Dr. Apr. Maarten Declercq: 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.
Dr. Apr. Maarten Declercq
Largest movements
- Cash +€66,022
up €66,022 (+103%), from €64,277 to €130,300
mainly Net result for the year (+€76,180) and Depreciation (+€38,039)
- Tangible fixed assets -€24,905
down €24,905 (-4.1%), from €613,382 to €588,477
of which Land and buildings: -€20,640
- Reserves +€76,180
up €76,180 (+75.5%), from €100,886 to €177,066
- Debts after one year -€31,090
down €31,090 (-6.5%), from €475,495 to €444,405
- Depreciation -€49,217
down €49,217 (-56.4%), from €87,256 to €38,039
- Gross operating margin +€40,894
up €40,894 (+22.0%), from €185,625 to €226,519
- Taxes +€27,057
up €27,057 (+940%), from €2,879 to €29,936
- Other operating charges -€16,437
down €16,437 (-66.7%), from €24,641 to €8,204
- Financial charges +€14,481
up €14,481 (+24.3%), from €59,679 to €74,160
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 | €679,870 | €721,406 | +€41,536 | +6.1% |
| Fixed assets | 21/28 | €613,382 | €588,477 | -€24,905 | -4.1% |
| Tangible fixed assets | 22/27 | €613,382 | €588,477 | -€24,905 | -4.1% |
| Land and buildings | 22 | €597,292 | €576,652 | -€20,640 | -3.5% |
| Plant, machinery and equipment | 23 | €8,233 | €7,336 | -€897 | -10.9% |
| Furniture and vehicles | 24 | €4,902 | €1,093 | -€3,809 | -77.7% |
| Other tangible fixed assets | 26 | €2,955 | €3,396 | +€441 | +14.9% |
| Current assets | 29/58 | €66,488 | €132,929 | +€66,441 | +99.9% |
| Amounts receivable within one year | 40/41 | €793 | €64 | -€730 | -92.0% |
| Trade receivables | 40 | €793 | €0 | -€793 | -100% |
| Other amounts receivable | 41 | - | €64 | +€64 | |
| Cash at bank and in hand | 54/58 | €64,277 | €130,300 | +€66,022 | +103% |
| Deferred charges and accrued income | 490/1 | €1,417 | €2,566 | +€1,149 | +81.1% |
| Total equity and liabilities | 10/49 | €679,870 | €721,406 | +€41,536 | +6.1% |
| Equity | 10/15 | €101,886 | €178,066 | +€76,180 | +74.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100,886 | €177,066 | +€76,180 | +75.5% |
| Distributable reserves | 133 | €100,886 | €177,066 | +€76,180 | +75.5% |
| Amounts payable | 17/49 | €577,984 | €543,340 | -€34,644 | -6.0% |
| Amounts payable after more than one year | 17 | €475,495 | €444,405 | -€31,090 | -6.5% |
| Financial debts | 170/4 | €475,495 | €444,405 | -€31,090 | -6.5% |
| Amounts payable within one year | 42/48 | €102,489 | €98,909 | -€3,580 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €27,246 | €25,257 | -€1,989 | -7.3% |
| Trade debts | 44 | €497 | €6,307 | +€5,811 | +1,170% |
| Suppliers | 440/4 | €497 | €6,307 | +€5,811 | +1,170% |
| Taxes, remuneration and social security | 45 | €5,588 | €2,879 | -€2,709 | -48.5% |
| Taxes | 450/3 | €5,588 | €2,879 | -€2,709 | -48.5% |
| Other amounts payable | 47/48 | €69,158 | €64,465 | -€4,693 | -6.8% |
| Accrued charges and deferred income | 492/3 | - | €27 | +€27 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,256 | €38,039 | -€49,217 | -56.4% |
| Other operating charges | 640/8 | €24,641 | €8,204 | -€16,437 | -66.7% |
| Gross operating margin | 9900 | €185,625 | €226,519 | +€40,894 | +22.0% |
| Operating profit (loss) | 9901 | €73,727 | €180,276 | +€106,549 | +145% |
| Financial charges | 65/66B | €59,679 | €74,160 | +€14,481 | +24.3% |
| Recurring financial charges | 65 | €59,679 | €74,160 | +€14,481 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €14,048 | €106,117 | +€92,069 | +655% |
| Income taxes | 67/77 | €2,879 | €29,936 | +€27,057 | +940% |
| Profit (loss) for the period | 9904 | €11,169 | €76,180 | +€65,011 | +582% |
| Profit (loss) for the period to be appropriated | 9905 | €11,169 | €76,180 | +€65,011 | +582% |
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 24 October 2026 via checked.be.