Tim Maerevoet: 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.
Tim Maerevoet
Largest movements
- Cash -€65,269
down €65,269 (-81.2%), from €80,420 to €15,151
mainly Investment in fixed assets (net) (-€96,031) and Debts after one year (-€21,755)
- Tangible fixed assets +€61,868
up €61,868 (+18.7%), from €331,235 to €393,103
of which Land and buildings: +€45,388
- Receivables within one year -€9,049
down €9,049 (-13.0%), from €69,466 to €60,417
of which Trade receivables: -€14,914
- Financial fixed assets +€6,000
up €6,000 (+6,000%), from €100 to €6,100
- Debts after one year -€21,755
down €21,755 (-8.2%), from €266,219 to €244,464
- Trade debts +€8,062
up €8,062 (+20.0%), from €40,411 to €48,473
- Profit (loss) carried forward +€7,822
up €7,822 (+70.4%), from €11,107 to €18,929
- Gross operating margin -€36,411
down €36,411 (-34.3%), from €106,137 to €69,726
- Staff costs +€18,866
new in 2024: €18,866
- Taxes -€12,220
down €12,220 (-75.3%), from €16,220 to €4,000
- Depreciation +€7,323
up €7,323 (+34.8%), from €21,030 to €28,353
- Financial charges -€3,040
down €3,040 (-29.5%), from €10,288 to €7,248
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €584,470 | €580,099 | -€4,371 | -0.7% |
| Fixed assets | 21/28 | €334,113 | €401,791 | +€67,678 | +20.3% |
| Intangible fixed assets | 21 | €2,778 | €2,588 | -€190 | -6.8% |
| Tangible fixed assets | 22/27 | €331,235 | €393,103 | +€61,868 | +18.7% |
| Land and buildings | 22 | €301,270 | €346,658 | +€45,388 | +15.1% |
| Plant, machinery and equipment | 23 | €18,281 | €40,550 | +€22,269 | +122% |
| Furniture and vehicles | 24 | €11,684 | €5,895 | -€5,789 | -49.5% |
| Financial fixed assets | 28 | €100 | €6,100 | +€6,000 | +6,000% |
| Current assets | 29/58 | €250,357 | €178,308 | -€72,049 | -28.8% |
| Stocks and contracts in progress | 3 | €99,151 | €99,151 | = | 0.0% |
| Stocks | 30/36 | €99,151 | €99,151 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €69,466 | €60,417 | -€9,049 | -13.0% |
| Trade receivables | 40 | €68,551 | €53,637 | -€14,914 | -21.8% |
| Other amounts receivable | 41 | €915 | €6,780 | +€5,865 | +641% |
| Cash at bank and in hand | 54/58 | €80,420 | €15,151 | -€65,269 | -81.2% |
| Deferred charges and accrued income | 490/1 | €1,320 | €3,589 | +€2,269 | +172% |
| Total equity and liabilities | 10/49 | €584,470 | €580,099 | -€4,371 | -0.7% |
| Equity | 10/15 | €167,770 | €175,592 | +€7,822 | +4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €138,063 | €138,063 | = | 0.0% |
| 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 | €136,203 | €136,203 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,107 | €18,929 | +€7,822 | +70.4% |
| Provisions and deferred taxes | 16 | €4,000 | €4,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €4,000 | €4,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €4,000 | €4,000 | = | 0.0% |
| Amounts payable | 17/49 | €412,700 | €400,507 | -€12,193 | -3.0% |
| Amounts payable after more than one year | 17 | €266,219 | €244,464 | -€21,755 | -8.2% |
| Financial debts | 170/4 | €266,219 | €244,464 | -€21,755 | -8.2% |
| Amounts payable within one year | 42/48 | €146,481 | €156,043 | +€9,562 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €24,105 | €23,561 | -€544 | -2.3% |
| Trade debts | 44 | €40,411 | €48,473 | +€8,062 | +20.0% |
| Suppliers | 440/4 | €40,411 | €48,473 | +€8,062 | +20.0% |
| Advances received on contracts in progress | 46 | €875 | €875 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €14,394 | €17,877 | +€3,483 | +24.2% |
| Taxes | 450/3 | €14,189 | €10,953 | -€3,236 | -22.8% |
| Remuneration and social security | 454/9 | €205 | €6,924 | +€6,719 | +3,278% |
| Other amounts payable | 47/48 | €66,696 | €65,257 | -€1,439 | -2.2% |
| Remuneration, social security and pensions | 62 | - | €18,866 | +€18,866 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,030 | €28,353 | +€7,323 | +34.8% |
| Other operating charges | 640/8 | €4,476 | €3,437 | -€1,039 | -23.2% |
| Gross operating margin | 9900 | €106,137 | €69,726 | -€36,411 | -34.3% |
| Operating profit (loss) | 9901 | €80,631 | €19,070 | -€61,561 | -76.3% |
| Financial income | 75/76B | €728 | - | -€728 | |
| Recurring financial income | 75 | €728 | - | -€728 | |
| Financial charges | 65/66B | €10,288 | €7,248 | -€3,040 | -29.5% |
| Recurring financial charges | 65 | €10,288 | €7,248 | -€3,040 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €71,071 | €11,822 | -€59,249 | -83.4% |
| Income taxes | 67/77 | €16,220 | €4,000 | -€12,220 | -75.3% |
| Profit (loss) for the period | 9904 | €54,851 | €7,822 | -€47,029 | -85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,851 | €7,822 | -€47,029 | -85.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.