Maarten Devreese: what changed
Two fiscal 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 Devreese
Largest movements
- Cash +€50,953
up €50,953 (+134.9%), from €37,763 to €88,717
mainly Net result for the year (+€82,331) and Depreciation (+€10,336)
- Receivables within one year +€19,090
up €19,090 (+33.3%), from €57,318 to €76,408
of which Trade receivables: +€19,226
- Tangible fixed assets -€3,152
down €3,152 (-7.6%), from €41,387 to €38,235
of which Furniture and vehicles: -€4,507
- Reserves +€82,331
up €82,331 (+105.3%), from €78,158 to €160,489
- Other debts -€20,950
down €20,950 (-93.5%), from €22,400 to €1,450
- Tax, wage and social debts +€8,035
up €8,035 (+35.4%), from €22,709 to €30,745
- Debts after one year -€3,497
down €3,497 (-38.9%), from €8,986 to €5,489
- Gross operating margin +€11,834
up €11,834 (+9.9%), from €119,732 to €131,566
- Taxes +€3,018
up €3,018 (+9.6%), from €31,392 to €34,410
- Depreciation +€1,747
up €1,747 (+20.3%), from €8,589 to €10,336
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.
Cash bridge derived
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 | €137,687 | €204,631 | +€66,944 | +48.6% |
| Fixed assets | 21/28 | €41,387 | €38,235 | -€3,152 | -7.6% |
| Tangible fixed assets | 22/27 | €41,387 | €38,235 | -€3,152 | -7.6% |
| Plant, machinery and equipment | 23 | €2,188 | €1,844 | -€343 | -15.7% |
| Furniture and vehicles | 24 | €39,199 | €34,692 | -€4,507 | -11.5% |
| Other tangible fixed assets | 26 | - | €1,699 | +€1,699 | |
| Current assets | 29/58 | €96,300 | €166,396 | +€70,095 | +72.8% |
| Amounts receivable within one year | 40/41 | €57,318 | €76,408 | +€19,090 | +33.3% |
| Trade receivables | 40 | €57,182 | €76,408 | +€19,226 | +33.6% |
| Other amounts receivable | 41 | €136 | €0 | -€136 | -100.0% |
| Cash at bank and in hand | 54/58 | €37,763 | €88,717 | +€50,953 | +134.9% |
| Deferred charges and accrued income | 490/1 | €1,219 | €1,271 | +€52 | +4.3% |
| Total equity and liabilities | 10/49 | €137,687 | €204,631 | +€66,944 | +48.6% |
| Equity | 10/15 | €79,158 | €161,489 | +€82,331 | +104.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €78,158 | €160,489 | +€82,331 | +105.3% |
| Distributable reserves | 133 | €78,158 | €160,489 | +€82,331 | +105.3% |
| Amounts payable | 17/49 | €58,529 | €43,142 | -€15,387 | -26.3% |
| Amounts payable after more than one year | 17 | €8,986 | €5,489 | -€3,497 | -38.9% |
| Financial debts | 170/4 | €8,986 | €5,489 | -€3,497 | -38.9% |
| Amounts payable within one year | 42/48 | €49,341 | €36,746 | -€12,594 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €3,373 | €3,497 | +€124 | +3.7% |
| Trade debts | 44 | €858 | €1,054 | +€196 | +22.8% |
| Suppliers | 440/4 | €858 | €1,054 | +€196 | +22.8% |
| Taxes, remuneration and social security | 45 | €22,709 | €30,745 | +€8,035 | +35.4% |
| Taxes | 450/3 | €22,709 | €30,745 | +€8,035 | +35.4% |
| Other amounts payable | 47/48 | €22,400 | €1,450 | -€20,950 | -93.5% |
| Accrued charges and deferred income | 492/3 | €203 | €907 | +€704 | +347.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,589 | €10,336 | +€1,747 | +20.3% |
| Other operating charges | 640/8 | €1,041 | €810 | -€231 | -22.2% |
| Non-recurring operating charges | 66A | - | €2,155 | +€2,155 | |
| Gross operating margin | 9900 | €119,732 | €131,566 | +€11,834 | +9.9% |
| Operating profit (loss) | 9901 | €110,102 | €118,265 | +€8,163 | +7.4% |
| Financial income | 75/76B | €146 | €0 | -€146 | -100.0% |
| Recurring financial income | 75 | €146 | €0 | -€146 | -100.0% |
| Financial charges | 65/66B | €699 | €1,524 | +€825 | +118.1% |
| Recurring financial charges | 65 | €699 | €1,524 | +€825 | +118.1% |
| Profit (loss) for the period before taxes | 9903 | €109,550 | €116,741 | +€7,192 | +6.6% |
| Income taxes | 67/77 | €31,392 | €34,410 | +€3,018 | +9.6% |
| Profit (loss) for the period | 9904 | €78,158 | €82,331 | +€4,173 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €78,158 | €82,331 | +€4,173 | +5.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.