Martine Saey: 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.
Martine Saey
Largest movements
- Cash +€32,241
up €32,241 (+47.1%), from €68,524 to €100,765
mainly Net result for the year (+€31,058) and Receivables within one year (+€10,828)
- Receivables within one year -€10,828
down €10,828 (-49.3%), from €21,976 to €11,148
of which Trade receivables: -€10,768
- Tangible fixed assets +€10,162
up €10,162 (+51.6%), from €19,680 to €29,842
of which Furniture and vehicles: +€7,790
- Receivables after one year -€8,000
down €8,000 (-100.0%), from €8,000 to €0
- Reserves +€31,058
up €31,058 (+38.1%), from €81,557 to €112,615
- Other debts -€13,573
down €13,573 (-81.4%), from €16,680 to €3,107
- Trade debts +€3,040
up €3,040 (+412.9%), from €736 to €3,776
- Tax, wage and social debts +€1,949
up €1,949 (+14.2%), from €13,677 to €15,626
- Gross operating margin +€17,180
up €17,180 (+41.4%), from €41,510 to €58,690
- Taxes +€7,981
up €7,981 (+91.3%), from €8,737 to €16,718
- Depreciation +€5,318
up €5,318 (+128.7%), from €4,132 to €9,449
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.
Cash bridge derived
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 | €119,715 | €143,276 | +€23,561 | +19.7% |
| Fixed assets | 21/28 | €19,680 | €29,842 | +€10,162 | +51.6% |
| Tangible fixed assets | 22/27 | €19,680 | €29,842 | +€10,162 | +51.6% |
| Plant, machinery and equipment | 23 | - | €2,372 | +€2,372 | |
| Furniture and vehicles | 24 | €19,680 | €27,470 | +€7,790 | +39.6% |
| Current assets | 29/58 | €100,035 | €113,434 | +€13,399 | +13.4% |
| Amounts receivable after more than one year | 29 | €8,000 | €0 | -€8,000 | -100.0% |
| Other amounts receivable | 291 | €8,000 | €0 | -€8,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €21,976 | €11,148 | -€10,828 | -49.3% |
| Trade receivables | 40 | €21,883 | €11,115 | -€10,768 | -49.2% |
| Other amounts receivable | 41 | €93 | €33 | -€60 | -64.3% |
| Cash at bank and in hand | 54/58 | €68,524 | €100,765 | +€32,241 | +47.1% |
| Deferred charges and accrued income | 490/1 | €1,535 | €1,521 | -€14 | -0.9% |
| Total equity and liabilities | 10/49 | €119,715 | €143,276 | +€23,561 | +19.7% |
| Equity | 10/15 | €86,557 | €117,615 | +€31,058 | +35.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €81,557 | €112,615 | +€31,058 | +38.1% |
| Distributable reserves | 133 | €81,557 | €112,615 | +€31,058 | +38.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €33,158 | €25,661 | -€7,497 | -22.6% |
| Amounts payable within one year | 42/48 | €33,158 | €25,661 | -€7,497 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €2,064 | €3,152 | +€1,088 | +52.7% |
| Credit institutions | 430/8 | €2,064 | €3,152 | +€1,088 | +52.7% |
| Trade debts | 44 | €736 | €3,776 | +€3,040 | +412.9% |
| Suppliers | 440/4 | €736 | €3,776 | +€3,040 | +412.9% |
| Taxes, remuneration and social security | 45 | €13,677 | €15,626 | +€1,949 | +14.2% |
| Taxes | 450/3 | €13,677 | €15,626 | +€1,949 | +14.2% |
| Other amounts payable | 47/48 | €16,680 | €3,107 | -€13,573 | -81.4% |
| Non-recurring operating income | 76A | €89 | €0 | -€89 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,132 | €9,449 | +€5,318 | +128.7% |
| Other operating charges | 640/8 | €931 | €946 | +€14 | +1.5% |
| Gross operating margin | 9900 | €41,510 | €58,690 | +€17,180 | +41.4% |
| Operating profit (loss) | 9901 | €36,447 | €48,295 | +€11,848 | +32.5% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €225 | €526 | +€301 | +133.6% |
| Recurring financial charges | 65 | €225 | €526 | +€301 | +133.6% |
| Profit (loss) for the period before taxes | 9903 | €36,222 | €47,776 | +€11,555 | +31.9% |
| Income taxes | 67/77 | €8,737 | €16,718 | +€7,981 | +91.3% |
| Profit (loss) for the period | 9904 | €27,485 | €31,058 | +€3,573 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,485 | €31,058 | +€3,573 | +13.0% |
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 9 October 2026 via checked.be.