Roy Maes: what changed
Two fiscal 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.
Roy Maes
Largest movements
- Tangible fixed assets -€46,250
down €46,250 (-6.1%), from €758,454 to €712,204
of which Land and buildings: -€41,629
- Receivables within one year +€24,256
up €24,256 (+103.0%), from €23,560 to €47,815
of which Trade receivables: +€20,263
- Reserves -€90,000
down €90,000 (-28.8%), from €312,989 to €222,989
- Other debts +€75,963
up €75,963 (+75.4%), from €100,770 to €176,733
- Trade debts +€48,703
up €48,703 (+476.4%), from €10,224 to €58,927
- Debts after one year -€40,834
down €40,834 (-12.3%), from €332,826 to €291,991
- Current portion of long-term debt -€9,669
down €9,669 (-19.2%), from €50,472 to €40,803
- Gross operating margin -€40,692
down €40,692 (-38.2%), from €106,563 to €65,871
- Staff costs -€28,459
no longer reported in 2025 (was €28,459)
- Depreciation -€4,018
down €4,018 (-7.2%), from €56,012 to €51,994
- Financial charges -€2,670
down €2,670 (-21.3%), from €12,538 to €9,868
- Other operating charges -€1,154
down €1,154 (-14.7%), from €7,850 to €6,697
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 | €823,732 | €801,675 | -€22,057 | -2.7% |
| Fixed assets | 21/28 | €760,584 | €712,204 | -€48,380 | -6.4% |
| Tangible fixed assets | 22/27 | €758,454 | €712,204 | -€46,250 | -6.1% |
| Land and buildings | 22 | €739,403 | €697,773 | -€41,629 | -5.6% |
| Plant, machinery and equipment | 23 | €1,646 | €1,098 | -€548 | -33.3% |
| Furniture and vehicles | 24 | €3,912 | €1,457 | -€2,455 | -62.8% |
| Other tangible fixed assets | 26 | €13,493 | €11,876 | -€1,618 | -12.0% |
| Financial fixed assets | 28 | €2,130 | - | -€2,130 | |
| Current assets | 29/58 | €63,147 | €89,471 | +€26,323 | +41.7% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,560 | €47,815 | +€24,256 | +103.0% |
| Trade receivables | 40 | €15,401 | €35,664 | +€20,263 | +131.6% |
| Other amounts receivable | 41 | €8,158 | €12,151 | +€3,993 | +48.9% |
| Cash at bank and in hand | 54/58 | €34,004 | €38,656 | +€4,651 | +13.7% |
| Deferred charges and accrued income | 490/1 | €2,584 | - | -€2,584 | |
| Total equity and liabilities | 10/49 | €823,732 | €801,675 | -€22,057 | -2.7% |
| Equity | 10/15 | €319,189 | €225,439 | -€93,749 | -29.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €312,989 | €222,989 | -€90,000 | -28.8% |
| Distributable reserves | 133 | €312,989 | €222,989 | -€90,000 | -28.8% |
| Profit (loss) carried forward | 14 | - | -€3,749 | -€3,749 | |
| Amounts payable | 17/49 | €504,543 | €576,235 | +€71,692 | +14.2% |
| Amounts payable after more than one year | 17 | €332,826 | €291,991 | -€40,834 | -12.3% |
| Financial debts | 170/4 | €332,826 | €291,991 | -€40,834 | -12.3% |
| Amounts payable within one year | 42/48 | €169,629 | €282,156 | +€112,527 | +66.3% |
| Current portion of amounts payable after more than one year | 42 | €50,472 | €40,803 | -€9,669 | -19.2% |
| Trade debts | 44 | €10,224 | €58,927 | +€48,703 | +476.4% |
| Suppliers | 440/4 | €10,224 | €58,927 | +€48,703 | +476.4% |
| Taxes, remuneration and social security | 45 | €8,163 | €5,693 | -€2,470 | -30.3% |
| Taxes | 450/3 | €8,163 | €5,693 | -€2,471 | -30.3% |
| Remuneration and social security | 454/9 | - | €0 | +€0 | |
| Other amounts payable | 47/48 | €100,770 | €176,733 | +€75,963 | +75.4% |
| Accrued charges and deferred income | 492/3 | €2,088 | €2,088 | = | 0.0% |
| Non-recurring operating income | 76A | €6,500 | €7,500 | +€1,000 | +15.4% |
| Remuneration, social security and pensions | 62 | €28,459 | - | -€28,459 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,012 | €51,994 | -€4,018 | -7.2% |
| Other operating charges | 640/8 | €7,850 | €6,697 | -€1,154 | -14.7% |
| Gross operating margin | 9900 | €106,563 | €65,871 | -€40,692 | -38.2% |
| Operating profit (loss) | 9901 | €14,241 | €7,180 | -€7,061 | -49.6% |
| Financial income | 75/76B | - | €23 | +€23 | |
| Recurring financial income | 75 | - | €23 | +€23 | |
| Financial charges | 65/66B | €12,538 | €9,868 | -€2,670 | -21.3% |
| Recurring financial charges | 65 | €12,538 | €9,868 | -€2,670 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €1,703 | -€2,665 | -€4,368 | |
| Income taxes | 67/77 | €1,342 | €1,085 | -€257 | -19.2% |
| Profit (loss) for the period | 9904 | €361 | -€3,749 | -€4,111 | |
| Profit (loss) for the period to be appropriated | 9905 | €361 | -€3,749 | -€4,111 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.