VAN MAERREM: 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.
VAN MAERREM
Largest movements
- Tangible fixed assets +€96,043
up €96,043 (+44.0%), from €218,373 to €314,416
of which Other tangible fixed assets: +€100,576
- Receivables within one year -€37,614
down €37,614 (-18.2%), from €206,834 to €169,220
of which Trade receivables: -€74,234
- Cash +€6,527
up €6,527 (+32.1%), from €20,340 to €26,867
mainly Debts after one year (+€102,295) and Receivables within one year (+€37,614)
- Debts after one year +€102,295
up €102,295 (+234.5%), from €43,614 to €145,909
- Trade debts -€38,607
down €38,607 (-88.8%), from €43,468 to €4,861
- Short-term financial debts -€10,000
no longer reported in 2025 (was €10,000)
- Reserves +€8,619
up €8,619 (+2.9%), from €301,483 to €310,102
of which Distributable reserves: +€11,036
- Gross operating margin -€44,049
down €44,049 (-51.4%), from €85,730 to €41,681
- Taxes -€12,745
down €12,745, from €12,652 to -€93
- Depreciation -€5,437
down €5,437 (-21.0%), from €25,840 to €20,403
- Financial charges +€3,748
up €3,748 (+83.5%), from €4,490 to €8,238
- Other operating charges +€2,842
up €2,842 (+217.8%), from €1,305 to €4,147
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 | €470,663 | €534,523 | +€63,860 | +13.6% |
| Fixed assets | 21/28 | €218,373 | €314,416 | +€96,043 | +44.0% |
| Tangible fixed assets | 22/27 | €218,373 | €314,416 | +€96,043 | +44.0% |
| Furniture and vehicles | 24 | €4,938 | €406 | -€4,532 | -91.8% |
| Other tangible fixed assets | 26 | €213,434 | €314,010 | +€100,576 | +47.1% |
| Current assets | 29/58 | €252,290 | €220,107 | -€32,184 | -12.8% |
| Stocks and contracts in progress | 3 | €22,750 | €21,653 | -€1,097 | -4.8% |
| Stocks | 30/36 | €12,250 | €19,455 | +€7,205 | +58.8% |
| Contracts in progress | 37 | €10,500 | €2,198 | -€8,303 | -79.1% |
| Amounts receivable within one year | 40/41 | €206,834 | €169,220 | -€37,614 | -18.2% |
| Trade receivables | 40 | €191,171 | €116,937 | -€74,234 | -38.8% |
| Other amounts receivable | 41 | €15,663 | €52,283 | +€36,620 | +233.8% |
| Cash at bank and in hand | 54/58 | €20,340 | €26,867 | +€6,527 | +32.1% |
| Deferred charges and accrued income | 490/1 | €2,366 | €2,366 | = | 0.0% |
| Total equity and liabilities | 10/49 | €470,663 | €534,523 | +€63,860 | +13.6% |
| Equity | 10/15 | €320,083 | €330,562 | +€10,479 | +3.3% |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Reserves | 13 | €301,483 | €310,102 | +€8,619 | +2.9% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €10,572 | €10,016 | -€556 | -5.3% |
| Distributable reserves | 133 | €289,051 | €300,087 | +€11,036 | +3.8% |
| Provisions and deferred taxes | 16 | €2,643 | €2,504 | -€139 | -5.3% |
| Deferred taxes | 168 | €2,643 | €2,504 | -€139 | -5.3% |
| Amounts payable | 17/49 | €147,937 | €201,457 | +€53,519 | +36.2% |
| Amounts payable after more than one year | 17 | €43,614 | €145,909 | +€102,295 | +234.5% |
| Financial debts | 170/4 | €43,614 | €145,909 | +€102,295 | +234.5% |
| Amounts payable within one year | 42/48 | €104,323 | €55,547 | -€48,775 | -46.8% |
| Current portion of amounts payable after more than one year | 42 | €29,966 | €30,108 | +€142 | +0.5% |
| Financial debts | 43 | €10,000 | - | -€10,000 | |
| Credit institutions | 430/8 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €43,468 | €4,861 | -€38,607 | -88.8% |
| Suppliers | 440/4 | €43,468 | €4,861 | -€38,607 | -88.8% |
| Taxes, remuneration and social security | 45 | €15,652 | €20,578 | +€4,926 | +31.5% |
| Taxes | 450/3 | €15,652 | €20,578 | +€4,926 | +31.5% |
| Other amounts payable | 47/48 | €5,237 | - | -€5,237 | |
| Non-recurring operating income | 76A | €13,215 | €250 | -€12,965 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,840 | €20,403 | -€5,437 | -21.0% |
| Other operating charges | 640/8 | €1,305 | €4,147 | +€2,842 | +217.8% |
| Gross operating margin | 9900 | €85,730 | €41,681 | -€44,049 | -51.4% |
| Operating profit (loss) | 9901 | €58,585 | €17,131 | -€41,454 | -70.8% |
| Financial income | 75/76B | €871 | €1,354 | +€483 | +55.4% |
| Recurring financial income | 75 | €871 | €1,354 | +€483 | +55.4% |
| Financial charges | 65/66B | €4,490 | €8,238 | +€3,748 | +83.5% |
| Recurring financial charges | 65 | €4,490 | €8,238 | +€3,748 | +83.5% |
| Profit (loss) for the period before taxes | 9903 | €54,967 | €10,247 | -€44,719 | -81.4% |
| Transfer from deferred taxes | 780 | - | €139 | +€139 | |
| Transfer to deferred taxes | 680 | €2,643 | - | -€2,643 | |
| Income taxes | 67/77 | €12,652 | -€93 | -€12,745 | |
| Profit (loss) for the period | 9904 | €39,672 | €10,479 | -€29,193 | -73.6% |
| Transfer from tax-exempt reserves | 789 | - | €556 | +€556 | |
| Transfer to tax-exempt reserves | 689 | €10,572 | - | -€10,572 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,100 | €11,036 | -€18,064 | -62.1% |
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 8 October 2026 via checked.be.