DJ 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.
DJ Maes
Largest movements
- Receivables after one year +€250,000
up €250,000 (+50.0%), from €500,000 to €750,000
- Current investments -€144,862
down €144,862 (-30.1%), from €481,173 to €336,311
- Deferred charges and accrued income -€98,837
down €98,837 (-69.5%), from €142,232 to €43,395
- Tangible fixed assets +€79,623
up €79,623 (+80.5%), from €98,946 to €178,569
of which Furniture and vehicles: +€74,707
- Cash +€67,926
up €67,926 (+54.8%), from €124,041 to €191,967
mainly Net result for the year (+€279,868) and Current investments (+€144,862)
- Short-term financial debts +€74,712
up €74,712 (+29,299%), from €255 to €74,967
of which Credit institutions: +€74,967
- Reserves +€50,288
up €50,288 (+6.9%), from €732,984 to €783,272
- Current portion of long-term debt +€24,257
up €24,257 (+60.1%), from €40,379 to €64,636
- Debts after one year +€19,906
up €19,906 (+33.9%), from €58,719 to €78,625
- Gross operating margin +€56,859
up €56,859 (+10.8%), from €528,823 to €585,682
- Taxes +€45,384
up €45,384 (+42.1%), from €107,876 to €153,260
- Financial income +€44,311
up €44,311 (+194%), from €22,788 to €67,098
- Financial charges +€14,115
up €14,115 (+8.0%), from €176,446 to €190,561
- Depreciation +€13,120
up €13,120 (+99.8%), from €13,141 to €26,261
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 | €1,346,392 | €1,501,846 | +€155,453 | +11.5% |
| Fixed assets | 21/28 | €98,946 | €178,569 | +€79,623 | +80.5% |
| Tangible fixed assets | 22/27 | €98,946 | €178,569 | +€79,623 | +80.5% |
| Plant, machinery and equipment | 23 | €2,439 | €7,356 | +€4,917 | +202% |
| Furniture and vehicles | 24 | €96,506 | €171,213 | +€74,707 | +77.4% |
| Current assets | 29/58 | €1,247,447 | €1,323,277 | +€75,830 | +6.1% |
| Amounts receivable after more than one year | 29 | €500,000 | €750,000 | +€250,000 | +50.0% |
| Other amounts receivable | 291 | €500,000 | €750,000 | +€250,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €0 | €1,603 | +€1,603 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €1,603 | +€1,603 | |
| Current investments | 50/53 | €481,173 | €336,311 | -€144,862 | -30.1% |
| Cash at bank and in hand | 54/58 | €124,041 | €191,967 | +€67,926 | +54.8% |
| Deferred charges and accrued income | 490/1 | €142,232 | €43,395 | -€98,837 | -69.5% |
| Total equity and liabilities | 10/49 | €1,346,392 | €1,501,846 | +€155,453 | +11.5% |
| Equity | 10/15 | €739,184 | €789,472 | +€50,288 | +6.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €732,984 | €783,272 | +€50,288 | +6.9% |
| Distributable reserves | 133 | €732,984 | €783,272 | +€50,288 | +6.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €607,208 | €712,373 | +€105,165 | +17.3% |
| Amounts payable after more than one year | 17 | €58,719 | €78,625 | +€19,906 | +33.9% |
| Financial debts | 170/4 | €58,719 | €78,625 | +€19,906 | +33.9% |
| Amounts payable within one year | 42/48 | €548,489 | €633,748 | +€85,259 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €40,379 | €64,636 | +€24,257 | +60.1% |
| Financial debts | 43 | €255 | €74,967 | +€74,712 | +29,299% |
| Credit institutions | 430/8 | €0 | €74,967 | +€74,967 | |
| Other loans | 439 | €255 | €0 | -€255 | -100% |
| Trade debts | 44 | €55,867 | €57,460 | +€1,593 | +2.9% |
| Suppliers | 440/4 | €55,867 | €57,460 | +€1,593 | +2.9% |
| Taxes, remuneration and social security | 45 | €14,375 | €2,373 | -€12,002 | -83.5% |
| Taxes | 450/3 | €14,375 | €2,373 | -€12,002 | -83.5% |
| Other amounts payable | 47/48 | €437,613 | €434,312 | -€3,301 | -0.8% |
| Non-recurring operating income | 76A | - | €55,000 | +€55,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,141 | €26,261 | +€13,120 | +99.8% |
| Other operating charges | 640/8 | €2,182 | €2,832 | +€649 | +29.7% |
| Gross operating margin | 9900 | €528,823 | €585,682 | +€56,859 | +10.8% |
| Operating profit (loss) | 9901 | €513,500 | €556,590 | +€43,090 | +8.4% |
| Financial income | 75/76B | €22,788 | €67,098 | +€44,311 | +194% |
| Recurring financial income | 75 | €22,788 | €67,098 | +€44,311 | +194% |
| Financial charges | 65/66B | €176,446 | €190,561 | +€14,115 | +8.0% |
| Recurring financial charges | 65 | €176,446 | €190,561 | +€14,115 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €359,842 | €433,128 | +€73,285 | +20.4% |
| Income taxes | 67/77 | €107,876 | €153,260 | +€45,384 | +42.1% |
| Profit (loss) for the period | 9904 | €251,966 | €279,868 | +€27,901 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €251,966 | €279,868 | +€27,901 | +11.1% |
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.