Jeff 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.
Jeff Maes
Largest movements
- Cash +€15,253
up €15,253 (+9.3%), from €163,586 to €178,839
mainly Net result for the year (+€77,146) and Depreciation (+€5,197)
- Reserves +€77,146
up €77,146 (+49.4%), from €156,186 to €233,332
- Other debts -€48,606
down €48,606 (-86.7%), from €56,034 to €7,428
- Debts after one year -€8,483
down €8,483 (-24.6%), from €34,492 to €26,008
- Trade debts -€4,919
down €4,919 (-75.7%), from €6,497 to €1,578
- Depreciation -€10,756
down €10,756 (-67.4%), from €15,953 to €5,197
- Gross operating margin -€5,531
down €5,531 (-5.0%), from €109,750 to €104,219
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 | €292,686 | €309,016 | +€16,330 | +5.6% |
| Fixed assets | 21/28 | €88,497 | €90,027 | +€1,530 | +1.7% |
| Tangible fixed assets | 22/27 | €87,672 | €89,202 | +€1,530 | +1.7% |
| Land and buildings | 22 | €82,586 | €78,720 | -€3,866 | -4.7% |
| Furniture and vehicles | 24 | €1,318 | €879 | -€439 | -33.3% |
| Other tangible fixed assets | 26 | €3,768 | €9,603 | +€5,835 | +155% |
| Financial fixed assets | 28 | €825 | €825 | = | 0.0% |
| Current assets | 29/58 | €204,189 | €218,989 | +€14,800 | +7.2% |
| Amounts receivable within one year | 40/41 | €38,386 | €38,658 | +€272 | +0.7% |
| Trade receivables | 40 | €38,386 | €38,658 | +€272 | +0.7% |
| Cash at bank and in hand | 54/58 | €163,586 | €178,839 | +€15,253 | +9.3% |
| Deferred charges and accrued income | 490/1 | €2,218 | €1,492 | -€726 | -32.7% |
| Total equity and liabilities | 10/49 | €292,686 | €309,016 | +€16,330 | +5.6% |
| Equity | 10/15 | €174,736 | €251,882 | +€77,146 | +44.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €156,186 | €233,332 | +€77,146 | +49.4% |
| Distributable reserves | 133 | €156,186 | €233,332 | +€77,146 | +49.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €117,950 | €57,134 | -€60,816 | -51.6% |
| Amounts payable after more than one year | 17 | €34,492 | €26,008 | -€8,483 | -24.6% |
| Financial debts | 170/4 | €34,492 | €26,008 | -€8,483 | -24.6% |
| Amounts payable within one year | 42/48 | €83,183 | €30,850 | -€52,333 | -62.9% |
| Current portion of amounts payable after more than one year | 42 | €8,392 | €8,483 | +€92 | +1.1% |
| Trade debts | 44 | €6,497 | €1,578 | -€4,919 | -75.7% |
| Suppliers | 440/4 | €6,497 | €1,578 | -€4,919 | -75.7% |
| Taxes, remuneration and social security | 45 | €12,260 | €13,361 | +€1,101 | +9.0% |
| Taxes | 450/3 | €12,260 | €13,361 | +€1,101 | +9.0% |
| Other amounts payable | 47/48 | €56,034 | €7,428 | -€48,606 | -86.7% |
| Accrued charges and deferred income | 492/3 | €275 | €275 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,953 | €5,197 | -€10,756 | -67.4% |
| Other operating charges | 640/8 | €1,586 | €1,634 | +€49 | +3.1% |
| Gross operating margin | 9900 | €109,750 | €104,219 | -€5,531 | -5.0% |
| Operating profit (loss) | 9901 | €92,211 | €97,387 | +€5,177 | +5.6% |
| Financial income | 75/76B | €0 | €2 | +€2 | |
| Recurring financial income | 75 | €0 | €2 | +€2 | |
| Financial charges | 65/66B | €733 | €609 | -€124 | -16.9% |
| Recurring financial charges | 65 | €733 | €609 | -€124 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €91,478 | €96,781 | +€5,303 | +5.8% |
| Income taxes | 67/77 | €18,918 | €19,635 | +€717 | +3.8% |
| Profit (loss) for the period | 9904 | €72,560 | €77,146 | +€4,586 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,560 | €77,146 | +€4,586 | +6.3% |
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 22 October 2026 via checked.be.