Maarten De Ceulaer: 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 De Ceulaer
Largest movements
- Tangible fixed assets +€71,389
up €71,389 (+22.9%), from €312,378 to €383,767
of which Land and buildings: +€77,825
- Receivables within one year -€34,646
down €34,646 (-71.3%), from €48,581 to €13,934
of which Trade receivables: -€33,932
- Cash +€15,276
up €15,276 (+226%), from €6,747 to €22,023
mainly Other debts (+€56,277) and Receivables within one year (+€34,646)
- Other debts +€56,277
up €56,277 (+77.4%), from €72,713 to €128,989
- Debts after one year -€13,385
down €13,385 (-5.7%), from €234,916 to €221,531
- Reserves +€5,872
up €5,872 (+12.6%), from €46,629 to €52,502
- Depreciation -€27,318
down €27,318 (-53.4%), from €51,149 to €23,831
- Gross operating margin +€3,869
up €3,869 (+9.8%), from €39,359 to €43,228
- Financial charges +€2,935
up €2,935 (+39.4%), from €7,458 to €10,393
- Other operating charges -€1,464
down €1,464 (-44.7%), from €3,275 to €1,812
- Financial income -€471
down €471 (-92.3%), from €511 to €40
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 | €383,277 | €432,521 | +€49,244 | +12.8% |
| Fixed assets | 21/28 | €312,378 | €383,767 | +€71,389 | +22.9% |
| Tangible fixed assets | 22/27 | €312,378 | €383,767 | +€71,389 | +22.9% |
| Land and buildings | 22 | €303,360 | €381,184 | +€77,825 | +25.7% |
| Plant, machinery and equipment | 23 | €1,169 | €663 | -€506 | -43.3% |
| Furniture and vehicles | 24 | €7,849 | €1,919 | -€5,930 | -75.5% |
| Current assets | 29/58 | €70,899 | €48,755 | -€22,144 | -31.2% |
| Stocks and contracts in progress | 3 | €15,571 | €12,798 | -€2,774 | -17.8% |
| Stocks | 30/36 | €15,571 | €12,798 | -€2,774 | -17.8% |
| Amounts receivable within one year | 40/41 | €48,581 | €13,934 | -€34,646 | -71.3% |
| Trade receivables | 40 | €47,866 | €13,934 | -€33,932 | -70.9% |
| Other amounts receivable | 41 | €715 | - | -€715 | |
| Cash at bank and in hand | 54/58 | €6,747 | €22,023 | +€15,276 | +226% |
| Total equity and liabilities | 10/49 | €383,277 | €432,521 | +€49,244 | +12.8% |
| Equity | 10/15 | €47,629 | €53,502 | +€5,872 | +12.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €46,629 | €52,502 | +€5,872 | +12.6% |
| Distributable reserves | 133 | €46,629 | €52,502 | +€5,872 | +12.6% |
| Amounts payable | 17/49 | €335,648 | €379,019 | +€43,372 | +12.9% |
| Amounts payable after more than one year | 17 | €234,916 | €221,531 | -€13,385 | -5.7% |
| Financial debts | 170/4 | €234,916 | €221,531 | -€13,385 | -5.7% |
| Amounts payable within one year | 42/48 | €88,732 | €145,488 | +€56,757 | +64.0% |
| Current portion of amounts payable after more than one year | 42 | €12,829 | €13,385 | +€556 | +4.3% |
| Trade debts | 44 | €3,102 | €1,432 | -€1,670 | -53.8% |
| Suppliers | 440/4 | €3,102 | €1,432 | -€1,670 | -53.8% |
| Taxes, remuneration and social security | 45 | €88 | €1,682 | +€1,594 | +1,806% |
| Taxes | 450/3 | €88 | €1,682 | +€1,594 | +1,806% |
| Other amounts payable | 47/48 | €72,713 | €128,989 | +€56,277 | +77.4% |
| Accrued charges and deferred income | 492/3 | €12,000 | €12,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,149 | €23,831 | -€27,318 | -53.4% |
| Other operating charges | 640/8 | €3,275 | €1,812 | -€1,464 | -44.7% |
| Non-recurring operating charges | 66A | €541 | €380 | -€161 | -29.8% |
| Gross operating margin | 9900 | €39,359 | €43,228 | +€3,869 | +9.8% |
| Operating profit (loss) | 9901 | -€15,607 | €17,205 | +€32,813 | |
| Financial income | 75/76B | €511 | €40 | -€471 | -92.3% |
| Recurring financial income | 75 | €511 | €40 | -€471 | -92.3% |
| Financial charges | 65/66B | €7,458 | €10,393 | +€2,935 | +39.4% |
| Recurring financial charges | 65 | €7,458 | €10,393 | +€2,935 | +39.4% |
| Profit (loss) for the period before taxes | 9903 | -€22,555 | €6,852 | +€29,406 | |
| Income taxes | 67/77 | €144 | €146 | +€2 | +1.4% |
| Profit (loss) for the period | 9904 | -€22,699 | €6,705 | +€29,404 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,699 | €6,705 | +€29,404 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.