Jan 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.
Jan Maes
Largest movements
- Intangible fixed assets +€319,795
new in 2025: €319,795
- Cash +€64,777
up €64,777 (+132%), from €48,928 to €113,705
mainly Debts after one year (+€280,725) and Net result for the year (+€178,095)
- Deferred charges and accrued income +€34,621
up €34,621 (+61.6%), from €56,215 to €90,836
- Current investments +€27,374
up €27,374 (+46.6%), from €58,782 to €86,156
- Tangible fixed assets -€25,863
down €25,863 (-5.4%), from €477,073 to €451,210
of which Land and buildings: -€23,854
- Debts after one year +€280,725
up €280,725 (+122%), from €230,766 to €511,491
- Other debts +€111,801
up €111,801 (+127%), from €88,298 to €200,099
- Current portion of long-term debt +€23,620
up €23,620 (+75.7%), from €31,188 to €54,808
- Reserves -€21,905
down €21,905 (-10.4%), from €211,179 to €189,274
- Gross operating margin +€212,606
up €212,606 (+44.7%), from €476,055 to €688,661
- Staff costs +€114,205
up €114,205 (+50.4%), from €226,501 to €340,707
- Depreciation +€31,765
up €31,765 (+57.7%), from €55,011 to €86,777
- Taxes +€14,111
up €14,111 (+27.8%), from €50,781 to €64,892
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 | €641,427 | €1,061,701 | +€420,274 | +65.5% |
| Fixed assets | 21/28 | €477,073 | €771,004 | +€293,931 | +61.6% |
| Intangible fixed assets | 21 | - | €319,795 | +€319,795 | |
| Tangible fixed assets | 22/27 | €477,073 | €451,210 | -€25,863 | -5.4% |
| Land and buildings | 22 | €446,085 | €422,232 | -€23,854 | -5.3% |
| Plant, machinery and equipment | 23 | €7,717 | €6,182 | -€1,535 | -19.9% |
| Furniture and vehicles | 24 | €23,271 | €22,796 | -€475 | -2.0% |
| Current assets | 29/58 | €164,354 | €290,697 | +€126,342 | +76.9% |
| Amounts receivable within one year | 40/41 | €429 | €0 | -€429 | -100% |
| Other amounts receivable | 41 | €429 | €0 | -€429 | -100% |
| Current investments | 50/53 | €58,782 | €86,156 | +€27,374 | +46.6% |
| Cash at bank and in hand | 54/58 | €48,928 | €113,705 | +€64,777 | +132% |
| Deferred charges and accrued income | 490/1 | €56,215 | €90,836 | +€34,621 | +61.6% |
| Total equity and liabilities | 10/49 | €641,427 | €1,061,701 | +€420,274 | +65.5% |
| Equity | 10/15 | €229,779 | €207,874 | -€21,905 | -9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €211,179 | €189,274 | -€21,905 | -10.4% |
| Distributable reserves | 133 | €211,179 | €189,274 | -€21,905 | -10.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €411,647 | €853,827 | +€442,179 | +107% |
| Amounts payable after more than one year | 17 | €230,766 | €511,491 | +€280,725 | +122% |
| Financial debts | 170/4 | €230,766 | €511,491 | +€280,725 | +122% |
| Amounts payable within one year | 42/48 | €180,882 | €337,147 | +€156,265 | +86.4% |
| Current portion of amounts payable after more than one year | 42 | €31,188 | €54,808 | +€23,620 | +75.7% |
| Financial debts | 43 | €6,832 | €8,972 | +€2,139 | +31.3% |
| Credit institutions | 430/8 | €6,832 | €8,972 | +€2,139 | +31.3% |
| Trade debts | 44 | €13,325 | €22,512 | +€9,187 | +68.9% |
| Suppliers | 440/4 | €13,325 | €22,512 | +€9,187 | +68.9% |
| Taxes, remuneration and social security | 45 | €41,239 | €50,756 | +€9,517 | +23.1% |
| Taxes | 450/3 | €18,749 | €6,704 | -€12,044 | -64.2% |
| Remuneration and social security | 454/9 | €22,491 | €44,051 | +€21,561 | +95.9% |
| Other amounts payable | 47/48 | €88,298 | €200,099 | +€111,801 | +127% |
| Accrued charges and deferred income | 492/3 | €0 | €5,189 | +€5,189 | |
| Remuneration, social security and pensions | 62 | €226,501 | €340,707 | +€114,205 | +50.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,011 | €86,777 | +€31,765 | +57.7% |
| Other operating charges | 640/8 | €4,402 | €8,338 | +€3,936 | +89.4% |
| Gross operating margin | 9900 | €476,055 | €688,661 | +€212,606 | +44.7% |
| Operating profit (loss) | 9901 | €190,140 | €252,840 | +€62,699 | +33.0% |
| Financial income | 75/76B | €528 | €1,445 | +€917 | +174% |
| Recurring financial income | 75 | €528 | €1,445 | +€917 | +174% |
| Financial charges | 65/66B | €5,962 | €11,298 | +€5,336 | +89.5% |
| Recurring financial charges | 65 | €5,962 | €11,298 | +€5,336 | +89.5% |
| Profit (loss) for the period before taxes | 9903 | €184,706 | €242,986 | +€58,281 | +31.6% |
| Income taxes | 67/77 | €50,781 | €64,892 | +€14,111 | +27.8% |
| Profit (loss) for the period | 9904 | €133,925 | €178,095 | +€44,170 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €133,925 | €178,095 | +€44,170 | +33.0% |
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 14 October 2026 via checked.be.