Dr. David Marrécau: 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. David Marrécau
Largest movements
- Current investments +€401,447
up €401,447 (+79.5%), from €505,033 to €906,480
- Deferred charges and accrued income +€200,903
up €200,903 (+249%), from €80,688 to €281,591
- Cash -€49,703
down €49,703 (-30.5%), from €163,061 to €113,358
mainly Contributions, distributions and other (-€552,765) and Current investments (-€401,447)
- Tangible fixed assets -€31,931
down €31,931 (-28.6%), from €111,539 to €79,608
- Other debts +€496,446
up €496,446 (+126%), from €393,568 to €890,014
- Tax, wage and social debts +€44,799
up €44,799 (+45.6%), from €98,286 to €143,085
- Reserves -€28,391
down €28,391 (-7.7%), from €367,167 to €338,775
- Gross operating margin +€264,760
up €264,760 (+58.5%), from €452,739 to €717,499
- Taxes +€69,246
up €69,246 (+67.3%), from €102,858 to €172,104
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 | €868,383 | €1,381,036 | +€512,653 | +59.0% |
| Fixed assets | 21/28 | €111,539 | €79,608 | -€31,931 | -28.6% |
| Tangible fixed assets | 22/27 | €111,539 | €79,608 | -€31,931 | -28.6% |
| Furniture and vehicles | 24 | €111,539 | €79,608 | -€31,931 | -28.6% |
| Current assets | 29/58 | €756,844 | €1,301,429 | +€544,585 | +72.0% |
| Amounts receivable within one year | 40/41 | €8,062 | - | -€8,062 | |
| Other amounts receivable | 41 | €8,062 | - | -€8,062 | |
| Current investments | 50/53 | €505,033 | €906,480 | +€401,447 | +79.5% |
| Cash at bank and in hand | 54/58 | €163,061 | €113,358 | -€49,703 | -30.5% |
| Deferred charges and accrued income | 490/1 | €80,688 | €281,591 | +€200,903 | +249% |
| Total equity and liabilities | 10/49 | €868,383 | €1,381,036 | +€512,653 | +59.0% |
| Equity | 10/15 | €372,167 | €343,775 | -€28,391 | -7.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €367,167 | €338,775 | -€28,391 | -7.7% |
| Distributable reserves | 133 | €367,167 | €338,775 | -€28,391 | -7.7% |
| Amounts payable | 17/49 | €496,216 | €1,037,261 | +€541,045 | +109% |
| Amounts payable within one year | 42/48 | €494,590 | €1,035,761 | +€541,171 | +109% |
| Trade debts | 44 | €2,736 | €2,662 | -€74 | -2.7% |
| Suppliers | 440/4 | €2,736 | €2,662 | -€74 | -2.7% |
| Taxes, remuneration and social security | 45 | €98,286 | €143,085 | +€44,799 | +45.6% |
| Taxes | 450/3 | €98,286 | €143,085 | +€44,799 | +45.6% |
| Other amounts payable | 47/48 | €393,568 | €890,014 | +€496,446 | +126% |
| Accrued charges and deferred income | 492/3 | €1,626 | €1,500 | -€126 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,931 | €31,931 | = | 0.0% |
| Other operating charges | 640/8 | €2,147 | €1,955 | -€192 | -9.0% |
| Non-recurring operating charges | 66A | €1,363 | - | -€1,363 | |
| Gross operating margin | 9900 | €452,739 | €717,499 | +€264,760 | +58.5% |
| Operating profit (loss) | 9901 | €417,297 | €683,613 | +€266,315 | +63.8% |
| Financial income | 75/76B | €10,599 | €13,959 | +€3,360 | +31.7% |
| Recurring financial income | 75 | €10,599 | €13,959 | +€3,360 | +31.7% |
| Financial charges | 65/66B | €1,714 | €1,094 | -€620 | -36.2% |
| Recurring financial charges | 65 | €1,714 | €1,094 | -€620 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €426,182 | €696,478 | +€270,296 | +63.4% |
| Income taxes | 67/77 | €102,858 | €172,104 | +€69,246 | +67.3% |
| Profit (loss) for the period | 9904 | €323,324 | €524,374 | +€201,050 | +62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €323,324 | €524,374 | +€201,050 | +62.2% |
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 26 October 2026 via checked.be.