N. DE MAEYER: 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.
N. DE MAEYER
Largest movements
- Tangible fixed assets -€8,648
down €8,648 (-10.4%), from €82,972 to €74,324
of which Land and buildings: -€6,231
- Receivables within one year -€6,770
down €6,770 (-7.7%), from €87,931 to €81,162
of which Other amounts receivable: -€5,992
- Cash +€2,648
up €2,648 (+155%), from €1,710 to €4,358
mainly Depreciation (+€8,648) and Receivables within one year (+€6,770)
- Deferred charges and accrued income +€1,885
new in 2025: €1,885
- Profit (loss) carried forward -€14,857
down €14,857 (-6.2%), from -€237,855 to -€252,711
- Trade debts +€2,715
up €2,715 (+701%), from €387 to €3,102
- Advances received +€1,890
new in 2025: €1,890
- Gross operating margin -€3,123
down €3,123 (-68.5%), from -€4,557 to -€7,680
- Financial income -€436
down €436 (-8.4%), from €5,216 to €4,781
- Other operating charges +€293
up €293 (+10.3%), from €2,835 to €3,127
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 | €172,669 | €161,784 | -€10,885 | -6.3% |
| Fixed assets | 21/28 | €83,028 | €74,380 | -€8,648 | -10.4% |
| Tangible fixed assets | 22/27 | €82,972 | €74,324 | -€8,648 | -10.4% |
| Land and buildings | 22 | €78,199 | €71,968 | -€6,231 | -8.0% |
| Plant, machinery and equipment | 23 | €4,773 | €2,356 | -€2,417 | -50.6% |
| Financial fixed assets | 28 | €56 | €56 | = | 0.0% |
| Current assets | 29/58 | €89,641 | €87,404 | -€2,237 | -2.5% |
| Amounts receivable within one year | 40/41 | €87,931 | €81,162 | -€6,770 | -7.7% |
| Trade receivables | 40 | €778 | €0 | -€778 | -100% |
| Other amounts receivable | 41 | €87,153 | €81,162 | -€5,992 | -6.9% |
| Cash at bank and in hand | 54/58 | €1,710 | €4,358 | +€2,648 | +155% |
| Deferred charges and accrued income | 490/1 | - | €1,885 | +€1,885 | |
| Total equity and liabilities | 10/49 | €172,669 | €161,784 | -€10,885 | -6.3% |
| Equity | 10/15 | €171,499 | €156,642 | -€14,857 | -8.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €347,353 | €347,353 | = | 0.0% |
| Distributable reserves | 133 | €347,353 | €347,353 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€237,855 | -€252,711 | -€14,857 | -6.2% |
| Amounts payable | 17/49 | €1,171 | €5,142 | +€3,972 | +339% |
| Amounts payable within one year | 42/48 | €537 | €5,142 | +€4,605 | +857% |
| Trade debts | 44 | €387 | €3,102 | +€2,715 | +701% |
| Suppliers | 440/4 | €387 | €3,102 | +€2,715 | +701% |
| Advances received on contracts in progress | 46 | - | €1,890 | +€1,890 | |
| Other amounts payable | 47/48 | €150 | €150 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €633 | €0 | -€633 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,648 | €8,648 | = | 0.0% |
| Other operating charges | 640/8 | €2,835 | €3,127 | +€293 | +10.3% |
| Gross operating margin | 9900 | -€4,557 | -€7,680 | -€3,123 | -68.5% |
| Operating profit (loss) | 9901 | -€16,040 | -€19,455 | -€3,415 | -21.3% |
| Financial income | 75/76B | €5,216 | €4,781 | -€436 | -8.4% |
| Recurring financial income | 75 | €5,216 | €4,781 | -€436 | -8.4% |
| Financial charges | 65/66B | €245 | €181 | -€64 | -26.1% |
| Recurring financial charges | 65 | €245 | €181 | -€64 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,069 | -€14,856 | -€3,787 | -34.2% |
| Income taxes | 67/77 | €1 | €1 | +€0 | +51.6% |
| Profit (loss) for the period | 9904 | -€11,069 | -€14,857 | -€3,787 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,069 | -€14,857 | -€3,787 | -34.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.