DR. J. MARCELIS: 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. J. MARCELIS
Largest movements
- Cash -€116,596
down €116,596 (-85.7%), from €135,978 to €19,382
mainly Contributions, distributions and other (-€188,199) and Other debts (-€24,298)
- Deferred charges and accrued income -€71,303
down €71,303 (-79.1%), from €90,183 to €18,880
- Receivables within one year +€6,454
new in 2025: €6,454
- Current investments +€5,979
up €5,979 (+4.6%), from €130,171 to €136,150
- Tangible fixed assets -€4,574
down €4,574 (-6.6%), from €69,140 to €64,566
- Reserves -€149,488
down €149,488 (-46.0%), from €325,309 to €175,821
- Other debts -€24,298
down €24,298 (-53.1%), from €45,724 to €21,426
- Tax, wage and social debts -€10,123
down €10,123 (-58.5%), from €17,318 to €7,195
- Gross operating margin -€105,219
down €105,219 (-69.1%), from €152,334 to €47,115
- Taxes -€22,234
down €22,234 (-55.8%), from €39,840 to €17,606
- Financial income +€15,575
up €15,575 (+342%), from €4,549 to €20,124
- Financial charges -€3,676
down €3,676 (-68.0%), from €5,405 to €1,729
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 | €426,441 | €246,401 | -€180,040 | -42.2% |
| Fixed assets | 21/28 | €70,109 | €65,535 | -€4,574 | -6.5% |
| Tangible fixed assets | 22/27 | €69,140 | €64,566 | -€4,574 | -6.6% |
| Plant, machinery and equipment | 23 | €6,625 | €5,269 | -€1,356 | -20.5% |
| Furniture and vehicles | 24 | €20,562 | €18,400 | -€2,162 | -10.5% |
| Other tangible fixed assets | 26 | €41,953 | €40,897 | -€1,056 | -2.5% |
| Financial fixed assets | 28 | €969 | €969 | = | 0.0% |
| Current assets | 29/58 | €356,332 | €180,866 | -€175,466 | -49.2% |
| Amounts receivable within one year | 40/41 | - | €6,454 | +€6,454 | |
| Other amounts receivable | 41 | - | €6,454 | +€6,454 | |
| Current investments | 50/53 | €130,171 | €136,150 | +€5,979 | +4.6% |
| Cash at bank and in hand | 54/58 | €135,978 | €19,382 | -€116,596 | -85.7% |
| Deferred charges and accrued income | 490/1 | €90,183 | €18,880 | -€71,303 | -79.1% |
| Total equity and liabilities | 10/49 | €426,441 | €246,401 | -€180,040 | -42.2% |
| Equity | 10/15 | €337,709 | €188,221 | -€149,488 | -44.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €325,309 | €175,821 | -€149,488 | -46.0% |
| Distributable reserves | 133 | €325,309 | €175,821 | -€149,488 | -46.0% |
| Amounts payable | 17/49 | €88,732 | €58,180 | -€30,552 | -34.4% |
| Amounts payable within one year | 42/48 | €88,589 | €58,114 | -€30,475 | -34.4% |
| Financial debts | 43 | - | €3,386 | +€3,386 | |
| Credit institutions | 430/8 | - | €3,386 | +€3,386 | |
| Trade debts | 44 | €25,547 | €26,107 | +€560 | +2.2% |
| Suppliers | 440/4 | €25,547 | €26,107 | +€560 | +2.2% |
| Taxes, remuneration and social security | 45 | €17,318 | €7,195 | -€10,123 | -58.5% |
| Taxes | 450/3 | €17,318 | €7,195 | -€10,123 | -58.5% |
| Other amounts payable | 47/48 | €45,724 | €21,426 | -€24,298 | -53.1% |
| Accrued charges and deferred income | 492/3 | €143 | €66 | -€77 | -53.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,826 | €6,314 | +€488 | +8.4% |
| Other operating charges | 640/8 | €3,537 | €2,879 | -€658 | -18.6% |
| Gross operating margin | 9900 | €152,334 | €47,115 | -€105,219 | -69.1% |
| Operating profit (loss) | 9901 | €142,971 | €37,922 | -€105,049 | -73.5% |
| Financial income | 75/76B | €4,549 | €20,124 | +€15,575 | +342% |
| Recurring financial income | 75 | €4,549 | €20,124 | +€15,575 | +342% |
| Financial charges | 65/66B | €5,405 | €1,729 | -€3,676 | -68.0% |
| Recurring financial charges | 65 | €5,405 | €1,729 | -€3,676 | -68.0% |
| Profit (loss) for the period before taxes | 9903 | €142,115 | €56,317 | -€85,798 | -60.4% |
| Income taxes | 67/77 | €39,840 | €17,606 | -€22,234 | -55.8% |
| Profit (loss) for the period | 9904 | €102,275 | €38,711 | -€63,564 | -62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €102,275 | €38,711 | -€63,564 | -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 17 October 2026 via checked.be.