GIANNI 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.
GIANNI MAES
Largest movements
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Cash +€304,378
up €304,378 (+237%), from €128,406 to €432,784
mainly Current investments (+€350,000) and Other debts (+€53,231)
- Tangible fixed assets +€35,910
up €35,910 (+16.1%), from €223,023 to €258,934
of which Leasing and similar rights: +€50,279
- Receivables within one year +€16,035
up €16,035 (+14.0%), from €114,698 to €130,733
of which Other amounts receivable: +€13,761
- Deferred charges and accrued income -€15,799
down €15,799 (-22.7%), from €69,684 to €53,884
- Reserves -€53,231
down €53,231 (-17.2%), from €308,724 to €255,493
of which Distributable reserves: -€53,231
- Other debts +€53,231
new in 2025: €53,231
- Tax, wage and social debts +€10,365
up €10,365 (+278%), from €3,732 to €14,097
of which Taxes: +€10,425
- Debts after one year -€9,985
down €9,985 (-13.9%), from €71,885 to €61,900
- Gross operating margin -€60,116
down €60,116 (-40.1%), from €150,065 to €89,949
- Taxes -€35,032
down €35,032 (-60.0%), from €58,338 to €23,306
- Other operating charges +€9,751
up €9,751 (+207%), from €4,712 to €14,464
- Financial income +€9,438
up €9,438 (+134%), from €7,064 to €16,501
- Depreciation -€6,310
down €6,310 (-11.6%), from €54,522 to €48,212
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 | €886,811 | €877,335 | -€9,476 | -1.1% |
| Fixed assets | 21/28 | €224,023 | €259,934 | +€35,910 | +16.0% |
| Tangible fixed assets | 22/27 | €223,023 | €258,934 | +€35,910 | +16.1% |
| Plant, machinery and equipment | 23 | €764 | €624 | -€141 | -18.4% |
| Furniture and vehicles | 24 | €42,948 | €28,720 | -€14,228 | -33.1% |
| Leasing and similar rights | 25 | €179,311 | €229,590 | +€50,279 | +28.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €662,787 | €617,401 | -€45,386 | -6.8% |
| Amounts receivable within one year | 40/41 | €114,698 | €130,733 | +€16,035 | +14.0% |
| Trade receivables | 40 | €23,011 | €25,285 | +€2,274 | +9.9% |
| Other amounts receivable | 41 | €91,687 | €105,447 | +€13,761 | +15.0% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €128,406 | €432,784 | +€304,378 | +237% |
| Deferred charges and accrued income | 490/1 | €69,684 | €53,884 | -€15,799 | -22.7% |
| Total equity and liabilities | 10/49 | €886,811 | €877,335 | -€9,476 | -1.1% |
| Equity | 10/15 | €481,184 | €421,498 | -€59,686 | -12.4% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €308,724 | €255,493 | -€53,231 | -17.2% |
| Tax-exempt reserves | 132 | €8,667 | €8,667 | = | 0.0% |
| Distributable reserves | 133 | €300,057 | €246,826 | -€53,231 | -17.7% |
| Profit (loss) carried forward | 14 | €165,960 | €159,505 | -€6,455 | -3.9% |
| Provisions and deferred taxes | 16 | €209,662 | €210,885 | +€1,223 | +0.6% |
| Provisions for liabilities and charges | 160/5 | €209,662 | €210,885 | +€1,223 | +0.6% |
| Major repairs and maintenance | 162 | €43,100 | €43,100 | = | 0.0% |
| Other liabilities and charges | 164/5 | €166,562 | €167,785 | +€1,223 | +0.7% |
| Amounts payable | 17/49 | €195,964 | €244,952 | +€48,987 | +25.0% |
| Amounts payable after more than one year | 17 | €71,885 | €61,900 | -€9,985 | -13.9% |
| Financial debts | 170/4 | €71,885 | €61,900 | -€9,985 | -13.9% |
| Amounts payable within one year | 42/48 | €120,062 | €181,941 | +€61,878 | +51.5% |
| Current portion of amounts payable after more than one year | 42 | €109,516 | €109,985 | +€469 | +0.4% |
| Trade debts | 44 | €6,814 | €4,627 | -€2,187 | -32.1% |
| Suppliers | 440/4 | €6,814 | €4,627 | -€2,187 | -32.1% |
| Taxes, remuneration and social security | 45 | €3,732 | €14,097 | +€10,365 | +278% |
| Taxes | 450/3 | €3,672 | €14,097 | +€10,425 | +284% |
| Remuneration and social security | 454/9 | €60 | - | -€60 | |
| Other amounts payable | 47/48 | - | €53,231 | +€53,231 | |
| Accrued charges and deferred income | 492/3 | €4,017 | €1,111 | -€2,905 | -72.3% |
| Non-recurring operating income | 76A | €363 | €375 | +€11 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,522 | €48,212 | -€6,310 | -11.6% |
| Other operating charges | 640/8 | €4,712 | €14,464 | +€9,751 | +207% |
| Non-recurring operating charges | 66A | €667 | €692 | +€25 | +3.7% |
| Gross operating margin | 9900 | €150,065 | €89,949 | -€60,116 | -40.1% |
| Operating profit (loss) | 9901 | €90,164 | €26,581 | -€63,582 | -70.5% |
| Financial income | 75/76B | €7,064 | €16,501 | +€9,438 | +134% |
| Recurring financial income | 75 | €7,064 | €16,501 | +€9,438 | +134% |
| Financial charges | 65/66B | €24,398 | €26,231 | +€1,833 | +7.5% |
| Recurring financial charges | 65 | €24,398 | €26,231 | +€1,833 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €72,830 | €16,852 | -€55,978 | -76.9% |
| Income taxes | 67/77 | €58,338 | €23,306 | -€35,032 | -60.0% |
| Profit (loss) for the period | 9904 | €14,491 | -€6,455 | -€20,946 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,491 | -€6,455 | -€20,946 |
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 28 October 2026 via checked.be.