Eric MARAITE: what changed
Two fiscal 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.
Eric MARAITE
Largest movements
- Tangible fixed assets -€14,920
down €14,920 (-18.4%), from €81,187 to €66,267
of which Leasing and similar rights: -€13,666
- Receivables within one year +€6,935
up €6,935 (+18.8%), from €36,865 to €43,799
of which Trade receivables: +€10,092
- Cash -€1,856
down €1,856 (-50.7%), from €3,662 to €1,806
mainly Other debts (-€12,128) and Debts after one year (-€11,628)
- Trade debts +€14,597
up €14,597 (+97.2%), from €15,015 to €29,613
- Other debts -€12,128
down €12,128 (-41.8%), from €28,990 to €16,862
- Debts after one year -€11,628
down €11,628 (-32.9%), from €35,338 to €23,710
- Accrued charges and deferred income -€1,300
no longer reported in 2025 (was €1,300)
- Gross operating margin -€22,785
down €22,785 (-50.7%), from €44,948 to €22,163
- Taxes -€6,199
down €6,199 (-98.7%), from €6,280 to €81
- Other operating charges +€1,037
up €1,037 (+178.3%), from €582 to €1,619
- Financial charges -€644
down €644 (-22.3%), from €2,895 to €2,250
- Depreciation +€599
up €599 (+3.3%), from €18,339 to €18,938
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.
Cash bridge derived
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 | €123,690 | €114,006 | -€9,684 | -7.8% |
| Fixed assets | 21/28 | €81,187 | €66,267 | -€14,920 | -18.4% |
| Tangible fixed assets | 22/27 | €81,187 | €66,267 | -€14,920 | -18.4% |
| Plant, machinery and equipment | 23 | €25,897 | €22,417 | -€3,481 | -13.4% |
| Furniture and vehicles | 24 | €1,298 | €3,524 | +€2,226 | +171.6% |
| Leasing and similar rights | 25 | €53,992 | €40,326 | -€13,666 | -25.3% |
| Current assets | 29/58 | €42,502 | €47,739 | +€5,237 | +12.3% |
| Amounts receivable within one year | 40/41 | €36,865 | €43,799 | +€6,935 | +18.8% |
| Trade receivables | 40 | €33,666 | €43,758 | +€10,092 | +30.0% |
| Other amounts receivable | 41 | €3,199 | €42 | -€3,158 | -98.7% |
| Cash at bank and in hand | 54/58 | €3,662 | €1,806 | -€1,856 | -50.7% |
| Deferred charges and accrued income | 490/1 | €1,976 | €2,133 | +€158 | +8.0% |
| Total equity and liabilities | 10/49 | €123,690 | €114,006 | -€9,684 | -7.8% |
| Equity | 10/15 | €16,898 | €16,259 | -€640 | -3.8% |
| Reserves | 13 | €16,898 | €16,898 | = | 0.0% |
| Distributable reserves | 133 | €16,898 | €16,898 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€640 | -€640 | |
| Amounts payable | 17/49 | €106,791 | €97,747 | -€9,044 | -8.5% |
| Amounts payable after more than one year | 17 | €35,338 | €23,710 | -€11,628 | -32.9% |
| Financial debts | 170/4 | €35,338 | €23,710 | -€11,628 | -32.9% |
| Amounts payable within one year | 42/48 | €70,153 | €74,037 | +€3,884 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €11,147 | €11,628 | +€481 | +4.3% |
| Trade debts | 44 | €15,015 | €29,613 | +€14,597 | +97.2% |
| Suppliers | 440/4 | €15,015 | €29,613 | +€14,597 | +97.2% |
| Advances received on contracts in progress | 46 | €8,504 | €9,497 | +€993 | +11.7% |
| Taxes, remuneration and social security | 45 | €6,497 | €6,437 | -€60 | -0.9% |
| Taxes | 450/3 | €6,497 | €6,437 | -€60 | -0.9% |
| Other amounts payable | 47/48 | €28,990 | €16,862 | -€12,128 | -41.8% |
| Accrued charges and deferred income | 492/3 | €1,300 | - | -€1,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,339 | €18,938 | +€599 | +3.3% |
| Other operating charges | 640/8 | €582 | €1,619 | +€1,037 | +178.3% |
| Gross operating margin | 9900 | €44,948 | €22,163 | -€22,785 | -50.7% |
| Operating profit (loss) | 9901 | €26,027 | €1,606 | -€24,421 | -93.8% |
| Financial income | 75/76B | €46 | €86 | +€40 | +87.1% |
| Recurring financial income | 75 | €46 | €86 | +€40 | +87.1% |
| Financial charges | 65/66B | €2,895 | €2,250 | -€644 | -22.3% |
| Recurring financial charges | 65 | €2,895 | €2,250 | -€644 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €23,179 | -€558 | -€23,737 | |
| Income taxes | 67/77 | €6,280 | €81 | -€6,199 | -98.7% |
| Profit (loss) for the period | 9904 | €16,898 | -€640 | -€17,538 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,898 | -€640 | -€17,538 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.