Claude Van Marcke: 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.
Claude Van Marcke
Largest movements
- Tangible fixed assets +€266,740
up €266,740 (+969%), from €27,541 to €294,282
of which Land and buildings: +€271,431
- Current investments -€180,000
down €180,000 (-40.9%), from €439,999 to €259,999
- Cash +€136,269
up €136,269 (+251%), from €54,385 to €190,654
mainly Current investments (+€180,000) and Debts after one year (+€109,407)
- Receivables after one year -€93,183
down €93,183 (-27.7%), from €336,603 to €243,420
of which Other amounts receivable: -€336,603
- Debts after one year +€109,407
new in 2025: €109,407
- Depreciation +€31,237
up €31,237 (+287%), from €10,871 to €42,108
- Taxes -€9,725
down €9,725 (-20.7%), from €46,903 to €37,178
- Gross operating margin +€3,571
up €3,571 (+2.2%), from €163,767 to €167,338
- Financial charges +€3,318
up €3,318 (+289%), from €1,148 to €4,467
- Financial income +€2,884
up €2,884 (+34.6%), from €8,328 to €11,212
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 | €860,620 | €989,115 | +€128,495 | +14.9% |
| Fixed assets | 21/28 | €27,541 | €294,282 | +€266,740 | +969% |
| Tangible fixed assets | 22/27 | €27,541 | €294,282 | +€266,740 | +969% |
| Land and buildings | 22 | - | €271,431 | +€271,431 | |
| Plant, machinery and equipment | 23 | €237 | €1,561 | +€1,323 | +558% |
| Furniture and vehicles | 24 | €27,304 | €21,290 | -€6,014 | -22.0% |
| Current assets | 29/58 | €833,079 | €694,834 | -€138,245 | -16.6% |
| Amounts receivable after more than one year | 29 | €336,603 | €243,420 | -€93,183 | -27.7% |
| Trade receivables | 290 | - | €243,420 | +€243,420 | |
| Other amounts receivable | 291 | €336,603 | - | -€336,603 | |
| Amounts receivable within one year | 40/41 | €199 | - | -€199 | |
| Other amounts receivable | 41 | €199 | - | -€199 | |
| Current investments | 50/53 | €439,999 | €259,999 | -€180,000 | -40.9% |
| Cash at bank and in hand | 54/58 | €54,385 | €190,654 | +€136,269 | +251% |
| Deferred charges and accrued income | 490/1 | €1,893 | €761 | -€1,133 | -59.8% |
| Total equity and liabilities | 10/49 | €860,620 | €989,115 | +€128,495 | +14.9% |
| Equity | 10/15 | €855,326 | €862,961 | +€7,635 | +0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €849,126 | €856,761 | +€7,635 | +0.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,861 | €8,861 | = | 0.0% |
| Distributable reserves | 133 | €838,406 | €846,041 | +€7,635 | +0.9% |
| Amounts payable | 17/49 | €5,294 | €126,154 | +€120,860 | +2,283% |
| Amounts payable after more than one year | 17 | - | €109,407 | +€109,407 | |
| Financial debts | 170/4 | - | €109,407 | +€109,407 | |
| Amounts payable within one year | 42/48 | €5,294 | €16,747 | +€11,453 | +216% |
| Current portion of amounts payable after more than one year | 42 | €2,957 | €6,425 | +€3,469 | +117% |
| Trade debts | 44 | €382 | €1,719 | +€1,337 | +351% |
| Suppliers | 440/4 | €382 | €1,719 | +€1,337 | +351% |
| Taxes, remuneration and social security | 45 | €1,442 | €8,602 | +€7,161 | +497% |
| Taxes | 450/3 | €1,442 | €8,602 | +€7,161 | +497% |
| Other amounts payable | 47/48 | €514 | - | -€514 | |
| Non-recurring operating income | 76A | €114,706 | - | -€114,706 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,871 | €42,108 | +€31,237 | +287% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €639 | - | -€639 | |
| Other operating charges | 640/8 | - | €2,235 | +€2,235 | |
| Gross operating margin | 9900 | €163,767 | €167,338 | +€3,571 | +2.2% |
| Operating profit (loss) | 9901 | €152,257 | €122,995 | -€29,261 | -19.2% |
| Financial income | 75/76B | €8,328 | €11,212 | +€2,884 | +34.6% |
| Recurring financial income | 75 | €8,328 | €11,212 | +€2,884 | +34.6% |
| Financial charges | 65/66B | €1,148 | €4,467 | +€3,318 | +289% |
| Recurring financial charges | 65 | €1,148 | €4,467 | +€3,318 | +289% |
| Profit (loss) for the period before taxes | 9903 | €159,436 | €129,740 | -€29,696 | -18.6% |
| Income taxes | 67/77 | €46,903 | €37,178 | -€9,725 | -20.7% |
| Profit (loss) for the period | 9904 | €112,533 | €92,562 | -€19,971 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €112,533 | €92,562 | -€19,971 | -17.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.