Francois MARCQ: 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.
Francois MARCQ
Largest movements
- Cash -€97,835
down €97,835 (-22.1%), from €442,028 to €344,193
mainly Contributions, distributions and other (-€421,200) and Accrued charges and deferred income (-€250,103)
- Receivables within one year -€93,408
down €93,408 (-8.7%), from €1.1m to €984,340
of which Trade receivables: -€119,348
- Tangible fixed assets -€52,961
down €52,961 (-5.8%), from €915,936 to €862,975
of which Land and buildings: -€33,899
- Reserves -€421,200
down €421,200 (-98.6%), from €427,350 to €6,150
of which Distributable reserves: -€421,200
- Other debts +€400,458
up €400,458 (+122%), from €328,662 to €729,120
- Accrued charges and deferred income -€250,103
down €250,103 (-77.4%), from €323,187 to €73,084
- Trade debts +€85,295
up €85,295 (+31.4%), from €271,938 to €357,233
- Debts after one year -€63,279
down €63,279 (-12.6%), from €502,128 to €438,849
- Gross operating margin -€68,613
down €68,613 (-33.2%), from €206,933 to €138,320
- Write-downs -€41,554
new in 2025: -€41,554
- Financial charges -€17,483
down €17,483 (-33.7%), from €51,941 to €34,457
- Taxes -€5,189
down €5,189 (-22.6%), from €23,008 to €17,819
- Depreciation +€3,098
up €3,098 (+5.1%), from €60,644 to €63,742
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 | €2,463,195 | €2,215,462 | -€247,733 | -10.1% |
| Fixed assets | 21/28 | €915,936 | €862,975 | -€52,961 | -5.8% |
| Tangible fixed assets | 22/27 | €915,936 | €862,975 | -€52,961 | -5.8% |
| Land and buildings | 22 | €737,780 | €703,881 | -€33,899 | -4.6% |
| Plant, machinery and equipment | 23 | €115,324 | €97,959 | -€17,364 | -15.1% |
| Furniture and vehicles | 24 | €62,832 | €61,134 | -€1,698 | -2.7% |
| Current assets | 29/58 | €1,547,259 | €1,352,488 | -€194,771 | -12.6% |
| Amounts receivable within one year | 40/41 | €1,077,747 | €984,340 | -€93,408 | -8.7% |
| Trade receivables | 40 | €1,045,690 | €926,342 | -€119,348 | -11.4% |
| Other amounts receivable | 41 | €32,058 | €57,998 | +€25,941 | +80.9% |
| Cash at bank and in hand | 54/58 | €442,028 | €344,193 | -€97,835 | -22.1% |
| Deferred charges and accrued income | 490/1 | €27,484 | €23,955 | -€3,528 | -12.8% |
| Total equity and liabilities | 10/49 | €2,463,195 | €2,215,462 | -€247,733 | -10.1% |
| Equity | 10/15 | €922,791 | €516,157 | -€406,634 | -44.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €427,350 | €6,150 | -€421,200 | -98.6% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €421,200 | €0 | -€421,200 | -100% |
| Profit (loss) carried forward | 14 | €433,941 | €448,507 | +€14,566 | +3.4% |
| Amounts payable | 17/49 | €1,540,404 | €1,699,305 | +€158,901 | +10.3% |
| Amounts payable after more than one year | 17 | €502,128 | €438,849 | -€63,279 | -12.6% |
| Financial debts | 170/4 | €502,128 | €438,849 | -€63,279 | -12.6% |
| Amounts payable within one year | 42/48 | €715,089 | €1,187,372 | +€472,283 | +66.0% |
| Current portion of amounts payable after more than one year | 42 | €65,006 | €63,279 | -€1,727 | -2.7% |
| Financial debts | 43 | €17,653 | €30,000 | +€12,347 | +69.9% |
| Credit institutions | 430/8 | €17,653 | €30,000 | +€12,347 | +69.9% |
| Trade debts | 44 | €271,938 | €357,233 | +€85,295 | +31.4% |
| Suppliers | 440/4 | €271,938 | €357,233 | +€85,295 | +31.4% |
| Taxes, remuneration and social security | 45 | €31,829 | €7,739 | -€24,090 | -75.7% |
| Taxes | 450/3 | €26,528 | €2,301 | -€24,227 | -91.3% |
| Remuneration and social security | 454/9 | €5,301 | €5,438 | +€137 | +2.6% |
| Other amounts payable | 47/48 | €328,662 | €729,120 | +€400,458 | +122% |
| Accrued charges and deferred income | 492/3 | €323,187 | €73,084 | -€250,103 | -77.4% |
| Non-recurring operating income | 76A | - | €27,446 | +€27,446 | |
| Remuneration, social security and pensions | 62 | €39,835 | €40,963 | +€1,129 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,644 | €63,742 | +€3,098 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€41,554 | -€41,554 | |
| Other operating charges | 640/8 | €11,837 | €12,295 | +€458 | +3.9% |
| Gross operating margin | 9900 | €206,933 | €138,320 | -€68,613 | -33.2% |
| Operating profit (loss) | 9901 | €94,617 | €62,875 | -€31,742 | -33.5% |
| Financial income | 75/76B | €2,940 | €3,968 | +€1,028 | +35.0% |
| Recurring financial income | 75 | €2,940 | €3,968 | +€1,028 | +35.0% |
| Financial charges | 65/66B | €51,941 | €34,457 | -€17,483 | -33.7% |
| Recurring financial charges | 65 | €51,941 | €34,457 | -€17,483 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €45,616 | €32,385 | -€13,231 | -29.0% |
| Income taxes | 67/77 | €23,008 | €17,819 | -€5,189 | -22.6% |
| Profit (loss) for the period | 9904 | €22,609 | €14,566 | -€8,042 | -35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,609 | €14,566 | -€8,042 | -35.6% |
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 26 October 2026 via checked.be.