Maarten Temmerman: 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 Temmerman
Largest movements
- Cash -€196,405
down €196,405 (-86.8%), from €226,277 to €29,873
mainly Contributions, distributions and other (-€353,984) and Other debts (-€122,145)
- Receivables within one year +€62,543
up €62,543 (+52.3%), from €119,675 to €182,218
of which Trade receivables: +€61,820
- Tangible fixed assets -€12,707
down €12,707 (-75.5%), from €16,821 to €4,113
of which Furniture and vehicles: -€12,180
- Other debts -€122,145
down €122,145 (-34.2%), from €357,500 to €235,355
- Reserves -€78,719
down €78,719 (-59.2%), from €132,984 to €54,265
- Tax, wage and social debts +€37,774
up €37,774 (+73.5%), from €51,415 to €89,189
- Trade debts +€16,608
up €16,608 (+204%), from €8,128 to €24,736
- Gross operating margin +€96,407
up €96,407 (+36.0%), from €267,578 to €363,985
- Taxes +€25,751
up €25,751 (+41.0%), from €62,841 to €88,592
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 | €557,527 | €411,045 | -€146,482 | -26.3% |
| Fixed assets | 21/28 | €16,821 | €4,113 | -€12,707 | -75.5% |
| Tangible fixed assets | 22/27 | €16,821 | €4,113 | -€12,707 | -75.5% |
| Furniture and vehicles | 24 | €15,966 | €3,786 | -€12,180 | -76.3% |
| Other tangible fixed assets | 26 | €855 | €328 | -€527 | -61.6% |
| Current assets | 29/58 | €540,707 | €406,932 | -€133,775 | -24.7% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €119,675 | €182,218 | +€62,543 | +52.3% |
| Trade receivables | 40 | €113,239 | €175,059 | +€61,820 | +54.6% |
| Other amounts receivable | 41 | €6,436 | €7,159 | +€724 | +11.2% |
| Cash at bank and in hand | 54/58 | €226,277 | €29,873 | -€196,405 | -86.8% |
| Deferred charges and accrued income | 490/1 | €4,754 | €4,841 | +€87 | +1.8% |
| Total equity and liabilities | 10/49 | €557,527 | €411,045 | -€146,482 | -26.3% |
| Equity | 10/15 | €140,484 | €61,765 | -€78,719 | -56.0% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €132,984 | €54,265 | -€78,719 | -59.2% |
| Distributable reserves | 133 | €132,984 | €54,265 | -€78,719 | -59.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €417,043 | €349,280 | -€67,763 | -16.2% |
| Amounts payable within one year | 42/48 | €417,043 | €349,280 | -€67,763 | -16.2% |
| Trade debts | 44 | €8,128 | €24,736 | +€16,608 | +204% |
| Suppliers | 440/4 | €8,128 | €24,736 | +€16,608 | +204% |
| Taxes, remuneration and social security | 45 | €51,415 | €89,189 | +€37,774 | +73.5% |
| Taxes | 450/3 | €51,415 | €89,189 | +€37,774 | +73.5% |
| Other amounts payable | 47/48 | €357,500 | €235,355 | -€122,145 | -34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,788 | €3,366 | -€1,422 | -29.7% |
| Other operating charges | 640/8 | €1,489 | €953 | -€536 | -36.0% |
| Gross operating margin | 9900 | €267,578 | €363,985 | +€96,407 | +36.0% |
| Operating profit (loss) | 9901 | €261,300 | €359,665 | +€98,365 | +37.6% |
| Financial income | 75/76B | €6,659 | €6,650 | -€9 | -0.1% |
| Recurring financial income | 75 | €6,659 | €6,650 | -€9 | -0.1% |
| Financial charges | 65/66B | €3,095 | €2,459 | -€637 | -20.6% |
| Recurring financial charges | 65 | €3,095 | €2,459 | -€637 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €264,864 | €363,856 | +€98,993 | +37.4% |
| Income taxes | 67/77 | €62,841 | €88,592 | +€25,751 | +41.0% |
| Profit (loss) for the period | 9904 | €202,023 | €275,265 | +€73,242 | +36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €202,023 | €275,265 | +€73,242 | +36.3% |
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 27 October 2026 via checked.be.