JOHAN 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.
JOHAN MAERTENS
Largest movements
- Receivables within one year -€37,675
down €37,675 (-54.1%), from €69,615 to €31,939
of which Other amounts receivable: -€29,617
- Cash +€14,130
up €14,130 (+19.6%), from €72,087 to €86,218
mainly Net result for the year (+€55,870) and Receivables within one year (+€37,675)
- Deferred charges and accrued income -€10,503
down €10,503 (-90.4%), from €11,616 to €1,113
- Tangible fixed assets -€4,354
down €4,354 (-45.6%), from €9,540 to €5,186
- Trade debts -€36,079
down €36,079 (-99.0%), from €36,457 to €378
- Profit (loss) carried forward -€28,124
down €28,124 (-100%), from €28,124 to €0
- Reserves +€27,498
up €27,498 (+41.8%), from €65,860 to €93,358
- Other debts -€20,000
down €20,000 (-100%), from €20,000 to €0
- Tax, wage and social debts +€10,724
up €10,724, from €0 to €10,724
- Gross operating margin +€102,322
up €102,322, from -€20,475 to €81,847
- Taxes +€11,300
up €11,300 (+4,383%), from €258 to €11,558
- Financial charges +€6,698
up €6,698 (+347%), from €1,929 to €8,628
of which Financial charges: +€4,612
- Other operating charges +€1,437
up €1,437, from €0 to €1,437
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 | €162,859 | €124,456 | -€38,402 | -23.6% |
| Fixed assets | 21/28 | €9,540 | €5,186 | -€4,354 | -45.6% |
| Tangible fixed assets | 22/27 | €9,540 | €5,186 | -€4,354 | -45.6% |
| Furniture and vehicles | 24 | €9,540 | €5,186 | -€4,354 | -45.6% |
| Current assets | 29/58 | €153,319 | €119,270 | -€34,048 | -22.2% |
| Amounts receivable within one year | 40/41 | €69,615 | €31,939 | -€37,675 | -54.1% |
| Trade receivables | 40 | €24,564 | €16,506 | -€8,058 | -32.8% |
| Other amounts receivable | 41 | €45,051 | €15,434 | -€29,617 | -65.7% |
| Cash at bank and in hand | 54/58 | €72,087 | €86,218 | +€14,130 | +19.6% |
| Deferred charges and accrued income | 490/1 | €11,616 | €1,113 | -€10,503 | -90.4% |
| Total equity and liabilities | 10/49 | €162,859 | €124,456 | -€38,402 | -23.6% |
| Equity | 10/15 | €106,384 | €111,958 | +€5,574 | +5.2% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €65,860 | €93,358 | +€27,498 | +41.8% |
| Distributable reserves | 133 | €65,860 | €93,358 | +€27,498 | +41.8% |
| Profit (loss) carried forward | 14 | €28,124 | €0 | -€28,124 | -100% |
| Amounts payable | 17/49 | €56,475 | €12,498 | -€43,976 | -77.9% |
| Amounts payable within one year | 42/48 | €56,475 | €11,102 | -€45,373 | -80.3% |
| Financial debts | 43 | €18 | €0 | -€18 | -100% |
| Credit institutions | 430/8 | €18 | €0 | -€18 | -100% |
| Trade debts | 44 | €36,457 | €378 | -€36,079 | -99.0% |
| Suppliers | 440/4 | €36,457 | €378 | -€36,079 | -99.0% |
| Taxes, remuneration and social security | 45 | €0 | €10,724 | +€10,724 | |
| Taxes | 450/3 | €0 | €10,724 | +€10,724 | |
| Other amounts payable | 47/48 | €20,000 | €0 | -€20,000 | -100% |
| Accrued charges and deferred income | 492/3 | - | €1,396 | +€1,396 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,683 | €4,354 | +€671 | +18.2% |
| Other operating charges | 640/8 | €0 | €1,437 | +€1,437 | |
| Gross operating margin | 9900 | -€20,475 | €81,847 | +€102,322 | |
| Operating profit (loss) | 9901 | -€24,158 | €76,056 | +€100,214 | |
| Financial income | 75/76B | €664 | €0 | -€664 | -100% |
| Recurring financial income | 75 | €664 | €0 | -€664 | -100% |
| Financial charges | 65/66B | €1,929 | €8,628 | +€6,698 | +347% |
| Recurring financial charges | 65 | €1,929 | €6,542 | +€4,612 | +239% |
| Non-recurring financial charges | 66B | - | €2,086 | +€2,086 | |
| Profit (loss) for the period before taxes | 9903 | -€25,423 | €67,428 | +€92,851 | |
| Income taxes | 67/77 | €258 | €11,558 | +€11,300 | +4,383% |
| Profit (loss) for the period | 9904 | -€25,681 | €55,870 | +€81,551 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,681 | €55,870 | +€81,551 |
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 27 October 2026 via checked.be.