MARC DE KEER: what changed
MARC DE KEER
Largest movements
- Current investments +€119,270
up €119,270 (+6.2%), from €1.9m to €2.0m
- Cash -€112,379
down €112,379 (-23.5%), from €479,097 to €366,719
mainly Current investments (-€119,270) and Tax, wage and social debts (-€98,784)
- Tax, wage and social debts -€98,784
down €98,784 (-79.7%), from €124,003 to €25,219
- Reserves +€94,870
up €94,870 (+3.3%), from €2.9m to €3.0m
of which Distributable reserves: +€91,768
- Taxes -€94,520
down €94,520 (-66.5%), from €142,213 to €47,693
- Depreciation -€89,171
down €89,171 (-88.3%), from €101,028 to €11,856
- Gross operating margin -€45,083
down €45,083 (-21.2%), from €212,644 to €167,561
- Financial charges -€29,352
down €29,352, from €28,439 to -€912
- Other operating charges +€6,813
up €6,813 (+94.1%), from €7,241 to €14,054
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,068,723 | €3,063,758 | -€4,965 | -0.2% |
| Fixed assets | 21/28 | €661,573 | €649,717 | -€11,856 | -1.8% |
| Tangible fixed assets | 22/27 | €661,555 | €649,698 | -€11,856 | -1.8% |
| Land and buildings | 22 | €652,588 | €643,803 | -€8,785 | -1.3% |
| Plant, machinery and equipment | 23 | €4,778 | €2,697 | -€2,082 | -43.6% |
| Furniture and vehicles | 24 | €4,188 | €3,198 | -€990 | -23.6% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €2,407,149 | €2,414,041 | +€6,892 | +0.3% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €1,928,052 | €2,047,323 | +€119,270 | +6.2% |
| Cash at bank and in hand | 54/58 | €479,097 | €366,719 | -€112,379 | -23.5% |
| Total equity and liabilities | 10/49 | €3,068,723 | €3,063,758 | -€4,965 | -0.2% |
| Equity | 10/15 | €2,936,789 | €3,031,659 | +€94,870 | +3.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,874,789 | €2,969,659 | +€94,870 | +3.3% |
| Non-distributable reserves | 130/1 | €3,099 | €6,200 | +€3,101 | +100% |
| Legal reserve | 130 | €3,099 | €6,200 | +€3,101 | +100% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €2,871,691 | €2,963,459 | +€91,768 | +3.2% |
| Amounts payable | 17/49 | €131,933 | €32,099 | -€99,834 | -75.7% |
| Amounts payable within one year | 42/48 | €131,933 | €32,099 | -€99,834 | -75.7% |
| Trade debts | 44 | €3,363 | €2,363 | -€1,000 | -29.7% |
| Suppliers | 440/4 | €3,363 | €2,363 | -€1,000 | -29.7% |
| Taxes, remuneration and social security | 45 | €124,003 | €25,219 | -€98,784 | -79.7% |
| Taxes | 450/3 | €124,003 | €25,219 | -€98,784 | -79.7% |
| Other amounts payable | 47/48 | €4,567 | €4,517 | -€50 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,028 | €11,856 | -€89,171 | -88.3% |
| Other operating charges | 640/8 | €7,241 | €14,054 | +€6,813 | +94.1% |
| Gross operating margin | 9900 | €212,644 | €167,561 | -€45,083 | -21.2% |
| Operating profit (loss) | 9901 | €104,375 | €141,651 | +€37,276 | +35.7% |
| Financial charges | 65/66B | €28,439 | -€912 | -€29,352 | |
| Recurring financial charges | 65 | €28,439 | -€912 | -€29,352 | |
| Profit (loss) for the period before taxes | 9903 | €75,936 | €142,563 | +€66,627 | +87.7% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €142,213 | €47,693 | -€94,520 | -66.5% |
| Profit (loss) for the period | 9904 | -€66,277 | €94,870 | +€161,147 | |
| Transfer from tax-exempt reserves | 789 | €413,924 | €0 | -€413,924 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €347,647 | €94,870 | -€252,777 | -72.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.