DR.CAROLINE 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.
DR.CAROLINE MAES
Largest movements
- Tangible fixed assets -€31,496
down €31,496 (-4.7%), from €672,900 to €641,404
of which Leasing and similar rights: -€32,954
- Deferred charges and accrued income +€26,875
up €26,875 (+28.5%), from €94,251 to €121,126
- Receivables within one year -€19,101
down €19,101 (-6.5%), from €293,033 to €273,932
of which Other amounts receivable: -€16,533
- Debts after one year -€73,064
down €73,064 (-24.6%), from €296,755 to €223,691
- Reserves +€59,570
up €59,570 (+9.7%), from €614,448 to €674,018
of which Distributable reserves: +€59,570
- Short-term financial debts -€25,882
down €25,882 (-63.3%), from €40,882 to €15,000
- Tax, wage and social debts +€17,882
up €17,882 (+114%), from €15,671 to €33,553
of which Taxes: +€14,686
- Gross operating margin +€88,144
up €88,144 (+36.9%), from €239,113 to €327,258
- Taxes +€23,299
up €23,299 (+50.8%), from €45,884 to €69,183
- Staff costs +€9,368
up €9,368 (+2,665%), from €352 to €9,720
- Depreciation +€8,238
up €8,238 (+8.8%), from €93,109 to €101,348
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 | €1,082,169 | €1,062,273 | -€19,896 | -1.8% |
| Fixed assets | 21/28 | €672,900 | €641,404 | -€31,496 | -4.7% |
| Tangible fixed assets | 22/27 | €672,900 | €641,404 | -€31,496 | -4.7% |
| Plant, machinery and equipment | 23 | €61,441 | €41,107 | -€20,334 | -33.1% |
| Furniture and vehicles | 24 | €89,853 | €107,096 | +€17,243 | +19.2% |
| Leasing and similar rights | 25 | €513,602 | €480,648 | -€32,954 | -6.4% |
| Other tangible fixed assets | 26 | €8,004 | €12,553 | +€4,550 | +56.8% |
| Current assets | 29/58 | €409,269 | €420,869 | +€11,600 | +2.8% |
| Amounts receivable within one year | 40/41 | €293,033 | €273,932 | -€19,101 | -6.5% |
| Trade receivables | 40 | €10,889 | €8,321 | -€2,568 | -23.6% |
| Other amounts receivable | 41 | €282,144 | €265,611 | -€16,533 | -5.9% |
| Cash at bank and in hand | 54/58 | €21,985 | €25,811 | +€3,826 | +17.4% |
| Deferred charges and accrued income | 490/1 | €94,251 | €121,126 | +€26,875 | +28.5% |
| Total equity and liabilities | 10/49 | €1,082,169 | €1,062,273 | -€19,896 | -1.8% |
| Equity | 10/15 | €626,848 | €686,418 | +€59,570 | +9.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €614,448 | €674,018 | +€59,570 | +9.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €612,588 | €672,158 | +€59,570 | +9.7% |
| Amounts payable | 17/49 | €455,320 | €375,855 | -€79,466 | -17.5% |
| Amounts payable after more than one year | 17 | €296,755 | €223,691 | -€73,064 | -24.6% |
| Financial debts | 170/4 | €296,755 | €223,691 | -€73,064 | -24.6% |
| Amounts payable within one year | 42/48 | €156,163 | €147,963 | -€8,200 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €46,568 | €47,064 | +€496 | +1.1% |
| Financial debts | 43 | €40,882 | €15,000 | -€25,882 | -63.3% |
| Credit institutions | 430/8 | €40,882 | €15,000 | -€25,882 | -63.3% |
| Trade debts | 44 | €53,042 | €52,346 | -€696 | -1.3% |
| Suppliers | 440/4 | €53,042 | €52,346 | -€696 | -1.3% |
| Taxes, remuneration and social security | 45 | €15,671 | €33,553 | +€17,882 | +114% |
| Taxes | 450/3 | €9,496 | €24,183 | +€14,686 | +155% |
| Remuneration and social security | 454/9 | €6,174 | €9,370 | +€3,196 | +51.8% |
| Accrued charges and deferred income | 492/3 | €2,402 | €4,200 | +€1,798 | +74.8% |
| Non-recurring operating income | 76A | €580 | - | -€580 | |
| Remuneration, social security and pensions | 62 | €352 | €9,720 | +€9,368 | +2,665% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,109 | €101,348 | +€8,238 | +8.8% |
| Other operating charges | 640/8 | €1,766 | €2,208 | +€442 | +25.0% |
| Gross operating margin | 9900 | €239,113 | €327,258 | +€88,144 | +36.9% |
| Operating profit (loss) | 9901 | €143,887 | €213,983 | +€70,096 | +48.7% |
| Financial income | 75/76B | €7,005 | €9,860 | +€2,855 | +40.8% |
| Recurring financial income | 75 | €7,005 | €9,860 | +€2,855 | +40.8% |
| Financial charges | 65/66B | €10,046 | €8,842 | -€1,203 | -12.0% |
| Recurring financial charges | 65 | €10,046 | €8,842 | -€1,203 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €140,846 | €215,001 | +€74,155 | +52.6% |
| Income taxes | 67/77 | €45,884 | €69,183 | +€23,299 | +50.8% |
| Profit (loss) for the period | 9904 | €94,962 | €145,818 | +€50,856 | +53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €94,962 | €145,818 | +€50,856 | +53.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.