DR. MICHAEL MAES: what changed
DR. MICHAEL MAES
Largest movements
- Tangible fixed assets +€192,933
up €192,933 (+48.5%), from €397,841 to €590,773
of which Land and buildings: +€196,417
- Cash +€91,642
up €91,642 (+48.9%), from €187,431 to €279,073
mainly Net result for the year (+€151,344) and Other debts (+€140,566)
- Financial fixed assets +€50,000
up €50,000 (+99.5%), from €50,250 to €100,250
- Current investments -€50,000
down €50,000 (-37.0%), from €135,088 to €85,088
- Receivables within one year -€17,962
down €17,962 (-23.1%), from €77,637 to €59,675
- Other debts +€140,566
up €140,566 (+261%), from €53,810 to €194,376
- Debts after one year +€114,019
up €114,019 (+34.7%), from €328,174 to €442,193
of which Financial debts: +€114,019
- Current portion of long-term debt +€13,585
new in 2025: €13,585
- Gross operating margin +€51,051
up €51,051 (+22.4%), from €227,542 to €278,594
- Depreciation +€12,147
up €12,147 (+27.3%), from €44,435 to €56,582
- Financial charges +€9,003
up €9,003 (+52.5%), from €17,137 to €26,140
- Taxes -€2,877
down €2,877 (-5.8%), from €49,363 to €46,486
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €854,129 | €1,121,135 | +€267,007 | +31.3% |
| Fixed assets | 21/28 | €448,091 | €691,023 | +€242,933 | +54.2% |
| Tangible fixed assets | 22/27 | €397,841 | €590,773 | +€192,933 | +48.5% |
| Land and buildings | 22 | €391,730 | €588,147 | +€196,417 | +50.1% |
| Plant, machinery and equipment | 23 | €1,969 | €760 | -€1,209 | -61.4% |
| Furniture and vehicles | 24 | €3,465 | €1,867 | -€1,598 | -46.1% |
| Other tangible fixed assets | 26 | €677 | - | -€677 | |
| Financial fixed assets | 28 | €50,250 | €100,250 | +€50,000 | +99.5% |
| Current assets | 29/58 | €406,038 | €430,112 | +€24,074 | +5.9% |
| Amounts receivable within one year | 40/41 | €77,637 | €59,675 | -€17,962 | -23.1% |
| Other amounts receivable | 41 | €77,637 | €59,675 | -€17,962 | -23.1% |
| Current investments | 50/53 | €135,088 | €85,088 | -€50,000 | -37.0% |
| Cash at bank and in hand | 54/58 | €187,431 | €279,073 | +€91,642 | +48.9% |
| Deferred charges and accrued income | 490/1 | €5,882 | €6,277 | +€394 | +6.7% |
| Total equity and liabilities | 10/49 | €854,129 | €1,121,135 | +€267,007 | +31.3% |
| Equity | 10/15 | €434,755 | €437,299 | +€2,544 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €413,644 | €413,644 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €411,784 | €411,784 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,511 | €5,055 | +€2,544 | +101% |
| Amounts payable | 17/49 | €419,374 | €683,836 | +€264,462 | +63.1% |
| Amounts payable after more than one year | 17 | €328,174 | €442,193 | +€114,019 | +34.7% |
| Financial debts | 170/4 | €108,174 | €222,193 | +€114,019 | +105% |
| Other amounts payable | 178/9 | €220,000 | €220,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €76,366 | €221,961 | +€145,595 | +191% |
| Current portion of amounts payable after more than one year | 42 | - | €13,585 | +€13,585 | |
| Taxes, remuneration and social security | 45 | €22,556 | €14,000 | -€8,556 | -37.9% |
| Taxes | 450/3 | €22,556 | €14,000 | -€8,556 | -37.9% |
| Other amounts payable | 47/48 | €53,810 | €194,376 | +€140,566 | +261% |
| Accrued charges and deferred income | 492/3 | €14,834 | €19,682 | +€4,848 | +32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,435 | €56,582 | +€12,147 | +27.3% |
| Other operating charges | 640/8 | €707 | €1,538 | +€830 | +117% |
| Gross operating margin | 9900 | €227,542 | €278,594 | +€51,051 | +22.4% |
| Operating profit (loss) | 9901 | €182,401 | €220,475 | +€38,074 | +20.9% |
| Financial income | 75/76B | €2,583 | €3,496 | +€913 | +35.3% |
| Recurring financial income | 75 | €2,583 | €3,496 | +€913 | +35.3% |
| Financial charges | 65/66B | €17,137 | €26,140 | +€9,003 | +52.5% |
| Recurring financial charges | 65 | €17,137 | €26,140 | +€9,003 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €167,847 | €197,830 | +€29,984 | +17.9% |
| Income taxes | 67/77 | €49,363 | €46,486 | -€2,877 | -5.8% |
| Profit (loss) for the period | 9904 | €118,484 | €151,344 | +€32,861 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €118,484 | €151,344 | +€32,861 | +27.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.