MAXIME VERMEESCH: what changed
MAXIME VERMEESCH
Largest movements
- Cash -€766,401
down €766,401 (-85.7%), from €893,824 to €127,423
mainly Current investments (-€590,000) and Other debts (-€553,967)
- Current investments +€590,000
up €590,000 (+5,900%), from €10,000 to €600,000
- Tangible fixed assets +€68,511
up €68,511 (+90.8%), from €75,439 to €143,950
of which Furniture and vehicles: +€69,445
- Other debts -€553,967
down €553,967 (-58.0%), from €954,417 to €400,450
- Reserves +€462,322
up €462,322 (+71.8%), from €643,532 to €1.1m
- Tax, wage and social debts -€36,144
down €36,144 (-49.8%), from €72,602 to €36,458
of which Taxes: -€60,144
- Provisions +€34,062
new in 2025: €34,062
- Gross operating margin -€232,628
down €232,628 (-25.0%), from €932,132 to €699,504
- Taxes -€61,102
down €61,102 (-26.8%), from €228,254 to €167,153
- Provisions +€34,062
new in 2025: €34,062
- Other operating charges -€16,976
down €16,976 (-79.4%), from €21,372 to €4,395
- Depreciation +€11,188
up €11,188 (+54.9%), from €20,379 to €31,567
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,714,813 | €1,602,940 | -€111,872 | -6.5% |
| Fixed assets | 21/28 | €75,439 | €143,950 | +€68,511 | +90.8% |
| Tangible fixed assets | 22/27 | €75,439 | €143,950 | +€68,511 | +90.8% |
| Land and buildings | 22 | €12,051 | €11,117 | -€934 | -7.7% |
| Furniture and vehicles | 24 | €63,389 | €132,834 | +€69,445 | +110% |
| Current assets | 29/58 | €1,639,373 | €1,458,990 | -€180,384 | -11.0% |
| Stocks and contracts in progress | 3 | €1,715 | €857 | -€857 | -50.0% |
| Stocks | 30/36 | €1,715 | €857 | -€857 | -50.0% |
| Amounts receivable within one year | 40/41 | €731,133 | €727,546 | -€3,587 | -0.5% |
| Trade receivables | 40 | €663,361 | €698,852 | +€35,491 | +5.4% |
| Other amounts receivable | 41 | €67,773 | €28,695 | -€39,078 | -57.7% |
| Current investments | 50/53 | €10,000 | €600,000 | +€590,000 | +5,900% |
| Cash at bank and in hand | 54/58 | €893,824 | €127,423 | -€766,401 | -85.7% |
| Deferred charges and accrued income | 490/1 | €2,702 | €3,163 | +€462 | +17.1% |
| Total equity and liabilities | 10/49 | €1,714,813 | €1,602,940 | -€111,872 | -6.5% |
| Equity | 10/15 | €662,132 | €1,124,454 | +€462,322 | +69.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €643,532 | €1,105,854 | +€462,322 | +71.8% |
| Distributable reserves | 133 | €643,532 | €1,105,854 | +€462,322 | +71.8% |
| Provisions and deferred taxes | 16 | - | €34,062 | +€34,062 | |
| Deferred taxes | 168 | - | €34,062 | +€34,062 | |
| Amounts payable | 17/49 | €1,052,681 | €444,424 | -€608,257 | -57.8% |
| Amounts payable within one year | 42/48 | €1,047,621 | €441,043 | -€606,577 | -57.9% |
| Trade debts | 44 | €20,601 | €4,136 | -€16,466 | -79.9% |
| Suppliers | 440/4 | €20,601 | €4,136 | -€16,466 | -79.9% |
| Taxes, remuneration and social security | 45 | €72,602 | €36,458 | -€36,144 | -49.8% |
| Taxes | 450/3 | €72,602 | €12,458 | -€60,144 | -82.8% |
| Remuneration and social security | 454/9 | - | €24,000 | +€24,000 | |
| Other amounts payable | 47/48 | €954,417 | €400,450 | -€553,967 | -58.0% |
| Accrued charges and deferred income | 492/3 | €5,060 | €3,380 | -€1,680 | -33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,379 | €31,567 | +€11,188 | +54.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €34,062 | +€34,062 | |
| Other operating charges | 640/8 | €21,372 | €4,395 | -€16,976 | -79.4% |
| Gross operating margin | 9900 | €932,132 | €699,504 | -€232,628 | -25.0% |
| Operating profit (loss) | 9901 | €890,382 | €629,480 | -€260,902 | -29.3% |
| Financial income | 75/76B | €0 | €370 | +€370 | +925,925% |
| Recurring financial income | 75 | €0 | €370 | +€370 | +925,925% |
| Financial charges | 65/66B | €948 | €375 | -€573 | -60.4% |
| Recurring financial charges | 65 | €948 | €375 | -€573 | -60.4% |
| Profit (loss) for the period before taxes | 9903 | €889,434 | €629,475 | -€259,959 | -29.2% |
| Income taxes | 67/77 | €228,254 | €167,153 | -€61,102 | -26.8% |
| Profit (loss) for the period | 9904 | €661,179 | €462,322 | -€198,857 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €661,179 | €462,322 | -€198,857 | -30.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.