Maarten Dubois: 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 Dubois
Largest movements
- Cash +€49,944
up €49,944 (+181%), from €27,622 to €77,565
mainly Net result for the year (+€67,233) and Other debts (+€39,077)
- Current investments -€16,755
down €16,755 (-83.8%), from €20,000 to €3,245
- Tangible fixed assets -€8,508
down €8,508 (-16.9%), from €50,419 to €41,911
of which Furniture and vehicles: -€9,999
- Receivables within one year +€2,634
up €2,634 (+152%), from €1,728 to €4,361
- Financial fixed assets -€2,000
no longer reported in 2025 (was €2,000)
- Other debts +€39,077
up €39,077 (+71.4%), from €54,764 to €93,841
- Reserves -€25,885
no longer reported in 2025 (was €25,885)
- Tax, wage and social debts +€6,795
up €6,795 (+128%), from €5,315 to €12,110
- Trade debts +€5,327
up €5,327 (+663%), from €804 to €6,131
- Gross operating margin +€24,838
up €24,838 (+35.7%), from €69,562 to €94,400
- Depreciation +€8,790
up €8,790 (+406%), from €2,166 to €10,956
- Taxes +€2,560
up €2,560 (+19.3%), from €13,272 to €15,832
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 | €101,768 | €127,082 | +€25,314 | +24.9% |
| Fixed assets | 21/28 | €52,419 | €41,911 | -€10,508 | -20.0% |
| Tangible fixed assets | 22/27 | €50,419 | €41,911 | -€8,508 | -16.9% |
| Plant, machinery and equipment | 23 | €2,125 | €3,616 | +€1,491 | +70.1% |
| Furniture and vehicles | 24 | €48,293 | €38,294 | -€9,999 | -20.7% |
| Financial fixed assets | 28 | €2,000 | - | -€2,000 | |
| Current assets | 29/58 | €49,349 | €85,172 | +€35,822 | +72.6% |
| Amounts receivable within one year | 40/41 | €1,728 | €4,361 | +€2,634 | +152% |
| Other amounts receivable | 41 | €1,728 | €4,361 | +€2,634 | +152% |
| Current investments | 50/53 | €20,000 | €3,245 | -€16,755 | -83.8% |
| Cash at bank and in hand | 54/58 | €27,622 | €77,565 | +€49,944 | +181% |
| Total equity and liabilities | 10/49 | €101,768 | €127,082 | +€25,314 | +24.9% |
| Equity | 10/15 | €40,885 | €15,000 | -€25,885 | -63.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €25,885 | - | -€25,885 | |
| Distributable reserves | 133 | €25,885 | - | -€25,885 | |
| Amounts payable | 17/49 | €60,883 | €112,082 | +€51,199 | +84.1% |
| Amounts payable within one year | 42/48 | €60,883 | €112,082 | +€51,199 | +84.1% |
| Trade debts | 44 | €804 | €6,131 | +€5,327 | +663% |
| Suppliers | 440/4 | €804 | €6,131 | +€5,327 | +663% |
| Taxes, remuneration and social security | 45 | €5,315 | €12,110 | +€6,795 | +128% |
| Taxes | 450/3 | €5,315 | €12,110 | +€6,795 | +128% |
| Other amounts payable | 47/48 | €54,764 | €93,841 | +€39,077 | +71.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,166 | €10,956 | +€8,790 | +406% |
| Other operating charges | 640/8 | €667 | €626 | -€41 | -6.2% |
| Non-recurring operating charges | 66A | €2,793 | - | -€2,793 | |
| Gross operating margin | 9900 | €69,562 | €94,400 | +€24,838 | +35.7% |
| Operating profit (loss) | 9901 | €63,935 | €82,818 | +€18,883 | +29.5% |
| Financial income | 75/76B | - | €363 | +€363 | |
| Recurring financial income | 75 | - | €363 | +€363 | |
| Financial charges | 65/66B | €105 | €117 | +€11 | +10.6% |
| Recurring financial charges | 65 | €105 | €117 | +€11 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €63,830 | €83,065 | +€19,235 | +30.1% |
| Income taxes | 67/77 | €13,272 | €15,832 | +€2,560 | +19.3% |
| Profit (loss) for the period | 9904 | €50,558 | €67,233 | +€16,676 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,558 | €67,233 | +€16,676 | +33.0% |
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 23 October 2026 via checked.be.