Maxime Pierard: 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 Pierard
Largest movements
- Cash -€55,038
down €55,038 (-23.5%), from €233,710 to €178,672
mainly Investment in fixed assets (net) (-€65,790) and Other debts (-€44,600)
- Tangible fixed assets +€52,739
up €52,739 (+217.4%), from €24,257 to €76,996
of which Furniture and vehicles: +€56,933
- Receivables within one year -€9,261
down €9,261 (-43.8%), from €21,124 to €11,863
- Stocks and contracts -€6,228
down €6,228 (-11.6%), from €53,609 to €47,381
- Deferred charges and accrued income +€3,851
new in 2025: €3,851
- Other debts -€44,600
down €44,600 (-37.0%), from €120,383 to €75,783
- Debts after one year +€26,188
new in 2025: €26,188
- Tax, wage and social debts +€8,630
up €8,630 (+24.0%), from €36,031 to €44,660
of which Remuneration and social security: +€9,302
- Current portion of long-term debt +€6,643
new in 2025: €6,643
- Trade debts -€5,950
down €5,950 (-56.0%), from €10,635 to €4,685
- Staff costs +€23,783
up €23,783 (+25.3%), from €94,055 to €117,838
- Gross operating margin +€9,546
up €9,546 (+8.1%), from €117,886 to €127,432
- Taxes -€2,428
down €2,428 (-97.1%), from €2,500 to €72
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 | €332,700 | €318,763 | -€13,937 | -4.2% |
| Fixed assets | 21/28 | €24,257 | €76,996 | +€52,739 | +217.4% |
| Tangible fixed assets | 22/27 | €24,257 | €76,996 | +€52,739 | +217.4% |
| Plant, machinery and equipment | 23 | €24,257 | €20,062 | -€4,194 | -17.3% |
| Furniture and vehicles | 24 | - | €56,933 | +€56,933 | |
| Current assets | 29/58 | €308,443 | €241,767 | -€66,676 | -21.6% |
| Stocks and contracts in progress | 3 | €53,609 | €47,381 | -€6,228 | -11.6% |
| Stocks | 30/36 | €53,609 | €47,381 | -€6,228 | -11.6% |
| Amounts receivable within one year | 40/41 | €21,124 | €11,863 | -€9,261 | -43.8% |
| Trade receivables | 40 | €21,124 | €11,863 | -€9,261 | -43.8% |
| Cash at bank and in hand | 54/58 | €233,710 | €178,672 | -€55,038 | -23.5% |
| Deferred charges and accrued income | 490/1 | - | €3,851 | +€3,851 | |
| Total equity and liabilities | 10/49 | €332,700 | €318,763 | -€13,937 | -4.2% |
| Equity | 10/15 | €165,651 | €160,804 | -€4,847 | -2.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €153,251 | €148,404 | -€4,847 | -3.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €151,391 | €146,544 | -€4,847 | -3.2% |
| Amounts payable | 17/49 | €167,048 | €157,958 | -€9,090 | -5.4% |
| Amounts payable after more than one year | 17 | - | €26,188 | +€26,188 | |
| Financial debts | 170/4 | - | €26,188 | +€26,188 | |
| Amounts payable within one year | 42/48 | €167,048 | €131,771 | -€35,278 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | - | €6,643 | +€6,643 | |
| Trade debts | 44 | €10,635 | €4,685 | -€5,950 | -56.0% |
| Suppliers | 440/4 | €10,635 | €4,685 | -€5,950 | -56.0% |
| Taxes, remuneration and social security | 45 | €36,031 | €44,660 | +€8,630 | +24.0% |
| Taxes | 450/3 | €27,706 | €27,034 | -€672 | -2.4% |
| Remuneration and social security | 454/9 | €8,325 | €17,627 | +€9,302 | +111.7% |
| Other amounts payable | 47/48 | €120,383 | €75,783 | -€44,600 | -37.0% |
| Remuneration, social security and pensions | 62 | €94,055 | €117,838 | +€23,783 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,931 | €13,051 | -€880 | -6.3% |
| Other operating charges | 640/8 | €1,088 | €1,071 | -€17 | -1.6% |
| Gross operating margin | 9900 | €117,886 | €127,432 | +€9,546 | +8.1% |
| Operating profit (loss) | 9901 | €8,812 | -€4,529 | -€13,340 | |
| Financial income | 75/76B | €325 | €312 | -€13 | -4.1% |
| Recurring financial income | 75 | €325 | €312 | -€13 | -4.1% |
| Financial charges | 65/66B | €84 | €558 | +€474 | +567.6% |
| Recurring financial charges | 65 | €84 | €558 | +€474 | +567.6% |
| Profit (loss) for the period before taxes | 9903 | €9,053 | -€4,774 | -€13,827 | |
| Income taxes | 67/77 | €2,500 | €72 | -€2,428 | -97.1% |
| Profit (loss) for the period | 9904 | €6,553 | -€4,847 | -€11,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,553 | -€4,847 | -€11,400 |
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 12 October 2026 via checked.be.