DR. MAES CARL: 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. MAES CARL
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€180,867
down €180,867 (-73.1%), from €247,592 to €66,725
mainly Current investments (-€200,000) and Contributions, distributions and other (-€31,667)
- Tangible fixed assets -€5,830
no longer reported in 2025 (was €5,830)
- Receivables within one year +€5,570
up €5,570 (+681%), from €818 to €6,388
- Reserves +€37,368
up €37,368 (+21.3%), from €175,360 to €212,728
of which Distributable reserves: +€37,368
- Other debts -€11,857
down €11,857 (-28.2%), from €42,118 to €30,261
- Tax, wage and social debts -€7,198
down €7,198 (-39.4%), from €18,292 to €11,094
- Financial income +€4,452
new in 2025: €4,452
- Gross operating margin +€2,578
up €2,578 (+2.5%), from €103,583 to €106,161
- Taxes +€1,795
up €1,795 (+5.7%), from €31,715 to €33,510
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 | €254,240 | €273,113 | +€18,873 | +7.4% |
| Fixed assets | 21/28 | €5,830 | - | -€5,830 | |
| Tangible fixed assets | 22/27 | €5,830 | - | -€5,830 | |
| Plant, machinery and equipment | 23 | €5,830 | - | -€5,830 | |
| Current assets | 29/58 | €248,410 | €273,113 | +€24,703 | +9.9% |
| Amounts receivable within one year | 40/41 | €818 | €6,388 | +€5,570 | +681% |
| Trade receivables | 40 | €818 | €6,388 | +€5,570 | +681% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €247,592 | €66,725 | -€180,867 | -73.1% |
| Total equity and liabilities | 10/49 | €254,240 | €273,113 | +€18,873 | +7.4% |
| Equity | 10/15 | €193,110 | €230,478 | +€37,368 | +19.4% |
| Contributions | 10/11 | €13,640 | €13,640 | = | 0.0% |
| Reserves | 13 | €175,360 | €212,728 | +€37,368 | +21.3% |
| Tax-exempt reserves | 132 | €53 | €53 | = | 0.0% |
| Distributable reserves | 133 | €175,307 | €212,675 | +€37,368 | +21.3% |
| Profit (loss) carried forward | 14 | €4,110 | €4,110 | = | 0.0% |
| Amounts payable | 17/49 | €61,130 | €42,635 | -€18,495 | -30.3% |
| Amounts payable within one year | 42/48 | €61,130 | €42,635 | -€18,495 | -30.3% |
| Trade debts | 44 | €720 | €1,280 | +€560 | +77.8% |
| Suppliers | 440/4 | €720 | €1,280 | +€560 | +77.8% |
| Taxes, remuneration and social security | 45 | €18,292 | €11,094 | -€7,198 | -39.4% |
| Taxes | 450/3 | €18,292 | €11,094 | -€7,198 | -39.4% |
| Other amounts payable | 47/48 | €42,118 | €30,261 | -€11,857 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,829 | €5,830 | +€1 | 0.0% |
| Other operating charges | 640/8 | €2,642 | €2,079 | -€563 | -21.3% |
| Gross operating margin | 9900 | €103,583 | €106,161 | +€2,578 | +2.5% |
| Operating profit (loss) | 9901 | €95,112 | €98,252 | +€3,140 | +3.3% |
| Financial income | 75/76B | - | €4,452 | +€4,452 | |
| Recurring financial income | 75 | - | €4,452 | +€4,452 | |
| Financial charges | 65/66B | €121 | €159 | +€38 | +31.4% |
| Recurring financial charges | 65 | €121 | €159 | +€38 | +31.4% |
| Profit (loss) for the period before taxes | 9903 | €94,991 | €102,545 | +€7,554 | +8.0% |
| Income taxes | 67/77 | €31,715 | €33,510 | +€1,795 | +5.7% |
| Profit (loss) for the period | 9904 | €63,276 | €69,035 | +€5,759 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,276 | €69,035 | +€5,759 | +9.1% |
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 29 October 2026 via checked.be.