DR. MAES MARC: 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 MARC
Largest movements
- Receivables after one year +€68,597
up €68,597 (+18.3%), from €375,538 to €444,134
- Cash -€46,223
down €46,223 (-37.0%), from €125,009 to €78,786
mainly Receivables after one year (-€68,597) and Short-term financial debts (-€3,217)
- Receivables within one year -€15,256
down €15,256 (-49.6%), from €30,761 to €15,504
of which Other amounts receivable: -€14,829
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€10,013
up €10,013 (+314%), from €3,192 to €13,205
- Depreciation -€6,688
down €6,688 (-40.8%), from €16,374 to €9,686
- Financial charges -€1,892
down €1,892 (-70.0%), from €2,702 to €810
of which Financial charges: -€1,054
- Financial income +€1,333
up €1,333 (+59.7%), from €2,232 to €3,566
- Other operating charges -€651
down €651 (-22.3%), from €2,915 to €2,264
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 | €979,565 | €978,225 | -€1,340 | -0.1% |
| Fixed assets | 21/28 | €23,890 | €17,019 | -€6,871 | -28.8% |
| Tangible fixed assets | 22/27 | €23,890 | €17,019 | -€6,871 | -28.8% |
| Plant, machinery and equipment | 23 | €20,851 | €15,930 | -€4,921 | -23.6% |
| Furniture and vehicles | 24 | €1,194 | €0 | -€1,194 | -100% |
| Other tangible fixed assets | 26 | €1,845 | €1,089 | -€756 | -41.0% |
| Current assets | 29/58 | €955,675 | €961,207 | +€5,532 | +0.6% |
| Amounts receivable after more than one year | 29 | €375,538 | €444,134 | +€68,597 | +18.3% |
| Other amounts receivable | 291 | €375,538 | €444,134 | +€68,597 | +18.3% |
| Amounts receivable within one year | 40/41 | €30,761 | €15,504 | -€15,256 | -49.6% |
| Trade receivables | 40 | €427 | €0 | -€427 | -100% |
| Other amounts receivable | 41 | €30,334 | €15,504 | -€14,829 | -48.9% |
| Current investments | 50/53 | €424,368 | €422,783 | -€1,585 | -0.4% |
| Cash at bank and in hand | 54/58 | €125,009 | €78,786 | -€46,223 | -37.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €979,565 | €978,225 | -€1,340 | -0.1% |
| Equity | 10/15 | €974,561 | €977,383 | +€2,822 | +0.3% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €943,561 | €946,383 | +€2,822 | +0.3% |
| Distributable reserves | 133 | €943,561 | €946,383 | +€2,822 | +0.3% |
| Amounts payable | 17/49 | €5,004 | €842 | -€4,162 | -83.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €5,004 | €842 | -€4,162 | -83.2% |
| Current portion of amounts payable after more than one year | 42 | €1,379 | €0 | -€1,379 | -100% |
| Financial debts | 43 | €3,386 | €169 | -€3,217 | -95.0% |
| Credit institutions | 430/8 | - | €169 | +€169 | |
| Other loans | 439 | €3,386 | €0 | -€3,386 | -100% |
| Trade debts | 44 | €0 | €673 | +€673 | |
| Suppliers | 440/4 | €0 | €673 | +€673 | |
| Other amounts payable | 47/48 | €239 | €0 | -€239 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,374 | €9,686 | -€6,688 | -40.8% |
| Other operating charges | 640/8 | €2,915 | €2,264 | -€651 | -22.3% |
| Non-recurring operating charges | 66A | - | €689 | +€689 | |
| Gross operating margin | 9900 | €3,192 | €13,205 | +€10,013 | +314% |
| Operating profit (loss) | 9901 | -€16,097 | €565 | +€16,662 | |
| Financial income | 75/76B | €2,232 | €3,566 | +€1,333 | +59.7% |
| Recurring financial income | 75 | €2,232 | €3,566 | +€1,333 | +59.7% |
| Financial charges | 65/66B | €2,702 | €810 | -€1,892 | -70.0% |
| Recurring financial charges | 65 | €1,864 | €810 | -€1,054 | -56.5% |
| Non-recurring financial charges | 66B | €837 | €0 | -€837 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€16,567 | €3,320 | +€19,887 | |
| Income taxes | 67/77 | €336 | €497 | +€161 | +48.0% |
| Profit (loss) for the period | 9904 | -€16,903 | €2,822 | +€19,725 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,903 | €2,822 | +€19,725 |
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 23 October 2026 via checked.be.