Marc De Backer: 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 De Backer
Largest movements
- Cash -€553,899
down €553,899 (-60.0%), from €922,448 to €368,549
mainly Other debts (-€403,490) and Tax, wage and social debts (-€129,936)
- Receivables within one year +€63,894
up €63,894 (+20.1%), from €317,328 to €381,222
of which Other amounts receivable: +€64,317
- Other debts -€403,490
down €403,490 (-100%), from €403,490 to €0
- Tax, wage and social debts -€129,936
down €129,936 (-82.9%), from €156,807 to €26,871
of which Taxes: -€130,395
- Reserves +€48,128
up €48,128 (+1.3%), from €3.7m to €3.8m
- Gross operating margin -€2.8m
down €2.8m (-94.2%), from €2.9m to €172,192
- Taxes -€775,914
down €775,914 (-98.6%), from €786,932 to €11,017
- Staff costs -€312,933
down €312,933 (-71.5%), from €437,427 to €124,493
- Financial income +€146,671
up €146,671 (+1,265%), from €11,597 to €158,268
of which Financial income: +€125,324
- Financial charges +€112,055
up €112,055 (+13,477%), from €831 to €112,886
of which Financial charges: +€102,743
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 | €4,318,758 | €3,811,767 | -€506,991 | -11.7% |
| Fixed assets | 21/28 | €71,170 | €51,882 | -€19,289 | -27.1% |
| Tangible fixed assets | 22/27 | €71,170 | €51,882 | -€19,289 | -27.1% |
| Furniture and vehicles | 24 | €71,170 | €51,882 | -€19,289 | -27.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €4,247,587 | €3,759,885 | -€487,702 | -11.5% |
| Amounts receivable within one year | 40/41 | €317,328 | €381,222 | +€63,894 | +20.1% |
| Trade receivables | 40 | €2,364 | €1,941 | -€423 | -17.9% |
| Other amounts receivable | 41 | €314,965 | €379,282 | +€64,317 | +20.4% |
| Current investments | 50/53 | €3,004,480 | €3,008,852 | +€4,372 | +0.1% |
| Cash at bank and in hand | 54/58 | €922,448 | €368,549 | -€553,899 | -60.0% |
| Deferred charges and accrued income | 490/1 | €3,331 | €1,262 | -€2,069 | -62.1% |
| Total equity and liabilities | 10/49 | €4,318,758 | €3,811,767 | -€506,991 | -11.7% |
| Equity | 10/15 | €3,736,492 | €3,784,620 | +€48,128 | +1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,717,892 | €3,766,020 | +€48,128 | +1.3% |
| Distributable reserves | 133 | €3,717,892 | €3,766,020 | +€48,128 | +1.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €582,265 | €27,147 | -€555,118 | -95.3% |
| Amounts payable within one year | 42/48 | €582,265 | €27,027 | -€555,238 | -95.4% |
| Trade debts | 44 | €21,969 | €156 | -€21,813 | -99.3% |
| Suppliers | 440/4 | €21,969 | €156 | -€21,813 | -99.3% |
| Taxes, remuneration and social security | 45 | €156,807 | €26,871 | -€129,936 | -82.9% |
| Taxes | 450/3 | €142,672 | €12,278 | -€130,395 | -91.4% |
| Remuneration and social security | 454/9 | €14,134 | €14,593 | +€459 | +3.2% |
| Other amounts payable | 47/48 | €403,490 | €0 | -€403,490 | -100% |
| Accrued charges and deferred income | 492/3 | - | €120 | +€120 | |
| Non-recurring operating income | 76A | €1,907,328 | €0 | -€1.9m | -100% |
| Remuneration, social security and pensions | 62 | €437,427 | €124,493 | -€312,933 | -71.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,264 | €22,014 | -€250 | -1.1% |
| Other operating charges | 640/8 | €17,754 | €1,592 | -€16,162 | -91.0% |
| Non-recurring operating charges | 66A | €0 | €10,330 | +€10,330 | |
| Gross operating margin | 9900 | €2,943,775 | €172,192 | -€2.8m | -94.2% |
| Operating profit (loss) | 9901 | €2,466,330 | €13,763 | -€2.5m | -99.4% |
| Financial income | 75/76B | €11,597 | €158,268 | +€146,671 | +1,265% |
| Recurring financial income | 75 | €11,597 | €136,921 | +€125,324 | +1,081% |
| Non-recurring financial income | 76B | - | €21,348 | +€21,348 | |
| Financial charges | 65/66B | €831 | €112,886 | +€112,055 | +13,477% |
| Recurring financial charges | 65 | €831 | €103,574 | +€102,743 | +12,357% |
| Non-recurring financial charges | 66B | - | €9,312 | +€9,312 | |
| Profit (loss) for the period before taxes | 9903 | €2,477,095 | €59,145 | -€2.4m | -97.6% |
| Income taxes | 67/77 | €786,932 | €11,017 | -€775,914 | -98.6% |
| Profit (loss) for the period | 9904 | €1,690,164 | €48,128 | -€1.6m | -97.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,690,164 | €48,128 | -€1.6m | -97.2% |
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 29 October 2026 via checked.be.