Dr.Jan 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.Jan Maes
Largest movements
- Cash +€88,187
up €88,187 (+38.6%), from €228,347 to €316,534
mainly Other debts (+€225,157) and Net result for the year (+€190,128)
- Current investments +€68,731
up €68,731 (+15.7%), from €438,517 to €507,248
- Receivables within one year -€9,990
down €9,990 (-25.9%), from €38,549 to €28,559
- Other debts +€225,157
up €225,157 (+437%), from €51,580 to €276,737
- Reserves -€82,963
down €82,963 (-13.2%), from €630,353 to €547,390
- Gross operating margin -€32,017
down €32,017 (-11.2%), from €285,484 to €253,467
- Financial income +€25,275
up €25,275 (+316%), from €8,009 to €33,284
- Taxes -€2,961
down €2,961 (-3.2%), from €93,752 to €90,790
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 | €705,998 | €852,660 | +€146,662 | +20.8% |
| Fixed assets | 21/28 | €585 | €319 | -€266 | -45.5% |
| Tangible fixed assets | 22/27 | €335 | €69 | -€266 | -79.5% |
| Furniture and vehicles | 24 | €335 | €69 | -€266 | -79.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €705,413 | €852,342 | +€146,929 | +20.8% |
| Amounts receivable within one year | 40/41 | €38,549 | €28,559 | -€9,990 | -25.9% |
| Trade receivables | 40 | €38,549 | €28,559 | -€9,990 | -25.9% |
| Current investments | 50/53 | €438,517 | €507,248 | +€68,731 | +15.7% |
| Cash at bank and in hand | 54/58 | €228,347 | €316,534 | +€88,187 | +38.6% |
| Total equity and liabilities | 10/49 | €705,998 | €852,660 | +€146,662 | +20.8% |
| Equity | 10/15 | €650,353 | €567,390 | -€82,963 | -12.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €630,353 | €547,390 | -€82,963 | -13.2% |
| Distributable reserves | 133 | €630,353 | €547,390 | -€82,963 | -13.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €55,645 | €285,270 | +€229,625 | +413% |
| Amounts payable within one year | 42/48 | €55,645 | €285,270 | +€229,625 | +413% |
| Financial debts | 43 | - | €27 | +€27 | |
| Credit institutions | 430/8 | - | €27 | +€27 | |
| Trade debts | 44 | €60 | €2,793 | +€2,733 | +4,573% |
| Suppliers | 440/4 | €60 | €2,793 | +€2,733 | +4,573% |
| Taxes, remuneration and social security | 45 | €4,005 | €5,713 | +€1,708 | +42.6% |
| Taxes | 450/3 | €4,005 | €5,713 | +€1,708 | +42.6% |
| Other amounts payable | 47/48 | €51,580 | €276,737 | +€225,157 | +437% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €266 | €266 | = | 0.0% |
| Other operating charges | 640/8 | €1,549 | €1,673 | +€124 | +8.0% |
| Gross operating margin | 9900 | €285,484 | €253,467 | -€32,017 | -11.2% |
| Operating profit (loss) | 9901 | €283,668 | €251,527 | -€32,141 | -11.3% |
| Financial income | 75/76B | €8,009 | €33,284 | +€25,275 | +316% |
| Recurring financial income | 75 | €8,009 | €33,284 | +€25,275 | +316% |
| Financial charges | 65/66B | €2,126 | €3,893 | +€1,767 | +83.1% |
| Recurring financial charges | 65 | €2,126 | €3,893 | +€1,767 | +83.1% |
| Profit (loss) for the period before taxes | 9903 | €289,551 | €280,918 | -€8,633 | -3.0% |
| Income taxes | 67/77 | €93,752 | €90,790 | -€2,961 | -3.2% |
| Profit (loss) for the period | 9904 | €195,800 | €190,128 | -€5,671 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €195,800 | €190,128 | -€5,671 | -2.9% |
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.