MARTIJN SOETE: 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 SOETE
Largest movements
- Stocks and contracts +€238,385
new in 2025: €238,385
- Current investments -€135,000
down €135,000 (-100%), from €135,000 to €0
- Cash +€44,581
up €44,581 (+210%), from €21,196 to €65,777
mainly Current investments (+€135,000) and Debts after one year (+€114,933)
- Tangible fixed assets -€13,180
down €13,180 (-31.6%), from €41,700 to €28,520
of which Leasing and similar rights: -€12,089
- Receivables within one year +€5,999
up €5,999 (+37.2%), from €16,141 to €22,140
of which Other amounts receivable: +€4,538
- Debts after one year +€114,933
up €114,933 (+1,142%), from €10,067 to €125,000
- Reserves +€35,852
up €35,852 (+20.6%), from €173,888 to €209,741
- Current portion of long-term debt -€4,884
down €4,884 (-32.7%), from €14,951 to €10,067
- Tax, wage and social debts -€4,528
down €4,528 (-41.0%), from €11,032 to €6,503
of which Taxes: -€4,528
- Gross operating margin -€6,086
down €6,086 (-8.3%), from €73,753 to €67,667
- Financial charges +€2,875
up €2,875 (+355%), from €809 to €3,684
- Financial income -€2,344
down €2,344 (-74.7%), from €3,137 to €793
of which Financial income: -€2,344
- Taxes -€2,343
down €2,343 (-18.8%), from €12,455 to €10,113
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 | €214,852 | €358,014 | +€143,162 | +66.6% |
| Fixed assets | 21/28 | €41,700 | €28,520 | -€13,180 | -31.6% |
| Tangible fixed assets | 22/27 | €41,700 | €28,520 | -€13,180 | -31.6% |
| Plant, machinery and equipment | 23 | €1,482 | €971 | -€510 | -34.4% |
| Furniture and vehicles | 24 | €4,147 | €4,116 | -€32 | -0.8% |
| Leasing and similar rights | 25 | €32,889 | €20,800 | -€12,089 | -36.8% |
| Other tangible fixed assets | 26 | €3,182 | €2,633 | -€549 | -17.3% |
| Current assets | 29/58 | €173,151 | €329,494 | +€156,342 | +90.3% |
| Stocks and contracts in progress | 3 | - | €238,385 | +€238,385 | |
| Stocks | 30/36 | - | €238,385 | +€238,385 | |
| Amounts receivable within one year | 40/41 | €16,141 | €22,140 | +€5,999 | +37.2% |
| Trade receivables | 40 | €13,116 | €14,577 | +€1,461 | +11.1% |
| Other amounts receivable | 41 | €3,025 | €7,563 | +€4,538 | +150% |
| Current investments | 50/53 | €135,000 | €0 | -€135,000 | -100% |
| Cash at bank and in hand | 54/58 | €21,196 | €65,777 | +€44,581 | +210% |
| Deferred charges and accrued income | 490/1 | €815 | €3,191 | +€2,376 | +292% |
| Total equity and liabilities | 10/49 | €214,852 | €358,014 | +€143,162 | +66.6% |
| Equity | 10/15 | €175,888 | €211,741 | +€35,852 | +20.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €173,888 | €209,741 | +€35,852 | +20.6% |
| Distributable reserves | 133 | €173,888 | €209,741 | +€35,852 | +20.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,963 | €146,273 | +€107,310 | +275% |
| Amounts payable after more than one year | 17 | €10,067 | €125,000 | +€114,933 | +1,142% |
| Financial debts | 170/4 | €10,067 | €125,000 | +€114,933 | +1,142% |
| Amounts payable within one year | 42/48 | €28,808 | €21,273 | -€7,535 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €14,951 | €10,067 | -€4,884 | -32.7% |
| Trade debts | 44 | €2,826 | €4,703 | +€1,877 | +66.4% |
| Suppliers | 440/4 | €2,826 | €4,703 | +€1,877 | +66.4% |
| Taxes, remuneration and social security | 45 | €11,032 | €6,503 | -€4,528 | -41.0% |
| Taxes | 450/3 | €11,032 | €6,503 | -€4,528 | -41.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €88 | €0 | -€88 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,006 | €15,670 | +€664 | +4.4% |
| Other operating charges | 640/8 | €2,596 | €3,141 | +€546 | +21.0% |
| Gross operating margin | 9900 | €73,753 | €67,667 | -€6,086 | -8.3% |
| Operating profit (loss) | 9901 | €56,151 | €48,856 | -€7,295 | -13.0% |
| Financial income | 75/76B | €3,137 | €793 | -€2,344 | -74.7% |
| Recurring financial income | 75 | €3,137 | €793 | -€2,344 | -74.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €809 | €3,684 | +€2,875 | +355% |
| Recurring financial charges | 65 | €809 | €3,684 | +€2,875 | +355% |
| Profit (loss) for the period before taxes | 9903 | €58,479 | €45,965 | -€12,514 | -21.4% |
| Income taxes | 67/77 | €12,455 | €10,113 | -€2,343 | -18.8% |
| Profit (loss) for the period | 9904 | €46,024 | €35,852 | -€10,171 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,024 | €35,852 | -€10,171 | -22.1% |
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.