DR. D. 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. D. MAES
Largest movements
- Cash -€60,209
down €60,209 (-90.8%), from €66,294 to €6,085
mainly Other debts (-€50,792) and Tax, wage and social debts (-€39,005)
- Current investments -€51,441
down €51,441 (-11.2%), from €459,305 to €407,864
- Tangible fixed assets -€21,804
down €21,804 (-5.9%), from €366,899 to €345,095
- Other debts -€50,792
down €50,792 (-96.3%), from €52,755 to €1,963
- Tax, wage and social debts -€39,005
down €39,005 (-99.4%), from €39,254 to €249
- Debts after one year -€29,684
down €29,684 (-12.9%), from €230,848 to €201,163
- Gross operating margin +€44,042
up €44,042, from -€23,383 to €20,659
- Financial income -€5,093
down €5,093 (-35.3%), from €14,417 to €9,324
- Other operating charges -€3,087
down €3,087 (-43.1%), from €7,165 to €4,079
- Depreciation +€837
up €837 (+3.9%), from €21,292 to €22,129
- Financial charges -€797
down €797 (-7.2%), from €11,059 to €10,262
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 | €920,540 | €795,067 | -€125,473 | -13.6% |
| Fixed assets | 21/28 | €366,899 | €345,095 | -€21,804 | -5.9% |
| Tangible fixed assets | 22/27 | €366,899 | €345,095 | -€21,804 | -5.9% |
| Land and buildings | 22 | €329,578 | €318,921 | -€10,657 | -3.2% |
| Plant, machinery and equipment | 23 | €20,274 | €16,580 | -€3,694 | -18.2% |
| Furniture and vehicles | 24 | €17,047 | €9,594 | -€7,454 | -43.7% |
| Current assets | 29/58 | €553,641 | €449,973 | -€103,669 | -18.7% |
| Amounts receivable within one year | 40/41 | €13,029 | €21,601 | +€8,572 | +65.8% |
| Trade receivables | 40 | €9,495 | €15,842 | +€6,347 | +66.8% |
| Other amounts receivable | 41 | €3,535 | €5,759 | +€2,224 | +62.9% |
| Current investments | 50/53 | €459,305 | €407,864 | -€51,441 | -11.2% |
| Cash at bank and in hand | 54/58 | €66,294 | €6,085 | -€60,209 | -90.8% |
| Deferred charges and accrued income | 490/1 | €15,014 | €14,423 | -€590 | -3.9% |
| Total equity and liabilities | 10/49 | €920,540 | €795,067 | -€125,473 | -13.6% |
| Equity | 10/15 | €561,529 | €554,831 | -€6,697 | -1.2% |
| Contributions | 10/11 | €288,300 | €288,300 | = | 0.0% |
| Reserves | 13 | €321,935 | €321,935 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,204 | €5,204 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,204 | €5,204 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €297,982 | €297,982 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,707 | -€55,404 | -€6,697 | -13.7% |
| Amounts payable | 17/49 | €359,011 | €240,236 | -€118,776 | -33.1% |
| Amounts payable after more than one year | 17 | €230,848 | €201,163 | -€29,684 | -12.9% |
| Financial debts | 170/4 | €230,848 | €201,163 | -€29,684 | -12.9% |
| Amounts payable within one year | 42/48 | €124,262 | €33,584 | -€90,678 | -73.0% |
| Current portion of amounts payable after more than one year | 42 | €28,683 | €29,684 | +€1,002 | +3.5% |
| Trade debts | 44 | €3,570 | €1,688 | -€1,882 | -52.7% |
| Suppliers | 440/4 | €3,570 | €1,688 | -€1,882 | -52.7% |
| Taxes, remuneration and social security | 45 | €39,254 | €249 | -€39,005 | -99.4% |
| Taxes | 450/3 | €39,254 | €249 | -€39,005 | -99.4% |
| Other amounts payable | 47/48 | €52,755 | €1,963 | -€50,792 | -96.3% |
| Accrued charges and deferred income | 492/3 | €3,902 | €5,488 | +€1,586 | +40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,292 | €22,129 | +€837 | +3.9% |
| Other operating charges | 640/8 | €7,165 | €4,079 | -€3,087 | -43.1% |
| Gross operating margin | 9900 | -€23,383 | €20,659 | +€44,042 | |
| Operating profit (loss) | 9901 | -€51,840 | -€5,549 | +€46,291 | +89.3% |
| Financial income | 75/76B | €14,417 | €9,324 | -€5,093 | -35.3% |
| Recurring financial income | 75 | €14,417 | €9,324 | -€5,093 | -35.3% |
| Financial charges | 65/66B | €11,059 | €10,262 | -€797 | -7.2% |
| Recurring financial charges | 65 | €11,059 | €10,262 | -€797 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | -€48,482 | -€6,487 | +€41,995 | +86.6% |
| Income taxes | 67/77 | €225 | €210 | -€15 | -6.6% |
| Profit (loss) for the period | 9904 | -€48,707 | -€6,697 | +€42,010 | +86.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,707 | -€6,697 | +€42,010 | +86.3% |
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 26 October 2026 via checked.be.