DR MARC DECROLY: 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 DECROLY
Largest movements
- Tangible fixed assets +€330,952
up €330,952 (+358%), from €92,321 to €423,273
of which Land and buildings: +€335,162
- Receivables after one year -€108,527
no longer reported in 2025 (was €108,527)
- Current investments -€92,750
down €92,750 (-15.7%), from €591,967 to €499,218
- Cash -€21,238
down €21,238 (-34.7%), from €61,278 to €40,039
mainly Investment in fixed assets (net) (-€382,500) and Contributions, distributions and other (-€74,578)
- Debts after one year +€156,069
up €156,069 (+311%), from €50,157 to €206,226
- Current portion of long-term debt +€31,164
up €31,164 (+406%), from €7,683 to €38,847
- Other debts -€26,041
down €26,041 (-73.3%), from €35,545 to €9,505
- Contributions -€18,600
no longer reported in 2025 (was €18,600)
- Reserves -€17,873
down €17,873 (-2.8%), from €634,126 to €616,253
of which Distributable reserves: -€17,873
- Depreciation +€43,961
up €43,961 (+579%), from €7,587 to €51,548
- Taxes +€43,609
up €43,609 (+192%), from €22,703 to €66,313
- Gross operating margin -€26,505
down €26,505 (-11.9%), from €223,102 to €196,596
- Staff costs +€7,984
up €7,984 (+24.9%), from €32,016 to €40,001
- Financial income +€3,588
up €3,588 (+233%), from €1,543 to €5,131
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 | €861,393 | €969,830 | +€108,437 | +12.6% |
| Fixed assets | 21/28 | €94,121 | €425,073 | +€330,952 | +352% |
| Tangible fixed assets | 22/27 | €92,321 | €423,273 | +€330,952 | +358% |
| Land and buildings | 22 | €79,802 | €414,964 | +€335,162 | +420% |
| Plant, machinery and equipment | 23 | €5,078 | €3,761 | -€1,318 | -25.9% |
| Furniture and vehicles | 24 | €7,441 | €4,549 | -€2,891 | -38.9% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €767,272 | €544,757 | -€222,516 | -29.0% |
| Amounts receivable after more than one year | 29 | €108,527 | - | -€108,527 | |
| Other amounts receivable | 291 | €108,527 | - | -€108,527 | |
| Amounts receivable within one year | 40/41 | €5,500 | €5,500 | = | 0.0% |
| Other amounts receivable | 41 | €5,500 | €5,500 | = | 0.0% |
| Current investments | 50/53 | €591,967 | €499,218 | -€92,750 | -15.7% |
| Cash at bank and in hand | 54/58 | €61,278 | €40,039 | -€21,238 | -34.7% |
| Total equity and liabilities | 10/49 | €861,393 | €969,830 | +€108,437 | +12.6% |
| Equity | 10/15 | €742,745 | €706,272 | -€36,473 | -4.9% |
| Contributions | 10/11 | €18,600 | - | -€18,600 | |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €634,126 | €616,253 | -€17,873 | -2.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €39,650 | €39,650 | = | 0.0% |
| Distributable reserves | 133 | €592,616 | €574,743 | -€17,873 | -3.0% |
| Profit (loss) carried forward | 14 | €90,019 | €90,019 | = | 0.0% |
| Amounts payable | 17/49 | €118,649 | €263,559 | +€144,910 | +122% |
| Amounts payable after more than one year | 17 | €50,157 | €206,226 | +€156,069 | +311% |
| Financial debts | 170/4 | €50,157 | €206,226 | +€156,069 | +311% |
| Amounts payable within one year | 42/48 | €68,492 | €57,333 | -€11,159 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €7,683 | €38,847 | +€31,164 | +406% |
| Trade debts | 44 | €11,175 | €2,610 | -€8,565 | -76.6% |
| Suppliers | 440/4 | €11,175 | €2,610 | -€8,565 | -76.6% |
| Taxes, remuneration and social security | 45 | €14,088 | €6,371 | -€7,718 | -54.8% |
| Taxes | 450/3 | €3,000 | - | -€3,000 | |
| Remuneration and social security | 454/9 | €11,088 | €6,371 | -€4,718 | -42.5% |
| Other amounts payable | 47/48 | €35,545 | €9,505 | -€26,041 | -73.3% |
| Remuneration, social security and pensions | 62 | €32,016 | €40,001 | +€7,984 | +24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,587 | €51,548 | +€43,961 | +579% |
| Other operating charges | 640/8 | €1,542 | €1,524 | -€18 | -1.2% |
| Gross operating margin | 9900 | €223,102 | €196,596 | -€26,505 | -11.9% |
| Operating profit (loss) | 9901 | €181,957 | €103,524 | -€78,433 | -43.1% |
| Financial income | 75/76B | €1,543 | €5,131 | +€3,588 | +233% |
| Recurring financial income | 75 | €1,543 | €5,131 | +€3,588 | +233% |
| Financial charges | 65/66B | €1,932 | €4,238 | +€2,306 | +119% |
| Recurring financial charges | 65 | €1,932 | €4,238 | +€2,306 | +119% |
| Profit (loss) for the period before taxes | 9903 | €181,569 | €104,417 | -€77,151 | -42.5% |
| Income taxes | 67/77 | €22,703 | €66,313 | +€43,609 | +192% |
| Profit (loss) for the period | 9904 | €158,865 | €38,105 | -€120,760 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €158,865 | €38,105 | -€120,760 | -76.0% |
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 19 October 2026 via checked.be.