DIRK VANMARCKE: 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.
DIRK VANMARCKE
Largest movements
- Tangible fixed assets +€6,865
up €6,865 (+5.4%), from €128,074 to €134,939
of which Other tangible fixed assets: +€17,079
- Cash +€6,819
up €6,819 (+34.0%), from €20,056 to €26,876
mainly Accrued charges and deferred income (+€19,970) and Net result for the year (+€17,740)
- Stocks and contracts -€2,397
down €2,397 (-23.8%), from €10,055 to €7,657
- Accrued charges and deferred income +€19,970
up €19,970 (+20,545%), from €97 to €20,067
- Trade debts -€16,222
down €16,222 (-58.2%), from €27,851 to €11,629
- Reserves +€14,574
up €14,574 (+12.7%), from €114,484 to €129,058
of which Distributable reserves: +€14,574
- Debts after one year -€5,972
down €5,972 (-38.4%), from €15,544 to €9,572
of which Financial debts: -€5,972
- Tax, wage and social debts -€2,441
down €2,441 (-48.0%), from €5,080 to €2,639
- Depreciation -€4,707
down €4,707 (-32.4%), from €14,539 to €9,833
- Gross operating margin -€4,147
down €4,147 (-8.9%), from €46,689 to €42,542
- Other operating charges +€2,081
up €2,081 (+36.2%), from €5,746 to €7,826
- Taxes -€931
down €931 (-12.7%), from €7,331 to €6,400
- Financial charges -€538
down €538 (-32.5%), from €1,659 to €1,121
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 | €194,027 | €203,566 | +€9,539 | +4.9% |
| Fixed assets | 21/28 | €128,124 | €134,939 | +€6,815 | +5.3% |
| Tangible fixed assets | 22/27 | €128,074 | €134,939 | +€6,865 | +5.4% |
| Land and buildings | 22 | €96,575 | €96,568 | -€6 | 0.0% |
| Plant, machinery and equipment | 23 | €2,407 | €1,509 | -€898 | -37.3% |
| Furniture and vehicles | 24 | €3,972 | €3,568 | -€404 | -10.2% |
| Leasing and similar rights | 25 | €25,121 | €16,215 | -€8,906 | -35.5% |
| Other tangible fixed assets | 26 | - | €17,079 | +€17,079 | |
| Financial fixed assets | 28 | €50 | €0 | -€50 | -100% |
| Current assets | 29/58 | €65,903 | €68,627 | +€2,724 | +4.1% |
| Stocks and contracts in progress | 3 | €10,055 | €7,657 | -€2,397 | -23.8% |
| Stocks | 30/36 | €10,055 | €7,657 | -€2,397 | -23.8% |
| Amounts receivable within one year | 40/41 | €33,468 | €31,979 | -€1,489 | -4.4% |
| Trade receivables | 40 | €28,247 | €30,189 | +€1,942 | +6.9% |
| Other amounts receivable | 41 | €5,221 | €1,790 | -€3,431 | -65.7% |
| Cash at bank and in hand | 54/58 | €20,056 | €26,876 | +€6,819 | +34.0% |
| Deferred charges and accrued income | 490/1 | €2,324 | €2,115 | -€209 | -9.0% |
| Total equity and liabilities | 10/49 | €194,027 | €203,566 | +€9,539 | +4.9% |
| Equity | 10/15 | €120,684 | €135,258 | +€14,574 | +12.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €114,484 | €129,058 | +€14,574 | +12.7% |
| Tax-exempt reserves | 132 | €25,641 | €25,641 | = | 0.0% |
| Distributable reserves | 133 | €88,843 | €103,417 | +€14,574 | +16.4% |
| Amounts payable | 17/49 | €73,343 | €68,308 | -€5,035 | -6.9% |
| Amounts payable after more than one year | 17 | €15,544 | €9,572 | -€5,972 | -38.4% |
| Financial debts | 170/4 | €14,884 | €8,912 | -€5,972 | -40.1% |
| Other amounts payable | 178/9 | €660 | €660 | = | 0.0% |
| Amounts payable within one year | 42/48 | €57,702 | €38,669 | -€19,033 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €7,580 | €5,972 | -€1,608 | -21.2% |
| Trade debts | 44 | €27,851 | €11,629 | -€16,222 | -58.2% |
| Suppliers | 440/4 | €27,851 | €11,629 | -€16,222 | -58.2% |
| Taxes, remuneration and social security | 45 | €5,080 | €2,639 | -€2,441 | -48.0% |
| Taxes | 450/3 | €5,080 | €2,639 | -€2,441 | -48.0% |
| Other amounts payable | 47/48 | €17,191 | €18,429 | +€1,239 | +7.2% |
| Accrued charges and deferred income | 492/3 | €97 | €20,067 | +€19,970 | +20,545% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,539 | €9,833 | -€4,707 | -32.4% |
| Other operating charges | 640/8 | €5,746 | €7,826 | +€2,081 | +36.2% |
| Gross operating margin | 9900 | €46,689 | €42,542 | -€4,147 | -8.9% |
| Operating profit (loss) | 9901 | €26,404 | €24,883 | -€1,521 | -5.8% |
| Financial income | 75/76B | €153 | €378 | +€225 | +148% |
| Recurring financial income | 75 | €153 | €378 | +€225 | +148% |
| Financial charges | 65/66B | €1,659 | €1,121 | -€538 | -32.5% |
| Recurring financial charges | 65 | €1,659 | €1,121 | -€538 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €24,898 | €24,140 | -€758 | -3.0% |
| Income taxes | 67/77 | €7,331 | €6,400 | -€931 | -12.7% |
| Profit (loss) for the period | 9904 | €17,566 | €17,740 | +€174 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,566 | €17,740 | +€174 | +1.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.