Maarten Bellemans: 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 Bellemans
Largest movements
- Current investments +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Intangible fixed assets -€27,400
down €27,400 (-32.4%), from €84,483 to €57,083
- Tangible fixed assets +€23,220
up €23,220 (+20.7%), from €112,282 to €135,503
of which Furniture and vehicles: +€17,164
- Cash -€15,555
down €15,555 (-60.1%), from €25,882 to €10,326
mainly Contributions, distributions and other (-€495,000) and Current investments (-€100,000)
- Other debts +€235,328
up €235,328 (+118%), from €200,000 to €435,328
- Reserves -€167,780
down €167,780 (-68.2%), from €246,138 to €78,358
- Tax, wage and social debts +€15,800
up €15,800 (+74.2%), from €21,298 to €37,098
of which Remuneration and social security: +€18,770
- Staff costs +€34,444
up €34,444 (+27.1%), from €127,323 to €161,767
- Gross operating margin +€27,700
up €27,700 (+4.3%), from €641,806 to €669,505
- Depreciation +€11,343
up €11,343 (+18.1%), from €62,563 to €73,906
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 | €496,954 | €575,915 | +€78,961 | +15.9% |
| Fixed assets | 21/28 | €196,886 | €192,706 | -€4,180 | -2.1% |
| Intangible fixed assets | 21 | €84,483 | €57,083 | -€27,400 | -32.4% |
| Tangible fixed assets | 22/27 | €112,282 | €135,503 | +€23,220 | +20.7% |
| Plant, machinery and equipment | 23 | €76 | €451 | +€375 | +494% |
| Furniture and vehicles | 24 | €87,205 | €104,369 | +€17,164 | +19.7% |
| Other tangible fixed assets | 26 | €25,001 | €30,683 | +€5,682 | +22.7% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €300,068 | €383,209 | +€83,141 | +27.7% |
| Amounts receivable within one year | 40/41 | €69,759 | €68,213 | -€1,546 | -2.2% |
| Trade receivables | 40 | €61,395 | €68,213 | +€6,818 | +11.1% |
| Other amounts receivable | 41 | €8,364 | €0 | -€8,364 | -100% |
| Current investments | 50/53 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €25,882 | €10,326 | -€15,555 | -60.1% |
| Deferred charges and accrued income | 490/1 | €4,427 | €4,669 | +€242 | +5.5% |
| Total equity and liabilities | 10/49 | €496,954 | €575,915 | +€78,961 | +15.9% |
| Equity | 10/15 | €266,138 | €98,358 | -€167,780 | -63.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €246,138 | €78,358 | -€167,780 | -68.2% |
| Distributable reserves | 133 | €246,138 | €78,358 | -€167,780 | -68.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €230,816 | €477,557 | +€246,741 | +107% |
| Amounts payable within one year | 42/48 | €228,853 | €477,557 | +€248,703 | +109% |
| Trade debts | 44 | €7,555 | €5,131 | -€2,425 | -32.1% |
| Suppliers | 440/4 | €7,555 | €5,131 | -€2,425 | -32.1% |
| Taxes, remuneration and social security | 45 | €21,298 | €37,098 | +€15,800 | +74.2% |
| Taxes | 450/3 | €11,766 | €8,796 | -€2,970 | -25.2% |
| Remuneration and social security | 454/9 | €9,532 | €28,302 | +€18,770 | +197% |
| Other amounts payable | 47/48 | €200,000 | €435,328 | +€235,328 | +118% |
| Accrued charges and deferred income | 492/3 | €1,962 | €0 | -€1,962 | -100% |
| Non-recurring operating income | 76A | €17,500 | €0 | -€17,500 | -100% |
| Remuneration, social security and pensions | 62 | €127,323 | €161,767 | +€34,444 | +27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,563 | €73,906 | +€11,343 | +18.1% |
| Other operating charges | 640/8 | €1,755 | €1,233 | -€522 | -29.8% |
| Non-recurring operating charges | 66A | €246 | €0 | -€246 | -100% |
| Gross operating margin | 9900 | €641,806 | €669,505 | +€27,700 | +4.3% |
| Operating profit (loss) | 9901 | €449,919 | €432,600 | -€17,319 | -3.8% |
| Financial income | 75/76B | €5,350 | €4,675 | -€676 | -12.6% |
| Recurring financial income | 75 | €5,350 | €4,675 | -€676 | -12.6% |
| Financial charges | 65/66B | €72 | €541 | +€470 | +653% |
| Recurring financial charges | 65 | €72 | €541 | +€470 | +653% |
| Profit (loss) for the period before taxes | 9903 | €455,197 | €436,733 | -€18,464 | -4.1% |
| Income taxes | 67/77 | €111,812 | €109,512 | -€2,300 | -2.1% |
| Profit (loss) for the period | 9904 | €343,385 | €327,220 | -€16,165 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €343,385 | €327,220 | -€16,165 | -4.7% |
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 27 October 2026 via checked.be.