MAARTEN VAN DE VOORDE: 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 VAN DE VOORDE
Largest movements
- Receivables within one year -€117,284
down €117,284 (-86.1%), from €136,167 to €18,883
of which Other amounts receivable: -€121,662
- Cash +€40,719
up €40,719 (+122%), from €33,294 to €74,014
mainly Receivables within one year (+€117,284) and Depreciation (+€26,028)
- Tangible fixed assets -€23,816
down €23,816 (-5.0%), from €480,826 to €457,009
of which Land and buildings: -€21,665
- Current investments +€12,140
up €12,140 (+60.3%), from €20,126 to €32,266
- Profit (loss) carried forward -€82,895
down €82,895 (-100%), from €82,895 to €0
- Other debts +€16,870
new in 2025: €16,870
- Reserves +€16,630
up €16,630 (+10.2%), from €163,024 to €179,653
of which Distributable reserves: +€16,630
- Debts after one year -€15,566
down €15,566 (-4.6%), from €341,678 to €326,112
of which Financial debts: -€36,605
- Current portion of long-term debt -€7,966
down €7,966 (-17.9%), from €44,571 to €36,605
- Gross operating margin -€19,692
down €19,692 (-24.0%), from €82,062 to €62,370
- Financial income -€7,938
down €7,938 (-83.7%), from €9,489 to €1,551
- Taxes -€7,694
down €7,694 (-45.0%), from €17,096 to €9,403
- Financial charges -€3,395
down €3,395 (-29.9%), from €11,344 to €7,949
- Other operating charges +€1,798
up €1,798 (+85.1%), from €2,114 to €3,912
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 | €672,303 | €587,418 | -€84,884 | -12.6% |
| Fixed assets | 21/28 | €480,826 | €457,009 | -€23,816 | -5.0% |
| Tangible fixed assets | 22/27 | €480,826 | €457,009 | -€23,816 | -5.0% |
| Land and buildings | 22 | €466,790 | €445,125 | -€21,665 | -4.6% |
| Plant, machinery and equipment | 23 | - | €1,942 | +€1,942 | |
| Furniture and vehicles | 24 | €9,536 | €5,443 | -€4,093 | -42.9% |
| Other tangible fixed assets | 26 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €191,477 | €130,409 | -€61,068 | -31.9% |
| Amounts receivable within one year | 40/41 | €136,167 | €18,883 | -€117,284 | -86.1% |
| Trade receivables | 40 | €14,498 | €18,876 | +€4,378 | +30.2% |
| Other amounts receivable | 41 | €121,669 | €7 | -€121,662 | -100.0% |
| Current investments | 50/53 | €20,126 | €32,266 | +€12,140 | +60.3% |
| Cash at bank and in hand | 54/58 | €33,294 | €74,014 | +€40,719 | +122% |
| Deferred charges and accrued income | 490/1 | €1,890 | €5,247 | +€3,357 | +178% |
| Total equity and liabilities | 10/49 | €672,303 | €587,418 | -€84,884 | -12.6% |
| Equity | 10/15 | €255,919 | €189,653 | -€66,266 | -25.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €163,024 | €179,653 | +€16,630 | +10.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €163,024 | €179,653 | +€16,630 | +10.2% |
| Profit (loss) carried forward | 14 | €82,895 | €0 | -€82,895 | -100% |
| Amounts payable | 17/49 | €416,383 | €397,765 | -€18,618 | -4.5% |
| Amounts payable after more than one year | 17 | €341,678 | €326,112 | -€15,566 | -4.6% |
| Financial debts | 170/4 | €341,678 | €305,073 | -€36,605 | -10.7% |
| Other amounts payable | 178/9 | - | €21,040 | +€21,040 | |
| Amounts payable within one year | 42/48 | €74,705 | €71,653 | -€3,053 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €44,571 | €36,605 | -€7,966 | -17.9% |
| Financial debts | 43 | €2,119 | €527 | -€1,592 | -75.1% |
| Credit institutions | 430/8 | €2,119 | €527 | -€1,592 | -75.1% |
| Trade debts | 44 | €9,275 | €4,567 | -€4,709 | -50.8% |
| Suppliers | 440/4 | €9,275 | €4,567 | -€4,709 | -50.8% |
| Advances received on contracts in progress | 46 | €625 | €0 | -€625 | -100% |
| Taxes, remuneration and social security | 45 | €18,115 | €13,084 | -€5,031 | -27.8% |
| Taxes | 450/3 | €18,115 | €13,084 | -€5,031 | -27.8% |
| Other amounts payable | 47/48 | - | €16,870 | +€16,870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,694 | €26,028 | +€334 | +1.3% |
| Other operating charges | 640/8 | €2,114 | €3,912 | +€1,798 | +85.1% |
| Gross operating margin | 9900 | €82,062 | €62,370 | -€19,692 | -24.0% |
| Operating profit (loss) | 9901 | €54,254 | €32,430 | -€21,825 | -40.2% |
| Financial income | 75/76B | €9,489 | €1,551 | -€7,938 | -83.7% |
| Recurring financial income | 75 | €9,489 | €1,551 | -€7,938 | -83.7% |
| Financial charges | 65/66B | €11,344 | €7,949 | -€3,395 | -29.9% |
| Recurring financial charges | 65 | €11,344 | €7,949 | -€3,395 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €52,400 | €26,032 | -€26,367 | -50.3% |
| Income taxes | 67/77 | €17,096 | €9,403 | -€7,694 | -45.0% |
| Profit (loss) for the period | 9904 | €35,303 | €16,630 | -€18,674 | -52.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,303 | €16,630 | -€18,674 | -52.9% |
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 31 October 2026 via checked.be.