Marc Bels: 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 Bels
Largest movements
- Current investments +€50,158
new in 2025: €50,158
- Cash +€22,257
up €22,257 (+57.2%), from €38,909 to €61,167
mainly Net result for the year (+€59,938) and Deferred charges and accrued income (+€18,935)
- Deferred charges and accrued income -€18,935
down €18,935 (-89.2%), from €21,234 to €2,299
- Tangible fixed assets -€4,320
down €4,320 (-22.1%), from €19,533 to €15,214
of which Furniture and vehicles: -€4,087
- Receivables after one year -€2,398
down €2,398 (-10.8%), from €22,255 to €19,857
of which Other amounts receivable: -€14,577
- Reserves +€59,938
up €59,938 (+73.7%), from €81,295 to €141,233
- Tax, wage and social debts -€8,337
down €8,337 (-65.1%), from €12,798 to €4,461
- Trade debts -€2,461
no longer reported in 2025 (was €2,461)
- Accrued charges and deferred income -€2,378
no longer reported in 2025 (was €2,378)
- Gross operating margin -€38,971
down €38,971 (-31.4%), from €124,082 to €85,111
- Taxes -€14,113
down €14,113 (-40.6%), from €34,798 to €20,685
- Depreciation -€2,261
down €2,261 (-34.4%), from €6,581 to €4,320
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 | €101,931 | €148,694 | +€46,763 | +45.9% |
| Fixed assets | 21/28 | €19,533 | €15,214 | -€4,320 | -22.1% |
| Tangible fixed assets | 22/27 | €19,533 | €15,214 | -€4,320 | -22.1% |
| Plant, machinery and equipment | 23 | €697 | €465 | -€233 | -33.4% |
| Furniture and vehicles | 24 | €18,836 | €14,749 | -€4,087 | -21.7% |
| Current assets | 29/58 | €82,398 | €133,480 | +€51,082 | +62.0% |
| Amounts receivable after more than one year | 29 | €22,255 | €19,857 | -€2,398 | -10.8% |
| Trade receivables | 290 | - | €12,179 | +€12,179 | |
| Other amounts receivable | 291 | €22,255 | €7,678 | -€14,577 | -65.5% |
| Current investments | 50/53 | - | €50,158 | +€50,158 | |
| Cash at bank and in hand | 54/58 | €38,909 | €61,167 | +€22,257 | +57.2% |
| Deferred charges and accrued income | 490/1 | €21,234 | €2,299 | -€18,935 | -89.2% |
| Total equity and liabilities | 10/49 | €101,931 | €148,694 | +€46,763 | +45.9% |
| Equity | 10/15 | €84,295 | €144,233 | +€59,938 | +71.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €81,295 | €141,233 | +€59,938 | +73.7% |
| Distributable reserves | 133 | €81,295 | €141,233 | +€59,938 | +73.7% |
| Amounts payable | 17/49 | €17,637 | €4,461 | -€13,175 | -74.7% |
| Amounts payable within one year | 42/48 | €15,259 | €4,461 | -€10,798 | -70.8% |
| Trade debts | 44 | €2,461 | - | -€2,461 | |
| Suppliers | 440/4 | €2,461 | - | -€2,461 | |
| Taxes, remuneration and social security | 45 | €12,798 | €4,461 | -€8,337 | -65.1% |
| Taxes | 450/3 | €12,798 | €4,461 | -€8,337 | -65.1% |
| Accrued charges and deferred income | 492/3 | €2,378 | - | -€2,378 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,581 | €4,320 | -€2,261 | -34.4% |
| Other operating charges | 640/8 | €1,304 | €826 | -€477 | -36.6% |
| Gross operating margin | 9900 | €124,082 | €85,111 | -€38,971 | -31.4% |
| Operating profit (loss) | 9901 | €116,198 | €79,965 | -€36,232 | -31.2% |
| Financial income | 75/76B | - | €745 | +€745 | |
| Recurring financial income | 75 | - | €745 | +€745 | |
| Financial charges | 65/66B | €105 | €87 | -€18 | -16.7% |
| Recurring financial charges | 65 | €105 | €87 | -€18 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €116,093 | €80,623 | -€35,470 | -30.6% |
| Income taxes | 67/77 | €34,798 | €20,685 | -€14,113 | -40.6% |
| Profit (loss) for the period | 9904 | €81,295 | €59,938 | -€21,357 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €81,295 | €59,938 | -€21,357 | -26.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.