Dr. G. 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. G. Maes
Largest movements
- Cash -€45,839
down €45,839 (-49.0%), from €93,511 to €47,672
mainly Contributions, distributions and other (-€208,323) and Tax, wage and social debts (-€22,508)
- Receivables within one year +€4,099
up €4,099 (+6.2%), from €65,993 to €70,092
of which Other amounts receivable: +€5,950
- Reserves -€102,685
down €102,685 (-100%), from €102,685 to €0
- Other debts +€96,356
up €96,356 (+1,038%), from €9,283 to €105,639
- Tax, wage and social debts -€22,508
down €22,508 (-81.7%), from €27,545 to €5,037
of which Taxes: -€25,208
- Trade debts -€14,187
down €14,187 (-96.6%), from €14,693 to €506
- Gross operating margin +€3,805
up €3,805 (+2.9%), from €132,679 to €136,484
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 | €164,205 | €121,182 | -€43,024 | -26.2% |
| Fixed assets | 21/28 | €4,701 | €3,418 | -€1,283 | -27.3% |
| Tangible fixed assets | 22/27 | €4,701 | €3,418 | -€1,283 | -27.3% |
| Furniture and vehicles | 24 | €4,701 | €3,418 | -€1,283 | -27.3% |
| Current assets | 29/58 | €159,504 | €117,764 | -€41,740 | -26.2% |
| Amounts receivable within one year | 40/41 | €65,993 | €70,092 | +€4,099 | +6.2% |
| Trade receivables | 40 | €65,993 | €64,142 | -€1,851 | -2.8% |
| Other amounts receivable | 41 | - | €5,950 | +€5,950 | |
| Cash at bank and in hand | 54/58 | €93,511 | €47,672 | -€45,839 | -49.0% |
| Total equity and liabilities | 10/49 | €164,205 | €121,182 | -€43,024 | -26.2% |
| Equity | 10/15 | €112,685 | €10,000 | -€102,685 | -91.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €102,685 | €0 | -€102,685 | -100% |
| Distributable reserves | 133 | €102,685 | €0 | -€102,685 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,521 | €111,182 | +€59,661 | +116% |
| Amounts payable within one year | 42/48 | €51,521 | €111,182 | +€59,661 | +116% |
| Trade debts | 44 | €14,693 | €506 | -€14,187 | -96.6% |
| Suppliers | 440/4 | €14,693 | €506 | -€14,187 | -96.6% |
| Taxes, remuneration and social security | 45 | €27,545 | €5,037 | -€22,508 | -81.7% |
| Taxes | 450/3 | €27,545 | €2,337 | -€25,208 | -91.5% |
| Remuneration and social security | 454/9 | - | €2,700 | +€2,700 | |
| Other amounts payable | 47/48 | €9,283 | €105,639 | +€96,356 | +1,038% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,283 | €1,283 | = | 0.0% |
| Other operating charges | 640/8 | €623 | €648 | +€24 | +3.9% |
| Gross operating margin | 9900 | €132,679 | €136,484 | +€3,805 | +2.9% |
| Operating profit (loss) | 9901 | €130,773 | €134,553 | +€3,781 | +2.9% |
| Financial charges | 65/66B | €274 | €53 | -€222 | -80.9% |
| Recurring financial charges | 65 | €274 | €53 | -€222 | -80.9% |
| Profit (loss) for the period before taxes | 9903 | €130,498 | €134,501 | +€4,002 | +3.1% |
| Income taxes | 67/77 | €29,337 | €28,862 | -€475 | -1.6% |
| Profit (loss) for the period | 9904 | €101,161 | €105,639 | +€4,478 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €101,161 | €105,639 | +€4,478 | +4.4% |
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 19 October 2026 via checked.be.