LUC P. 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 P. MAES
Largest movements
- Receivables after one year -€17,232
down €17,232 (-43.8%), from €39,381 to €22,149
- Receivables within one year +€12,145
up €12,145 (+16.6%), from €73,138 to €85,282
of which Trade receivables: +€15,698
- Tangible fixed assets -€3,859
down €3,859 (-6.0%), from €64,420 to €60,561
of which Plant, machinery and equipment: -€2,935
- Profit (loss) carried forward -€12,897
down €12,897 (-49.2%), from -€26,224 to -€39,121
- Trade debts +€7,296
up €7,296 (+1,087%), from €671 to €7,968
- Gross operating margin +€23,544
up €23,544 (+76.5%), from -€30,764 to -€7,220
- Financial charges -€3,694
down €3,694 (-93.2%), from €3,963 to €270
- Other operating charges +€1,228
up €1,228 (+249%), from €493 to €1,721
- Taxes -€1,012
down €1,012 (-71.5%), from €1,415 to €403
- Depreciation -€711
down €711 (-15.6%), from €4,571 to €3,859
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 | €256,120 | €248,555 | -€7,565 | -3.0% |
| Fixed assets | 21/28 | €141,502 | €137,643 | -€3,859 | -2.7% |
| Tangible fixed assets | 22/27 | €64,420 | €60,561 | -€3,859 | -6.0% |
| Plant, machinery and equipment | 23 | €63,433 | €60,498 | -€2,935 | -4.6% |
| Furniture and vehicles | 24 | €987 | €63 | -€925 | -93.7% |
| Financial fixed assets | 28 | €77,082 | €77,082 | = | 0.0% |
| Current assets | 29/58 | €114,618 | €110,912 | -€3,706 | -3.2% |
| Amounts receivable after more than one year | 29 | €39,381 | €22,149 | -€17,232 | -43.8% |
| Trade receivables | 290 | €39,381 | €22,149 | -€17,232 | -43.8% |
| Amounts receivable within one year | 40/41 | €73,138 | €85,282 | +€12,145 | +16.6% |
| Trade receivables | 40 | €69,584 | €85,282 | +€15,698 | +22.6% |
| Other amounts receivable | 41 | €3,553 | - | -€3,553 | |
| Cash at bank and in hand | 54/58 | €1,076 | €2,905 | +€1,829 | +170% |
| Deferred charges and accrued income | 490/1 | €1,024 | €576 | -€448 | -43.8% |
| Total equity and liabilities | 10/49 | €256,120 | €248,555 | -€7,565 | -3.0% |
| Equity | 10/15 | €223,162 | €210,265 | -€12,897 | -5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €230,785 | €230,785 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €228,925 | €228,925 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,224 | -€39,121 | -€12,897 | -49.2% |
| Amounts payable | 17/49 | €32,958 | €38,290 | +€5,332 | +16.2% |
| Amounts payable within one year | 42/48 | €32,958 | €38,290 | +€5,332 | +16.2% |
| Trade debts | 44 | €671 | €7,968 | +€7,296 | +1,087% |
| Suppliers | 440/4 | €671 | €7,968 | +€7,296 | +1,087% |
| Taxes, remuneration and social security | 45 | €19,386 | €17,422 | -€1,965 | -10.1% |
| Taxes | 450/3 | €19,386 | €17,422 | -€1,965 | -10.1% |
| Other amounts payable | 47/48 | €12,901 | €12,901 | = | 0.0% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,571 | €3,859 | -€711 | -15.6% |
| Other operating charges | 640/8 | €493 | €1,721 | +€1,228 | +249% |
| Gross operating margin | 9900 | -€30,764 | -€7,220 | +€23,544 | +76.5% |
| Operating profit (loss) | 9901 | -€35,828 | -€12,800 | +€23,028 | +64.3% |
| Financial income | 75/76B | €1,024 | €576 | -€448 | -43.7% |
| Recurring financial income | 75 | €1,024 | €576 | -€448 | -43.7% |
| Financial charges | 65/66B | €3,963 | €270 | -€3,694 | -93.2% |
| Recurring financial charges | 65 | €3,963 | €270 | -€3,694 | -93.2% |
| Profit (loss) for the period before taxes | 9903 | -€38,767 | -€12,494 | +€26,273 | +67.8% |
| Income taxes | 67/77 | €1,415 | €403 | -€1,012 | -71.5% |
| Profit (loss) for the period | 9904 | -€40,182 | -€12,897 | +€27,285 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,182 | -€12,897 | +€27,285 | +67.9% |
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 26 October 2026 via checked.be.