MARC D'HOORE: 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 D'HOORE
Largest movements
- Receivables after one year -€705,000
no longer reported in 2026 (was €705,000)
- Receivables within one year +€531,744
up €531,744 (+833%), from €63,802 to €595,547
of which Trade receivables: +€528,782
- Cash +€39,756
up €39,756 (+286%), from €13,879 to €53,635
mainly Receivables after one year (+€705,000) and Net result for the year (+€55,598)
- Tangible fixed assets -€13,446
down €13,446 (-86.5%), from €15,538 to €2,092
of which Leasing and similar rights: -€13,519
- Current portion of long-term debt -€116,566
down €116,566 (-94.4%), from €123,517 to €6,951
- Reserves -€51,876
down €51,876 (-8.3%), from €627,364 to €575,488
of which Distributable reserves: -€51,876
- Tax, wage and social debts +€23,709
up €23,709 (+202%), from €11,746 to €35,454
- Gross operating margin +€15,623
up €15,623 (+17.5%), from €89,410 to €105,033
- Taxes +€8,903
up €8,903 (+43.7%), from €20,359 to €29,261
- Depreciation -€7,511
down €7,511 (-33.5%), from €22,408 to €14,896
- Other operating charges -€2,434
down €2,434 (-46.7%), from €5,211 to €2,777
- Financial charges -€1,125
down €1,125 (-33.6%), from €3,346 to €2,222
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 | €798,220 | €651,970 | -€146,250 | -18.3% |
| Fixed assets | 21/28 | €15,538 | €2,092 | -€13,446 | -86.5% |
| Tangible fixed assets | 22/27 | €15,538 | €2,092 | -€13,446 | -86.5% |
| Furniture and vehicles | 24 | €2,019 | €2,092 | +€73 | +3.6% |
| Leasing and similar rights | 25 | €13,519 | €0 | -€13,519 | -100% |
| Current assets | 29/58 | €782,682 | €649,878 | -€132,804 | -17.0% |
| Amounts receivable after more than one year | 29 | €705,000 | - | -€705,000 | |
| Trade receivables | 290 | €705,000 | - | -€705,000 | |
| Amounts receivable within one year | 40/41 | €63,802 | €595,547 | +€531,744 | +833% |
| Trade receivables | 40 | €56,404 | €585,186 | +€528,782 | +937% |
| Other amounts receivable | 41 | €7,399 | €10,361 | +€2,962 | +40.0% |
| Cash at bank and in hand | 54/58 | €13,879 | €53,635 | +€39,756 | +286% |
| Deferred charges and accrued income | 490/1 | - | €696 | +€696 | |
| Total equity and liabilities | 10/49 | €798,220 | €651,970 | -€146,250 | -18.3% |
| Equity | 10/15 | €645,964 | €594,088 | -€51,876 | -8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €627,364 | €575,488 | -€51,876 | -8.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,348 | €2,348 | = | 0.0% |
| Distributable reserves | 133 | €623,155 | €571,280 | -€51,876 | -8.3% |
| Amounts payable | 17/49 | €152,256 | €57,881 | -€94,374 | -62.0% |
| Amounts payable after more than one year | 17 | €6,951 | - | -€6,951 | |
| Financial debts | 170/4 | €6,951 | - | -€6,951 | |
| Amounts payable within one year | 42/48 | €138,668 | €51,244 | -€87,423 | -63.0% |
| Current portion of amounts payable after more than one year | 42 | €123,517 | €6,951 | -€116,566 | -94.4% |
| Trade debts | 44 | €3,405 | €4,134 | +€729 | +21.4% |
| Suppliers | 440/4 | €3,405 | €4,134 | +€729 | +21.4% |
| Taxes, remuneration and social security | 45 | €11,746 | €35,454 | +€23,709 | +202% |
| Taxes | 450/3 | €11,746 | €35,454 | +€23,709 | +202% |
| Other amounts payable | 47/48 | - | €4,705 | +€4,705 | |
| Accrued charges and deferred income | 492/3 | €6,637 | €6,637 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,408 | €14,896 | -€7,511 | -33.5% |
| Other operating charges | 640/8 | €5,211 | €2,777 | -€2,434 | -46.7% |
| Non-recurring operating charges | 66A | - | €975 | +€975 | |
| Gross operating margin | 9900 | €89,410 | €105,033 | +€15,623 | +17.5% |
| Operating profit (loss) | 9901 | €61,791 | €86,385 | +€24,593 | +39.8% |
| Financial income | 75/76B | - | €696 | +€696 | |
| Recurring financial income | 75 | - | €696 | +€696 | |
| Financial charges | 65/66B | €3,346 | €2,222 | -€1,125 | -33.6% |
| Recurring financial charges | 65 | €3,346 | €2,222 | -€1,125 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €58,445 | €84,859 | +€26,414 | +45.2% |
| Income taxes | 67/77 | €20,359 | €29,261 | +€8,903 | +43.7% |
| Profit (loss) for the period | 9904 | €38,086 | €55,598 | +€17,511 | +46.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,086 | €55,598 | +€17,511 | +46.0% |
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 26 October 2026 via checked.be.