Dr. Marc Piessens: 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 Piessens
Largest movements
- Current investments +€414,159
up €414,159 (+45.9%), from €902,660 to €1.3m
- Cash -€223,602
down €223,602 (-41.2%), from €542,478 to €318,875
mainly Current investments (-€414,159) and Receivables within one year (-€98,200)
- Receivables within one year +€98,200
up €98,200 (+455%), from €21,601 to €119,801
of which Other amounts receivable: +€99,787
- Reserves +€321,954
up €321,954 (+22.8%), from €1.4m to €1.7m
- Other debts -€49,120
down €49,120 (-100%), from €49,120 to €0
- Gross operating margin -€61,513
down €61,513 (-11.9%), from €515,126 to €453,614
- Financial charges +€39,801
up €39,801 (+234%), from €16,991 to €56,793
- Taxes -€7,198
down €7,198 (-4.1%), from €175,713 to €168,516
- Financial income +€6,175
up €6,175 (+6.8%), from €91,441 to €97,616
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 | €1,519,732 | €1,803,186 | +€283,454 | +18.7% |
| Fixed assets | 21/28 | €5,848 | €3,132 | -€2,716 | -46.4% |
| Tangible fixed assets | 22/27 | €5,848 | €3,132 | -€2,716 | -46.4% |
| Plant, machinery and equipment | 23 | €3,442 | €1,732 | -€1,710 | -49.7% |
| Furniture and vehicles | 24 | €2,407 | €1,400 | -€1,006 | -41.8% |
| Current assets | 29/58 | €1,513,884 | €1,800,054 | +€286,171 | +18.9% |
| Amounts receivable within one year | 40/41 | €21,601 | €119,801 | +€98,200 | +455% |
| Trade receivables | 40 | €1,588 | €0 | -€1,588 | -100% |
| Other amounts receivable | 41 | €20,014 | €119,801 | +€99,787 | +499% |
| Current investments | 50/53 | €902,660 | €1,316,819 | +€414,159 | +45.9% |
| Cash at bank and in hand | 54/58 | €542,478 | €318,875 | -€223,602 | -41.2% |
| Deferred charges and accrued income | 490/1 | €47,145 | €44,559 | -€2,586 | -5.5% |
| Total equity and liabilities | 10/49 | €1,519,732 | €1,803,186 | +€283,454 | +18.7% |
| Equity | 10/15 | €1,461,183 | €1,783,137 | +€321,954 | +22.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,411,183 | €1,733,137 | +€321,954 | +22.8% |
| Distributable reserves | 133 | €1,411,183 | €1,733,137 | +€321,954 | +22.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €58,549 | €20,049 | -€38,500 | -65.8% |
| Amounts payable within one year | 42/48 | €58,549 | €20,049 | -€38,500 | -65.8% |
| Trade debts | 44 | €486 | €50 | -€436 | -89.8% |
| Suppliers | 440/4 | €486 | €50 | -€436 | -89.8% |
| Taxes, remuneration and social security | 45 | €8,943 | €20,000 | +€11,057 | +124% |
| Taxes | 450/3 | €8,943 | €20,000 | +€11,057 | +124% |
| Other amounts payable | 47/48 | €49,120 | €0 | -€49,120 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,595 | €2,716 | +€121 | +4.7% |
| Other operating charges | 640/8 | €1,471 | €1,251 | -€220 | -14.9% |
| Gross operating margin | 9900 | €515,126 | €453,614 | -€61,513 | -11.9% |
| Operating profit (loss) | 9901 | €511,061 | €449,646 | -€61,414 | -12.0% |
| Financial income | 75/76B | €91,441 | €97,616 | +€6,175 | +6.8% |
| Recurring financial income | 75 | €91,441 | €97,616 | +€6,175 | +6.8% |
| Financial charges | 65/66B | €16,991 | €56,793 | +€39,801 | +234% |
| Recurring financial charges | 65 | €16,991 | €56,793 | +€39,801 | +234% |
| Profit (loss) for the period before taxes | 9903 | €585,510 | €490,470 | -€95,040 | -16.2% |
| Income taxes | 67/77 | €175,713 | €168,516 | -€7,198 | -4.1% |
| Profit (loss) for the period | 9904 | €409,797 | €321,954 | -€87,843 | -21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €409,797 | €321,954 | -€87,843 | -21.4% |
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 16 October 2026 via checked.be.