MARC DAELMAN: 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 DAELMAN
Largest movements
- Cash +€242,808
up €242,808 (+67.4%), from €360,332 to €603,141
mainly Net result for the year (+€438,529) and Receivables within one year (+€181,960)
- Current investments +€182,072
up €182,072 (+9.5%), from €1.9m to €2.1m
- Receivables within one year -€181,960
down €181,960 (-95.8%), from €190,000 to €8,040
of which Other amounts receivable: -€189,999
- Reserves +€203,406
up €203,406 (+8.1%), from €2.5m to €2.7m
of which Distributable reserves: +€203,406
- Tax, wage and social debts +€39,114
up €39,114 (+62.0%), from €63,130 to €102,245
of which Taxes: +€39,114
- Gross operating margin -€241,113
down €241,113 (-28.7%), from €839,015 to €597,903
- Taxes -€71,922
down €71,922 (-26.1%), from €275,452 to €203,530
- Financial income +€15,382
up €15,382 (+36.1%), from €42,569 to €57,951
- Financial charges +€11,638
up €11,638, from -€11,405 to €233
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 | €2,626,702 | €2,856,696 | +€229,994 | +8.8% |
| Fixed assets | 21/28 | €150,131 | €136,700 | -€13,431 | -8.9% |
| Tangible fixed assets | 22/27 | €150,131 | €136,700 | -€13,431 | -8.9% |
| Land and buildings | 22 | €99,568 | €99,568 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,390 | €2,120 | -€270 | -11.3% |
| Furniture and vehicles | 24 | €48,173 | €35,012 | -€13,161 | -27.3% |
| Current assets | 29/58 | €2,476,570 | €2,719,995 | +€243,425 | +9.8% |
| Amounts receivable within one year | 40/41 | €190,000 | €8,040 | -€181,960 | -95.8% |
| Trade receivables | 40 | €0 | €8,039 | +€8,039 | |
| Other amounts receivable | 41 | €190,000 | €1 | -€189,999 | -100.0% |
| Current investments | 50/53 | €1,924,626 | €2,106,698 | +€182,072 | +9.5% |
| Cash at bank and in hand | 54/58 | €360,332 | €603,141 | +€242,808 | +67.4% |
| Deferred charges and accrued income | 490/1 | €1,612 | €2,117 | +€505 | +31.3% |
| Total equity and liabilities | 10/49 | €2,626,702 | €2,856,696 | +€229,994 | +8.8% |
| Equity | 10/15 | €2,536,738 | €2,740,144 | +€203,406 | +8.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,524,338 | €2,727,744 | +€203,406 | +8.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,524,338 | €2,727,744 | +€203,406 | +8.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €89,964 | €116,552 | +€26,588 | +29.6% |
| Amounts payable within one year | 42/48 | €89,964 | €116,552 | +€26,588 | +29.6% |
| Financial debts | 43 | €433 | €83 | -€350 | -80.8% |
| Credit institutions | 430/8 | €433 | €83 | -€350 | -80.8% |
| Trade debts | 44 | €19,139 | €5,373 | -€13,766 | -71.9% |
| Suppliers | 440/4 | €19,139 | €5,373 | -€13,766 | -71.9% |
| Taxes, remuneration and social security | 45 | €63,130 | €102,245 | +€39,114 | +62.0% |
| Taxes | 450/3 | €63,130 | €102,245 | +€39,114 | +62.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €7,262 | €8,851 | +€1,589 | +21.9% |
| Non-recurring operating income | 76A | €26,000 | €0 | -€26,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,585 | €11,312 | +€1,727 | +18.0% |
| Other operating charges | 640/8 | €1,177 | €1,031 | -€146 | -12.4% |
| Non-recurring operating charges | 66A | - | €1,219 | +€1,219 | |
| Gross operating margin | 9900 | €839,015 | €597,903 | -€241,113 | -28.7% |
| Operating profit (loss) | 9901 | €828,253 | €584,341 | -€243,912 | -29.4% |
| Financial income | 75/76B | €42,569 | €57,951 | +€15,382 | +36.1% |
| Recurring financial income | 75 | €42,569 | €57,951 | +€15,382 | +36.1% |
| Financial charges | 65/66B | -€11,405 | €233 | +€11,638 | |
| Recurring financial charges | 65 | -€11,405 | €233 | +€11,638 | |
| Profit (loss) for the period before taxes | 9903 | €882,227 | €642,059 | -€240,168 | -27.2% |
| Income taxes | 67/77 | €275,452 | €203,530 | -€71,922 | -26.1% |
| Profit (loss) for the period | 9904 | €606,775 | €438,529 | -€168,245 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €606,775 | €438,529 | -€168,245 | -27.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.