Dr. Catherine Marcq: 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.
Dr. Catherine Marcq
Largest movements
- Intangible fixed assets -€40,000
down €40,000 (-31.2%), from €128,306 to €88,306
- Tangible fixed assets -€5,500
down €5,500 (-33.3%), from €16,515 to €11,015
- Receivables within one year +€1,739
new in 2025: €1,739
- Debts after one year -€20,472
down €20,472 (-40.1%), from €51,013 to €30,541
- Profit (loss) carried forward -€16,257
new in 2025: -€16,257
- Other debts -€5,502
down €5,502 (-9.1%), from €60,226 to €54,724
- Current portion of long-term debt -€3,118
down €3,118 (-13.2%), from €23,590 to €20,472
- Gross operating margin -€64,463
down €64,463 (-65.9%), from €97,836 to €33,373
- Depreciation -€37,179
down €37,179 (-45.0%), from €82,679 to €45,500
- Financial charges -€3,250
down €3,250 (-49.3%), from €6,589 to €3,339
- Taxes -€1,685
down €1,685 (-92.7%), from €1,817 to €132
- Other operating charges -€1,141
down €1,141 (-63.4%), from €1,801 to €660
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 | €152,490 | €107,381 | -€45,109 | -29.6% |
| Fixed assets | 21/28 | €144,821 | €99,321 | -€45,500 | -31.4% |
| Intangible fixed assets | 21 | €128,306 | €88,306 | -€40,000 | -31.2% |
| Tangible fixed assets | 22/27 | €16,515 | €11,015 | -€5,500 | -33.3% |
| Furniture and vehicles | 24 | €16,515 | €11,015 | -€5,500 | -33.3% |
| Current assets | 29/58 | €7,669 | €8,060 | +€391 | +5.1% |
| Amounts receivable within one year | 40/41 | - | €1,739 | +€1,739 | |
| Trade receivables | 40 | - | €1,739 | +€1,739 | |
| Cash at bank and in hand | 54/58 | €7,323 | €5,974 | -€1,349 | -18.4% |
| Deferred charges and accrued income | 490/1 | €346 | €347 | +€1 | +0.3% |
| Total equity and liabilities | 10/49 | €152,490 | €107,381 | -€45,109 | -29.6% |
| Equity | 10/15 | €14,952 | -€1,305 | -€16,257 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €4,952 | €4,952 | = | 0.0% |
| Distributable reserves | 133 | €4,952 | €4,952 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€16,257 | -€16,257 | |
| Amounts payable | 17/49 | €137,538 | €108,686 | -€28,852 | -21.0% |
| Amounts payable after more than one year | 17 | €51,013 | €30,541 | -€20,472 | -40.1% |
| Financial debts | 170/4 | €51,013 | €30,541 | -€20,472 | -40.1% |
| Amounts payable within one year | 42/48 | €86,525 | €78,145 | -€8,380 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €23,590 | €20,472 | -€3,118 | -13.2% |
| Trade debts | 44 | €892 | €1,000 | +€109 | +12.2% |
| Suppliers | 440/4 | €892 | €1,000 | +€109 | +12.2% |
| Taxes, remuneration and social security | 45 | €1,817 | €1,949 | +€132 | +7.3% |
| Taxes | 450/3 | €1,817 | €1,949 | +€132 | +7.3% |
| Other amounts payable | 47/48 | €60,226 | €54,724 | -€5,502 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,679 | €45,500 | -€37,179 | -45.0% |
| Other operating charges | 640/8 | €1,801 | €660 | -€1,141 | -63.4% |
| Gross operating margin | 9900 | €97,836 | €33,373 | -€64,463 | -65.9% |
| Operating profit (loss) | 9901 | €13,357 | -€12,787 | -€26,143 | |
| Financial income | 75/76B | €2 | €0 | -€2 | -100% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100% |
| Financial charges | 65/66B | €6,589 | €3,339 | -€3,250 | -49.3% |
| Recurring financial charges | 65 | €6,589 | €3,339 | -€3,250 | -49.3% |
| Profit (loss) for the period before taxes | 9903 | €6,770 | -€16,125 | -€22,895 | |
| Income taxes | 67/77 | €1,817 | €132 | -€1,685 | -92.7% |
| Profit (loss) for the period | 9904 | €4,952 | -€16,257 | -€21,210 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,952 | -€16,257 | -€21,210 |
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 29 October 2026 via checked.be.