DOKTER MAX GUFFENS: 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.
DOKTER MAX GUFFENS
Largest movements
- Cash +€647,302
up €647,302 (+217%), from €298,275 to €945,576
mainly Net result for the year (+€574,812) and Receivables after one year (+€335,000)
- Receivables after one year -€335,000
down €335,000 (-68.8%), from €486,571 to €151,571
- Receivables within one year +€37,758
up €37,758 (+31.2%), from €120,878 to €158,636
of which Other amounts receivable: +€34,221
- Reserves +€329,982
up €329,982 (+16.2%), from €2.0m to €2.4m
- Tax, wage and social debts +€60,757
up €60,757 (+46.9%), from €129,648 to €190,404
- Financial income +€135,558
up €135,558 (+121%), from €112,114 to €247,672
- Taxes +€63,159
up €63,159 (+32.6%), from €193,443 to €256,602
- Gross operating margin +€45,933
up €45,933 (+8.9%), from €516,411 to €562,344
- Financial charges -€42,661
down €42,661, from €15,149 to -€27,512
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 | €2,189,108 | €2,589,519 | +€400,411 | +18.3% |
| Fixed assets | 21/28 | €6,919 | €18,833 | +€11,914 | +172% |
| Tangible fixed assets | 22/27 | €6,919 | €18,833 | +€11,914 | +172% |
| Furniture and vehicles | 24 | €6,919 | €8,286 | +€1,367 | +19.8% |
| Other tangible fixed assets | 26 | - | €10,547 | +€10,547 | |
| Current assets | 29/58 | €2,182,189 | €2,570,686 | +€388,497 | +17.8% |
| Amounts receivable after more than one year | 29 | €486,571 | €151,571 | -€335,000 | -68.8% |
| Other amounts receivable | 291 | €486,571 | €151,571 | -€335,000 | -68.8% |
| Amounts receivable within one year | 40/41 | €120,878 | €158,636 | +€37,758 | +31.2% |
| Trade receivables | 40 | €2,345 | €5,882 | +€3,537 | +151% |
| Other amounts receivable | 41 | €118,533 | €152,754 | +€34,221 | +28.9% |
| Current investments | 50/53 | €1,110,032 | €1,131,784 | +€21,753 | +2.0% |
| Cash at bank and in hand | 54/58 | €298,275 | €945,576 | +€647,302 | +217% |
| Deferred charges and accrued income | 490/1 | €166,434 | €183,119 | +€16,684 | +10.0% |
| Total equity and liabilities | 10/49 | €2,189,108 | €2,589,519 | +€400,411 | +18.3% |
| Equity | 10/15 | €2,055,283 | €2,385,265 | +€329,982 | +16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,036,683 | €2,366,665 | +€329,982 | +16.2% |
| Distributable reserves | 133 | €2,036,683 | €2,366,665 | +€329,982 | +16.2% |
| Amounts payable | 17/49 | €133,826 | €204,254 | +€70,428 | +52.6% |
| Amounts payable within one year | 42/48 | €133,826 | €204,254 | +€70,428 | +52.6% |
| Trade debts | 44 | €4,178 | €13,849 | +€9,671 | +231% |
| Suppliers | 440/4 | €4,178 | €13,849 | +€9,671 | +231% |
| Taxes, remuneration and social security | 45 | €129,648 | €190,404 | +€60,757 | +46.9% |
| Taxes | 450/3 | €129,648 | €190,404 | +€60,757 | +46.9% |
| Non-recurring operating income | 76A | €3,000 | - | -€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,019 | €2,920 | -€99 | -3.3% |
| Other operating charges | 640/8 | €5,225 | €3,194 | -€2,030 | -38.9% |
| Gross operating margin | 9900 | €516,411 | €562,344 | +€45,933 | +8.9% |
| Operating profit (loss) | 9901 | €508,168 | €556,230 | +€48,062 | +9.5% |
| Financial income | 75/76B | €112,114 | €247,672 | +€135,558 | +121% |
| Recurring financial income | 75 | €112,114 | €247,672 | +€135,558 | +121% |
| Financial charges | 65/66B | €15,149 | -€27,512 | -€42,661 | |
| Recurring financial charges | 65 | €15,149 | -€27,512 | -€42,661 | |
| Profit (loss) for the period before taxes | 9903 | €605,133 | €831,414 | +€226,281 | +37.4% |
| Income taxes | 67/77 | €193,443 | €256,602 | +€63,159 | +32.6% |
| Profit (loss) for the period | 9904 | €411,690 | €574,812 | +€163,122 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €411,690 | €574,812 | +€163,122 | +39.6% |
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 29 October 2026 via checked.be.