Dr. Johan 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. Johan MAES
Largest movements
- Cash -€78,700
down €78,700 (-53.9%), from €146,124 to €67,424
mainly Contributions, distributions and other (-€419,900) and Trade debts (-€13,071)
- Receivables within one year -€72,325
down €72,325 (-97.6%), from €74,140 to €1,816
of which Other amounts receivable: -€74,140
- Deferred charges and accrued income -€38,857
down €38,857 (-23.7%), from €163,917 to €125,060
- Tangible fixed assets -€20,291
down €20,291 (-26.2%), from €77,566 to €57,275
of which Furniture and vehicles: -€18,823
- Reserves -€238,805
down €238,805 (-23.6%), from €1.0m to €771,582
of which Distributable reserves: -€238,805
- Other debts +€33,451
new in 2025: €33,451
- Tax, wage and social debts +€18,143
up €18,143 (+142%), from €12,756 to €30,899
- Trade debts -€13,071
no longer reported in 2025 (was €13,071)
- Debts after one year -€12,734
down €12,734 (-35.2%), from €36,166 to €23,432
- Gross operating margin -€3,897
down €3,897 (-1.4%), from €288,170 to €284,273
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 | €1,085,899 | €876,612 | -€209,287 | -19.3% |
| Fixed assets | 21/28 | €77,616 | €57,325 | -€20,291 | -26.1% |
| Tangible fixed assets | 22/27 | €77,566 | €57,275 | -€20,291 | -26.2% |
| Land and buildings | 22 | €4,332 | €4,332 | = | 0.0% |
| Plant, machinery and equipment | 23 | €6,966 | €6,777 | -€189 | -2.7% |
| Furniture and vehicles | 24 | €60,865 | €42,042 | -€18,823 | -30.9% |
| Other tangible fixed assets | 26 | €5,402 | €4,123 | -€1,279 | -23.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,008,283 | €819,287 | -€188,996 | -18.7% |
| Amounts receivable after more than one year | 29 | €148,563 | €149,448 | +€886 | +0.6% |
| Other amounts receivable | 291 | €148,563 | €149,448 | +€886 | +0.6% |
| Amounts receivable within one year | 40/41 | €74,140 | €1,816 | -€72,325 | -97.6% |
| Trade receivables | 40 | - | €1,816 | +€1,816 | |
| Other amounts receivable | 41 | €74,140 | - | -€74,140 | |
| Current investments | 50/53 | €475,539 | €475,539 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €146,124 | €67,424 | -€78,700 | -53.9% |
| Deferred charges and accrued income | 490/1 | €163,917 | €125,060 | -€38,857 | -23.7% |
| Total equity and liabilities | 10/49 | €1,085,899 | €876,612 | -€209,287 | -19.3% |
| Equity | 10/15 | €1,011,627 | €772,822 | -€238,805 | -23.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,010,387 | €771,582 | -€238,805 | -23.6% |
| Tax-exempt reserves | 132 | €87 | €87 | = | 0.0% |
| Distributable reserves | 133 | €1,010,300 | €771,495 | -€238,805 | -23.6% |
| Profit (loss) carried forward | 14 | €240 | €240 | = | 0.0% |
| Amounts payable | 17/49 | €74,272 | €103,790 | +€29,518 | +39.7% |
| Amounts payable after more than one year | 17 | €36,166 | €23,432 | -€12,734 | -35.2% |
| Financial debts | 170/4 | €36,166 | €23,432 | -€12,734 | -35.2% |
| Amounts payable within one year | 42/48 | €38,106 | €77,084 | +€38,979 | +102% |
| Current portion of amounts payable after more than one year | 42 | €12,278 | €12,734 | +€456 | +3.7% |
| Trade debts | 44 | €13,071 | - | -€13,071 | |
| Suppliers | 440/4 | €13,071 | - | -€13,071 | |
| Taxes, remuneration and social security | 45 | €12,756 | €30,899 | +€18,143 | +142% |
| Taxes | 450/3 | €12,756 | €30,899 | +€18,143 | +142% |
| Other amounts payable | 47/48 | - | €33,451 | +€33,451 | |
| Accrued charges and deferred income | 492/3 | - | €3,274 | +€3,274 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,560 | €21,968 | +€408 | +1.9% |
| Other operating charges | 640/8 | €1,540 | €1,727 | +€187 | +12.1% |
| Gross operating margin | 9900 | €288,170 | €284,273 | -€3,897 | -1.4% |
| Operating profit (loss) | 9901 | €265,070 | €260,578 | -€4,492 | -1.7% |
| Financial income | 75/76B | €6,447 | €5,723 | -€723 | -11.2% |
| Recurring financial income | 75 | €6,447 | €5,723 | -€723 | -11.2% |
| Financial charges | 65/66B | €2,757 | €5,605 | +€2,849 | +103% |
| Recurring financial charges | 65 | €2,757 | €5,605 | +€2,849 | +103% |
| Profit (loss) for the period before taxes | 9903 | €268,760 | €260,696 | -€8,064 | -3.0% |
| Income taxes | 67/77 | €81,294 | €79,602 | -€1,693 | -2.1% |
| Profit (loss) for the period | 9904 | €187,466 | €181,095 | -€6,371 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €187,466 | €181,095 | -€6,371 | -3.4% |
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 17 October 2026 via checked.be.