DR. SIMON VANMARCKE: 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. SIMON VANMARCKE
Largest movements
- Cash -€29,567
down €29,567 (-73.9%), from €40,023 to €10,456
mainly Other debts (-€118,565) and Contributions, distributions and other (-€63,112)
- Tangible fixed assets -€28,130
down €28,130 (-7.1%), from €394,890 to €366,760
of which Land and buildings: -€20,615
- Receivables within one year -€13,763
down €13,763 (-9.4%), from €146,223 to €132,460
of which Other amounts receivable: -€17,289
- Profit (loss) carried forward +€168,279
up €168,279, from €0 to €168,279
- Other debts -€118,565
down €118,565 (-65.3%), from €181,677 to €63,112
- Reserves -€63,112
down €63,112 (-100%), from €63,112 to €0
- Debts after one year -€27,266
down €27,266 (-10.2%), from €268,373 to €241,106
- Tax, wage and social debts -€27,186
down €27,186 (-78.2%), from €34,785 to €7,599
- Gross operating margin -€21,373
down €21,373 (-7.8%), from €273,703 to €252,330
- Taxes -€6,047
down €6,047 (-10.3%), from €58,646 to €52,599
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 | €583,238 | €514,568 | -€68,670 | -11.8% |
| Fixed assets | 21/28 | €394,911 | €366,760 | -€28,151 | -7.1% |
| Intangible fixed assets | 21 | €21 | €0 | -€21 | -100% |
| Tangible fixed assets | 22/27 | €394,890 | €366,760 | -€28,130 | -7.1% |
| Land and buildings | 22 | €371,537 | €350,923 | -€20,615 | -5.5% |
| Plant, machinery and equipment | 23 | €3,867 | €2,872 | -€995 | -25.7% |
| Furniture and vehicles | 24 | €19,485 | €12,965 | -€6,520 | -33.5% |
| Current assets | 29/58 | €188,327 | €147,808 | -€40,519 | -21.5% |
| Amounts receivable within one year | 40/41 | €146,223 | €132,460 | -€13,763 | -9.4% |
| Trade receivables | 40 | - | €3,525 | +€3,525 | |
| Other amounts receivable | 41 | €146,223 | €128,935 | -€17,289 | -11.8% |
| Cash at bank and in hand | 54/58 | €40,023 | €10,456 | -€29,567 | -73.9% |
| Deferred charges and accrued income | 490/1 | €2,081 | €4,892 | +€2,811 | +135% |
| Total equity and liabilities | 10/49 | €583,238 | €514,568 | -€68,670 | -11.8% |
| Equity | 10/15 | €68,112 | €173,279 | +€105,167 | +154% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €63,112 | €0 | -€63,112 | -100% |
| Distributable reserves | 133 | €63,112 | €0 | -€63,112 | -100% |
| Profit (loss) carried forward | 14 | €0 | €168,279 | +€168,279 | |
| Amounts payable | 17/49 | €515,125 | €341,288 | -€173,837 | -33.7% |
| Amounts payable after more than one year | 17 | €268,373 | €241,106 | -€27,266 | -10.2% |
| Financial debts | 170/4 | €268,373 | €241,106 | -€27,266 | -10.2% |
| Amounts payable within one year | 42/48 | €246,119 | €99,102 | -€147,018 | -59.7% |
| Current portion of amounts payable after more than one year | 42 | €27,266 | €27,266 | = | 0.0% |
| Financial debts | 43 | €69 | €0 | -€69 | -100% |
| Credit institutions | 430/8 | €69 | €0 | -€69 | -100% |
| Trade debts | 44 | €2,322 | €1,124 | -€1,197 | -51.6% |
| Suppliers | 440/4 | €2,322 | €1,124 | -€1,197 | -51.6% |
| Taxes, remuneration and social security | 45 | €34,785 | €7,599 | -€27,186 | -78.2% |
| Taxes | 450/3 | €34,785 | €7,599 | -€27,186 | -78.2% |
| Other amounts payable | 47/48 | €181,677 | €63,112 | -€118,565 | -65.3% |
| Accrued charges and deferred income | 492/3 | €633 | €1,080 | +€447 | +70.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,855 | €28,151 | -€1,704 | -5.7% |
| Other operating charges | 640/8 | €1,688 | €2,486 | +€799 | +47.3% |
| Gross operating margin | 9900 | €273,703 | €252,330 | -€21,373 | -7.8% |
| Operating profit (loss) | 9901 | €242,160 | €221,693 | -€20,468 | -8.5% |
| Financial income | 75/76B | €1,763 | €2,470 | +€707 | +40.1% |
| Recurring financial income | 75 | €1,763 | €2,470 | +€707 | +40.1% |
| Financial charges | 65/66B | €3,599 | €3,284 | -€315 | -8.7% |
| Recurring financial charges | 65 | €3,599 | €3,284 | -€315 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €240,324 | €220,878 | -€19,445 | -8.1% |
| Income taxes | 67/77 | €58,646 | €52,599 | -€6,047 | -10.3% |
| Profit (loss) for the period | 9904 | €181,677 | €168,279 | -€13,398 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €181,677 | €168,279 | -€13,398 | -7.4% |
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 25 October 2026 via checked.be.