Maeyaert Martijn: 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.
Maeyaert Martijn
Largest movements
- Tangible fixed assets +€387,136
up €387,136 (+68.8%), from €562,840 to €949,976
of which Land and buildings: +€347,545
- Cash -€71,993
down €71,993 (-45.3%), from €158,927 to €86,934
mainly Investment in fixed assets (net) (-€488,662) and Stocks and contracts (-€59,957)
- Stocks and contracts +€59,957
up €59,957 (+60.0%), from €100,000 to €159,957
of which Stocks: +€50,000
- Receivables within one year -€59,042
down €59,042 (-54.1%), from €109,219 to €50,177
of which Trade receivables: -€63,118
- Debts after one year +€212,591
up €212,591 (+42.5%), from €500,000 to €712,591
of which Financial debts: +€212,591
- Other debts +€126,776
up €126,776 (+267%), from €47,461 to €174,237
- Advances received -€50,000
down €50,000 (-100%), from €50,000 to €0
- Trade debts +€29,924
up €29,924 (+2,237%), from €1,338 to €31,262
- Tax, wage and social debts -€22,212
down €22,212 (-76.1%), from €29,201 to €6,989
of which Taxes: -€24,760
- Staff costs +€29,918
up €29,918 (+82.0%), from €36,506 to €66,424
- Depreciation +€27,854
up €27,854 (+37.8%), from €73,672 to €101,526
- Taxes -€25,017
down €25,017 (-98.5%), from €25,394 to €377
- Gross operating margin -€19,397
down €19,397 (-9.5%), from €203,659 to €184,261
- Financial charges +€9,066
up €9,066 (+202%), from €4,494 to €13,560
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 | €932,110 | €1,250,530 | +€318,419 | +34.2% |
| Fixed assets | 21/28 | €562,975 | €950,111 | +€387,136 | +68.8% |
| Tangible fixed assets | 22/27 | €562,840 | €949,976 | +€387,136 | +68.8% |
| Land and buildings | 22 | €278,337 | €625,882 | +€347,545 | +125% |
| Plant, machinery and equipment | 23 | €82,280 | €59,178 | -€23,103 | -28.1% |
| Furniture and vehicles | 24 | €93,322 | €156,016 | +€62,694 | +67.2% |
| Assets under construction and advance payments | 27 | €108,900 | €108,900 | = | 0.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €369,136 | €300,419 | -€68,717 | -18.6% |
| Stocks and contracts in progress | 3 | €100,000 | €159,957 | +€59,957 | +60.0% |
| Stocks | 30/36 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Contracts in progress | 37 | - | €9,957 | +€9,957 | |
| Amounts receivable within one year | 40/41 | €109,219 | €50,177 | -€59,042 | -54.1% |
| Trade receivables | 40 | €106,686 | €43,568 | -€63,118 | -59.2% |
| Other amounts receivable | 41 | €2,533 | €6,609 | +€4,076 | +161% |
| Cash at bank and in hand | 54/58 | €158,927 | €86,934 | -€71,993 | -45.3% |
| Deferred charges and accrued income | 490/1 | €989 | €3,350 | +€2,361 | +239% |
| Total equity and liabilities | 10/49 | €932,110 | €1,250,530 | +€318,419 | +34.2% |
| Equity | 10/15 | €302,418 | €302,929 | +€511 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €283,818 | €283,818 | = | 0.0% |
| Distributable reserves | 133 | €283,818 | €283,818 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €511 | +€511 | |
| Amounts payable | 17/49 | €629,692 | €947,601 | +€317,909 | +50.5% |
| Amounts payable after more than one year | 17 | €500,000 | €712,591 | +€212,591 | +42.5% |
| Financial debts | 170/4 | - | €212,591 | +€212,591 | |
| Other amounts payable | 178/9 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €128,000 | €234,158 | +€106,158 | +82.9% |
| Current portion of amounts payable after more than one year | 42 | - | €21,670 | +€21,670 | |
| Trade debts | 44 | €1,338 | €31,262 | +€29,924 | +2,237% |
| Suppliers | 440/4 | €1,338 | €31,262 | +€29,924 | +2,237% |
| Advances received on contracts in progress | 46 | €50,000 | €0 | -€50,000 | -100% |
| Taxes, remuneration and social security | 45 | €29,201 | €6,989 | -€22,212 | -76.1% |
| Taxes | 450/3 | €29,201 | €4,441 | -€24,760 | -84.8% |
| Remuneration and social security | 454/9 | - | €2,548 | +€2,548 | |
| Other amounts payable | 47/48 | €47,461 | €174,237 | +€126,776 | +267% |
| Accrued charges and deferred income | 492/3 | €1,692 | €851 | -€841 | -49.7% |
| Remuneration, social security and pensions | 62 | €36,506 | €66,424 | +€29,918 | +82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,672 | €101,526 | +€27,854 | +37.8% |
| Other operating charges | 640/8 | €4,497 | €4,987 | +€490 | +10.9% |
| Gross operating margin | 9900 | €203,659 | €184,261 | -€19,397 | -9.5% |
| Operating profit (loss) | 9901 | €88,985 | €11,325 | -€77,659 | -87.3% |
| Financial income | 75/76B | €2,390 | €3,123 | +€733 | +30.7% |
| Recurring financial income | 75 | €2,390 | €3,123 | +€733 | +30.7% |
| Financial charges | 65/66B | €4,494 | €13,560 | +€9,066 | +202% |
| Recurring financial charges | 65 | €4,494 | €13,560 | +€9,066 | +202% |
| Profit (loss) for the period before taxes | 9903 | €86,880 | €888 | -€85,993 | -99.0% |
| Income taxes | 67/77 | €25,394 | €377 | -€25,017 | -98.5% |
| Profit (loss) for the period | 9904 | €61,487 | €511 | -€60,976 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,487 | €511 | -€60,976 | -99.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.