Maes Koen: 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.
Maes Koen
Largest movements
- Current investments -€60,000
down €60,000 (-100%), from €60,000 to €0
- Tangible fixed assets +€38,353
up €38,353 (+46.5%), from €82,405 to €120,759
of which Furniture and vehicles: +€62,005
- Cash -€25,038
down €25,038 (-12.7%), from €197,392 to €172,354
mainly Investment in fixed assets (net) (-€79,043) and Net result for the year (-€51,755)
- Deferred charges and accrued income +€10,160
up €10,160 (+207%), from €4,906 to €15,066
- Reserves -€51,755
down €51,755 (-15.2%), from €340,902 to €289,147
- Trade debts +€17,585
up €17,585 (+543%), from €3,238 to €20,823
- Gross operating margin -€11,577
down €11,577 (-35.6%), from €32,478 to €20,901
- Financial income -€1,262
down €1,262 (-32.5%), from €3,878 to €2,616
- Other operating charges +€943
up €943 (+9.5%), from €9,919 to €10,862
- Staff costs +€528
up €528 (+2.3%), from €23,028 to €23,556
- Financial charges -€517
down €517 (-75.9%), from €682 to €165
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 | €374,668 | €341,676 | -€32,992 | -8.8% |
| Fixed assets | 21/28 | €82,405 | €120,759 | +€38,353 | +46.5% |
| Tangible fixed assets | 22/27 | €82,405 | €120,759 | +€38,353 | +46.5% |
| Land and buildings | 22 | €53,287 | €30,412 | -€22,875 | -42.9% |
| Plant, machinery and equipment | 23 | €4,347 | €3,570 | -€777 | -17.9% |
| Furniture and vehicles | 24 | €24,771 | €86,776 | +€62,005 | +250% |
| Current assets | 29/58 | €292,262 | €220,917 | -€71,345 | -24.4% |
| Amounts receivable within one year | 40/41 | €29,964 | €33,497 | +€3,533 | +11.8% |
| Trade receivables | 40 | €12,033 | €12,397 | +€364 | +3.0% |
| Other amounts receivable | 41 | €17,931 | €21,100 | +€3,169 | +17.7% |
| Current investments | 50/53 | €60,000 | €0 | -€60,000 | -100% |
| Cash at bank and in hand | 54/58 | €197,392 | €172,354 | -€25,038 | -12.7% |
| Deferred charges and accrued income | 490/1 | €4,906 | €15,066 | +€10,160 | +207% |
| Total equity and liabilities | 10/49 | €374,668 | €341,676 | -€32,992 | -8.8% |
| Equity | 10/15 | €359,494 | €307,739 | -€51,755 | -14.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €340,902 | €289,147 | -€51,755 | -15.2% |
| Distributable reserves | 133 | €340,902 | €289,147 | -€51,755 | -15.2% |
| Amounts payable | 17/49 | €15,174 | €33,937 | +€18,763 | +124% |
| Amounts payable within one year | 42/48 | €7,819 | €25,566 | +€17,747 | +227% |
| Trade debts | 44 | €3,238 | €20,823 | +€17,585 | +543% |
| Suppliers | 440/4 | €3,238 | €20,823 | +€17,585 | +543% |
| Taxes, remuneration and social security | 45 | €4,581 | €4,743 | +€162 | +3.5% |
| Taxes | 450/3 | €37 | €37 | = | 0.0% |
| Remuneration and social security | 454/9 | €4,543 | €4,705 | +€162 | +3.6% |
| Accrued charges and deferred income | 492/3 | €7,355 | €8,371 | +€1,016 | +13.8% |
| Non-recurring operating income | 76A | €5,919 | €1,592 | -€4,327 | -73.1% |
| Remuneration, social security and pensions | 62 | €23,028 | €23,556 | +€528 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,008 | €40,690 | -€318 | -0.8% |
| Other operating charges | 640/8 | €9,919 | €10,862 | +€943 | +9.5% |
| Gross operating margin | 9900 | €32,478 | €20,901 | -€11,577 | -35.6% |
| Operating profit (loss) | 9901 | -€41,477 | -€54,207 | -€12,730 | -30.7% |
| Financial income | 75/76B | €3,878 | €2,616 | -€1,262 | -32.5% |
| Recurring financial income | 75 | €3,878 | €2,616 | -€1,262 | -32.5% |
| Financial charges | 65/66B | €682 | €165 | -€517 | -75.9% |
| Recurring financial charges | 65 | €682 | €165 | -€517 | -75.9% |
| Profit (loss) for the period before taxes | 9903 | -€38,281 | -€51,755 | -€13,475 | -35.2% |
| Profit (loss) for the period | 9904 | -€38,281 | -€51,755 | -€13,475 | -35.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,281 | -€51,755 | -€13,475 | -35.2% |
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 29 October 2026 via checked.be.