Marc Maes: 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.
Marc Maes
Largest movements
- Receivables within one year +€12,053
up €12,053 (+10.9%), from €110,333 to €122,386
of which Trade receivables: +€10,867
- Cash +€10,152
up €10,152 (+292%), from €3,475 to €13,627
mainly Tax, wage and social debts (+€13,455) and Depreciation (+€3,512)
- Tangible fixed assets -€1,832
down €1,832 (-18.9%), from €9,697 to €7,865
of which Furniture and vehicles: -€924
- Tax, wage and social debts +€13,455
up €13,455 (+59.4%), from €22,665 to €36,120
of which Taxes: +€15,613
- Reserves +€2,967
up €2,967 (+24.9%), from €11,901 to €14,868
- Other debts +€2,367
up €2,367 (+3.6%), from €65,713 to €68,080
- Accrued charges and deferred income +€1,737
up €1,737 (+61.6%), from €2,818 to €4,555
- Gross operating margin -€3,782
down €3,782 (-5.4%), from €69,679 to €65,897
- Financial charges +€1,857
up €1,857 (+48.6%), from €3,821 to €5,678
- Taxes -€928
down €928 (-16.9%), from €5,507 to €4,579
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €128,439 | €148,615 | +€20,176 | +15.7% |
| Fixed assets | 21/28 | €9,709 | €7,865 | -€1,844 | -19.0% |
| Tangible fixed assets | 22/27 | €9,697 | €7,865 | -€1,832 | -18.9% |
| Plant, machinery and equipment | 23 | €5,438 | €4,722 | -€716 | -13.2% |
| Furniture and vehicles | 24 | €3,875 | €2,951 | -€924 | -23.8% |
| Other tangible fixed assets | 26 | €384 | €192 | -€192 | -50.0% |
| Financial fixed assets | 28 | €12 | - | -€12 | |
| Current assets | 29/58 | €118,730 | €140,750 | +€22,020 | +18.5% |
| Amounts receivable within one year | 40/41 | €110,333 | €122,386 | +€12,053 | +10.9% |
| Trade receivables | 40 | €108,009 | €118,876 | +€10,867 | +10.1% |
| Other amounts receivable | 41 | €2,324 | €3,510 | +€1,186 | +51.0% |
| Cash at bank and in hand | 54/58 | €3,475 | €13,627 | +€10,152 | +292% |
| Deferred charges and accrued income | 490/1 | €4,922 | €4,737 | -€185 | -3.8% |
| Total equity and liabilities | 10/49 | €128,439 | €148,615 | +€20,176 | +15.7% |
| Equity | 10/15 | €31,901 | €34,868 | +€2,967 | +9.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €11,901 | €14,868 | +€2,967 | +24.9% |
| Distributable reserves | 133 | €11,901 | €14,868 | +€2,967 | +24.9% |
| Amounts payable | 17/49 | €96,538 | €113,747 | +€17,209 | +17.8% |
| Amounts payable within one year | 42/48 | €93,720 | €109,192 | +€15,472 | +16.5% |
| Trade debts | 44 | €5,342 | €4,992 | -€350 | -6.6% |
| Suppliers | 440/4 | €5,342 | €4,992 | -€350 | -6.6% |
| Taxes, remuneration and social security | 45 | €22,665 | €36,120 | +€13,455 | +59.4% |
| Taxes | 450/3 | €15,191 | €30,804 | +€15,613 | +103% |
| Remuneration and social security | 454/9 | €7,474 | €5,316 | -€2,158 | -28.9% |
| Other amounts payable | 47/48 | €65,713 | €68,080 | +€2,367 | +3.6% |
| Accrued charges and deferred income | 492/3 | €2,818 | €4,555 | +€1,737 | +61.6% |
| Remuneration, social security and pensions | 62 | €46,279 | €46,528 | +€249 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,359 | €3,512 | +€153 | +4.6% |
| Other operating charges | 640/8 | €2,835 | €2,644 | -€191 | -6.7% |
| Gross operating margin | 9900 | €69,679 | €65,897 | -€3,782 | -5.4% |
| Operating profit (loss) | 9901 | €17,206 | €13,213 | -€3,993 | -23.2% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €3,821 | €5,678 | +€1,857 | +48.6% |
| Recurring financial charges | 65 | €3,821 | €5,678 | +€1,857 | +48.6% |
| Profit (loss) for the period before taxes | 9903 | €13,385 | €7,546 | -€5,839 | -43.6% |
| Income taxes | 67/77 | €5,507 | €4,579 | -€928 | -16.9% |
| Profit (loss) for the period | 9904 | €7,878 | €2,967 | -€4,911 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,878 | €2,967 | -€4,911 | -62.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.