Jos De Maeseneer: 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.
Jos De Maeseneer
Largest movements
- Intangible fixed assets -€439,627
down €439,627 (-100%), from €439,627 to €0
- Cash +€361,663
up €361,663 (+355%), from €101,995 to €463,658
mainly Investment in fixed assets (net) (+€384,868) and Net result for the year (+€289,341)
- Receivables within one year +€47,962
up €47,962 (+47.7%), from €100,463 to €148,425
of which Trade receivables: +€50,568
- Deferred charges and accrued income -€9,948
down €9,948 (-37.8%), from €26,322 to €16,373
- Debts after one year -€328,692
down €328,692 (-91.1%), from €360,692 to €32,000
- Reserves +€288,508
up €288,508 (+186%), from €155,167 to €443,675
- Tax, wage and social debts +€8,989
up €8,989 (+34.0%), from €26,467 to €35,457
of which Taxes: +€17,782
- Gross operating margin +€228,508
up €228,508 (+65.7%), from €347,763 to €576,271
- Taxes +€98,516
up €98,516 (+285%), from €34,517 to €133,033
- Staff costs -€52,165
down €52,165 (-38.1%), from €136,954 to €84,790
- Depreciation -€28,782
down €28,782 (-32.9%), from €87,426 to €58,644
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 | €687,286 | €643,451 | -€43,835 | -6.4% |
| Fixed assets | 21/28 | €458,506 | €14,995 | -€443,511 | -96.7% |
| Intangible fixed assets | 21 | €439,627 | €0 | -€439,627 | -100% |
| Tangible fixed assets | 22/27 | €18,879 | €14,995 | -€3,885 | -20.6% |
| Furniture and vehicles | 24 | €2,676 | €1,364 | -€1,311 | -49.0% |
| Other tangible fixed assets | 26 | €16,204 | €13,631 | -€2,573 | -15.9% |
| Current assets | 29/58 | €228,779 | €628,456 | +€399,677 | +175% |
| Amounts receivable within one year | 40/41 | €100,463 | €148,425 | +€47,962 | +47.7% |
| Trade receivables | 40 | €95,892 | €146,460 | +€50,568 | +52.7% |
| Other amounts receivable | 41 | €4,571 | €1,965 | -€2,606 | -57.0% |
| Cash at bank and in hand | 54/58 | €101,995 | €463,658 | +€361,663 | +355% |
| Deferred charges and accrued income | 490/1 | €26,322 | €16,373 | -€9,948 | -37.8% |
| Total equity and liabilities | 10/49 | €687,286 | €643,451 | -€43,835 | -6.4% |
| Equity | 10/15 | €173,717 | €462,225 | +€288,508 | +166% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €155,167 | €443,675 | +€288,508 | +186% |
| Distributable reserves | 133 | €155,167 | €443,675 | +€288,508 | +186% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €513,569 | €181,227 | -€332,342 | -64.7% |
| Amounts payable after more than one year | 17 | €360,692 | €32,000 | -€328,692 | -91.1% |
| Financial debts | 170/4 | €360,692 | €32,000 | -€328,692 | -91.1% |
| Amounts payable within one year | 42/48 | €148,032 | €147,848 | -€184 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €83,628 | €84,913 | +€1,285 | +1.5% |
| Financial debts | 43 | €471 | €0 | -€471 | -100% |
| Credit institutions | 430/8 | €471 | €0 | -€471 | -100% |
| Trade debts | 44 | €7,058 | €3,719 | -€3,339 | -47.3% |
| Suppliers | 440/4 | €7,058 | €3,719 | -€3,339 | -47.3% |
| Taxes, remuneration and social security | 45 | €26,467 | €35,457 | +€8,989 | +34.0% |
| Taxes | 450/3 | €9,499 | €27,281 | +€17,782 | +187% |
| Remuneration and social security | 454/9 | €16,968 | €8,176 | -€8,793 | -51.8% |
| Other amounts payable | 47/48 | €30,408 | €23,759 | -€6,649 | -21.9% |
| Accrued charges and deferred income | 492/3 | €4,845 | €1,379 | -€3,466 | -71.5% |
| Non-recurring operating income | 76A | - | €492,370 | +€492,370 | |
| Remuneration, social security and pensions | 62 | €136,954 | €84,790 | -€52,165 | -38.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,426 | €58,644 | -€28,782 | -32.9% |
| Other operating charges | 640/8 | €1,095 | €1,046 | -€49 | -4.4% |
| Gross operating margin | 9900 | €347,763 | €576,271 | +€228,508 | +65.7% |
| Operating profit (loss) | 9901 | €122,288 | €431,791 | +€309,503 | +253% |
| Financial income | 75/76B | €62 | €837 | +€775 | +1,261% |
| Recurring financial income | 75 | €62 | €837 | +€775 | +1,261% |
| Financial charges | 65/66B | €10,641 | €10,254 | -€387 | -3.6% |
| Recurring financial charges | 65 | €10,641 | €10,254 | -€387 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €111,708 | €422,374 | +€310,666 | +278% |
| Income taxes | 67/77 | €34,517 | €133,033 | +€98,516 | +285% |
| Profit (loss) for the period | 9904 | €77,191 | €289,341 | +€212,150 | +275% |
| Profit (loss) for the period to be appropriated | 9905 | €77,191 | €289,341 | +€212,150 | +275% |
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 30 October 2026 via checked.be.