Dr. Anne Maes: what changed
Dr. Anne Maes
Largest movements
- Cash +€103,399
up €103,399 (+63.2%), from €163,660 to €267,060
mainly Net result for the year (+€178,592) and Other debts (+€18,023)
- Deferred charges and accrued income +€10,925
up €10,925 (+56.4%), from €19,357 to €30,283
- Tangible fixed assets -€7,843
down €7,843 (-90.0%), from €8,711 to €868
of which Furniture and vehicles: -€7,209
- Receivables within one year +€4,690
up €4,690 (+355%), from €1,322 to €6,012
of which Other amounts receivable: +€4,869
- Reserves +€99,394
up €99,394 (+57.0%), from €174,385 to €273,779
- Other debts +€18,023
up €18,023, from €0 to €18,023
- Tax, wage and social debts -€3,584
down €3,584 (-53.9%), from €6,644 to €3,060
of which Taxes: -€3,361
- Trade debts -€3,279
down €3,279 (-63.8%), from €5,142 to €1,863
- Gross operating margin +€111,104
up €111,104 (+83.5%), from €133,066 to €244,170
- Taxes +€28,285
up €28,285 (+102%), from €27,703 to €55,988
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €193,050 | €304,222 | +€111,172 | +57.6% |
| Fixed assets | 21/28 | €8,711 | €868 | -€7,843 | -90.0% |
| Tangible fixed assets | 22/27 | €8,711 | €868 | -€7,843 | -90.0% |
| Plant, machinery and equipment | 23 | €1,368 | €734 | -€634 | -46.3% |
| Furniture and vehicles | 24 | €7,343 | €134 | -€7,209 | -98.2% |
| Current assets | 29/58 | €184,339 | €303,354 | +€119,015 | +64.6% |
| Amounts receivable within one year | 40/41 | €1,322 | €6,012 | +€4,690 | +355% |
| Trade receivables | 40 | €179 | €0 | -€179 | -100% |
| Other amounts receivable | 41 | €1,143 | €6,012 | +€4,869 | +426% |
| Cash at bank and in hand | 54/58 | €163,660 | €267,060 | +€103,399 | +63.2% |
| Deferred charges and accrued income | 490/1 | €19,357 | €30,283 | +€10,925 | +56.4% |
| Total equity and liabilities | 10/49 | €193,050 | €304,222 | +€111,172 | +57.6% |
| Equity | 10/15 | €179,385 | €278,779 | +€99,394 | +55.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €174,385 | €273,779 | +€99,394 | +57.0% |
| Distributable reserves | 133 | €174,385 | €273,779 | +€99,394 | +57.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €13,665 | €25,444 | +€11,778 | +86.2% |
| Amounts payable within one year | 42/48 | €11,786 | €22,946 | +€11,160 | +94.7% |
| Trade debts | 44 | €5,142 | €1,863 | -€3,279 | -63.8% |
| Suppliers | 440/4 | €5,142 | €1,863 | -€3,279 | -63.8% |
| Taxes, remuneration and social security | 45 | €6,644 | €3,060 | -€3,584 | -53.9% |
| Taxes | 450/3 | €3,460 | €99 | -€3,361 | -97.1% |
| Remuneration and social security | 454/9 | €3,184 | €2,961 | -€223 | -7.0% |
| Other amounts payable | 47/48 | €0 | €18,023 | +€18,023 | |
| Accrued charges and deferred income | 492/3 | €1,879 | €2,497 | +€618 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,429 | €7,843 | -€586 | -7.0% |
| Other operating charges | 640/8 | €1,649 | €1,659 | +€10 | +0.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €133,066 | €244,170 | +€111,104 | +83.5% |
| Operating profit (loss) | 9901 | €122,989 | €234,668 | +€111,679 | +90.8% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €98 | €94 | -€4 | -4.4% |
| Recurring financial charges | 65 | €98 | €94 | -€4 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €122,890 | €234,580 | +€111,690 | +90.9% |
| Income taxes | 67/77 | €27,703 | €55,988 | +€28,285 | +102% |
| Profit (loss) for the period | 9904 | €95,187 | €178,592 | +€83,405 | +87.6% |
| Profit (loss) for the period to be appropriated | 9905 | €95,187 | €178,592 | +€83,405 | +87.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.