LAURENS MAECKELBERGH: 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.
LAURENS MAECKELBERGH
Largest movements
- Receivables within one year +€199,980
up €199,980 (+194%), from €103,318 to €303,298
of which Trade receivables: +€148,440
- Cash -€41,049
down €41,049 (-36.1%), from €113,790 to €72,741
mainly Receivables within one year (-€199,980) and Debts after one year (-€165,089)
- Reserves +€300,676
up €300,676 (+66.9%), from €449,186 to €749,862
- Debts after one year -€165,089
down €165,089 (-43.3%), from €381,482 to €216,393
of which Other amounts payable: -€99,706
- Tax, wage and social debts +€24,129
up €24,129 (+92.5%), from €26,074 to €50,203
of which Taxes: +€18,229
- Gross operating margin +€265,766
up €265,766 (+146%), from €181,952 to €447,718
- Taxes +€83,227
up €83,227 (+139%), from €59,845 to €143,072
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.
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.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €927,549 | €1,088,857 | +€161,308 | +17.4% |
| Fixed assets | 21/28 | €710,441 | €712,818 | +€2,377 | +0.3% |
| Tangible fixed assets | 22/27 | €1,537 | €3,914 | +€2,377 | +155% |
| Plant, machinery and equipment | 23 | €534 | €2,162 | +€1,628 | +305% |
| Furniture and vehicles | 24 | €1,003 | €1,752 | +€749 | +74.7% |
| Financial fixed assets | 28 | €708,904 | €708,904 | = | 0.0% |
| Current assets | 29/58 | €217,108 | €376,039 | +€158,931 | +73.2% |
| Amounts receivable within one year | 40/41 | €103,318 | €303,298 | +€199,980 | +194% |
| Trade receivables | 40 | €54,040 | €202,480 | +€148,440 | +275% |
| Other amounts receivable | 41 | €49,278 | €100,818 | +€51,540 | +105% |
| Cash at bank and in hand | 54/58 | €113,790 | €72,741 | -€41,049 | -36.1% |
| Total equity and liabilities | 10/49 | €927,549 | €1,088,857 | +€161,308 | +17.4% |
| Equity | 10/15 | €454,186 | €754,862 | +€300,676 | +66.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €449,186 | €749,862 | +€300,676 | +66.9% |
| Distributable reserves | 133 | €449,186 | €749,862 | +€300,676 | +66.9% |
| Amounts payable | 17/49 | €473,363 | €333,995 | -€139,368 | -29.4% |
| Amounts payable after more than one year | 17 | €381,482 | €216,393 | -€165,089 | -43.3% |
| Financial debts | 170/4 | €202,796 | €137,412 | -€65,384 | -32.2% |
| Other amounts payable | 178/9 | €178,686 | €78,981 | -€99,706 | -55.8% |
| Amounts payable within one year | 42/48 | €91,881 | €117,602 | +€25,721 | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €65,050 | €65,384 | +€334 | +0.5% |
| Trade debts | 44 | €758 | €2,016 | +€1,258 | +166% |
| Suppliers | 440/4 | €758 | €2,016 | +€1,258 | +166% |
| Taxes, remuneration and social security | 45 | €26,074 | €50,203 | +€24,129 | +92.5% |
| Taxes | 450/3 | €26,074 | €44,303 | +€18,229 | +69.9% |
| Remuneration and social security | 454/9 | - | €5,900 | +€5,900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80 | €726 | +€646 | +810% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €181,952 | €447,718 | +€265,766 | +146% |
| Operating profit (loss) | 9901 | €181,746 | €446,864 | +€265,118 | +146% |
| Financial income | 75/76B | €2,653 | €2,207 | -€446 | -16.8% |
| Recurring financial income | 75 | €2,653 | €2,207 | -€446 | -16.8% |
| Financial charges | 65/66B | €4,286 | €5,322 | +€1,036 | +24.2% |
| Recurring financial charges | 65 | €4,286 | €5,322 | +€1,036 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €180,113 | €443,748 | +€263,636 | +146% |
| Income taxes | 67/77 | €59,845 | €143,072 | +€83,227 | +139% |
| Profit (loss) for the period | 9904 | €120,268 | €300,676 | +€180,409 | +150% |
| Profit (loss) for the period to be appropriated | 9905 | €120,268 | €300,676 | +€180,409 | +150% |
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.