Dr. Marc Ceulemans: 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. Marc Ceulemans
Largest movements
- Current investments +€494,062
new in 2025: €494,062
- Cash -€460,564
down €460,564 (-86.3%), from €533,653 to €73,089
mainly Current investments (-€494,062) and Investment in fixed assets (net) (-€49,332)
- Tangible fixed assets +€35,933
up €35,933 (+708%), from €5,074 to €41,006
of which Furniture and vehicles: +€36,088
- Reserves +€62,927
up €62,927 (+13.4%), from €469,476 to €532,403
- Gross operating margin +€27,064
up €27,064 (+22.9%), from €117,932 to €144,996
- Taxes +€12,260
up €12,260 (+39.8%), from €30,768 to €43,028
- Depreciation +€5,589
up €5,589 (+71.6%), from €7,810 to €13,399
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 | €544,610 | €611,034 | +€66,423 | +12.2% |
| Fixed assets | 21/28 | €5,449 | €41,381 | +€35,933 | +659% |
| Tangible fixed assets | 22/27 | €5,074 | €41,006 | +€35,933 | +708% |
| Plant, machinery and equipment | 23 | €155 | €0 | -€155 | -100% |
| Furniture and vehicles | 24 | €4,919 | €41,006 | +€36,088 | +734% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €539,162 | €569,652 | +€30,490 | +5.7% |
| Amounts receivable within one year | 40/41 | €2,500 | €1,655 | -€845 | -33.8% |
| Trade receivables | 40 | €2,500 | €1,655 | -€845 | -33.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €494,062 | +€494,062 | |
| Cash at bank and in hand | 54/58 | €533,653 | €73,089 | -€460,564 | -86.3% |
| Deferred charges and accrued income | 490/1 | €3,009 | €847 | -€2,162 | -71.9% |
| Total equity and liabilities | 10/49 | €544,610 | €611,034 | +€66,423 | +12.2% |
| Equity | 10/15 | €543,356 | €606,283 | +€62,927 | +11.6% |
| Contributions | 10/11 | €73,880 | €73,880 | = | 0.0% |
| Reserves | 13 | €469,476 | €532,403 | +€62,927 | +13.4% |
| Distributable reserves | 133 | €469,476 | €532,403 | +€62,927 | +13.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,255 | €4,751 | +€3,496 | +279% |
| Amounts payable within one year | 42/48 | €1,255 | €4,751 | +€3,496 | +279% |
| Trade debts | 44 | €141 | €629 | +€488 | +347% |
| Suppliers | 440/4 | €141 | €629 | +€488 | +347% |
| Taxes, remuneration and social security | 45 | €768 | €3,961 | +€3,193 | +415% |
| Taxes | 450/3 | €768 | €3,961 | +€3,193 | +415% |
| Other amounts payable | 47/48 | €345 | €161 | -€185 | -53.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,810 | €13,399 | +€5,589 | +71.6% |
| Other operating charges | 640/8 | €1,820 | €1,417 | -€403 | -22.1% |
| Gross operating margin | 9900 | €117,932 | €144,996 | +€27,064 | +22.9% |
| Operating profit (loss) | 9901 | €108,302 | €130,179 | +€21,878 | +20.2% |
| Financial income | 75/76B | €0 | €224 | +€224 | +1,118,050% |
| Recurring financial income | 75 | €0 | €224 | +€224 | +1,118,050% |
| Financial charges | 65/66B | €83 | €1,276 | +€1,194 | +1,446% |
| Recurring financial charges | 65 | €83 | €1,276 | +€1,194 | +1,446% |
| Profit (loss) for the period before taxes | 9903 | €108,219 | €129,127 | +€20,907 | +19.3% |
| Income taxes | 67/77 | €30,768 | €43,028 | +€12,260 | +39.8% |
| Profit (loss) for the period | 9904 | €77,451 | €86,098 | +€8,648 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €77,451 | €86,098 | +€8,648 | +11.2% |
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.