Dr. Maarten Goethals: 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 Goethals
Largest movements
- Current investments -€1.0m
no longer reported in 2025 (was €1.0m)
- Tangible fixed assets +€129,684
up €129,684 (+924%), from €14,028 to €143,713
of which Furniture and vehicles: +€118,958
- Deferred charges and accrued income +€94,677
up €94,677 (+47.0%), from €201,645 to €296,322
- Cash +€25,847
up €25,847 (+9.6%), from €269,179 to €295,026
mainly Current investments (+€1.0m) and Net result for the year (+€429,718)
- Profit (loss) carried forward -€1.5m
no longer reported in 2025 (was €1.5m)
- Reserves +€408,067
new in 2025: €408,067
of which Distributable reserves: +€281,767
- Other debts +€269,485
new in 2025: €269,485
- Tax, wage and social debts +€59,687
up €59,687 (+813%), from €7,340 to €67,028
of which Taxes: +€61,326
- Gross operating margin +€52,299
up €52,299 (+9.4%), from €554,598 to €606,897
- Taxes +€43,848
up €43,848 (+32.9%), from €133,151 to €176,999
- Financial income +€16,595
new in 2025: €16,595
- Depreciation +€12,319
up €12,319 (+437%), from €2,816 to €15,136
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 | €1,502,607 | €752,740 | -€749,866 | -49.9% |
| Fixed assets | 21/28 | €14,028 | €143,713 | +€129,684 | +924% |
| Tangible fixed assets | 22/27 | €14,028 | €143,713 | +€129,684 | +924% |
| Plant, machinery and equipment | 23 | - | €12,186 | +€12,186 | |
| Furniture and vehicles | 24 | €11,248 | €130,206 | +€118,958 | +1,058% |
| Other tangible fixed assets | 26 | €2,781 | €1,320 | -€1,460 | -52.5% |
| Current assets | 29/58 | €1,488,579 | €609,028 | -€879,551 | -59.1% |
| Amounts receivable within one year | 40/41 | €17,754 | €17,679 | -€75 | -0.4% |
| Trade receivables | 40 | - | €450 | +€450 | |
| Other amounts receivable | 41 | €17,754 | €17,229 | -€525 | -3.0% |
| Current investments | 50/53 | €1,000,000 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €269,179 | €295,026 | +€25,847 | +9.6% |
| Deferred charges and accrued income | 490/1 | €201,645 | €296,322 | +€94,677 | +47.0% |
| Total equity and liabilities | 10/49 | €1,502,607 | €752,740 | -€749,866 | -49.9% |
| Equity | 10/15 | €1,493,694 | €412,067 | -€1.1m | -72.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | - | €408,067 | +€408,067 | |
| Tax-exempt reserves | 132 | - | €126,300 | +€126,300 | |
| Distributable reserves | 133 | - | €281,767 | +€281,767 | |
| Profit (loss) carried forward | 14 | €1,489,694 | - | -€1.5m | |
| Amounts payable | 17/49 | €8,912 | €340,674 | +€331,761 | +3,722% |
| Amounts payable within one year | 42/48 | €8,912 | €340,674 | +€331,761 | +3,722% |
| Financial debts | 43 | - | €834 | +€834 | |
| Credit institutions | 430/8 | - | €834 | +€834 | |
| Trade debts | 44 | €1,572 | €3,327 | +€1,755 | +112% |
| Suppliers | 440/4 | €1,572 | €3,327 | +€1,755 | +112% |
| Taxes, remuneration and social security | 45 | €7,340 | €67,028 | +€59,687 | +813% |
| Taxes | 450/3 | €5,701 | €67,028 | +€61,326 | +1,076% |
| Remuneration and social security | 454/9 | €1,639 | - | -€1,639 | |
| Other amounts payable | 47/48 | - | €269,485 | +€269,485 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,816 | €15,136 | +€12,319 | +437% |
| Other operating charges | 640/8 | €573 | €1,262 | +€690 | +120% |
| Gross operating margin | 9900 | €554,598 | €606,897 | +€52,299 | +9.4% |
| Operating profit (loss) | 9901 | €551,209 | €590,499 | +€39,290 | +7.1% |
| Financial income | 75/76B | - | €16,595 | +€16,595 | |
| Recurring financial income | 75 | - | €16,595 | +€16,595 | |
| Financial charges | 65/66B | €210 | €377 | +€167 | +79.8% |
| Recurring financial charges | 65 | €210 | €377 | +€167 | +79.8% |
| Profit (loss) for the period before taxes | 9903 | €550,999 | €606,717 | +€55,718 | +10.1% |
| Income taxes | 67/77 | €133,151 | €176,999 | +€43,848 | +32.9% |
| Profit (loss) for the period | 9904 | €417,848 | €429,718 | +€11,870 | +2.8% |
| Transfer to tax-exempt reserves | 689 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €417,848 | €303,418 | -€114,430 | -27.4% |
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 26 October 2026 via checked.be.