Maarten Draye Advocaat: 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 Draye Advocaat
Largest movements
- Deferred charges and accrued income -€71,858
down €71,858 (-71.9%), from €100,000 to €28,142
- Receivables within one year +€19,914
up €19,914 (+2,556%), from €779 to €20,693
of which Trade receivables: +€16,866
- Cash -€3,803
down €3,803 (-3.2%), from €120,241 to €116,438
mainly Contributions, distributions and other (-€121,188) and Other debts (-€36,851)
- Other debts -€36,851
down €36,851 (-20.8%), from €177,249 to €140,398
- Reserves -€15,500
no longer reported in 2025 (was €15,500)
- Tax, wage and social debts -€4,302
down €4,302 (-46.6%), from €9,235 to €4,933
- Gross operating margin -€73,022
down €73,022 (-34.6%), from €211,295 to €138,273
- Taxes -€18,048
down €18,048 (-36.7%), from €49,221 to €31,174
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 | €223,779 | €166,752 | -€57,027 | -25.5% |
| Fixed assets | 21/28 | €2,760 | €1,480 | -€1,280 | -46.4% |
| Tangible fixed assets | 22/27 | €2,760 | €1,480 | -€1,280 | -46.4% |
| Plant, machinery and equipment | 23 | €2,760 | €1,480 | -€1,280 | -46.4% |
| Current assets | 29/58 | €221,020 | €165,272 | -€55,748 | -25.2% |
| Amounts receivable within one year | 40/41 | €779 | €20,693 | +€19,914 | +2,556% |
| Trade receivables | 40 | - | €16,866 | +€16,866 | |
| Other amounts receivable | 41 | €779 | €3,826 | +€3,048 | +391% |
| Cash at bank and in hand | 54/58 | €120,241 | €116,438 | -€3,803 | -3.2% |
| Deferred charges and accrued income | 490/1 | €100,000 | €28,142 | -€71,858 | -71.9% |
| Total equity and liabilities | 10/49 | €223,779 | €166,752 | -€57,027 | -25.5% |
| Equity | 10/15 | €34,100 | €18,600 | -€15,500 | -45.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,500 | - | -€15,500 | |
| Distributable reserves | 133 | €15,500 | - | -€15,500 | |
| Amounts payable | 17/49 | €189,679 | €148,152 | -€41,527 | -21.9% |
| Amounts payable within one year | 42/48 | €188,778 | €147,233 | -€41,545 | -22.0% |
| Trade debts | 44 | €2,294 | €1,902 | -€392 | -17.1% |
| Suppliers | 440/4 | €2,294 | €1,902 | -€392 | -17.1% |
| Taxes, remuneration and social security | 45 | €9,235 | €4,933 | -€4,302 | -46.6% |
| Taxes | 450/3 | €9,235 | €4,933 | -€4,302 | -46.6% |
| Other amounts payable | 47/48 | €177,249 | €140,398 | -€36,851 | -20.8% |
| Accrued charges and deferred income | 492/3 | €901 | €919 | +€18 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €623 | €825 | +€202 | +32.4% |
| Other operating charges | 640/8 | €568 | €629 | +€61 | +10.7% |
| Gross operating margin | 9900 | €211,295 | €138,273 | -€73,022 | -34.6% |
| Operating profit (loss) | 9901 | €210,103 | €136,819 | -€73,285 | -34.9% |
| Financial income | 75/76B | €1 | €51 | +€51 | +6,763% |
| Recurring financial income | 75 | €1 | €51 | +€51 | +6,763% |
| Financial charges | 65/66B | €62 | €8 | -€54 | -86.6% |
| Recurring financial charges | 65 | €62 | €8 | -€54 | -86.6% |
| Profit (loss) for the period before taxes | 9903 | €210,042 | €136,862 | -€73,180 | -34.8% |
| Income taxes | 67/77 | €49,221 | €31,174 | -€18,048 | -36.7% |
| Profit (loss) for the period | 9904 | €160,821 | €105,688 | -€55,132 | -34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €160,821 | €105,688 | -€55,132 | -34.3% |
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.