LUC & DIRK 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.
LUC & DIRK MAES
Largest movements
- Cash +€104,570
up €104,570 (+37.0%), from €282,422 to €386,992
mainly Other debts (+€148,001) and Depreciation (+€36,165)
- Receivables within one year -€35,759
down €35,759 (-5.7%), from €631,562 to €595,804
of which Trade receivables: -€45,448
- Tangible fixed assets -€32,317
down €32,317 (-20.4%), from €158,074 to €125,757
of which Plant, machinery and equipment: -€21,605
- Stocks and contracts -€24,481
down €24,481 (-4.1%), from €599,449 to €574,968
- Other debts +€148,001
up €148,001 (+65.9%), from €224,582 to €372,584
- Reserves -€97,327
down €97,327 (-9.6%), from €1.0m to €918,106
of which Distributable reserves: -€97,327
- Trade debts -€42,312
down €42,312 (-39.5%), from €107,054 to €64,742
- Gross operating margin -€70,119
down €70,119 (-15.9%), from €442,079 to €371,960
- Taxes -€16,811
down €16,811 (-62.0%), from €27,122 to €10,311
- Staff costs -€15,367
down €15,367 (-5.2%), from €293,594 to €278,227
- Financial charges +€11,511
up €11,511 (+121%), from €9,482 to €20,994
- Write-downs -€5,182
down €5,182 (-83.7%), from €6,188 to €1,006
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,678,662 | €1,684,287 | +€5,625 | +0.3% |
| Fixed assets | 21/28 | €158,840 | €126,523 | -€32,317 | -20.3% |
| Tangible fixed assets | 22/27 | €158,074 | €125,757 | -€32,317 | -20.4% |
| Land and buildings | 22 | €88,310 | €83,599 | -€4,711 | -5.3% |
| Plant, machinery and equipment | 23 | €47,424 | €25,818 | -€21,605 | -45.6% |
| Furniture and vehicles | 24 | €22,340 | €16,340 | -€6,000 | -26.9% |
| Financial fixed assets | 28 | €766 | €766 | = | 0.0% |
| Current assets | 29/58 | €1,519,822 | €1,557,764 | +€37,942 | +2.5% |
| Stocks and contracts in progress | 3 | €599,449 | €574,968 | -€24,481 | -4.1% |
| Stocks | 30/36 | €599,449 | €574,968 | -€24,481 | -4.1% |
| Amounts receivable within one year | 40/41 | €631,562 | €595,804 | -€35,759 | -5.7% |
| Trade receivables | 40 | €621,052 | €575,604 | -€45,448 | -7.3% |
| Other amounts receivable | 41 | €10,510 | €20,199 | +€9,689 | +92.2% |
| Cash at bank and in hand | 54/58 | €282,422 | €386,992 | +€104,570 | +37.0% |
| Deferred charges and accrued income | 490/1 | €6,389 | €0 | -€6,389 | -100% |
| Total equity and liabilities | 10/49 | €1,678,662 | €1,684,287 | +€5,625 | +0.3% |
| Equity | 10/15 | €1,077,407 | €980,080 | -€97,327 | -9.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,015,434 | €918,106 | -€97,327 | -9.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,015,434 | €918,106 | -€97,327 | -9.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €97,515 | €97,515 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €97,515 | €97,515 | = | 0.0% |
| Pensions and similar obligations | 160 | €97,515 | €97,515 | = | 0.0% |
| Amounts payable | 17/49 | €503,739 | €606,692 | +€102,953 | +20.4% |
| Amounts payable within one year | 42/48 | €496,901 | €588,130 | +€91,228 | +18.4% |
| Trade debts | 44 | €107,054 | €64,742 | -€42,312 | -39.5% |
| Suppliers | 440/4 | €107,054 | €64,742 | -€42,312 | -39.5% |
| Advances received on contracts in progress | 46 | €64,264 | €64,119 | -€145 | -0.2% |
| Taxes, remuneration and social security | 45 | €101,001 | €86,686 | -€14,316 | -14.2% |
| Taxes | 450/3 | €47,189 | €38,806 | -€8,383 | -17.8% |
| Remuneration and social security | 454/9 | €53,813 | €47,880 | -€5,933 | -11.0% |
| Other amounts payable | 47/48 | €224,582 | €372,584 | +€148,001 | +65.9% |
| Accrued charges and deferred income | 492/3 | €6,838 | €18,562 | +€11,724 | +171% |
| Non-recurring operating income | 76A | €12,800 | €1,299 | -€11,501 | -89.9% |
| Remuneration, social security and pensions | 62 | €293,594 | €278,227 | -€15,367 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,579 | €36,165 | -€2,414 | -6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,188 | €1,006 | -€5,182 | -83.7% |
| Other operating charges | 640/8 | €8,359 | €8,463 | +€104 | +1.2% |
| Gross operating margin | 9900 | €442,079 | €371,960 | -€70,119 | -15.9% |
| Operating profit (loss) | 9901 | €95,360 | €48,099 | -€47,260 | -49.6% |
| Financial income | 75/76B | €7,794 | €6,351 | -€1,443 | -18.5% |
| Recurring financial income | 75 | €7,794 | €6,351 | -€1,443 | -18.5% |
| Financial charges | 65/66B | €9,482 | €20,994 | +€11,511 | +121% |
| Recurring financial charges | 65 | €9,482 | €20,994 | +€11,511 | +121% |
| Profit (loss) for the period before taxes | 9903 | €93,671 | €33,456 | -€60,215 | -64.3% |
| Income taxes | 67/77 | €27,122 | €10,311 | -€16,811 | -62.0% |
| Profit (loss) for the period | 9904 | €66,549 | €23,146 | -€43,404 | -65.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,549 | €23,146 | -€43,404 | -65.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.