DR. MARC DAENEN: what changed
DR. MARC DAENEN
Largest movements
- Cash -€172,852
down €172,852 (-46.3%), from €373,189 to €200,337
mainly Contributions, distributions and other (-€402,360) and Receivables within one year (-€110,213)
- Current investments -€120,080
down €120,080 (-28.4%), from €422,673 to €302,593
- Receivables within one year +€110,213
up €110,213 (+657%), from €16,767 to €126,980
of which Other amounts receivable: +€116,757
- Deferred charges and accrued income -€32,782
down €32,782 (-13.1%), from €250,743 to €217,961
- Tangible fixed assets -€24,366
down €24,366 (-9.5%), from €255,442 to €231,075
of which Furniture and vehicles: -€15,701
- Reserves -€102,932
down €102,932 (-9.2%), from €1.1m to €1.0m
of which Distributable reserves: -€102,932
- Debts after one year -€91,801
no longer reported in 2025 (was €91,801)
- Tax, wage and social debts -€25,431
down €25,431 (-36.5%), from €69,607 to €44,176
- Current portion of long-term debt -€18,418
no longer reported in 2025 (was €18,418)
- Financial income +€61,253
up €61,253 (+818%), from €7,488 to €68,742
- Gross operating margin +€36,979
up €36,979 (+10.9%), from €339,230 to €376,209
- Taxes +€15,419
up €15,419 (+15.9%), from €97,252 to €112,671
Change in the result, 31-12-2024 to 31-12-2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,319,276 | €1,079,408 | -€239,868 | -18.2% |
| Fixed assets | 21/28 | €255,904 | €231,537 | -€24,366 | -9.5% |
| Tangible fixed assets | 22/27 | €255,442 | €231,075 | -€24,366 | -9.5% |
| Land and buildings | 22 | €238,574 | €229,908 | -€8,665 | -3.6% |
| Furniture and vehicles | 24 | €16,868 | €1,167 | -€15,701 | -93.1% |
| Financial fixed assets | 28 | €462 | €462 | = | 0.0% |
| Current assets | 29/58 | €1,063,372 | €847,871 | -€215,501 | -20.3% |
| Amounts receivable within one year | 40/41 | €16,767 | €126,980 | +€110,213 | +657% |
| Trade receivables | 40 | €8,153 | €1,609 | -€6,544 | -80.3% |
| Other amounts receivable | 41 | €8,613 | €125,370 | +€116,757 | +1,356% |
| Current investments | 50/53 | €422,673 | €302,593 | -€120,080 | -28.4% |
| Cash at bank and in hand | 54/58 | €373,189 | €200,337 | -€172,852 | -46.3% |
| Deferred charges and accrued income | 490/1 | €250,743 | €217,961 | -€32,782 | -13.1% |
| Total equity and liabilities | 10/49 | €1,319,276 | €1,079,408 | -€239,868 | -18.2% |
| Equity | 10/15 | €1,134,038 | €1,031,106 | -€102,932 | -9.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,121,638 | €1,018,706 | -€102,932 | -9.2% |
| Tax-exempt reserves | 132 | €8,181 | €8,181 | = | 0.0% |
| Distributable reserves | 133 | €1,113,458 | €1,010,526 | -€102,932 | -9.2% |
| Amounts payable | 17/49 | €185,237 | €48,302 | -€136,936 | -73.9% |
| Amounts payable after more than one year | 17 | €91,801 | - | -€91,801 | |
| Financial debts | 170/4 | €91,801 | - | -€91,801 | |
| Amounts payable within one year | 42/48 | €93,256 | €48,115 | -€45,141 | -48.4% |
| Current portion of amounts payable after more than one year | 42 | €18,418 | - | -€18,418 | |
| Trade debts | 44 | €5,231 | €3,939 | -€1,292 | -24.7% |
| Suppliers | 440/4 | €5,231 | €3,939 | -€1,292 | -24.7% |
| Taxes, remuneration and social security | 45 | €69,607 | €44,176 | -€25,431 | -36.5% |
| Taxes | 450/3 | €69,607 | €44,176 | -€25,431 | -36.5% |
| Accrued charges and deferred income | 492/3 | €181 | €187 | +€6 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,423 | €24,366 | -€57 | -0.2% |
| Other operating charges | 640/8 | €3,910 | €4,510 | +€600 | +15.4% |
| Gross operating margin | 9900 | €339,230 | €376,209 | +€36,979 | +10.9% |
| Operating profit (loss) | 9901 | €310,897 | €347,332 | +€36,435 | +11.7% |
| Financial income | 75/76B | €7,488 | €68,742 | +€61,253 | +818% |
| Recurring financial income | 75 | €7,488 | €68,742 | +€61,253 | +818% |
| Financial charges | 65/66B | €2,870 | €3,975 | +€1,104 | +38.5% |
| Recurring financial charges | 65 | €2,870 | €3,975 | +€1,104 | +38.5% |
| Profit (loss) for the period before taxes | 9903 | €315,515 | €412,099 | +€96,584 | +30.6% |
| Income taxes | 67/77 | €97,252 | €112,671 | +€15,419 | +15.9% |
| Profit (loss) for the period | 9904 | €218,263 | €299,428 | +€81,165 | +37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €218,263 | €299,428 | +€81,165 | +37.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.