Maarten Demeyere: 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 Demeyere
Largest movements
- Tangible fixed assets +€29,351
up €29,351 (+192%), from €15,300 to €44,651
of which Land and buildings: +€25,415
- Receivables within one year +€18,571
new in 2025: €18,571
- Cash +€16,433
up €16,433 (+16.5%), from €99,394 to €115,827
mainly Net result for the year (+€63,110) and Depreciation (+€6,028)
- Current investments +€3,000
new in 2025: €3,000
- Reserves +€63,110
up €63,110 (+56.8%), from €111,148 to €174,259
- Trade debts +€2,620
up €2,620 (+1,219%), from €215 to €2,835
- Tax, wage and social debts +€2,035
up €2,035 (+143%), from €1,421 to €3,456
- Gross operating margin +€9,179
up €9,179 (+11.7%), from €78,466 to €87,645
- Depreciation +€4,328
up €4,328 (+255%), from €1,700 to €6,028
- Taxes +€1,307
up €1,307 (+8.4%), from €15,574 to €16,882
- Financial charges +€945
up €945 (+900%), from €105 to €1,050
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 | €114,694 | €182,050 | +€67,356 | +58.7% |
| Fixed assets | 21/28 | €15,300 | €44,651 | +€29,351 | +192% |
| Tangible fixed assets | 22/27 | €15,300 | €44,651 | +€29,351 | +192% |
| Land and buildings | 22 | - | €25,415 | +€25,415 | |
| Plant, machinery and equipment | 23 | - | €7,337 | +€7,337 | |
| Furniture and vehicles | 24 | €15,300 | €11,900 | -€3,400 | -22.2% |
| Current assets | 29/58 | €99,394 | €137,399 | +€38,005 | +38.2% |
| Amounts receivable within one year | 40/41 | - | €18,571 | +€18,571 | |
| Other amounts receivable | 41 | - | €18,571 | +€18,571 | |
| Current investments | 50/53 | - | €3,000 | +€3,000 | |
| Cash at bank and in hand | 54/58 | €99,394 | €115,827 | +€16,433 | +16.5% |
| Total equity and liabilities | 10/49 | €114,694 | €182,050 | +€67,356 | +58.7% |
| Equity | 10/15 | €112,648 | €175,759 | +€63,110 | +56.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €111,148 | €174,259 | +€63,110 | +56.8% |
| Distributable reserves | 133 | €111,148 | €174,259 | +€63,110 | +56.8% |
| Amounts payable | 17/49 | €2,046 | €6,291 | +€4,245 | +208% |
| Amounts payable within one year | 42/48 | €2,046 | €6,291 | +€4,245 | +208% |
| Trade debts | 44 | €215 | €2,835 | +€2,620 | +1,219% |
| Suppliers | 440/4 | €215 | €2,835 | +€2,620 | +1,219% |
| Taxes, remuneration and social security | 45 | €1,421 | €3,456 | +€2,035 | +143% |
| Taxes | 450/3 | €1,421 | €3,456 | +€2,035 | +143% |
| Other amounts payable | 47/48 | €410 | - | -€410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,700 | €6,028 | +€4,328 | +255% |
| Other operating charges | 640/8 | €1,273 | €574 | -€698 | -54.9% |
| Gross operating margin | 9900 | €78,466 | €87,645 | +€9,179 | +11.7% |
| Operating profit (loss) | 9901 | €75,494 | €81,042 | +€5,549 | +7.3% |
| Financial charges | 65/66B | €105 | €1,050 | +€945 | +900% |
| Recurring financial charges | 65 | €105 | €1,050 | +€945 | +900% |
| Profit (loss) for the period before taxes | 9903 | €75,389 | €79,992 | +€4,603 | +6.1% |
| Income taxes | 67/77 | €15,574 | €16,882 | +€1,307 | +8.4% |
| Profit (loss) for the period | 9904 | €59,815 | €63,110 | +€3,296 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €59,815 | €63,110 | +€3,296 | +5.5% |
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 25 October 2026 via checked.be.