KIM MAESSEN: 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.
What changed
KIM MAESSEN
NACE 47.770, Retail sale of watches and jewellery
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€51,814
2025 · -€5,084+€56,898
Equity
€663,757
2025 · €611,942+€51,814
Cash
€37,919
2025 · €25,063+€12,856
Balance sheet total
€1.6m
2025 · €1.6m+€26,787
Largest movements
Assets
- Stocks and contracts +€52,990
up €52,990 (+4.0%), from €1.3m to €1.4m
- Tangible fixed assets -€38,455
down €38,455 (-18.7%), from €205,265 to €166,811
of which Furniture and vehicles: -€29,637
Equity and liabilities
- Debts after one year -€57,832
down €57,832 (-76.6%), from €75,521 to €17,689
- Profit (loss) carried forward +€51,814
up €51,814 (+15.7%), from €330,612 to €382,426
- Other debts +€41,669
up €41,669 (+5.7%), from €729,224 to €770,893
- Trade debts -€34,202
down €34,202 (-46.4%), from €73,649 to €39,447
- Tax, wage and social debts +€23,157
up €23,157 (+155%), from €14,912 to €38,069
of which Taxes: +€23,038
Income statement
- Gross operating margin +€77,465
up €77,465 (+64.4%), from €120,344 to €197,809
- Taxes +€19,429
up €19,429 (+5,804%), from €335 to €19,764
From the 2025 result to the 2026 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.
Result 2025
-€5,084
Gross operating margin
+€77,465
Staff costs
-€1,122
Depreciation
+€588
Write-downs
-€1,321
Other operating charges
-€43
Financial income
-€72
Financial charges
+€833
Taxes
-€19,429
Result 2026
€51,814
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€68,507
Investment
€0
Financing
-€55,651
Cash 2025
€25,063
From operations (derived)
+€68,507
Net result for the year
+€51,814
Depreciation
+€38,765
Stocks and contracts
-€52,990
Receivables within one year
+€850
Deferred charges and accrued income
-€555
Trade debts
-€34,202
Tax, wage and social debts
+€23,157
Other debts
+€41,669
Financing
-€55,651
Debts after one year
-€57,832
Current portion of long-term debt
+€2,181
Cash 2026
€37,919
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,560,899 | €1,587,686 | +€26,787 | +1.7% |
| Fixed assets | 21/28 | €205,695 | €166,931 | -€38,765 | -18.8% |
| Intangible fixed assets | 21 | €310 | - | -€310 | |
| Tangible fixed assets | 22/27 | €205,265 | €166,811 | -€38,455 | -18.7% |
| Land and buildings | 22 | €121,058 | €112,658 | -€8,400 | -6.9% |
| Plant, machinery and equipment | 23 | €1,071 | €654 | -€418 | -39.0% |
| Furniture and vehicles | 24 | €83,136 | €53,499 | -€29,637 | -35.6% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €1,355,204 | €1,420,755 | +€65,551 | +4.8% |
| Stocks and contracts in progress | 3 | €1,319,639 | €1,372,630 | +€52,990 | +4.0% |
| Stocks | 30/36 | €1,319,639 | €1,372,630 | +€52,990 | +4.0% |
| Amounts receivable within one year | 40/41 | €941 | €91 | -€850 | -90.3% |
| Trade receivables | 40 | €659 | - | -€659 | |
| Other amounts receivable | 41 | €282 | €91 | -€191 | -67.7% |
| Cash at bank and in hand | 54/58 | €25,063 | €37,919 | +€12,856 | +51.3% |
| Deferred charges and accrued income | 490/1 | €9,561 | €10,116 | +€555 | +5.8% |
| Total equity and liabilities | 10/49 | €1,560,899 | €1,587,686 | +€26,787 | +1.7% |
| Equity | 10/15 | €611,942 | €663,757 | +€51,814 | +8.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €131,331 | €131,331 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €116,331 | €116,331 | = | 0.0% |
| Profit (loss) carried forward | 14 | €330,612 | €382,426 | +€51,814 | +15.7% |
| Amounts payable | 17/49 | €948,957 | €923,929 | -€25,028 | -2.6% |
| Amounts payable after more than one year | 17 | €75,521 | €17,689 | -€57,832 | -76.6% |
| Financial debts | 170/4 | €75,521 | €17,689 | -€57,832 | -76.6% |
| Amounts payable within one year | 42/48 | €873,436 | €906,241 | +€32,805 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €55,651 | €57,832 | +€2,181 | +3.9% |
| Trade debts | 44 | €73,649 | €39,447 | -€34,202 | -46.4% |
| Suppliers | 440/4 | €73,649 | €39,447 | -€34,202 | -46.4% |
| Taxes, remuneration and social security | 45 | €14,912 | €38,069 | +€23,157 | +155% |
| Taxes | 450/3 | €9,215 | €32,254 | +€23,038 | +250% |
| Remuneration and social security | 454/9 | €5,696 | €5,815 | +€119 | +2.1% |
| Other amounts payable | 47/48 | €729,224 | €770,893 | +€41,669 | +5.7% |
| Remuneration, social security and pensions | 62 | €45,915 | €47,037 | +€1,122 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,352 | €38,765 | -€588 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,321 | +€1,321 | |
| Other operating charges | 640/8 | €3,760 | €3,803 | +€43 | +1.1% |
| Gross operating margin | 9900 | €120,344 | €197,809 | +€77,465 | +64.4% |
| Operating profit (loss) | 9901 | €31,317 | €106,883 | +€75,566 | +241% |
| Financial income | 75/76B | €102 | €30 | -€72 | -70.7% |
| Recurring financial income | 75 | €102 | €30 | -€72 | -70.7% |
| Financial charges | 65/66B | €36,168 | €35,335 | -€833 | -2.3% |
| Recurring financial charges | 65 | €36,168 | €35,335 | -€833 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,749 | €71,578 | +€76,327 | |
| Income taxes | 67/77 | €335 | €19,764 | +€19,429 | +5,804% |
| Profit (loss) for the period | 9904 | -€5,084 | €51,814 | +€56,898 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,084 | €51,814 | +€56,898 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.