JANICK 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.
JANICK MAERTENS
Largest movements
- Tangible fixed assets +€173,004
up €173,004 (+34.0%), from €509,441 to €682,445
of which Land and buildings: +€140,822
- Receivables within one year +€129,054
up €129,054 (+23.5%), from €549,922 to €678,977
of which Other amounts receivable: +€129,541
- Cash -€31,504
down €31,504 (-56.8%), from €55,495 to €23,991
mainly Contributions, distributions and other (-€450,000) and Investment in fixed assets (net) (-€196,748)
- Other debts +€239,360
up €239,360 (+107%), from €224,085 to €463,444
- Reserves -€106,166
down €106,166 (-21.2%), from €501,621 to €395,455
- Tax, wage and social debts +€61,351
up €61,351 (+127%), from €48,127 to €109,478
- Debts after one year +€57,309
up €57,309 (+19.1%), from €300,557 to €357,866
- Depreciation +€8,965
up €8,965 (+60.7%), from €14,779 to €23,744
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 | €1,120,224 | €1,390,886 | +€270,662 | +24.2% |
| Fixed assets | 21/28 | €509,441 | €682,445 | +€173,004 | +34.0% |
| Tangible fixed assets | 22/27 | €509,441 | €682,445 | +€173,004 | +34.0% |
| Land and buildings | 22 | €503,433 | €644,255 | +€140,822 | +28.0% |
| Plant, machinery and equipment | 23 | €5,666 | €38,012 | +€32,346 | +571% |
| Furniture and vehicles | 24 | €341 | €178 | -€164 | -48.0% |
| Current assets | 29/58 | €610,783 | €708,441 | +€97,658 | +16.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €549,922 | €678,977 | +€129,054 | +23.5% |
| Trade receivables | 40 | €283,463 | €282,977 | -€486 | -0.2% |
| Other amounts receivable | 41 | €266,459 | €396,000 | +€129,541 | +48.6% |
| Cash at bank and in hand | 54/58 | €55,495 | €23,991 | -€31,504 | -56.8% |
| Deferred charges and accrued income | 490/1 | €5,366 | €5,473 | +€107 | +2.0% |
| Total equity and liabilities | 10/49 | €1,120,224 | €1,390,886 | +€270,662 | +24.2% |
| Equity | 10/15 | €511,621 | €405,455 | -€106,166 | -20.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €501,621 | €395,455 | -€106,166 | -21.2% |
| Distributable reserves | 133 | €501,621 | €395,455 | -€106,166 | -21.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €608,603 | €985,431 | +€376,828 | +61.9% |
| Amounts payable after more than one year | 17 | €300,557 | €357,866 | +€57,309 | +19.1% |
| Financial debts | 170/4 | €300,557 | €357,866 | +€57,309 | +19.1% |
| Amounts payable within one year | 42/48 | €308,046 | €627,564 | +€319,519 | +104% |
| Current portion of amounts payable after more than one year | 42 | €31,346 | €41,274 | +€9,929 | +31.7% |
| Trade debts | 44 | €4,488 | €13,368 | +€8,880 | +198% |
| Suppliers | 440/4 | €4,488 | €13,368 | +€8,880 | +198% |
| Taxes, remuneration and social security | 45 | €48,127 | €109,478 | +€61,351 | +127% |
| Taxes | 450/3 | €48,127 | €109,478 | +€61,351 | +127% |
| Other amounts payable | 47/48 | €224,085 | €463,444 | +€239,360 | +107% |
| Non-recurring operating income | 76A | €11,257 | €0 | -€11,257 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,779 | €23,744 | +€8,965 | +60.7% |
| Other operating charges | 640/8 | €1,076 | €2,955 | +€1,879 | +175% |
| Gross operating margin | 9900 | €493,543 | €491,094 | -€2,449 | -0.5% |
| Operating profit (loss) | 9901 | €477,687 | €464,394 | -€13,293 | -2.8% |
| Financial income | 75/76B | €2,762 | €0 | -€2,762 | -100% |
| Recurring financial income | 75 | €2,762 | €0 | -€2,762 | -100% |
| Financial charges | 65/66B | €13,907 | €12,609 | -€1,298 | -9.3% |
| Recurring financial charges | 65 | €13,907 | €12,609 | -€1,298 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €466,542 | €451,785 | -€14,757 | -3.2% |
| Income taxes | 67/77 | €112,676 | €107,951 | -€4,725 | -4.2% |
| Profit (loss) for the period | 9904 | €353,866 | €343,834 | -€10,032 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €353,866 | €343,834 | -€10,032 | -2.8% |
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.