MAERTEN & PARTNERS: 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.
MAERTEN & PARTNERS
Largest movements
- Cash +€132,357
up €132,357 (+31.7%), from €417,515 to €549,872
mainly Net result for the year (+€212,001) and Receivables within one year (+€119,484)
- Receivables within one year -€119,484
down €119,484 (-7.4%), from €1.6m to €1.5m
of which Trade receivables: -€155,619
- Trade debts -€38,978
down €38,978 (-2.6%), from €1.5m to €1.5m
- Other debts +€29,331
up €29,331 (+7.9%), from €369,069 to €398,401
- Reserves +€25,001
up €25,001 (+16.3%), from €153,628 to €178,629
of which Distributable reserves: +€25,001
- Gross operating margin +€82,062
up €82,062 (+51.0%), from €160,871 to €242,933
- Financial charges -€6,357
down €6,357 (-85.6%), from €7,429 to €1,072
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 | €2,132,590 | €2,134,613 | +€2,023 | +0.1% |
| Fixed assets | 21/28 | €96,948 | €84,414 | -€12,534 | -12.9% |
| Intangible fixed assets | 21 | €21,059 | €12,496 | -€8,563 | -40.7% |
| Tangible fixed assets | 22/27 | €46,089 | €42,118 | -€3,971 | -8.6% |
| Plant, machinery and equipment | 23 | €15,730 | €15,256 | -€474 | -3.0% |
| Furniture and vehicles | 24 | €11,138 | €10,476 | -€662 | -5.9% |
| Other tangible fixed assets | 26 | €19,221 | €16,386 | -€2,835 | -14.7% |
| Financial fixed assets | 28 | €29,800 | €29,800 | = | 0.0% |
| Current assets | 29/58 | €2,035,642 | €2,050,199 | +€14,557 | +0.7% |
| Amounts receivable within one year | 40/41 | €1,612,591 | €1,493,108 | -€119,484 | -7.4% |
| Trade receivables | 40 | €1,529,729 | €1,374,110 | -€155,619 | -10.2% |
| Other amounts receivable | 41 | €82,862 | €118,998 | +€36,136 | +43.6% |
| Cash at bank and in hand | 54/58 | €417,515 | €549,872 | +€132,357 | +31.7% |
| Deferred charges and accrued income | 490/1 | €5,535 | €7,219 | +€1,684 | +30.4% |
| Total equity and liabilities | 10/49 | €2,132,590 | €2,134,613 | +€2,023 | +0.1% |
| Equity | 10/15 | €229,878 | €254,879 | +€25,001 | +10.9% |
| Contributions | 10/11 | €76,250 | €76,250 | = | 0.0% |
| Capital | 10 | €76,250 | €76,250 | = | 0.0% |
| Issued capital | 100 | €76,250 | €76,250 | = | 0.0% |
| Reserves | 13 | €153,628 | €178,629 | +€25,001 | +16.3% |
| Non-distributable reserves | 130/1 | €7,625 | €7,625 | = | 0.0% |
| Legal reserve | 130 | €7,625 | €7,625 | = | 0.0% |
| Distributable reserves | 133 | €146,003 | €171,004 | +€25,001 | +17.1% |
| Amounts payable | 17/49 | €1,902,712 | €1,879,734 | -€22,978 | -1.2% |
| Amounts payable within one year | 42/48 | €1,864,204 | €1,853,432 | -€10,772 | -0.6% |
| Trade debts | 44 | €1,494,009 | €1,455,032 | -€38,978 | -2.6% |
| Suppliers | 440/4 | €1,494,009 | €1,455,032 | -€38,978 | -2.6% |
| Taxes, remuneration and social security | 45 | €1,126 | - | -€1,126 | |
| Taxes | 450/3 | €1,126 | - | -€1,126 | |
| Other amounts payable | 47/48 | €369,069 | €398,401 | +€29,331 | +7.9% |
| Accrued charges and deferred income | 492/3 | €38,508 | €26,301 | -€12,206 | -31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,023 | €14,212 | +€2,189 | +18.2% |
| Other operating charges | 640/8 | €2,121 | €1,993 | -€129 | -6.1% |
| Gross operating margin | 9900 | €160,871 | €242,933 | +€82,062 | +51.0% |
| Operating profit (loss) | 9901 | €146,727 | €226,729 | +€80,002 | +54.5% |
| Financial income | 75/76B | €954 | €2,334 | +€1,380 | +145% |
| Recurring financial income | 75 | €954 | €2,334 | +€1,380 | +145% |
| Financial charges | 65/66B | €7,429 | €1,072 | -€6,357 | -85.6% |
| Recurring financial charges | 65 | €7,429 | €1,072 | -€6,357 | -85.6% |
| Profit (loss) for the period before taxes | 9903 | €140,251 | €227,990 | +€87,739 | +62.6% |
| Income taxes | 67/77 | €17,375 | €15,989 | -€1,386 | -8.0% |
| Profit (loss) for the period | 9904 | €122,876 | €212,001 | +€89,125 | +72.5% |
| Profit (loss) for the period to be appropriated | 9905 | €122,876 | €212,001 | +€89,125 | +72.5% |
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.