | €4,375 | +€161 | +3.8% |
| Other amounts payable | 47/48 | - | €11,000 | +€11,000 | |
| Non-recurring operating income | 76A | €10,250 | €0 | -€10,250 | -100% |
| Remuneration, social security and pensions | 62 | €28,915 | €29,818 | +€902 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,735 | €5,039 | +€1,304 | +34.9% |
| Other operating charges | 640/8 | €686 | €739 | +€53 | +7.8% |
| Gross operating margin | 9900 | €70,753 | €121,665 | +€50,912 | +72.0% |
| Operating profit (loss) | 9901 | €37,418 | €86,070 | +€48,653 | +130% |
| Financial income | 75/76B | €138 | €1,791 | +€1,653 | +1,199% |
| Recurring financial income | 75 | €138 | €1,791 | +€1,653 | +1,199% |
| Financial charges | 65/66B | €1,224 | €1,587 | +€363 | +29.6% |
| Recurring financial charges | 65 | €1,224 | €1,587 | +€363 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | €36,331 | €86,274 | +€49,943 | +137% |
| Income taxes | 67/77 | €10,124 | €20,613 | +€10,490 | +104% |
| Profit (loss) for the period | 9904 | €26,208 | €65,661 | +€39,453 | +151% |
| Profit (loss) for the period to be appropriated | 9905 | €26,208 | €65,661 | +€39,453 | +151% |
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 18 October 2026 via checked.be.