Laurens Maenhout: 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 Maenhout
Largest movements
- Tangible fixed assets +€36,534
up €36,534 (+56.4%), from €64,739 to €101,273
of which Furniture and vehicles: +€39,589
- Cash +€26,339
up €26,339 (+38.3%), from €68,703 to €95,042
mainly Net result for the year (+€83,432) and Other debts (+€71,238)
- Receivables within one year +€21,263
up €21,263 (+33.4%), from €63,597 to €84,860
of which Other amounts receivable: +€16,575
- Other debts +€71,238
up €71,238 (+156%), from €45,772 to €117,010
- Reserves +€8,432
up €8,432 (+5.9%), from €143,585 to €152,017
- Trade debts +€3,327
up €3,327 (+388%), from €857 to €4,184
- Gross operating margin +€63,927
up €63,927 (+90.3%), from €70,802 to €134,729
- Taxes +€9,783
up €9,783 (+71.5%), from €13,677 to €23,460
- Depreciation +€6,427
up €6,427 (+36.6%), from €17,539 to €23,966
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 | €199,944 | €283,226 | +€83,282 | +41.7% |
| Fixed assets | 21/28 | €64,739 | €101,273 | +€36,534 | +56.4% |
| Tangible fixed assets | 22/27 | €64,739 | €101,273 | +€36,534 | +56.4% |
| Plant, machinery and equipment | 23 | €5,036 | €1,981 | -€3,055 | -60.7% |
| Furniture and vehicles | 24 | €59,703 | €99,292 | +€39,589 | +66.3% |
| Current assets | 29/58 | €135,205 | €181,953 | +€46,748 | +34.6% |
| Amounts receivable within one year | 40/41 | €63,597 | €84,860 | +€21,263 | +33.4% |
| Trade receivables | 40 | €61,431 | €66,120 | +€4,689 | +7.6% |
| Other amounts receivable | 41 | €2,166 | €18,740 | +€16,575 | +765% |
| Cash at bank and in hand | 54/58 | €68,703 | €95,042 | +€26,339 | +38.3% |
| Deferred charges and accrued income | 490/1 | €2,905 | €2,051 | -€854 | -29.4% |
| Total equity and liabilities | 10/49 | €199,944 | €283,226 | +€83,282 | +41.7% |
| Equity | 10/15 | €148,585 | €157,017 | +€8,432 | +5.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €143,585 | €152,017 | +€8,432 | +5.9% |
| Distributable reserves | 133 | €143,585 | €152,017 | +€8,432 | +5.9% |
| Amounts payable | 17/49 | €51,359 | €126,209 | +€74,850 | +146% |
| Amounts payable within one year | 42/48 | €47,921 | €123,268 | +€75,347 | +157% |
| Trade debts | 44 | €857 | €4,184 | +€3,327 | +388% |
| Suppliers | 440/4 | €857 | €4,184 | +€3,327 | +388% |
| Taxes, remuneration and social security | 45 | €1,292 | €2,074 | +€783 | +60.6% |
| Taxes | 450/3 | €1,292 | €2,074 | +€783 | +60.6% |
| Other amounts payable | 47/48 | €45,772 | €117,010 | +€71,238 | +156% |
| Accrued charges and deferred income | 492/3 | €3,438 | €2,941 | -€497 | -14.5% |
| Non-recurring operating income | 76A | - | €4,132 | +€4,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,539 | €23,966 | +€6,427 | +36.6% |
| Other operating charges | 640/8 | €585 | €783 | +€197 | +33.7% |
| Gross operating margin | 9900 | €70,802 | €134,729 | +€63,927 | +90.3% |
| Operating profit (loss) | 9901 | €52,677 | €109,980 | +€57,302 | +109% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,573 | €3,088 | -€486 | -13.6% |
| Recurring financial charges | 65 | €3,573 | €3,088 | -€486 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €49,104 | €106,892 | +€57,788 | +118% |
| Income taxes | 67/77 | €13,677 | €23,460 | +€9,783 | +71.5% |
| Profit (loss) for the period | 9904 | €35,427 | €83,432 | +€48,004 | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €35,427 | €83,432 | +€48,004 | +136% |
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 18 October 2026 via checked.be.