Maxime Colin: 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.
Maxime Colin
Largest movements
- Cash +€41,200
up €41,200 (+54.6%), from €75,423 to €116,623
mainly Tax, wage and social debts (+€24,326) and Depreciation (+€20,875)
- Tangible fixed assets -€14,510
down €14,510 (-11.4%), from €127,761 to €113,251
of which Other tangible fixed assets: -€16,606
- Receivables within one year -€12,036
down €12,036 (-60.3%), from €19,964 to €7,928
of which Trade receivables: -€12,244
- Tax, wage and social debts +€24,326
up €24,326 (+58.9%), from €41,293 to €65,619
of which Remuneration and social security: +€24,722
- Profit (loss) carried forward -€15,178
down €15,178 (-10.3%), from €147,507 to €132,329
- Trade debts +€12,151
up €12,151 (+48.8%), from €24,922 to €37,073
- Other debts -€5,890
down €5,890 (-18.6%), from €31,640 to €25,751
- Staff costs +€28,063
up €28,063 (+9.9%), from €283,073 to €311,136
- Gross operating margin +€7,612
up €7,612 (+2.4%), from €312,074 to €319,686
- Taxes -€4,399
down €4,399 (-83.9%), from €5,241 to €842
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 | €253,422 | €268,832 | +€15,409 | +6.1% |
| Fixed assets | 21/28 | €129,694 | €115,183 | -€14,510 | -11.2% |
| Tangible fixed assets | 22/27 | €127,761 | €113,251 | -€14,510 | -11.4% |
| Plant, machinery and equipment | 23 | €754 | €5,131 | +€4,377 | +581% |
| Furniture and vehicles | 24 | €6,237 | €3,955 | -€2,282 | -36.6% |
| Other tangible fixed assets | 26 | €120,771 | €104,165 | -€16,606 | -13.7% |
| Financial fixed assets | 28 | €1,933 | €1,933 | = | 0.0% |
| Current assets | 29/58 | €123,729 | €153,649 | +€29,920 | +24.2% |
| Stocks and contracts in progress | 3 | €24,377 | €25,711 | +€1,334 | +5.5% |
| Stocks | 30/36 | €24,377 | €25,711 | +€1,334 | +5.5% |
| Amounts receivable within one year | 40/41 | €19,964 | €7,928 | -€12,036 | -60.3% |
| Trade receivables | 40 | €19,209 | €6,965 | -€12,244 | -63.7% |
| Other amounts receivable | 41 | €755 | €963 | +€208 | +27.5% |
| Cash at bank and in hand | 54/58 | €75,423 | €116,623 | +€41,200 | +54.6% |
| Deferred charges and accrued income | 490/1 | €3,965 | €3,387 | -€578 | -14.6% |
| Total equity and liabilities | 10/49 | €253,422 | €268,832 | +€15,409 | +6.1% |
| Equity | 10/15 | €155,567 | €140,389 | -€15,178 | -9.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,507 | €132,329 | -€15,178 | -10.3% |
| Amounts payable | 17/49 | €97,856 | €128,443 | +€30,587 | +31.3% |
| Amounts payable within one year | 42/48 | €97,856 | €128,443 | +€30,587 | +31.3% |
| Trade debts | 44 | €24,922 | €37,073 | +€12,151 | +48.8% |
| Suppliers | 440/4 | €24,922 | €37,073 | +€12,151 | +48.8% |
| Taxes, remuneration and social security | 45 | €41,293 | €65,619 | +€24,326 | +58.9% |
| Taxes | 450/3 | €23,925 | €23,529 | -€396 | -1.7% |
| Remuneration and social security | 454/9 | €17,368 | €42,090 | +€24,722 | +142% |
| Other amounts payable | 47/48 | €31,640 | €25,751 | -€5,890 | -18.6% |
| Remuneration, social security and pensions | 62 | €283,073 | €311,136 | +€28,063 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,287 | €20,875 | -€412 | -1.9% |
| Other operating charges | 640/8 | €1,776 | €1,745 | -€30 | -1.7% |
| Gross operating margin | 9900 | €312,074 | €319,686 | +€7,612 | +2.4% |
| Operating profit (loss) | 9901 | €5,938 | -€14,070 | -€20,008 | |
| Financial income | 75/76B | €1 | €1 | -€0 | -29.7% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -29.7% |
| Financial charges | 65/66B | €522 | €266 | -€256 | -49.0% |
| Recurring financial charges | 65 | €522 | €266 | -€256 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | €5,417 | -€14,335 | -€19,752 | |
| Income taxes | 67/77 | €5,241 | €842 | -€4,399 | -83.9% |
| Profit (loss) for the period | 9904 | €176 | -€15,178 | -€15,354 | |
| Profit (loss) for the period to be appropriated | 9905 | €176 | -€15,178 | -€15,354 |
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 1 November 2026 via checked.be.