Laurent Marlein: 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.
Laurent Marlein
Largest movements
- Receivables within one year +€53,828
up €53,828 (+435%), from €12,382 to €66,210
of which Trade receivables: +€39,064
- Tangible fixed assets +€4,791
up €4,791 (+316%), from €1,514 to €6,306
of which Plant, machinery and equipment: +€2,937
- Cash +€2,881
up €2,881 (+125%), from €2,310 to €5,191
mainly Net result for the year (+€27,152) and Tax, wage and social debts (+€22,489)
- Reserves +€26,319
up €26,319 (+1,737%), from €1,516 to €27,835
- Tax, wage and social debts +€22,489
up €22,489 (+455%), from €4,937 to €27,427
- Accrued charges and deferred income +€9,540
new in 2026: €9,540
- Trade debts +€3,452
up €3,452 (+81.6%), from €4,231 to €7,683
- Gross operating margin +€36,304
up €36,304, from -€800 to €35,504
- Taxes +€7,061
up €7,061 (+23,910%), from €30 to €7,090
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,267 | €78,067 | +€61,801 | +380% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,514 | €6,606 | +€5,091 | +336% |
| Tangible fixed assets | 22/27 | €1,514 | €6,306 | +€4,791 | +316% |
| Plant, machinery and equipment | 23 | - | €2,937 | +€2,937 | |
| Furniture and vehicles | 24 | €1,514 | €1,346 | -€169 | -11.1% |
| Other tangible fixed assets | 26 | - | €2,023 | +€2,023 | |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €14,752 | €71,462 | +€56,709 | +384% |
| Amounts receivable within one year | 40/41 | €12,382 | €66,210 | +€53,828 | +435% |
| Trade receivables | 40 | €7,260 | €46,324 | +€39,064 | +538% |
| Other amounts receivable | 41 | €5,122 | €19,886 | +€14,765 | +288% |
| Cash at bank and in hand | 54/58 | €2,310 | €5,191 | +€2,881 | +125% |
| Deferred charges and accrued income | 490/1 | €60 | €60 | = | 0.0% |
| Total equity and liabilities | 10/49 | €16,267 | €78,067 | +€61,801 | +380% |
| Equity | 10/15 | €6,516 | €32,835 | +€26,319 | +404% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,516 | €27,835 | +€26,319 | +1,737% |
| Distributable reserves | 133 | €1,516 | €27,835 | +€26,319 | +1,737% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,751 | €45,232 | +€35,481 | +364% |
| Amounts payable within one year | 42/48 | €9,751 | €35,692 | +€25,941 | +266% |
| Trade debts | 44 | €4,231 | €7,683 | +€3,452 | +81.6% |
| Suppliers | 440/4 | €4,231 | €7,683 | +€3,452 | +81.6% |
| Taxes, remuneration and social security | 45 | €4,937 | €27,427 | +€22,489 | +455% |
| Taxes | 450/3 | €4,937 | €27,427 | +€22,489 | +455% |
| Other amounts payable | 47/48 | €583 | €583 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €9,540 | +€9,540 | |
| Non-recurring operating income | 76A | €3,532 | - | -€3,532 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €670 | €680 | +€10 | +1.5% |
| Other operating charges | 640/8 | €451 | €610 | +€158 | +35.1% |
| Gross operating margin | 9900 | -€800 | €35,504 | +€36,304 | |
| Operating profit (loss) | 9901 | -€1,921 | €34,215 | +€36,136 | |
| Financial income | 75/76B | €637 | €453 | -€184 | -28.9% |
| Recurring financial income | 75 | €637 | €453 | -€184 | -28.9% |
| Financial charges | 65/66B | €134 | €425 | +€291 | +217% |
| Recurring financial charges | 65 | €134 | €425 | +€291 | +217% |
| Profit (loss) for the period before taxes | 9903 | -€1,418 | €34,242 | +€35,661 | |
| Income taxes | 67/77 | €30 | €7,090 | +€7,061 | +23,910% |
| Profit (loss) for the period | 9904 | -€1,448 | €27,152 | +€28,600 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,448 | €27,152 | +€28,600 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.