MARC DEBOEL: 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 DEBOEL
Largest movements
- Current investments +€490,636
up €490,636 (+35.6%), from €1.4m to €1.9m
- Cash -€173,102
down €173,102 (-56.0%), from €308,903 to €135,801
mainly Current investments (-€490,636) and Contributions, distributions and other (-€315,789)
- Tangible fixed assets -€32,722
down €32,722 (-13.9%), from €234,947 to €202,226
of which Land and buildings: -€17,923
- Other debts +€305,650
up €305,650 (+2,286%), from €13,372 to €319,021
- Financial income +€16,166
up €16,166 (+98.6%), from €16,395 to €32,561
- Gross operating margin +€15,298
up €15,298 (+3.5%), from €441,735 to €457,033
- Taxes +€10,456
up €10,456 (+7.9%), from €131,536 to €141,992
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 | €1,959,910 | €2,248,279 | +€288,369 | +14.7% |
| Fixed assets | 21/28 | €264,682 | €231,960 | -€32,722 | -12.4% |
| Tangible fixed assets | 22/27 | €234,947 | €202,226 | -€32,722 | -13.9% |
| Land and buildings | 22 | €172,595 | €154,672 | -€17,923 | -10.4% |
| Furniture and vehicles | 24 | €62,352 | €44,641 | -€17,711 | -28.4% |
| Other tangible fixed assets | 26 | - | €2,913 | +€2,913 | |
| Financial fixed assets | 28 | €29,735 | €29,735 | = | 0.0% |
| Current assets | 29/58 | €1,695,228 | €2,016,318 | +€321,090 | +18.9% |
| Current investments | 50/53 | €1,378,275 | €1,868,911 | +€490,636 | +35.6% |
| Cash at bank and in hand | 54/58 | €308,903 | €135,801 | -€173,102 | -56.0% |
| Deferred charges and accrued income | 490/1 | €8,049 | €11,606 | +€3,556 | +44.2% |
| Total equity and liabilities | 10/49 | €1,959,910 | €2,248,279 | +€288,369 | +14.7% |
| Equity | 10/15 | €1,892,632 | €1,874,186 | -€18,446 | -1.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,880,099 | €1,861,654 | -€18,446 | -1.0% |
| Non-distributable reserves | 130/1 | €1,877,759 | €1,859,313 | -€18,446 | -1.0% |
| Other | 1319 | €1,877,759 | €1,859,313 | -€18,446 | -1.0% |
| Distributable reserves | 133 | €2,340 | €2,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | €133 | €133 | = | 0.0% |
| Amounts payable | 17/49 | €67,278 | €374,093 | +€306,815 | +456% |
| Amounts payable within one year | 42/48 | €61,409 | €371,717 | +€310,308 | +505% |
| Trade debts | 44 | €3,626 | €1,989 | -€1,637 | -45.1% |
| Suppliers | 440/4 | €3,626 | €1,989 | -€1,637 | -45.1% |
| Taxes, remuneration and social security | 45 | €44,411 | €50,707 | +€6,296 | +14.2% |
| Taxes | 450/3 | €44,411 | €50,707 | +€6,296 | +14.2% |
| Other amounts payable | 47/48 | €13,372 | €319,021 | +€305,650 | +2,286% |
| Accrued charges and deferred income | 492/3 | €5,869 | €2,376 | -€3,493 | -59.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,454 | €44,133 | +€1,679 | +4.0% |
| Other operating charges | 640/8 | €3,881 | €4,900 | +€1,019 | +26.3% |
| Non-recurring operating charges | 66A | €621 | €63 | -€558 | -89.8% |
| Gross operating margin | 9900 | €441,735 | €457,033 | +€15,298 | +3.5% |
| Operating profit (loss) | 9901 | €394,779 | €407,936 | +€13,157 | +3.3% |
| Financial income | 75/76B | €16,395 | €32,561 | +€16,166 | +98.6% |
| Recurring financial income | 75 | €16,395 | €32,561 | +€16,166 | +98.6% |
| Financial charges | 65/66B | €4,688 | €1,162 | -€3,526 | -75.2% |
| Recurring financial charges | 65 | €4,688 | €1,162 | -€3,526 | -75.2% |
| Profit (loss) for the period before taxes | 9903 | €406,486 | €439,335 | +€32,850 | +8.1% |
| Income taxes | 67/77 | €131,536 | €141,992 | +€10,456 | +7.9% |
| Profit (loss) for the period | 9904 | €274,950 | €297,344 | +€22,394 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €274,950 | €297,344 | +€22,394 | +8.1% |
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 25 October 2026 via checked.be.