Ken 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.
Ken Vanmarcke
Largest movements
- Cash +€4,290
up €4,290 (+66.5%), from €6,449 to €10,739
mainly Net result for the year (+€24,177) and Other debts (+€18,759)
- Tangible fixed assets -€2,633
down €2,633 (-20.4%), from €12,892 to €10,259
of which Furniture and vehicles: -€1,871
- Receivables within one year -€1,101
down €1,101 (-2.9%), from €37,782 to €36,681
of which Trade receivables: -€954
- Other debts +€18,759
up €18,759 (+63.4%), from €29,583 to €48,342
- Reserves -€16,260
down €16,260 (-97.9%), from €16,607 to €347
- Accrued charges and deferred income -€2,099
down €2,099 (-37.8%), from €5,556 to €3,457
- Gross operating margin +€6,152
up €6,152 (+19.6%), from €31,398 to €37,550
- Depreciation -€4,464
down €4,464 (-47.4%), from €9,412 to €4,947
- Taxes +€2,213
up €2,213 (+49.0%), from €4,512 to €6,725
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 | €72,558 | €73,115 | +€557 | +0.8% |
| Fixed assets | 21/28 | €12,892 | €10,259 | -€2,633 | -20.4% |
| Tangible fixed assets | 22/27 | €12,892 | €10,259 | -€2,633 | -20.4% |
| Plant, machinery and equipment | 23 | €4,169 | €4,027 | -€142 | -3.4% |
| Furniture and vehicles | 24 | €3,220 | €1,350 | -€1,871 | -58.1% |
| Other tangible fixed assets | 26 | €5,503 | €4,882 | -€620 | -11.3% |
| Current assets | 29/58 | €59,666 | €62,856 | +€3,190 | +5.3% |
| Amounts receivable after more than one year | 29 | €15,000 | €15,000 | = | 0.0% |
| Other amounts receivable | 291 | €15,000 | €15,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €383 | €383 | = | 0.0% |
| Stocks | 30/36 | €383 | €383 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,782 | €36,681 | -€1,101 | -2.9% |
| Trade receivables | 40 | €34,517 | €33,563 | -€954 | -2.8% |
| Other amounts receivable | 41 | €3,265 | €3,117 | -€147 | -4.5% |
| Cash at bank and in hand | 54/58 | €6,449 | €10,739 | +€4,290 | +66.5% |
| Deferred charges and accrued income | 490/1 | €52 | €54 | +€2 | +3.1% |
| Total equity and liabilities | 10/49 | €72,558 | €73,115 | +€557 | +0.8% |
| Equity | 10/15 | €35,207 | €18,947 | -€16,260 | -46.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,607 | €347 | -€16,260 | -97.9% |
| Distributable reserves | 133 | €16,607 | €347 | -€16,260 | -97.9% |
| Amounts payable | 17/49 | €37,351 | €54,168 | +€16,817 | +45.0% |
| Amounts payable within one year | 42/48 | €31,795 | €50,711 | +€18,916 | +59.5% |
| Financial debts | 43 | €189 | €59 | -€130 | -69.0% |
| Credit institutions | 430/8 | €189 | €59 | -€130 | -69.0% |
| Trade debts | 44 | €973 | €1,586 | +€612 | +62.9% |
| Suppliers | 440/4 | €973 | €1,586 | +€612 | +62.9% |
| Taxes, remuneration and social security | 45 | €1,050 | €725 | -€325 | -31.0% |
| Taxes | 450/3 | €1,050 | €725 | -€325 | -31.0% |
| Other amounts payable | 47/48 | €29,583 | €48,342 | +€18,759 | +63.4% |
| Accrued charges and deferred income | 492/3 | €5,556 | €3,457 | -€2,099 | -37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,412 | €4,947 | -€4,464 | -47.4% |
| Other operating charges | 640/8 | €770 | €792 | +€22 | +2.8% |
| Gross operating margin | 9900 | €31,398 | €37,550 | +€6,152 | +19.6% |
| Operating profit (loss) | 9901 | €21,216 | €31,811 | +€10,595 | +49.9% |
| Financial income | 75/76B | €443 | €425 | -€19 | -4.2% |
| Recurring financial income | 75 | €443 | €425 | -€19 | -4.2% |
| Financial charges | 65/66B | €1,609 | €1,334 | -€275 | -17.1% |
| Recurring financial charges | 65 | €1,609 | €1,334 | -€275 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €20,051 | €30,902 | +€10,851 | +54.1% |
| Income taxes | 67/77 | €4,512 | €6,725 | +€2,213 | +49.0% |
| Profit (loss) for the period | 9904 | €15,539 | €24,177 | +€8,638 | +55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,539 | €24,177 | +€8,638 | +55.6% |
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.