LOUIS MAES: 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
LOUIS MAES
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€251,138
2024 · €198,690+€52,449
Equity
€1.9m
2024 · €2.0m-€98,598
Cash
€1,940
2024 · €1,274+€666
Balance sheet total
€2.3m
2024 · €3.2m-€898,918
Largest movements
Assets
- Financial fixed assets -€1.5m
no longer reported in 2025 (was €1.5m)
- Receivables within one year +€950,113
up €950,113 (+1,570%), from €60,500 to €1.0m
- Tangible fixed assets -€306,831
down €306,831 (-19.5%), from €1.6m to €1.3m
Equity and liabilities
- Other debts -€522,599
no longer reported in 2025 (was €522,599)
- Reserves -€427,979
down €427,979 (-26.5%), from €1.6m to €1.2m
of which Distributable reserves: -€349,736
- Profit (loss) carried forward +€329,382
up €329,382 (+95.0%), from €346,542 to €675,924
- Debts after one year -€93,776
down €93,776 (-58.3%), from €160,949 to €67,173
- Tax, wage and social debts -€72,135
no longer reported in 2025 (was €72,135)
Income statement
- Gross operating margin +€839,348
up €839,348 (+223%), from €377,103 to €1.2m
- Taxes +€240,856
up €240,856 (+433%), from €55,617 to €296,472
- Depreciation -€16,352
down €16,352 (-25.8%), from €63,432 to €47,080
- Financial charges +€14,929
up €14,929 (+155%), from €9,640 to €24,569
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.
Result 2024
€198,690
Gross operating margin
+€839,348
Depreciation
+€16,352
Other operating charges
+€3,573
Other operating items
-€574,090
Financial charges
-€14,929
Taxes
-€240,856
Deferred taxes and other
+€23,050
Result 2025
€251,138
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.3m
Investment
+€1.8m
Financing
-€467,032
Cash 2024
€1,274
From operations (derived)
-€1.3m
Net result for the year
+€251,138
Depreciation
+€47,080
Receivables within one year
-€950,113
Deferred charges and accrued income
+€1,323
Provisions
-€26,081
Trade debts
-€56,294
Tax, wage and social debts
-€72,135
Other debts
-€522,599
Accrued charges and deferred income
-€5,914
Investment (derived)
+€1.8m
Investment in fixed assets (net)
+€1.8m
Financing
-€467,032
Debts after one year
-€93,776
Current portion of long-term debt
+€1,479
Short-term financial debts
-€25,000
Contributions, distributions and other
-€349,736
Cash 2025
€1,940
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,194,358 | €2,295,440 | -€898,918 | -28.1% |
| Fixed assets | 21/28 | €3,118,655 | €1,270,282 | -€1.8m | -59.3% |
| Tangible fixed assets | 22/27 | €1,577,113 | €1,270,282 | -€306,831 | -19.5% |
| Land and buildings | 22 | €1,577,113 | €1,270,282 | -€306,831 | -19.5% |
| Financial fixed assets | 28 | €1,541,542 | - | -€1.5m | |
| Current assets | 29/58 | €75,703 | €1,025,158 | +€949,455 | +1,254% |
| Amounts receivable within one year | 40/41 | €60,500 | €1,010,613 | +€950,113 | +1,570% |
| Other amounts receivable | 41 | €60,500 | €1,010,613 | +€950,113 | +1,570% |
| Cash at bank and in hand | 54/58 | €1,274 | €1,940 | +€666 | +52.2% |
| Deferred charges and accrued income | 490/1 | €13,929 | €12,606 | -€1,323 | -9.5% |
| Total equity and liabilities | 10/49 | €3,194,358 | €2,295,440 | -€898,918 | -28.1% |
| Equity | 10/15 | €2,023,582 | €1,924,984 | -€98,598 | -4.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,615,540 | €1,187,560 | -€427,979 | -26.5% |
| Non-distributable reserves | 130/1 | €10,210 | €10,210 | = | 0.0% |
| Legal reserve | 130 | €10,210 | €10,210 | = | 0.0% |
| Tax-exempt reserves | 132 | €329,929 | €251,685 | -€78,243 | -23.7% |
| Distributable reserves | 133 | €1,275,401 | €925,665 | -€349,736 | -27.4% |
| Profit (loss) carried forward | 14 | €346,542 | €675,924 | +€329,382 | +95.0% |
| Provisions and deferred taxes | 16 | €109,976 | €83,895 | -€26,081 | -23.7% |
| Deferred taxes | 168 | €109,976 | €83,895 | -€26,081 | -23.7% |
| Amounts payable | 17/49 | €1,060,800 | €286,561 | -€774,239 | -73.0% |
| Amounts payable after more than one year | 17 | €160,949 | €67,173 | -€93,776 | -58.3% |
| Financial debts | 170/4 | €160,949 | €67,173 | -€93,776 | -58.3% |
| Amounts payable within one year | 42/48 | €893,937 | €219,388 | -€674,549 | -75.5% |
| Current portion of amounts payable after more than one year | 42 | €92,296 | €93,776 | +€1,479 | +1.6% |
| Financial debts | 43 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Credit institutions | 430/8 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Trade debts | 44 | €104,806 | €48,512 | -€56,294 | -53.7% |
| Suppliers | 440/4 | €104,806 | €48,512 | -€56,294 | -53.7% |
| Advances received on contracts in progress | 46 | €2,100 | €2,100 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €72,135 | - | -€72,135 | |
| Taxes | 450/3 | €72,135 | - | -€72,135 | |
| Other amounts payable | 47/48 | €522,599 | - | -€522,599 | |
| Accrued charges and deferred income | 492/3 | €5,914 | - | -€5,914 | |
| Non-recurring operating income | 76A | €368,742 | €1,246,839 | +€878,097 | +238% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,432 | €47,080 | -€16,352 | -25.8% |
| Other operating charges | 640/8 | €52,755 | €49,183 | -€3,573 | -6.8% |
| Non-recurring operating charges | 66A | - | €574,090 | +€574,090 | |
| Gross operating margin | 9900 | €377,103 | €1,216,451 | +€839,348 | +223% |
| Operating profit (loss) | 9901 | €260,915 | €546,098 | +€285,183 | +109% |
| Financial charges | 65/66B | €9,640 | €24,569 | +€14,929 | +155% |
| Recurring financial charges | 65 | €9,640 | €24,569 | +€14,929 | +155% |
| Profit (loss) for the period before taxes | 9903 | €251,275 | €521,529 | +€270,254 | +108% |
| Transfer from deferred taxes | 780 | €3,031 | €26,081 | +€23,050 | +760% |
| Income taxes | 67/77 | €55,617 | €296,472 | +€240,856 | +433% |
| Profit (loss) for the period | 9904 | €198,690 | €251,138 | +€52,449 | +26.4% |
| Transfer from tax-exempt reserves | 789 | €9,094 | €78,243 | +€69,150 | +760% |
| Profit (loss) for the period to be appropriated | 9905 | €207,783 | €329,382 | +€121,598 | +58.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.