GERARD MARC: 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.
GERARD MARC
Largest movements
- Cash +€10,893
up €10,893 (+141%), from €7,749 to €18,642
mainly Net result for the year (+€9,639) and Depreciation (+€3,651)
- Receivables within one year -€3,431
down €3,431 (-25.3%), from €13,566 to €10,135
of which Trade receivables: -€3,588
- Profit (loss) carried forward +€9,639
up €9,639, from -€997 to €8,643
- Current portion of long-term debt -€2,041
down €2,041 (-66.3%), from €3,078 to €1,037
- Debts after one year -€1,037
no longer reported in 2025 (was €1,037)
- Tax, wage and social debts +€800
up €800 (+62.1%), from €1,288 to €2,088
of which Taxes: +€1,900
- Gross operating margin -€21,315
down €21,315, from €18,241 to -€3,074
- Financial income +€18,182
new in 2025: €18,182
of which Financial income: +€18,182
- Depreciation -€13,777
down €13,777 (-79.0%), from €17,428 to €3,651
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 | €35,479 | €43,307 | +€7,829 | +22.1% |
| Fixed assets | 21/28 | €14,164 | €14,531 | +€366 | +2.6% |
| Tangible fixed assets | 22/27 | €14,164 | €14,531 | +€366 | +2.6% |
| Plant, machinery and equipment | 23 | €7,189 | €3,528 | -€3,661 | -50.9% |
| Furniture and vehicles | 24 | €6,976 | €11,003 | +€4,027 | +57.7% |
| Current assets | 29/58 | €21,315 | €28,777 | +€7,462 | +35.0% |
| Amounts receivable within one year | 40/41 | €13,566 | €10,135 | -€3,431 | -25.3% |
| Trade receivables | 40 | €3,588 | - | -€3,588 | |
| Other amounts receivable | 41 | €9,978 | €10,135 | +€157 | +1.6% |
| Cash at bank and in hand | 54/58 | €7,749 | €18,642 | +€10,893 | +141% |
| Total equity and liabilities | 10/49 | €35,479 | €43,307 | +€7,829 | +22.1% |
| Equity | 10/15 | €23,731 | €33,371 | +€9,639 | +40.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,728 | €4,728 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,728 | €2,728 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€997 | €8,643 | +€9,639 | |
| Amounts payable | 17/49 | €11,748 | €9,937 | -€1,811 | -15.4% |
| Amounts payable after more than one year | 17 | €1,037 | - | -€1,037 | |
| Financial debts | 170/4 | €1,037 | - | -€1,037 | |
| Amounts payable within one year | 42/48 | €10,711 | €9,937 | -€774 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €3,078 | €1,037 | -€2,041 | -66.3% |
| Trade debts | 44 | - | €308 | +€308 | |
| Suppliers | 440/4 | - | €308 | +€308 | |
| Taxes, remuneration and social security | 45 | €1,288 | €2,088 | +€800 | +62.1% |
| Taxes | 450/3 | €188 | €2,088 | +€1,900 | +1,009% |
| Remuneration and social security | 454/9 | €1,100 | - | -€1,100 | |
| Other amounts payable | 47/48 | €6,345 | €6,504 | +€159 | +2.5% |
| Non-recurring operating income | 76A | - | €95 | +€95 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,428 | €3,651 | -€13,777 | -79.0% |
| Other operating charges | 640/8 | €1,084 | €1,073 | -€11 | -1.0% |
| Non-recurring operating charges | 66A | €0 | €276 | +€276 | +1,377,900% |
| Gross operating margin | 9900 | €18,241 | -€3,074 | -€21,315 | |
| Operating profit (loss) | 9901 | -€271 | -€8,074 | -€7,802 | -2,875% |
| Financial income | 75/76B | - | €18,182 | +€18,182 | |
| Recurring financial income | 75 | - | €18,182 | +€18,182 | |
| Non-recurring financial income | 76B | - | €18,182 | +€18,182 | |
| Financial charges | 65/66B | €549 | €469 | -€80 | -14.6% |
| Recurring financial charges | 65 | €549 | €469 | -€80 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€820 | €9,639 | +€10,460 | |
| Profit (loss) for the period | 9904 | -€820 | €9,639 | +€10,460 | |
| Profit (loss) for the period to be appropriated | 9905 | -€820 | €9,639 | +€10,460 |
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.