Dr. Koen 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. Koen Maes
Largest movements
- Cash -€430,896
down €430,896 (-97.8%), from €440,477 to €9,581
mainly Contributions, distributions and other (-€1.0m) and Current investments (-€126,250)
- Current investments +€126,250
up €126,250 (+97.9%), from €129,000 to €255,250
- Deferred charges and accrued income +€46,777
up €46,777 (+29.7%), from €157,363 to €204,140
- Receivables within one year -€11,238
down €11,238 (-12.7%), from €88,325 to €77,088
- Reserves -€581,578
down €581,578 (-93.2%), from €623,678 to €42,100
of which Distributable reserves: -€581,578
- Other debts +€304,979
up €304,979 (+340%), from €89,755 to €394,733
- Tax, wage and social debts +€17,627
up €17,627 (+17.6%), from €99,999 to €117,626
- Gross operating margin +€148,553
up €148,553 (+32.1%), from €462,177 to €610,729
- Taxes +€40,214
up €40,214 (+36.7%), from €109,568 to €149,782
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 | €822,371 | €558,563 | -€263,807 | -32.1% |
| Fixed assets | 21/28 | €7,205 | €12,504 | +€5,299 | +73.5% |
| Tangible fixed assets | 22/27 | €7,205 | €12,504 | +€5,299 | +73.5% |
| Land and buildings | 22 | - | €5,653 | +€5,653 | |
| Plant, machinery and equipment | 23 | €2,531 | €2,665 | +€134 | +5.3% |
| Furniture and vehicles | 24 | €4,674 | €4,186 | -€488 | -10.4% |
| Current assets | 29/58 | €815,165 | €546,059 | -€269,106 | -33.0% |
| Amounts receivable within one year | 40/41 | €88,325 | €77,088 | -€11,238 | -12.7% |
| Trade receivables | 40 | €88,325 | €77,088 | -€11,238 | -12.7% |
| Current investments | 50/53 | €129,000 | €255,250 | +€126,250 | +97.9% |
| Cash at bank and in hand | 54/58 | €440,477 | €9,581 | -€430,896 | -97.8% |
| Deferred charges and accrued income | 490/1 | €157,363 | €204,140 | +€46,777 | +29.7% |
| Total equity and liabilities | 10/49 | €822,371 | €558,563 | -€263,807 | -32.1% |
| Equity | 10/15 | €624,678 | €43,100 | -€581,578 | -93.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €623,678 | €42,100 | -€581,578 | -93.2% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €581,578 | - | -€581,578 | |
| Amounts payable | 17/49 | €197,693 | €515,463 | +€317,771 | +161% |
| Amounts payable within one year | 42/48 | €192,647 | €513,168 | +€320,522 | +166% |
| Trade debts | 44 | €2,893 | €809 | -€2,084 | -72.0% |
| Suppliers | 440/4 | €2,893 | €809 | -€2,084 | -72.0% |
| Taxes, remuneration and social security | 45 | €99,999 | €117,626 | +€17,627 | +17.6% |
| Taxes | 450/3 | €99,999 | €117,626 | +€17,627 | +17.6% |
| Other amounts payable | 47/48 | €89,755 | €394,733 | +€304,979 | +340% |
| Accrued charges and deferred income | 492/3 | €5,046 | €2,295 | -€2,751 | -54.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,022 | €1,761 | +€740 | +72.4% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Gross operating margin | 9900 | €462,177 | €610,729 | +€148,553 | +32.1% |
| Operating profit (loss) | 9901 | €461,040 | €608,842 | +€147,802 | +32.1% |
| Financial income | 75/76B | €5,218 | €5,076 | -€143 | -2.7% |
| Recurring financial income | 75 | €5,218 | €5,076 | -€143 | -2.7% |
| Financial charges | 65/66B | €8,545 | €5,289 | -€3,256 | -38.1% |
| Recurring financial charges | 65 | €8,545 | €5,289 | -€3,256 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | €457,714 | €608,629 | +€150,915 | +33.0% |
| Income taxes | 67/77 | €109,568 | €149,782 | +€40,214 | +36.7% |
| Profit (loss) for the period | 9904 | €348,146 | €458,847 | +€110,702 | +31.8% |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €306,046 | €458,847 | +€152,802 | +49.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.