DR MARJORIE DUFAUX: what changed
DR MARJORIE DUFAUX
Largest movements
- Cash -€137,163
down €137,163 (-40.4%), from €339,782 to €202,619
mainly Contributions, distributions and other (-€117,647) and Current investments (-€100,000)
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year +€13,503
up €13,503 (+15.3%), from €88,239 to €101,742
of which Trade receivables: +€8,320
- Tangible fixed assets -€7,620
down €7,620 (-35.1%), from €21,738 to €14,118
of which Furniture and vehicles: -€6,309
- Profit (loss) carried forward -€40,091
down €40,091 (-12.4%), from €324,023 to €283,932
- Trade debts +€6,028
up €6,028 (+13,738%), from €44 to €6,072
- Gross operating margin +€29,976
up €29,976 (+22.1%), from €135,748 to €165,724
- Staff costs +€5,124
up €5,124 (+13.2%), from €38,814 to €43,938
- Taxes +€4,758
up €4,758 (+28.1%), from €16,914 to €21,671
- Other operating charges +€4,577
up €4,577 (+400%), from €1,143 to €5,720
Change in the result, 2024 to 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 2024 and 2025 balance sheets and the 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €454,443 | €425,210 | -€29,232 | -6.4% |
| Fixed assets | 21/28 | €21,738 | €14,118 | -€7,620 | -35.1% |
| Tangible fixed assets | 22/27 | €21,738 | €14,118 | -€7,620 | -35.1% |
| Plant, machinery and equipment | 23 | €8,417 | €7,106 | -€1,311 | -15.6% |
| Furniture and vehicles | 24 | €13,321 | €7,012 | -€6,309 | -47.4% |
| Current assets | 29/58 | €432,705 | €411,092 | -€21,613 | -5.0% |
| Amounts receivable within one year | 40/41 | €88,239 | €101,742 | +€13,503 | +15.3% |
| Trade receivables | 40 | - | €8,320 | +€8,320 | |
| Other amounts receivable | 41 | €88,239 | €93,422 | +€5,183 | +5.9% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €339,782 | €202,619 | -€137,163 | -40.4% |
| Deferred charges and accrued income | 490/1 | €4,684 | €6,731 | +€2,047 | +43.7% |
| Total equity and liabilities | 10/49 | €454,443 | €425,210 | -€29,232 | -6.4% |
| Equity | 10/15 | €328,023 | €287,932 | -€40,091 | -12.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €324,023 | €283,932 | -€40,091 | -12.4% |
| Amounts payable | 17/49 | €126,420 | €137,278 | +€10,859 | +8.6% |
| Amounts payable within one year | 42/48 | €126,420 | €133,167 | +€6,747 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €44 | €6,072 | +€6,028 | +13,738% |
| Suppliers | 440/4 | €44 | €6,072 | +€6,028 | +13,738% |
| Taxes, remuneration and social security | 45 | €5,376 | €7,485 | +€2,109 | +39.2% |
| Taxes | 450/3 | - | €3,684 | +€3,684 | |
| Remuneration and social security | 454/9 | €5,376 | €3,802 | -€1,574 | -29.3% |
| Other amounts payable | 47/48 | €121,000 | €119,610 | -€1,390 | -1.1% |
| Accrued charges and deferred income | 492/3 | - | €4,111 | +€4,111 | |
| Remuneration, social security and pensions | 62 | €38,814 | €43,938 | +€5,124 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,547 | €14,714 | -€833 | -5.4% |
| Other operating charges | 640/8 | €1,143 | €5,720 | +€4,577 | +400% |
| Gross operating margin | 9900 | €135,748 | €165,724 | +€29,976 | +22.1% |
| Operating profit (loss) | 9901 | €80,244 | €101,352 | +€21,108 | +26.3% |
| Financial income | 75/76B | €70 | €3 | -€67 | -95.8% |
| Recurring financial income | 75 | €70 | €3 | -€67 | -95.8% |
| Financial charges | 65/66B | €1,679 | €2,128 | +€450 | +26.8% |
| Recurring financial charges | 65 | €1,679 | €2,128 | +€450 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | €78,636 | €99,227 | +€20,591 | +26.2% |
| Income taxes | 67/77 | €16,914 | €21,671 | +€4,758 | +28.1% |
| Profit (loss) for the period | 9904 | €61,722 | €77,556 | +€15,834 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €61,722 | €77,556 | +€15,834 | +25.7% |
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.