MAARTEN BUELENS: 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 BUELENS
Largest movements
- Cash +€43,704
up €43,704 (+124%), from €35,280 to €78,983
mainly Other debts (+€160,058) and Net result for the year (+€75,676)
- Tangible fixed assets -€14,877
down €14,877 (-43.2%), from €34,471 to €19,594
of which Furniture and vehicles: -€16,073
- Other debts +€160,058
up €160,058 (+147%), from €108,548 to €268,607
- Reserves -€84,593
no longer reported in 2025 (was €84,593)
- Debts after one year -€42,675
down €42,675 (-56.9%), from €75,007 to €32,332
- Taxes +€7,461
up €7,461 (+34.8%), from €21,452 to €28,913
- Financial income -€1,407
down €1,407 (-88.9%), from €1,582 to €175
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 | €313,388 | €346,102 | +€32,714 | +10.4% |
| Fixed assets | 21/28 | €269,227 | €254,350 | -€14,877 | -5.5% |
| Tangible fixed assets | 22/27 | €34,471 | €19,594 | -€14,877 | -43.2% |
| Plant, machinery and equipment | 23 | €815 | €652 | -€163 | -20.0% |
| Furniture and vehicles | 24 | €33,656 | €17,583 | -€16,073 | -47.8% |
| Other tangible fixed assets | 26 | - | €1,359 | +€1,359 | |
| Financial fixed assets | 28 | €234,756 | €234,756 | = | 0.0% |
| Current assets | 29/58 | €44,161 | €91,752 | +€47,591 | +108% |
| Current investments | 50/53 | €8,687 | €11,687 | +€3,000 | +34.5% |
| Cash at bank and in hand | 54/58 | €35,280 | €78,983 | +€43,704 | +124% |
| Deferred charges and accrued income | 490/1 | €195 | €1,082 | +€887 | +455% |
| Total equity and liabilities | 10/49 | €313,388 | €346,102 | +€32,714 | +10.4% |
| Equity | 10/15 | €85,593 | €1,000 | -€84,593 | -98.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €84,593 | - | -€84,593 | |
| Distributable reserves | 133 | €84,593 | - | -€84,593 | |
| Amounts payable | 17/49 | €227,795 | €345,102 | +€117,307 | +51.5% |
| Amounts payable after more than one year | 17 | €75,007 | €32,332 | -€42,675 | -56.9% |
| Financial debts | 170/4 | €75,007 | €32,332 | -€42,675 | -56.9% |
| Amounts payable within one year | 42/48 | €152,788 | €312,770 | +€159,982 | +105% |
| Current portion of amounts payable after more than one year | 42 | €43,237 | €42,675 | -€562 | -1.3% |
| Trade debts | 44 | €25 | €166 | +€142 | +578% |
| Suppliers | 440/4 | €25 | €166 | +€142 | +578% |
| Taxes, remuneration and social security | 45 | €978 | €1,322 | +€344 | +35.2% |
| Taxes | 450/3 | €978 | €1,322 | +€344 | +35.2% |
| Other amounts payable | 47/48 | €108,548 | €268,607 | +€160,058 | +147% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,280 | €18,196 | +€916 | +5.3% |
| Other operating charges | 640/8 | €732 | €756 | +€24 | +3.2% |
| Gross operating margin | 9900 | €125,107 | €125,126 | +€19 | 0.0% |
| Operating profit (loss) | 9901 | €107,095 | €106,173 | -€921 | -0.9% |
| Financial income | 75/76B | €1,582 | €175 | -€1,407 | -88.9% |
| Recurring financial income | 75 | €1,582 | €175 | -€1,407 | -88.9% |
| Financial charges | 65/66B | €2,631 | €1,759 | -€872 | -33.1% |
| Recurring financial charges | 65 | €2,631 | €1,759 | -€872 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €106,045 | €104,589 | -€1,456 | -1.4% |
| Income taxes | 67/77 | €21,452 | €28,913 | +€7,461 | +34.8% |
| Profit (loss) for the period | 9904 | €84,593 | €75,676 | -€8,917 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €84,593 | €75,676 | -€8,917 | -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 21 October 2026 via checked.be.