PHILIP MAERTENS: 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.
PHILIP MAERTENS
Largest movements
- Cash +€157,339
up €157,339 (+86.0%), from €182,940 to €340,279
mainly Net result for the year (+€300,362) and Depreciation (+€25,035)
- Current investments +€134,315
up €134,315 (+128%), from €105,185 to €239,500
- Reserves +€298,362
up €298,362 (+17.6%), from €1.7m to €2.0m
of which Distributable reserves: +€298,362
- Gross operating margin +€56,652
up €56,652 (+13.3%), from €424,708 to €481,360
- Taxes +€24,189
up €24,189 (+20.4%), from €118,583 to €142,772
- Financial charges +€13,992
up €13,992 (+2,139%), from €654 to €14,646
- Depreciation -€11,253
down €11,253 (-31.0%), from €36,288 to €25,035
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 | €1,812,363 | €2,119,287 | +€306,924 | +16.9% |
| Fixed assets | 21/28 | €523,016 | €518,530 | -€4,486 | -0.9% |
| Tangible fixed assets | 22/27 | €518,942 | €514,456 | -€4,486 | -0.9% |
| Plant, machinery and equipment | 23 | €12,670 | €10,689 | -€1,981 | -15.6% |
| Furniture and vehicles | 24 | €50,938 | €37,363 | -€13,575 | -26.7% |
| Other tangible fixed assets | 26 | €455,334 | €466,404 | +€11,070 | +2.4% |
| Financial fixed assets | 28 | €4,074 | €4,074 | = | 0.0% |
| Current assets | 29/58 | €1,289,347 | €1,600,757 | +€311,410 | +24.2% |
| Amounts receivable after more than one year | 29 | €986,000 | €986,000 | = | 0.0% |
| Other amounts receivable | 291 | €986,000 | €986,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,402 | €12,913 | -€489 | -3.6% |
| Other amounts receivable | 41 | €13,402 | €12,913 | -€489 | -3.6% |
| Current investments | 50/53 | €105,185 | €239,500 | +€134,315 | +128% |
| Cash at bank and in hand | 54/58 | €182,940 | €340,279 | +€157,339 | +86.0% |
| Deferred charges and accrued income | 490/1 | €1,820 | €22,065 | +€20,245 | +1,112% |
| Total equity and liabilities | 10/49 | €1,812,363 | €2,119,287 | +€306,924 | +16.9% |
| Equity | 10/15 | €1,709,897 | €2,008,259 | +€298,362 | +17.4% |
| Contributions | 10/11 | €15,900 | €15,900 | = | 0.0% |
| Reserves | 13 | €1,693,997 | €1,992,359 | +€298,362 | +17.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,692,137 | €1,990,499 | +€298,362 | +17.6% |
| Amounts payable | 17/49 | €102,466 | €111,028 | +€8,562 | +8.4% |
| Amounts payable within one year | 42/48 | €101,472 | €110,034 | +€8,562 | +8.4% |
| Trade debts | 44 | €3,667 | €877 | -€2,790 | -76.1% |
| Suppliers | 440/4 | €3,667 | €877 | -€2,790 | -76.1% |
| Taxes, remuneration and social security | 45 | €95,787 | €107,157 | +€11,370 | +11.9% |
| Taxes | 450/3 | €95,787 | €107,157 | +€11,370 | +11.9% |
| Other amounts payable | 47/48 | €2,018 | €2,000 | -€18 | -0.9% |
| Accrued charges and deferred income | 492/3 | €994 | €994 | = | 0.0% |
| Non-recurring operating income | 76A | €15,614 | €7,919 | -€7,695 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,288 | €25,035 | -€11,253 | -31.0% |
| Other operating charges | 640/8 | €1,508 | €1,720 | +€212 | +14.1% |
| Gross operating margin | 9900 | €424,708 | €481,360 | +€56,652 | +13.3% |
| Operating profit (loss) | 9901 | €386,912 | €454,605 | +€67,693 | +17.5% |
| Financial income | 75/76B | €196 | €3,175 | +€2,979 | +1,520% |
| Recurring financial income | 75 | €196 | €3,175 | +€2,979 | +1,520% |
| Financial charges | 65/66B | €654 | €14,646 | +€13,992 | +2,139% |
| Recurring financial charges | 65 | €654 | €14,646 | +€13,992 | +2,139% |
| Profit (loss) for the period before taxes | 9903 | €386,454 | €443,134 | +€56,680 | +14.7% |
| Income taxes | 67/77 | €118,583 | €142,772 | +€24,189 | +20.4% |
| Profit (loss) for the period | 9904 | €267,871 | €300,362 | +€32,491 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €267,871 | €300,362 | +€32,491 | +12.1% |
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 25 October 2026 via checked.be.