Martijn Luyten: 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.
Martijn Luyten
Largest movements
- Tangible fixed assets +€16,419
up €16,419 (+742%), from €2,213 to €18,632
of which Furniture and vehicles: +€16,917
- Cash +€6,889
up €6,889 (+79.1%), from €8,712 to €15,601
mainly Debts after one year (+€11,009) and Depreciation (+€8,137)
- Receivables within one year +€1,449
up €1,449 (+180%), from €803 to €2,252
of which Trade receivables: +€1,655
- Debts after one year +€11,009
new in 2025: €11,009
- Reserves +€6,897
up €6,897 (+140%), from €4,923 to €11,820
- Current portion of long-term debt +€4,626
up €4,626, from €0 to €4,626
- Other debts +€2,030
up €2,030 (+66.1%), from €3,070 to €5,100
- Trade debts +€437
up €437 (+29.1%), from €1,504 to €1,941
- Gross operating margin +€14,086
up €14,086 (+146%), from €9,617 to €23,704
- Taxes +€3,833
up €3,833 (+295%), from €1,298 to €5,131
- Depreciation +€2,508
up €2,508 (+44.6%), from €5,629 to €8,137
- Other operating charges +€1,714
up €1,714 (+196%), from €875 to €2,589
- Financial charges +€740
up €740 (+353%), from €210 to €950
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 | €12,059 | €36,897 | +€24,839 | +206% |
| Formation expenses | 20 | €70 | €0 | -€70 | -100% |
| Fixed assets | 21/28 | €2,213 | €18,632 | +€16,419 | +742% |
| Tangible fixed assets | 22/27 | €2,213 | €18,632 | +€16,419 | +742% |
| Plant, machinery and equipment | 23 | €1,291 | €793 | -€498 | -38.6% |
| Furniture and vehicles | 24 | €922 | €17,839 | +€16,917 | +1,835% |
| Current assets | 29/58 | €9,775 | €18,265 | +€8,490 | +86.8% |
| Amounts receivable within one year | 40/41 | €803 | €2,252 | +€1,449 | +180% |
| Trade receivables | 40 | €0 | €1,655 | +€1,655 | |
| Other amounts receivable | 41 | €803 | €597 | -€206 | -25.7% |
| Cash at bank and in hand | 54/58 | €8,712 | €15,601 | +€6,889 | +79.1% |
| Deferred charges and accrued income | 490/1 | €260 | €412 | +€152 | +58.5% |
| Total equity and liabilities | 10/49 | €12,059 | €36,897 | +€24,839 | +206% |
| Equity | 10/15 | €6,423 | €13,320 | +€6,897 | +107% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €4,923 | €11,820 | +€6,897 | +140% |
| Distributable reserves | 133 | €4,923 | €11,820 | +€6,897 | +140% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €5,636 | €23,577 | +€17,941 | +318% |
| Amounts payable after more than one year | 17 | - | €11,009 | +€11,009 | |
| Financial debts | 170/4 | - | €11,009 | +€11,009 | |
| Amounts payable within one year | 42/48 | €5,636 | €12,568 | +€6,932 | +123% |
| Current portion of amounts payable after more than one year | 42 | €0 | €4,626 | +€4,626 | |
| Trade debts | 44 | €1,504 | €1,941 | +€437 | +29.1% |
| Suppliers | 440/4 | €1,504 | €1,941 | +€437 | +29.1% |
| Taxes, remuneration and social security | 45 | €1,062 | €901 | -€161 | -15.2% |
| Taxes | 450/3 | €1,062 | €901 | -€161 | -15.2% |
| Other amounts payable | 47/48 | €3,070 | €5,100 | +€2,030 | +66.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €7,356 | +€7,356 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,629 | €8,137 | +€2,508 | +44.6% |
| Other operating charges | 640/8 | €875 | €2,589 | +€1,714 | +196% |
| Gross operating margin | 9900 | €9,617 | €23,704 | +€14,086 | +146% |
| Operating profit (loss) | 9901 | €3,114 | €12,978 | +€9,864 | +317% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €210 | €950 | +€740 | +353% |
| Recurring financial charges | 65 | €210 | €950 | +€740 | +353% |
| Profit (loss) for the period before taxes | 9903 | €2,904 | €12,028 | +€9,124 | +314% |
| Income taxes | 67/77 | €1,298 | €5,131 | +€3,833 | +295% |
| Profit (loss) for the period | 9904 | €1,606 | €6,897 | +€5,291 | +329% |
| Profit (loss) for the period to be appropriated | 9905 | €1,606 | €6,897 | +€5,291 | +329% |
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.