Dr. B. MAEYAERT: 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. B. MAEYAERT
Largest movements
- Current investments +€96,667
up €96,667 (+15.7%), from €614,108 to €710,776
- Cash +€86,215
up €86,215 (+166%), from €52,061 to €138,275
mainly Net result for the year (+€227,157) and Tax, wage and social debts (+€20,404)
- Receivables within one year +€50,958
up €50,958 (+83.0%), from €61,426 to €112,384
- Receivables after one year -€15,000
no longer reported in 2025 (was €15,000)
- Tangible fixed assets -€12,124
down €12,124 (-24.2%), from €50,125 to €38,001
of which Furniture and vehicles: -€12,124
- Reserves +€190,491
up €190,491 (+25.1%), from €758,667 to €949,158
- Tax, wage and social debts +€20,404
up €20,404 (+130%), from €15,688 to €36,092
- Financial income +€68,049
up €68,049 (+1,058%), from €6,430 to €74,480
- Gross operating margin -€25,035
down €25,035 (-8.5%), from €295,934 to €270,899
- Taxes +€18,089
up €18,089 (+20.7%), from €87,270 to €105,360
- Depreciation -€11,757
down €11,757 (-49.2%), from €23,881 to €12,124
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 | €796,157 | €999,436 | +€203,279 | +25.5% |
| Fixed assets | 21/28 | €50,125 | €38,001 | -€12,124 | -24.2% |
| Tangible fixed assets | 22/27 | €50,125 | €38,001 | -€12,124 | -24.2% |
| Land and buildings | 22 | €13,245 | €13,245 | = | 0.0% |
| Furniture and vehicles | 24 | €36,880 | €24,756 | -€12,124 | -32.9% |
| Current assets | 29/58 | €746,032 | €961,435 | +€215,403 | +28.9% |
| Amounts receivable after more than one year | 29 | €15,000 | - | -€15,000 | |
| Other amounts receivable | 291 | €15,000 | - | -€15,000 | |
| Amounts receivable within one year | 40/41 | €61,426 | €112,384 | +€50,958 | +83.0% |
| Other amounts receivable | 41 | €61,426 | €112,384 | +€50,958 | +83.0% |
| Current investments | 50/53 | €614,108 | €710,776 | +€96,667 | +15.7% |
| Cash at bank and in hand | 54/58 | €52,061 | €138,275 | +€86,215 | +166% |
| Deferred charges and accrued income | 490/1 | €3,437 | - | -€3,437 | |
| Total equity and liabilities | 10/49 | €796,157 | €999,436 | +€203,279 | +25.5% |
| Equity | 10/15 | €771,188 | €961,678 | +€190,491 | +24.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €758,667 | €949,158 | +€190,491 | +25.1% |
| Distributable reserves | 133 | €758,667 | €949,158 | +€190,491 | +25.1% |
| Profit (loss) carried forward | 14 | €120 | €120 | = | 0.0% |
| Amounts payable | 17/49 | €24,969 | €37,758 | +€12,789 | +51.2% |
| Amounts payable within one year | 42/48 | €24,969 | €37,758 | +€12,789 | +51.2% |
| Current portion of amounts payable after more than one year | 42 | €7,564 | - | -€7,564 | |
| Taxes, remuneration and social security | 45 | €15,688 | €36,092 | +€20,404 | +130% |
| Taxes | 450/3 | €15,688 | €36,092 | +€20,404 | +130% |
| Other amounts payable | 47/48 | €1,718 | €1,666 | -€52 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,881 | €12,124 | -€11,757 | -49.2% |
| Other operating charges | 640/8 | €576 | €528 | -€49 | -8.5% |
| Gross operating margin | 9900 | €295,934 | €270,899 | -€25,035 | -8.5% |
| Operating profit (loss) | 9901 | €271,477 | €258,248 | -€13,230 | -4.9% |
| Financial income | 75/76B | €6,430 | €74,480 | +€68,049 | +1,058% |
| Recurring financial income | 75 | €6,430 | €74,480 | +€68,049 | +1,058% |
| Financial charges | 65/66B | €353 | €211 | -€142 | -40.3% |
| Recurring financial charges | 65 | €353 | €211 | -€142 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €277,554 | €332,516 | +€54,962 | +19.8% |
| Income taxes | 67/77 | €87,270 | €105,360 | +€18,089 | +20.7% |
| Profit (loss) for the period | 9904 | €190,284 | €227,157 | +€36,873 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €190,284 | €227,157 | +€36,873 | +19.4% |
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 23 October 2026 via checked.be.