Dr. V.MAES: 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. V.MAES
Largest movements
- Cash +€22,531
up €22,531 (+3.4%), from €670,791 to €693,322
mainly Net result for the year (+€61,221) and Depreciation (+€15,668)
- Tangible fixed assets -€11,970
down €11,970 (-22.0%), from €54,524 to €42,554
of which Furniture and vehicles: -€8,742
No liability line moved by more than 1% of the balance sheet total.
- Financial charges +€13,915
up €13,915 (+4,685%), from €297 to €14,212
- Staff costs +€12,031
up €12,031 (+22.0%), from €54,644 to €66,675
- Taxes -€8,088
down €8,088 (-25.5%), from €31,753 to €23,664
- Financial income +€7,067
up €7,067 (+132,090%), from €5 to €7,072
of which Non-recurring financial income: +€7,072
- Gross operating margin -€5,904
down €5,904 (-3.2%), from €181,965 to €176,061
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 | €737,470 | €752,014 | +€14,544 | +2.0% |
| Fixed assets | 21/28 | €55,774 | €43,804 | -€11,970 | -21.5% |
| Tangible fixed assets | 22/27 | €54,524 | €42,554 | -€11,970 | -22.0% |
| Plant, machinery and equipment | 23 | €8,256 | €7,310 | -€945 | -11.5% |
| Furniture and vehicles | 24 | €21,387 | €12,645 | -€8,742 | -40.9% |
| Other tangible fixed assets | 26 | €24,881 | €22,598 | -€2,283 | -9.2% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €681,696 | €708,210 | +€26,514 | +3.9% |
| Amounts receivable within one year | 40/41 | €6,325 | €12,458 | +€6,133 | +97.0% |
| Trade receivables | 40 | €220 | - | -€220 | |
| Other amounts receivable | 41 | €6,104 | €12,458 | +€6,354 | +104% |
| Cash at bank and in hand | 54/58 | €670,791 | €693,322 | +€22,531 | +3.4% |
| Deferred charges and accrued income | 490/1 | €4,581 | €2,430 | -€2,150 | -46.9% |
| Total equity and liabilities | 10/49 | €737,470 | €752,014 | +€14,544 | +2.0% |
| Equity | 10/15 | €532,583 | €538,503 | +€5,920 | +1.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €482,996 | €488,915 | +€5,920 | +1.2% |
| 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 | €481,136 | €487,055 | +€5,920 | +1.2% |
| Profit (loss) carried forward | 14 | €37,188 | €37,188 | = | 0.0% |
| Amounts payable | 17/49 | €204,887 | €213,511 | +€8,625 | +4.2% |
| Amounts payable within one year | 42/48 | €204,887 | €213,511 | +€8,625 | +4.2% |
| Trade debts | 44 | €14 | - | -€14 | |
| Suppliers | 440/4 | €14 | - | -€14 | |
| Taxes, remuneration and social security | 45 | €28,079 | €29,610 | +€1,531 | +5.5% |
| Taxes | 450/3 | €13,819 | €13,534 | -€285 | -2.1% |
| Remuneration and social security | 454/9 | €14,260 | €16,076 | +€1,816 | +12.7% |
| Other amounts payable | 47/48 | €176,794 | €183,902 | +€7,108 | +4.0% |
| Remuneration, social security and pensions | 62 | €54,644 | €66,675 | +€12,031 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,388 | €15,668 | +€280 | +1.8% |
| Other operating charges | 640/8 | €1,321 | €1,692 | +€371 | +28.1% |
| Gross operating margin | 9900 | €181,965 | €176,061 | -€5,904 | -3.2% |
| Operating profit (loss) | 9901 | €110,612 | €92,025 | -€18,586 | -16.8% |
| Financial income | 75/76B | €5 | €7,072 | +€7,067 | +132,090% |
| Recurring financial income | 75 | €5 | €7,072 | +€7,067 | +132,090% |
| Non-recurring financial income | 76B | - | €7,072 | +€7,072 | |
| Financial charges | 65/66B | €297 | €14,212 | +€13,915 | +4,685% |
| Recurring financial charges | 65 | €297 | €14,212 | +€13,915 | +4,685% |
| Profit (loss) for the period before taxes | 9903 | €110,320 | €84,885 | -€25,435 | -23.1% |
| Income taxes | 67/77 | €31,753 | €23,664 | -€8,088 | -25.5% |
| Profit (loss) for the period | 9904 | €78,568 | €61,221 | -€17,346 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,568 | €61,221 | -€17,346 | -22.1% |
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.