DR. SANDRA MAERTENS: 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. SANDRA MAERTENS
Largest movements
- Tangible fixed assets -€64,926
down €64,926 (-8.3%), from €786,926 to €722,001
of which Land and buildings: -€44,908
- Current investments +€50,000
up €50,000 (+99.6%), from €50,206 to €100,206
- Receivables within one year -€26,485
down €26,485 (-99.1%), from €26,735 to €250
- Reserves -€17,291
down €17,291 (-3.0%), from €575,840 to €558,550
of which Distributable reserves: -€59,391
- Other debts -€14,828
down €14,828 (-3.1%), from €471,604 to €456,777
- Gross operating margin +€35,318
up €35,318 (+17.7%), from €199,441 to €234,759
- Taxes +€9,661
up €9,661 (+35.3%), from €27,335 to €36,996
- Financial charges -€5,470
down €5,470 (-16.1%), from €33,937 to €28,466
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 | €1,094,447 | €1,061,198 | -€33,248 | -3.0% |
| Fixed assets | 21/28 | €786,926 | €722,001 | -€64,926 | -8.3% |
| Tangible fixed assets | 22/27 | €786,926 | €722,001 | -€64,926 | -8.3% |
| Land and buildings | 22 | €727,338 | €682,430 | -€44,908 | -6.2% |
| Plant, machinery and equipment | 23 | €32,353 | €28,168 | -€4,184 | -12.9% |
| Furniture and vehicles | 24 | €27,236 | €11,403 | -€15,833 | -58.1% |
| Current assets | 29/58 | €307,520 | €339,197 | +€31,677 | +10.3% |
| Amounts receivable within one year | 40/41 | €26,735 | €250 | -€26,485 | -99.1% |
| Other amounts receivable | 41 | €26,735 | €250 | -€26,485 | -99.1% |
| Current investments | 50/53 | €50,206 | €100,206 | +€50,000 | +99.6% |
| Cash at bank and in hand | 54/58 | €182,735 | €192,516 | +€9,780 | +5.4% |
| Deferred charges and accrued income | 490/1 | €47,844 | €46,225 | -€1,618 | -3.4% |
| Total equity and liabilities | 10/49 | €1,094,447 | €1,061,198 | -€33,248 | -3.0% |
| Equity | 10/15 | €588,240 | €570,950 | -€17,291 | -2.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €575,840 | €558,550 | -€17,291 | -3.0% |
| Tax-exempt reserves | 132 | €128,405 | €170,505 | +€42,100 | +32.8% |
| Distributable reserves | 133 | €447,435 | €388,045 | -€59,391 | -13.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €506,206 | €490,249 | -€15,958 | -3.2% |
| Amounts payable within one year | 42/48 | €472,352 | €460,283 | -€12,069 | -2.6% |
| Trade debts | 44 | €748 | €2,180 | +€1,432 | +191% |
| Suppliers | 440/4 | €748 | €2,180 | +€1,432 | +191% |
| Taxes, remuneration and social security | 45 | - | €1,327 | +€1,327 | |
| Taxes | 450/3 | - | €1,327 | +€1,327 | |
| Other amounts payable | 47/48 | €471,604 | €456,777 | -€14,828 | -3.1% |
| Accrued charges and deferred income | 492/3 | €33,854 | €29,965 | -€3,888 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,100 | €64,926 | +€825 | +1.3% |
| Other operating charges | 640/8 | €2,848 | €2,884 | +€36 | +1.3% |
| Gross operating margin | 9900 | €199,441 | €234,759 | +€35,318 | +17.7% |
| Operating profit (loss) | 9901 | €132,493 | €166,950 | +€34,457 | +26.0% |
| Financial income | 75/76B | €2,283 | €2,182 | -€101 | -4.4% |
| Recurring financial income | 75 | €2,283 | €2,182 | -€101 | -4.4% |
| Financial charges | 65/66B | €33,937 | €28,466 | -€5,470 | -16.1% |
| Recurring financial charges | 65 | €33,937 | €28,466 | -€5,470 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €100,839 | €140,666 | +€39,826 | +39.5% |
| Income taxes | 67/77 | €27,335 | €36,996 | +€9,661 | +35.3% |
| Profit (loss) for the period | 9904 | €73,505 | €103,670 | +€30,165 | +41.0% |
| Transfer to tax-exempt reserves | 689 | €35,785 | €42,100 | +€6,315 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,720 | €61,570 | +€23,850 | +63.2% |
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 20 October 2026 via checked.be.