Ward 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.
Ward Maertens
Largest movements
- Receivables within one year +€25,575
up €25,575 (+5,047%), from €507 to €26,082
of which Trade receivables: +€23,219
- Current investments +€20,000
new in 2025: €20,000
- Cash +€12,189
up €12,189 (+19.1%), from €63,956 to €76,145
mainly Net result for the year (+€48,213) and Short-term financial debts (+€3,399)
- Reserves +€48,213
up €48,213 (+109%), from €44,039 to €92,253
- Short-term financial debts +€3,399
up €3,399 (+658%), from €516 to €3,916
- Trade debts +€2,629
up €2,629 (+422%), from €623 to €3,252
- Other debts +€1,902
up €1,902 (+366%), from €519 to €2,421
- Tax, wage and social debts +€1,765
up €1,765 (+25.5%), from €6,914 to €8,679
- Gross operating margin +€7,140
up €7,140 (+12.3%), from €57,925 to €65,064
- Taxes +€1,667
up €1,667 (+14.5%), from €11,493 to €13,160
- Other operating charges +€882
up €882 (+150%), from €590 to €1,471
- Financial charges +€736
up €736 (+66.8%), from €1,102 to €1,838
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 | €67,612 | €125,521 | +€57,909 | +85.6% |
| Formation expenses | 20 | €175 | €0 | -€175 | -100% |
| Fixed assets | 21/28 | €1,000 | €793 | -€207 | -20.7% |
| Tangible fixed assets | 22/27 | €1,000 | €793 | -€207 | -20.7% |
| Furniture and vehicles | 24 | €1,000 | €793 | -€207 | -20.7% |
| Current assets | 29/58 | €66,437 | €124,728 | +€58,291 | +87.7% |
| Amounts receivable within one year | 40/41 | €507 | €26,082 | +€25,575 | +5,047% |
| Trade receivables | 40 | - | €23,219 | +€23,219 | |
| Other amounts receivable | 41 | €507 | €2,863 | +€2,356 | +465% |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €63,956 | €76,145 | +€12,189 | +19.1% |
| Deferred charges and accrued income | 490/1 | €1,975 | €2,502 | +€527 | +26.7% |
| Total equity and liabilities | 10/49 | €67,612 | €125,521 | +€57,909 | +85.6% |
| Equity | 10/15 | €59,039 | €107,253 | +€48,213 | +81.7% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €44,039 | €92,253 | +€48,213 | +109% |
| Distributable reserves | 133 | €44,039 | €92,253 | +€48,213 | +109% |
| Amounts payable | 17/49 | €8,572 | €18,268 | +€9,695 | +113% |
| Amounts payable within one year | 42/48 | €8,572 | €18,268 | +€9,695 | +113% |
| Financial debts | 43 | €516 | €3,916 | +€3,399 | +658% |
| Credit institutions | 430/8 | €516 | €3,916 | +€3,399 | +658% |
| Trade debts | 44 | €623 | €3,252 | +€2,629 | +422% |
| Suppliers | 440/4 | €623 | €3,252 | +€2,629 | +422% |
| Taxes, remuneration and social security | 45 | €6,914 | €8,679 | +€1,765 | +25.5% |
| Taxes | 450/3 | €6,914 | €8,679 | +€1,765 | +25.5% |
| Other amounts payable | 47/48 | €519 | €2,421 | +€1,902 | +366% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €700 | €382 | -€318 | -45.5% |
| Other operating charges | 640/8 | €590 | €1,471 | +€882 | +150% |
| Gross operating margin | 9900 | €57,925 | €65,064 | +€7,140 | +12.3% |
| Operating profit (loss) | 9901 | €56,635 | €63,211 | +€6,576 | +11.6% |
| Financial charges | 65/66B | €1,102 | €1,838 | +€736 | +66.8% |
| Recurring financial charges | 65 | €1,102 | €1,838 | +€736 | +66.8% |
| Profit (loss) for the period before taxes | 9903 | €55,533 | €61,374 | +€5,841 | +10.5% |
| Income taxes | 67/77 | €11,493 | €13,160 | +€1,667 | +14.5% |
| Profit (loss) for the period | 9904 | €44,039 | €48,213 | +€4,174 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,039 | €48,213 | +€4,174 | +9.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.