MAARTEN BOERMANS: 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 BOERMANS
Largest movements
- Cash -€81,508
down €81,508 (-62.4%), from €130,565 to €49,057
mainly Other debts (-€116,509) and Investment in fixed assets (net) (-€14,140)
- Tangible fixed assets +€4,448
up €4,448 (+21.4%), from €20,805 to €25,253
of which Furniture and vehicles: +€9,008
- Receivables within one year +€2,172
up €2,172 (+13.6%), from €15,982 to €18,154
of which Other amounts receivable: +€1,616
- Other debts -€116,509
down €116,509 (-82.9%), from €140,549 to €24,040
- Profit (loss) carried forward +€32,443
up €32,443 (+249%), from €13,050 to €45,493
- Contributions +€6,138
up €6,138 (+49.3%), from €12,462 to €18,600
- Trade debts +€4,136
up €4,136 (+186%), from €2,227 to €6,364
- Gross operating margin +€26,964
up €26,964 (+93.4%), from €28,877 to €55,840
- Taxes +€4,136
up €4,136 (+76.4%), from €5,416 to €9,552
- Depreciation +€2,227
up €2,227 (+29.8%), from €7,465 to €9,692
- Staff costs +€1,895
up €1,895 (+276%), from €687 to €2,582
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 | €172,109 | €98,409 | -€73,700 | -42.8% |
| Fixed assets | 21/28 | €20,805 | €25,253 | +€4,448 | +21.4% |
| Tangible fixed assets | 22/27 | €20,805 | €25,253 | +€4,448 | +21.4% |
| Plant, machinery and equipment | 23 | €19,132 | €14,572 | -€4,560 | -23.8% |
| Furniture and vehicles | 24 | €1,673 | €10,681 | +€9,008 | +538% |
| Current assets | 29/58 | €151,304 | €73,156 | -€78,148 | -51.6% |
| Stocks and contracts in progress | 3 | €4,388 | €5,564 | +€1,176 | +26.8% |
| Stocks | 30/36 | €4,388 | €5,564 | +€1,176 | +26.8% |
| Amounts receivable within one year | 40/41 | €15,982 | €18,154 | +€2,172 | +13.6% |
| Trade receivables | 40 | €12,545 | €13,101 | +€556 | +4.4% |
| Other amounts receivable | 41 | €3,437 | €5,054 | +€1,616 | +47.0% |
| Cash at bank and in hand | 54/58 | €130,565 | €49,057 | -€81,508 | -62.4% |
| Deferred charges and accrued income | 490/1 | €368 | €381 | +€12 | +3.4% |
| Total equity and liabilities | 10/49 | €172,109 | €98,409 | -€73,700 | -42.8% |
| Equity | 10/15 | €27,372 | €65,953 | +€38,581 | +141% |
| Contributions | 10/11 | €12,462 | €18,600 | +€6,138 | +49.3% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,050 | €45,493 | +€32,443 | +249% |
| Amounts payable | 17/49 | €144,737 | €32,456 | -€112,281 | -77.6% |
| Amounts payable within one year | 42/48 | €144,737 | €32,456 | -€112,281 | -77.6% |
| Trade debts | 44 | €2,227 | €6,364 | +€4,136 | +186% |
| Suppliers | 440/4 | €2,227 | €6,364 | +€4,136 | +186% |
| Taxes, remuneration and social security | 45 | €1,961 | €2,053 | +€91 | +4.7% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €1,961 | €2,053 | +€91 | +4.7% |
| Other amounts payable | 47/48 | €140,549 | €24,040 | -€116,509 | -82.9% |
| Remuneration, social security and pensions | 62 | €687 | €2,582 | +€1,895 | +276% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,465 | €9,692 | +€2,227 | +29.8% |
| Other operating charges | 640/8 | €1,748 | €1,386 | -€361 | -20.7% |
| Gross operating margin | 9900 | €28,877 | €55,840 | +€26,964 | +93.4% |
| Operating profit (loss) | 9901 | €18,977 | €42,180 | +€23,204 | +122% |
| Financial income | 75/76B | €0 | €0 | +€0 | +83.3% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +83.3% |
| Financial charges | 65/66B | €159 | €185 | +€26 | +16.5% |
| Recurring financial charges | 65 | €159 | €185 | +€26 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €18,818 | €41,995 | +€23,177 | +123% |
| Income taxes | 67/77 | €5,416 | €9,552 | +€4,136 | +76.4% |
| Profit (loss) for the period | 9904 | €13,402 | €32,443 | +€19,042 | +142% |
| Profit (loss) for the period to be appropriated | 9905 | €13,402 | €32,443 | +€19,042 | +142% |
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 22 October 2026 via checked.be.