DR. H. 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. H. MAES
Largest movements
- Intangible fixed assets -€70,500
down €70,500 (-16.7%), from €423,000 to €352,500
- Cash +€23,272
up €23,272 (+821%), from €2,835 to €26,108
mainly Net result for the year (+€131,400) and Other debts (+€107,290)
- Other debts +€107,290
up €107,290 (+403%), from €26,609 to €133,899
- Reserves -€98,404
down €98,404 (-100%), from €98,404 to €0
- Debts after one year -€48,000
down €48,000 (-16.6%), from €290,000 to €242,000
- Tax, wage and social debts -€11,191
down €11,191 (-71.4%), from €15,680 to €4,489
- Gross operating margin +€26,719
up €26,719 (+12.1%), from €221,379 to €248,098
- Depreciation -€14,586
down €14,586 (-16.4%), from €89,097 to €74,511
- Taxes +€8,325
up €8,325 (+26.4%), from €31,578 to €39,904
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 | €435,842 | €386,471 | -€49,371 | -11.3% |
| Fixed assets | 21/28 | €427,405 | €352,894 | -€74,511 | -17.4% |
| Intangible fixed assets | 21 | €423,000 | €352,500 | -€70,500 | -16.7% |
| Tangible fixed assets | 22/27 | €4,405 | €394 | -€4,011 | -91.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €3,745 | €394 | -€3,351 | -89.5% |
| Other tangible fixed assets | 26 | €660 | €0 | -€660 | -100% |
| Current assets | 29/58 | €8,437 | €33,577 | +€25,140 | +298% |
| Cash at bank and in hand | 54/58 | €2,835 | €26,108 | +€23,272 | +821% |
| Deferred charges and accrued income | 490/1 | €5,602 | €7,469 | +€1,867 | +33.3% |
| Total equity and liabilities | 10/49 | €435,842 | €386,471 | -€49,371 | -11.3% |
| Equity | 10/15 | €103,404 | €5,000 | -€98,404 | -95.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €98,404 | €0 | -€98,404 | -100% |
| Distributable reserves | 133 | €98,404 | €0 | -€98,404 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €332,438 | €381,471 | +€49,033 | +14.7% |
| Amounts payable after more than one year | 17 | €290,000 | €242,000 | -€48,000 | -16.6% |
| Financial debts | 170/4 | €290,000 | €242,000 | -€48,000 | -16.6% |
| Amounts payable within one year | 42/48 | €42,438 | €139,093 | +€96,655 | +228% |
| Financial debts | 43 | €13 | €190 | +€177 | +1,358% |
| Credit institutions | 430/8 | €13 | €190 | +€177 | +1,358% |
| Trade debts | 44 | €136 | €515 | +€380 | +279% |
| Suppliers | 440/4 | €136 | €515 | +€380 | +279% |
| Taxes, remuneration and social security | 45 | €15,680 | €4,489 | -€11,191 | -71.4% |
| Taxes | 450/3 | €15,680 | €4,489 | -€11,191 | -71.4% |
| Other amounts payable | 47/48 | €26,609 | €133,899 | +€107,290 | +403% |
| Accrued charges and deferred income | 492/3 | €0 | €378 | +€378 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,097 | €74,511 | -€14,586 | -16.4% |
| Other operating charges | 640/8 | €2,168 | €2,198 | +€30 | +1.4% |
| Gross operating margin | 9900 | €221,379 | €248,098 | +€26,719 | +12.1% |
| Operating profit (loss) | 9901 | €130,114 | €171,389 | +€41,275 | +31.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €132 | €85 | -€47 | -35.4% |
| Recurring financial charges | 65 | €132 | €85 | -€47 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €129,982 | €171,304 | +€41,321 | +31.8% |
| Income taxes | 67/77 | €31,578 | €39,904 | +€8,325 | +26.4% |
| Profit (loss) for the period | 9904 | €98,404 | €131,400 | +€32,996 | +33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €98,404 | €131,400 | +€32,996 | +33.5% |
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 17 October 2026 via checked.be.