DR. MAARTEN CAALS: 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. MAARTEN CAALS
Largest movements
- Cash +€72,209
up €72,209 (+24.0%), from €300,676 to €372,884
mainly Other debts (+€334,569) and Net result for the year (+€261,407)
- Receivables within one year +€18,205
up €18,205 (+13.2%), from €137,513 to €155,717
of which Trade receivables: +€22,578
- Tangible fixed assets +€8,808
up €8,808 (+53.9%), from €16,335 to €25,144
of which Other tangible fixed assets: +€5,500
- Other debts +€334,569
up €334,569 (+158%), from €211,967 to €546,536
- Reserves -€235,878
down €235,878 (-100%), from €235,878 to €0
- Gross operating margin +€28,198
up €28,198 (+8.7%), from €324,515 to €352,713
- Financial charges -€8,759
down €8,759 (-95.5%), from €9,171 to €412
- Taxes +€8,596
up €8,596 (+11.3%), from €75,829 to €84,425
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 | €454,524 | €553,745 | +€99,222 | +21.8% |
| Fixed assets | 21/28 | €16,335 | €25,144 | +€8,808 | +53.9% |
| Tangible fixed assets | 22/27 | €16,335 | €25,144 | +€8,808 | +53.9% |
| Plant, machinery and equipment | 23 | €1,260 | €1,065 | -€195 | -15.5% |
| Furniture and vehicles | 24 | €15,076 | €18,579 | +€3,503 | +23.2% |
| Other tangible fixed assets | 26 | - | €5,500 | +€5,500 | |
| Current assets | 29/58 | €438,188 | €528,601 | +€90,413 | +20.6% |
| Amounts receivable within one year | 40/41 | €137,513 | €155,717 | +€18,205 | +13.2% |
| Trade receivables | 40 | €126,943 | €149,521 | +€22,578 | +17.8% |
| Other amounts receivable | 41 | €10,569 | €6,196 | -€4,373 | -41.4% |
| Cash at bank and in hand | 54/58 | €300,676 | €372,884 | +€72,209 | +24.0% |
| Total equity and liabilities | 10/49 | €454,524 | €553,745 | +€99,222 | +21.8% |
| Equity | 10/15 | €238,378 | €2,500 | -€235,878 | -99.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €235,878 | €0 | -€235,878 | -100% |
| Distributable reserves | 133 | €235,878 | €0 | -€235,878 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €216,146 | €551,245 | +€335,099 | +155% |
| Amounts payable within one year | 42/48 | €216,146 | €551,245 | +€335,099 | +155% |
| Trade debts | 44 | €1,712 | €284 | -€1,428 | -83.4% |
| Suppliers | 440/4 | €1,712 | €284 | -€1,428 | -83.4% |
| Taxes, remuneration and social security | 45 | €2,467 | €4,425 | +€1,958 | +79.4% |
| Taxes | 450/3 | €2,467 | €4,425 | +€1,958 | +79.4% |
| Other amounts payable | 47/48 | €211,967 | €546,536 | +€334,569 | +158% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,784 | €4,814 | +€1,031 | +27.2% |
| Other operating charges | 640/8 | €1,827 | €302 | -€1,525 | -83.5% |
| Non-recurring operating charges | 66A | - | €1,355 | +€1,355 | |
| Gross operating margin | 9900 | €324,515 | €352,713 | +€28,198 | +8.7% |
| Operating profit (loss) | 9901 | €318,904 | €346,242 | +€27,338 | +8.6% |
| Financial income | 75/76B | €1,974 | €3 | -€1,971 | -99.9% |
| Recurring financial income | 75 | €1,974 | €3 | -€1,971 | -99.9% |
| Financial charges | 65/66B | €9,171 | €412 | -€8,759 | -95.5% |
| Recurring financial charges | 65 | €9,171 | €412 | -€8,759 | -95.5% |
| Profit (loss) for the period before taxes | 9903 | €311,707 | €345,833 | +€34,126 | +10.9% |
| Income taxes | 67/77 | €75,829 | €84,425 | +€8,596 | +11.3% |
| Profit (loss) for the period | 9904 | €235,878 | €261,407 | +€25,530 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €235,878 | €261,407 | +€25,530 | +10.8% |
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.