Dr. Martin Beels: 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. Martin Beels
Largest movements
- Cash +€145,721
up €145,721 (+62.7%), from €232,428 to €378,149
mainly Net result for the year (+€175,375) and Investment in fixed assets (net) (+€5,891)
- Deferred charges and accrued income +€11,413
up €11,413 (+21.1%), from €54,013 to €65,426
- Receivables within one year +€9,683
up €9,683 (+175%), from €5,531 to €15,214
- Tangible fixed assets -€8,553
down €8,553 (-59.0%), from €14,497 to €5,944
of which Furniture and vehicles: -€8,225
- Profit (loss) carried forward +€175,375
up €175,375 (+62.1%), from €282,460 to €457,835
- Tax, wage and social debts -€18,669
no longer reported in 2025 (was €18,669)
- Gross operating margin -€30,661
down €30,661 (-11.9%), from €258,568 to €227,906
- Taxes -€5,918
down €5,918 (-9.9%), from €59,778 to €53,859
- Financial income +€3,314
up €3,314 (+634%), from €522 to €3,836
- Depreciation -€3,279
down €3,279 (-61.4%), from €5,340 to €2,062
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 | €306,469 | €465,332 | +€158,863 | +51.8% |
| Fixed assets | 21/28 | €14,497 | €6,544 | -€7,953 | -54.9% |
| Tangible fixed assets | 22/27 | €14,497 | €5,944 | -€8,553 | -59.0% |
| Plant, machinery and equipment | 23 | €514 | €187 | -€328 | -63.7% |
| Furniture and vehicles | 24 | €13,983 | €5,757 | -€8,225 | -58.8% |
| Financial fixed assets | 28 | - | €600 | +€600 | |
| Current assets | 29/58 | €291,972 | €458,788 | +€166,816 | +57.1% |
| Amounts receivable within one year | 40/41 | €5,531 | €15,214 | +€9,683 | +175% |
| Other amounts receivable | 41 | €5,531 | €15,214 | +€9,683 | +175% |
| Cash at bank and in hand | 54/58 | €232,428 | €378,149 | +€145,721 | +62.7% |
| Deferred charges and accrued income | 490/1 | €54,013 | €65,426 | +€11,413 | +21.1% |
| Total equity and liabilities | 10/49 | €306,469 | €465,332 | +€158,863 | +51.8% |
| Equity | 10/15 | €284,960 | €460,335 | +€175,375 | +61.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €282,460 | €457,835 | +€175,375 | +62.1% |
| Amounts payable | 17/49 | €21,509 | €4,997 | -€16,512 | -76.8% |
| Amounts payable within one year | 42/48 | €20,420 | €3,812 | -€16,608 | -81.3% |
| Trade debts | 44 | €1,751 | €3,812 | +€2,061 | +118% |
| Suppliers | 440/4 | €1,751 | €3,812 | +€2,061 | +118% |
| Taxes, remuneration and social security | 45 | €18,669 | - | -€18,669 | |
| Taxes | 450/3 | €18,669 | - | -€18,669 | |
| Accrued charges and deferred income | 492/3 | €1,089 | €1,185 | +€96 | +8.8% |
| Non-recurring operating income | 76A | - | €1,009 | +€1,009 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,340 | €2,062 | -€3,279 | -61.4% |
| Other operating charges | 640/8 | €561 | €354 | -€207 | -37.0% |
| Gross operating margin | 9900 | €258,568 | €227,906 | -€30,661 | -11.9% |
| Operating profit (loss) | 9901 | €252,666 | €225,491 | -€27,175 | -10.8% |
| Financial income | 75/76B | €522 | €3,836 | +€3,314 | +634% |
| Recurring financial income | 75 | €522 | €3,836 | +€3,314 | +634% |
| Financial charges | 65/66B | - | €93 | +€93 | |
| Recurring financial charges | 65 | - | €93 | +€93 | |
| Profit (loss) for the period before taxes | 9903 | €253,188 | €229,234 | -€23,954 | -9.5% |
| Income taxes | 67/77 | €59,778 | €53,859 | -€5,918 | -9.9% |
| Profit (loss) for the period | 9904 | €193,411 | €175,375 | -€18,036 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €193,411 | €175,375 | -€18,036 | -9.3% |
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 31 October 2026 via checked.be.