Marc Abels: what changed
Two fiscal 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.
Marc Abels
Largest movements
- Tangible fixed assets +€496,599
up €496,599 (+76.9%), from €646,100 to €1.1m
of which Assets under construction and advance payments: +€525,387
- Cash -€347,467
down €347,467 (-31.6%), from €1.1m to €751,634
mainly Investment in fixed assets (net) (-€525,387) and Contributions, distributions and other (-€277,000)
- Receivables within one year +€153,584
up €153,584 (+513.8%), from €29,894 to €183,478
of which Other amounts receivable: +€174,813
- Receivables after one year +€111,000
up €111,000 (+12.2%), from €909,000 to €1.0m
- Reserves +€231,333
up €231,333 (+11.9%), from €1.9m to €2.2m
- Other debts +€128,138
up €128,138 (+86.1%), from €148,862 to €277,000
- Tax, wage and social debts +€48,109
up €48,109 (+368.6%), from €13,053 to €61,162
- Depreciation -€115,852
down €115,852 (-80.1%), from €144,640 to €28,788
- Taxes +€48,051
up €48,051 (+28.0%), from €171,639 to €219,689
- Gross operating margin +€13,932
up €13,932 (+1.9%), from €749,577 to €763,510
- Financial income +€8,701
up €8,701 (+42.4%), from €20,503 to €29,204
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.
Cash bridge derived
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 | €2,763,096 | €3,179,544 | +€416,448 | +15.1% |
| Fixed assets | 21/28 | €646,100 | €1,142,699 | +€496,599 | +76.9% |
| Tangible fixed assets | 22/27 | €646,100 | €1,142,699 | +€496,599 | +76.9% |
| Land and buildings | 22 | €530,861 | €506,234 | -€24,627 | -4.6% |
| Plant, machinery and equipment | 23 | €26,969 | €23,526 | -€3,443 | -12.8% |
| Furniture and vehicles | 24 | €1,935 | €1,217 | -€718 | -37.1% |
| Assets under construction and advance payments | 27 | €86,335 | €611,723 | +€525,387 | +608.5% |
| Current assets | 29/58 | €2,116,996 | €2,036,845 | -€80,151 | -3.8% |
| Amounts receivable after more than one year | 29 | €909,000 | €1,020,000 | +€111,000 | +12.2% |
| Trade receivables | 290 | €909,000 | €1,020,000 | +€111,000 | +12.2% |
| Amounts receivable within one year | 40/41 | €29,894 | €183,478 | +€153,584 | +513.8% |
| Trade receivables | 40 | €21,229 | €0 | -€21,229 | -100.0% |
| Other amounts receivable | 41 | €8,665 | €183,478 | +€174,813 | +2017.6% |
| Current investments | 50/53 | €60,878 | €60,878 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,099,100 | €751,634 | -€347,467 | -31.6% |
| Deferred charges and accrued income | 490/1 | €18,124 | €20,856 | +€2,731 | +15.1% |
| Total equity and liabilities | 10/49 | €2,763,096 | €3,179,544 | +€416,448 | +15.1% |
| Equity | 10/15 | €1,973,110 | €2,204,444 | +€231,333 | +11.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,943,110 | €2,174,444 | +€231,333 | +11.9% |
| Distributable reserves | 133 | €1,943,110 | €2,174,444 | +€231,333 | +11.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €789,986 | €975,101 | +€185,115 | +23.4% |
| Amounts payable within one year | 42/48 | €759,831 | €943,469 | +€183,638 | +24.2% |
| Financial debts | 43 | €576,333 | €602,250 | +€25,917 | +4.5% |
| Other loans | 439 | €576,333 | €602,250 | +€25,917 | +4.5% |
| Trade debts | 44 | €21,582 | €3,058 | -€18,525 | -85.8% |
| Suppliers | 440/4 | €21,582 | €3,058 | -€18,525 | -85.8% |
| Taxes, remuneration and social security | 45 | €13,053 | €61,162 | +€48,109 | +368.6% |
| Taxes | 450/3 | €13,053 | €61,162 | +€48,109 | +368.6% |
| Other amounts payable | 47/48 | €148,862 | €277,000 | +€128,138 | +86.1% |
| Accrued charges and deferred income | 492/3 | €30,155 | €31,631 | +€1,476 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,640 | €28,788 | -€115,852 | -80.1% |
| Other operating charges | 640/8 | €5,147 | €1,798 | -€3,349 | -65.1% |
| Gross operating margin | 9900 | €749,577 | €763,510 | +€13,932 | +1.9% |
| Operating profit (loss) | 9901 | €599,790 | €732,923 | +€133,133 | +22.2% |
| Financial income | 75/76B | €20,503 | €29,204 | +€8,701 | +42.4% |
| Recurring financial income | 75 | €20,503 | €29,204 | +€8,701 | +42.4% |
| Financial charges | 65/66B | €27,425 | €34,104 | +€6,679 | +24.4% |
| Recurring financial charges | 65 | €27,425 | €34,104 | +€6,679 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €592,868 | €728,023 | +€135,155 | +22.8% |
| Income taxes | 67/77 | €171,639 | €219,689 | +€48,051 | +28.0% |
| Profit (loss) for the period | 9904 | €421,229 | €508,333 | +€87,104 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €421,229 | €508,333 | +€87,104 | +20.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.