MARC BOEYKENS: 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.
MARC BOEYKENS
Largest movements
- Cash -€309,187
down €309,187 (-83.0%), from €372,486 to €63,299
mainly Current investments (-€259,581) and Receivables within one year (-€81,281)
- Current investments +€259,581
up €259,581 (+283%), from €91,662 to €351,243
- Receivables within one year +€81,281
up €81,281 (+421%), from €19,320 to €100,601
of which Trade receivables: +€81,173
- Tangible fixed assets -€40,942
down €40,942 (-25.4%), from €160,994 to €120,052
- Reserves +€119,719
up €119,719 (+30.9%), from €386,860 to €506,579
- Profit (loss) carried forward -€84,049
down €84,049 (-100%), from €84,049 to €0
- Debts after one year -€27,756
down €27,756 (-31.3%), from €88,580 to €60,824
- Tax, wage and social debts -€22,865
down €22,865 (-60.3%), from €37,901 to €15,035
- Other debts +€11,288
up €11,288 (+947%), from €1,193 to €12,481
- Gross operating margin -€61,744
down €61,744 (-27.9%), from €221,485 to €159,741
- Taxes -€20,510
down €20,510 (-35.7%), from €57,468 to €36,958
- Other operating charges +€7,925
up €7,925 (+1,173%), from €675 to €8,601
- Depreciation +€2,775
up €2,775 (+7.3%), from €38,167 to €40,942
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 | €651,896 | €648,897 | -€3,000 | -0.5% |
| Fixed assets | 21/28 | €160,994 | €120,052 | -€40,942 | -25.4% |
| Tangible fixed assets | 22/27 | €160,994 | €120,052 | -€40,942 | -25.4% |
| Furniture and vehicles | 24 | €160,994 | €120,052 | -€40,942 | -25.4% |
| Current assets | 29/58 | €490,902 | €528,845 | +€37,942 | +7.7% |
| Amounts receivable within one year | 40/41 | €19,320 | €100,601 | +€81,281 | +421% |
| Trade receivables | 40 | €19,320 | €100,493 | +€81,173 | +420% |
| Other amounts receivable | 41 | - | €108 | +€108 | |
| Current investments | 50/53 | €91,662 | €351,243 | +€259,581 | +283% |
| Cash at bank and in hand | 54/58 | €372,486 | €63,299 | -€309,187 | -83.0% |
| Deferred charges and accrued income | 490/1 | €7,434 | €13,701 | +€6,267 | +84.3% |
| Total equity and liabilities | 10/49 | €651,896 | €648,897 | -€3,000 | -0.5% |
| Equity | 10/15 | €489,509 | €525,179 | +€35,670 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €386,860 | €506,579 | +€119,719 | +30.9% |
| Distributable reserves | 133 | €386,860 | €506,579 | +€119,719 | +30.9% |
| Profit (loss) carried forward | 14 | €84,049 | €0 | -€84,049 | -100% |
| Amounts payable | 17/49 | €162,387 | €123,718 | -€38,669 | -23.8% |
| Amounts payable after more than one year | 17 | €88,580 | €60,824 | -€27,756 | -31.3% |
| Financial debts | 170/4 | €88,580 | €60,824 | -€27,756 | -31.3% |
| Amounts payable within one year | 42/48 | €73,807 | €62,732 | -€11,075 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €26,772 | €27,756 | +€985 | +3.7% |
| Trade debts | 44 | €7,942 | €7,460 | -€482 | -6.1% |
| Suppliers | 440/4 | €7,942 | €7,460 | -€482 | -6.1% |
| Taxes, remuneration and social security | 45 | €37,901 | €15,035 | -€22,865 | -60.3% |
| Taxes | 450/3 | €37,901 | €15,035 | -€22,865 | -60.3% |
| Other amounts payable | 47/48 | €1,193 | €12,481 | +€11,288 | +947% |
| Accrued charges and deferred income | 492/3 | - | €162 | +€162 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,167 | €40,942 | +€2,775 | +7.3% |
| Other operating charges | 640/8 | €675 | €8,601 | +€7,925 | +1,173% |
| Gross operating margin | 9900 | €221,485 | €159,741 | -€61,744 | -27.9% |
| Operating profit (loss) | 9901 | €182,643 | €110,198 | -€72,445 | -39.7% |
| Financial income | 75/76B | €8,537 | €7,198 | -€1,339 | -15.7% |
| Recurring financial income | 75 | €8,537 | €7,198 | -€1,339 | -15.7% |
| Financial charges | 65/66B | €4,953 | €4,769 | -€184 | -3.7% |
| Recurring financial charges | 65 | €4,953 | €4,769 | -€184 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €186,227 | €112,627 | -€73,600 | -39.5% |
| Income taxes | 67/77 | €57,468 | €36,958 | -€20,510 | -35.7% |
| Profit (loss) for the period | 9904 | €128,760 | €75,670 | -€53,090 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €128,760 | €75,670 | -€53,090 | -41.2% |
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 27 October 2026 via checked.be.