MARC CRESPIN: 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 CRESPIN
Largest movements
- Receivables after one year -€38,242
down €38,242 (-68.6%), from €55,711 to €17,469
- Cash +€12,660
up €12,660 (+176%), from €7,193 to €19,853
mainly Receivables after one year (+€38,242) and Depreciation (+€16,756)
- Receivables within one year +€6,554
up €6,554 (+176%), from €3,716 to €10,270
of which Other amounts receivable: +€6,554
- Tangible fixed assets -€6,498
down €6,498 (-11.0%), from €59,224 to €52,725
of which Land and buildings: -€5,713
- Deferred charges and accrued income +€3,556
up €3,556 (+142%), from €2,503 to €6,059
- Tax, wage and social debts -€15,084
down €15,084 (-44.6%), from €33,812 to €18,728
of which Taxes: -€14,677
- Other debts +€13,239
up €13,239, from €0 to €13,239
- Reserves -€12,720
down €12,720 (-20.4%), from €62,284 to €49,564
- Trade debts -€6,935
down €6,935 (-71.8%), from €9,655 to €2,720
- Financial charges +€48,088
up €48,088 (+5,306%), from €906 to €48,995
- Gross operating margin +€25,124
up €25,124 (+21.9%), from €114,755 to €139,879
- Taxes -€6,054
down €6,054 (-73.1%), from €8,284 to €2,231
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 | €128,346 | €106,376 | -€21,970 | -17.1% |
| Fixed assets | 21/28 | €59,224 | €52,725 | -€6,498 | -11.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €59,224 | €52,725 | -€6,498 | -11.0% |
| Land and buildings | 22 | €48,907 | €43,194 | -€5,713 | -11.7% |
| Plant, machinery and equipment | 23 | €7,050 | €5,402 | -€1,648 | -23.4% |
| Furniture and vehicles | 24 | €3,267 | €4,129 | +€862 | +26.4% |
| Current assets | 29/58 | €69,122 | €53,650 | -€15,472 | -22.4% |
| Amounts receivable after more than one year | 29 | €55,711 | €17,469 | -€38,242 | -68.6% |
| Other amounts receivable | 291 | €55,711 | €17,469 | -€38,242 | -68.6% |
| Amounts receivable within one year | 40/41 | €3,716 | €10,270 | +€6,554 | +176% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €3,716 | €10,270 | +€6,554 | +176% |
| Cash at bank and in hand | 54/58 | €7,193 | €19,853 | +€12,660 | +176% |
| Deferred charges and accrued income | 490/1 | €2,503 | €6,059 | +€3,556 | +142% |
| Total equity and liabilities | 10/49 | €128,346 | €106,376 | -€21,970 | -17.1% |
| Equity | 10/15 | €84,166 | €71,446 | -€12,720 | -15.1% |
| Contributions | 10/11 | €21,878 | €21,878 | = | 0.0% |
| Contributions outside capital | 11 | - | €21,878 | +€21,878 | |
| Share premium | 1100/10 | - | €1,878 | +€1,878 | |
| Other | 1109/19 | - | €20,000 | +€20,000 | |
| Reserves | 13 | €62,284 | €49,564 | -€12,720 | -20.4% |
| Distributable reserves | 133 | €62,284 | €49,564 | -€12,720 | -20.4% |
| Profit (loss) carried forward | 14 | €4 | €4 | = | 0.0% |
| Amounts payable | 17/49 | €44,180 | €34,929 | -€9,250 | -20.9% |
| Amounts payable within one year | 42/48 | €43,467 | €34,686 | -€8,780 | -20.2% |
| Trade debts | 44 | €9,655 | €2,720 | -€6,935 | -71.8% |
| Suppliers | 440/4 | €9,655 | €2,720 | -€6,935 | -71.8% |
| Taxes, remuneration and social security | 45 | €33,812 | €18,728 | -€15,084 | -44.6% |
| Taxes | 450/3 | €20,677 | €6,000 | -€14,677 | -71.0% |
| Remuneration and social security | 454/9 | €13,135 | €12,728 | -€407 | -3.1% |
| Other amounts payable | 47/48 | €0 | €13,239 | +€13,239 | |
| Accrued charges and deferred income | 492/3 | €713 | €243 | -€470 | -65.9% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €70,179 | €69,718 | -€461 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,468 | €16,756 | -€712 | -4.1% |
| Other operating charges | 640/8 | €3,769 | €3,644 | -€125 | -3.3% |
| Gross operating margin | 9900 | €114,755 | €139,879 | +€25,124 | +21.9% |
| Operating profit (loss) | 9901 | €23,339 | €49,762 | +€26,422 | +113% |
| Financial income | 75/76B | €2,336 | €1,983 | -€353 | -15.1% |
| Recurring financial income | 75 | €2,336 | €1,983 | -€353 | -15.1% |
| Financial charges | 65/66B | €906 | €48,995 | +€48,088 | +5,306% |
| Recurring financial charges | 65 | €906 | €48,995 | +€48,088 | +5,306% |
| Profit (loss) for the period before taxes | 9903 | €24,769 | €2,750 | -€22,019 | -88.9% |
| Income taxes | 67/77 | €8,284 | €2,231 | -€6,054 | -73.1% |
| Profit (loss) for the period | 9904 | €16,484 | €519 | -€15,965 | -96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,484 | €519 | -€15,965 | -96.9% |
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 16 October 2026 via checked.be.