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.
Maecker
Largest movements
- Cash +€51,912
up €51,912 (+502.6%), from €10,328 to €62,239
mainly Net result for the year (+€69,791) and Tax, wage and social debts (+€14,154)
- Receivables within one year +€15,928
up €15,928 (+97.8%), from €16,285 to €32,213
of which Other amounts receivable: +€10,908
- Stocks and contracts +€3,494
up €3,494 (+84.3%), from €4,143 to €7,637
- Reserves +€69,791
up €69,791 (+328.6%), from €21,239 to €91,030
- Tax, wage and social debts +€14,154
up €14,154 (+154.6%), from €9,153 to €23,307
of which Taxes: +€16,389
- Other debts -€12,131
down €12,131 (-100.0%), from €12,131 to €0
- Gross operating margin +€66,133
up €66,133 (+228.1%), from €28,997 to €95,130
- Taxes +€13,607
up €13,607 (+230.9%), from €5,893 to €19,500
- Depreciation +€3,285
up €3,285 (+496.6%), from €661 to €3,946
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 | €45,670 | €116,963 | +€71,293 | +156.1% |
| Fixed assets | 21/28 | €14,062 | €14,256 | +€194 | +1.4% |
| Tangible fixed assets | 22/27 | €14,062 | €14,256 | +€194 | +1.4% |
| Furniture and vehicles | 24 | €1,424 | €1,975 | +€551 | +38.7% |
| Other tangible fixed assets | 26 | €12,638 | €12,282 | -€356 | -2.8% |
| Current assets | 29/58 | €31,607 | €102,706 | +€71,099 | +224.9% |
| Stocks and contracts in progress | 3 | €4,143 | €7,637 | +€3,494 | +84.3% |
| Stocks | 30/36 | €4,143 | €7,637 | +€3,494 | +84.3% |
| Amounts receivable within one year | 40/41 | €16,285 | €32,213 | +€15,928 | +97.8% |
| Trade receivables | 40 | €14,998 | €20,018 | +€5,020 | +33.5% |
| Other amounts receivable | 41 | €1,287 | €12,195 | +€10,908 | +847.5% |
| Cash at bank and in hand | 54/58 | €10,328 | €62,239 | +€51,912 | +502.6% |
| Deferred charges and accrued income | 490/1 | €851 | €617 | -€234 | -27.5% |
| Total equity and liabilities | 10/49 | €45,670 | €116,963 | +€71,293 | +156.1% |
| Equity | 10/15 | €23,239 | €93,030 | +€69,791 | +300.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €21,239 | €91,030 | +€69,791 | +328.6% |
| Distributable reserves | 133 | €21,239 | €91,030 | +€69,791 | +328.6% |
| Amounts payable | 17/49 | €22,431 | €23,933 | +€1,502 | +6.7% |
| Amounts payable within one year | 42/48 | €21,981 | €23,933 | +€1,952 | +8.9% |
| Trade debts | 44 | €697 | €626 | -€71 | -10.1% |
| Suppliers | 440/4 | €697 | €626 | -€71 | -10.1% |
| Taxes, remuneration and social security | 45 | €9,153 | €23,307 | +€14,154 | +154.6% |
| Taxes | 450/3 | €6,918 | €23,307 | +€16,389 | +236.9% |
| Remuneration and social security | 454/9 | €2,235 | €0 | -€2,235 | -100.0% |
| Other amounts payable | 47/48 | €12,131 | €0 | -€12,131 | -100.0% |
| Accrued charges and deferred income | 492/3 | €450 | €0 | -€450 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €661 | €3,946 | +€3,285 | +496.6% |
| Other operating charges | 640/8 | €158 | €452 | +€295 | +186.8% |
| Gross operating margin | 9900 | €28,997 | €95,130 | +€66,133 | +228.1% |
| Operating profit (loss) | 9901 | €28,178 | €90,732 | +€62,554 | +222.0% |
| Financial income | 75/76B | - | €347 | +€347 | |
| Recurring financial income | 75 | - | €347 | +€347 | |
| Financial charges | 65/66B | €1,046 | €1,787 | +€741 | +70.8% |
| Recurring financial charges | 65 | €1,046 | €1,787 | +€741 | +70.8% |
| Profit (loss) for the period before taxes | 9903 | €27,132 | €89,291 | +€62,160 | +229.1% |
| Income taxes | 67/77 | €5,893 | €19,500 | +€13,607 | +230.9% |
| Profit (loss) for the period | 9904 | €21,239 | €69,791 | +€48,553 | +228.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,239 | €69,791 | +€48,553 | +228.6% |
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 28 September 2026 via checked.be.