Maarten Appelen: 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.
Maarten Appelen
Largest movements
- Receivables after one year +€60,298
up €60,298 (+1,206%), from €5,000 to €65,298
of which Other amounts receivable: +€53,298
- Cash -€52,912
down €52,912 (-75.2%), from €70,380 to €17,468
mainly Receivables after one year (-€60,298) and Receivables within one year (-€23,305)
- Receivables within one year +€23,305
up €23,305 (+184%), from €12,659 to €35,964
of which Trade receivables: +€21,517
- Stocks and contracts +€8,855
new in 2025: €8,855
- Reserves +€33,045
up €33,045 (+43.8%), from €75,460 to €108,505
- Tax, wage and social debts +€5,588
up €5,588 (+196%), from €2,853 to €8,441
- Gross operating margin -€5,176
down €5,176 (-10.7%), from €48,565 to €43,389
- Financial income +€1,048
up €1,048 (+356%), from €294 to €1,343
- Taxes -€785
down €785 (-7.7%), from €10,156 to €9,371
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 | €92,072 | €131,256 | +€39,184 | +42.6% |
| Fixed assets | 21/28 | €4,033 | €3,670 | -€363 | -9.0% |
| Tangible fixed assets | 22/27 | €4,033 | €3,670 | -€363 | -9.0% |
| Furniture and vehicles | 24 | €4,033 | €3,670 | -€363 | -9.0% |
| Current assets | 29/58 | €88,039 | €127,585 | +€39,546 | +44.9% |
| Amounts receivable after more than one year | 29 | €5,000 | €65,298 | +€60,298 | +1,206% |
| Trade receivables | 290 | €5,000 | €12,000 | +€7,000 | +140% |
| Other amounts receivable | 291 | - | €53,298 | +€53,298 | |
| Stocks and contracts in progress | 3 | - | €8,855 | +€8,855 | |
| Stocks | 30/36 | - | €8,855 | +€8,855 | |
| Amounts receivable within one year | 40/41 | €12,659 | €35,964 | +€23,305 | +184% |
| Trade receivables | 40 | €7,920 | €29,437 | +€21,517 | +272% |
| Other amounts receivable | 41 | €4,739 | €6,527 | +€1,788 | +37.7% |
| Cash at bank and in hand | 54/58 | €70,380 | €17,468 | -€52,912 | -75.2% |
| Total equity and liabilities | 10/49 | €92,072 | €131,256 | +€39,184 | +42.6% |
| Equity | 10/15 | €75,560 | €108,605 | +€33,045 | +43.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €75,460 | €108,505 | +€33,045 | +43.8% |
| Distributable reserves | 133 | €75,460 | €108,505 | +€33,045 | +43.8% |
| Amounts payable | 17/49 | €16,512 | €22,650 | +€6,139 | +37.2% |
| Amounts payable within one year | 42/48 | €16,512 | €22,650 | +€6,139 | +37.2% |
| Financial debts | 43 | €12,000 | €12,017 | +€17 | +0.1% |
| Credit institutions | 430/8 | €12,000 | €12,017 | +€17 | +0.1% |
| Trade debts | 44 | €1,039 | €2,192 | +€1,153 | +111% |
| Suppliers | 440/4 | €1,039 | €2,192 | +€1,153 | +111% |
| Taxes, remuneration and social security | 45 | €2,853 | €8,441 | +€5,588 | +196% |
| Taxes | 450/3 | €2,853 | €8,441 | +€5,588 | +196% |
| Other amounts payable | 47/48 | €620 | €0 | -€620 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,466 | €1,539 | +€73 | +5.0% |
| Other operating charges | 640/8 | €212 | €286 | +€74 | +35.1% |
| Gross operating margin | 9900 | €48,565 | €43,389 | -€5,176 | -10.7% |
| Operating profit (loss) | 9901 | €46,887 | €41,564 | -€5,324 | -11.4% |
| Financial income | 75/76B | €294 | €1,343 | +€1,048 | +356% |
| Recurring financial income | 75 | €294 | €1,343 | +€1,048 | +356% |
| Financial charges | 65/66B | €90 | €491 | +€401 | +445% |
| Recurring financial charges | 65 | €90 | €491 | +€401 | +445% |
| Profit (loss) for the period before taxes | 9903 | €47,092 | €42,416 | -€4,676 | -9.9% |
| Income taxes | 67/77 | €10,156 | €9,371 | -€785 | -7.7% |
| Profit (loss) for the period | 9904 | €36,936 | €33,045 | -€3,891 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,936 | €33,045 | -€3,891 | -10.5% |
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 15 October 2026 via checked.be.