Dr. Marcinkowski: 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. Marcinkowski
Largest movements
- Cash -€50,121
down €50,121 (-4.0%), from €1.3m to €1.2m
mainly Contributions, distributions and other (-€166,118) and Receivables within one year (-€3,380)
- Tangible fixed assets -€41,819
down €41,819 (-33.1%), from €126,383 to €84,564
of which Land and buildings: -€26,720
- Deferred charges and accrued income -€22,635
down €22,635 (-50.3%), from €44,962 to €22,327
- Reserves -€130,183
down €130,183 (-6.6%), from €2.0m to €1.8m
- Accrued charges and deferred income +€22,634
up €22,634 (+150,392%), from €15 to €22,649
- Gross operating margin -€1.1m
down €1.1m (-92.7%), from €1.2m to €87,314
- Taxes -€352,349
down €352,349 (-95.1%), from €370,556 to €18,207
- Depreciation +€12,529
up €12,529 (+42.8%), from €29,290 to €41,819
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 | €2,109,420 | €1,999,909 | -€109,512 | -5.2% |
| Fixed assets | 21/28 | €126,383 | €84,564 | -€41,819 | -33.1% |
| Tangible fixed assets | 22/27 | €126,383 | €84,564 | -€41,819 | -33.1% |
| Land and buildings | 22 | €55,854 | €29,134 | -€26,720 | -47.8% |
| Plant, machinery and equipment | 23 | €1,328 | €410 | -€918 | -69.1% |
| Furniture and vehicles | 24 | €69,201 | €55,020 | -€14,181 | -20.5% |
| Current assets | 29/58 | €1,983,037 | €1,915,345 | -€67,692 | -3.4% |
| Amounts receivable within one year | 40/41 | €7,292 | €10,672 | +€3,380 | +46.4% |
| Other amounts receivable | 41 | €7,292 | €10,672 | +€3,380 | +46.4% |
| Current investments | 50/53 | €670,236 | €671,920 | +€1,684 | +0.3% |
| Cash at bank and in hand | 54/58 | €1,260,546 | €1,210,425 | -€50,121 | -4.0% |
| Deferred charges and accrued income | 490/1 | €44,962 | €22,327 | -€22,635 | -50.3% |
| Total equity and liabilities | 10/49 | €2,109,420 | €1,999,909 | -€109,512 | -5.2% |
| Equity | 10/15 | €2,103,094 | €1,972,911 | -€130,183 | -6.2% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €1,972,400 | €1,842,217 | -€130,183 | -6.6% |
| Distributable reserves | 133 | €1,972,400 | €1,842,217 | -€130,183 | -6.6% |
| Profit (loss) carried forward | 14 | €116,434 | €116,434 | = | 0.0% |
| Amounts payable | 17/49 | €6,326 | €26,998 | +€20,671 | +327% |
| Amounts payable within one year | 42/48 | €6,311 | €4,349 | -€1,963 | -31.1% |
| Trade debts | 44 | €1,413 | - | -€1,413 | |
| Suppliers | 440/4 | €1,413 | - | -€1,413 | |
| Other amounts payable | 47/48 | €4,899 | €4,349 | -€550 | -11.2% |
| Accrued charges and deferred income | 492/3 | €15 | €22,649 | +€22,634 | +150,392% |
| Non-recurring operating income | 76A | €14,000 | - | -€14,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,290 | €41,819 | +€12,529 | +42.8% |
| Other operating charges | 640/8 | €2,635 | €2,594 | -€41 | -1.5% |
| Non-recurring operating charges | 66A | €9,281 | - | -€9,281 | |
| Gross operating margin | 9900 | €1,203,659 | €87,314 | -€1.1m | -92.7% |
| Operating profit (loss) | 9901 | €1,162,452 | €42,900 | -€1.1m | -96.3% |
| Financial income | 75/76B | €8,679 | €11,862 | +€3,183 | +36.7% |
| Recurring financial income | 75 | €8,679 | €11,862 | +€3,183 | +36.7% |
| Financial charges | 65/66B | €753 | €619 | -€134 | -17.8% |
| Recurring financial charges | 65 | €753 | €619 | -€134 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €1,170,378 | €54,143 | -€1.1m | -95.4% |
| Income taxes | 67/77 | €370,556 | €18,207 | -€352,349 | -95.1% |
| Profit (loss) for the period | 9904 | €799,822 | €35,936 | -€763,886 | -95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €799,822 | €35,936 | -€763,886 | -95.5% |
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.