MARC DEBREYNE: 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 DEBREYNE
Largest movements
- Stocks and contracts -€120,118
down €120,118 (-35.4%), from €339,120 to €219,002
- Tangible fixed assets -€6,946
down €6,946 (-5.5%), from €126,269 to €119,323
of which Land and buildings: -€3,730
- Other debts -€101,108
down €101,108 (-29.7%), from €339,970 to €238,862
- Short-term financial debts -€30,000
down €30,000 (-23.1%), from €130,000 to €100,000
- Trade debts -€17,875
down €17,875 (-79.8%), from €22,396 to €4,520
- Debts after one year +€13,812
up €13,812 (+299%), from €4,625 to €18,437
- Current portion of long-term debt +€7,285
up €7,285 (+364%), from €2,003 to €9,287
- Gross operating margin +€32,110
up €32,110, from -€26,479 to €5,631
- Depreciation +€2,223
up €2,223 (+12.5%), from €17,738 to €19,961
- Financial charges -€1,605
down €1,605 (-15.4%), from €10,431 to €8,826
- Staff costs -€906
down €906 (-98.6%), from €919 to €13
- Other operating charges +€408
up €408 (+27.6%), from €1,475 to €1,883
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 | €604,992 | €475,583 | -€129,409 | -21.4% |
| Fixed assets | 21/28 | €126,269 | €119,323 | -€6,946 | -5.5% |
| Tangible fixed assets | 22/27 | €126,269 | €119,323 | -€6,946 | -5.5% |
| Land and buildings | 22 | €100,293 | €96,564 | -€3,730 | -3.7% |
| Plant, machinery and equipment | 23 | €23,555 | €21,005 | -€2,550 | -10.8% |
| Furniture and vehicles | 24 | €2,421 | €1,755 | -€666 | -27.5% |
| Current assets | 29/58 | €478,723 | €356,261 | -€122,463 | -25.6% |
| Amounts receivable after more than one year | 29 | €125,457 | €125,457 | = | 0.0% |
| Trade receivables | 290 | €125,457 | €125,457 | = | 0.0% |
| Stocks and contracts in progress | 3 | €339,120 | €219,002 | -€120,118 | -35.4% |
| Stocks | 30/36 | €339,120 | €219,002 | -€120,118 | -35.4% |
| Amounts receivable within one year | 40/41 | €4,106 | €49 | -€4,057 | -98.8% |
| Trade receivables | 40 | €4,106 | €49 | -€4,057 | -98.8% |
| Cash at bank and in hand | 54/58 | €1,608 | €5,875 | +€4,267 | +265% |
| Deferred charges and accrued income | 490/1 | €8,433 | €5,878 | -€2,555 | -30.3% |
| Total equity and liabilities | 10/49 | €604,992 | €475,583 | -€129,409 | -21.4% |
| Equity | 10/15 | €99,974 | €99,974 | = | 0.0% |
| Contributions | 10/11 | €380,000 | €380,000 | = | 0.0% |
| Reserves | 13 | €48,992 | €48,992 | = | 0.0% |
| Distributable reserves | 133 | €48,992 | €48,992 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€329,018 | -€329,018 | = | 0.0% |
| Amounts payable | 17/49 | €505,018 | €375,609 | -€129,409 | -25.6% |
| Amounts payable after more than one year | 17 | €4,625 | €18,437 | +€13,812 | +299% |
| Financial debts | 170/4 | €4,625 | €18,437 | +€13,812 | +299% |
| Amounts payable within one year | 42/48 | €500,393 | €357,172 | -€143,221 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €2,003 | €9,287 | +€7,285 | +364% |
| Financial debts | 43 | €130,000 | €100,000 | -€30,000 | -23.1% |
| Credit institutions | 430/8 | €130,000 | €100,000 | -€30,000 | -23.1% |
| Trade debts | 44 | €22,396 | €4,520 | -€17,875 | -79.8% |
| Suppliers | 440/4 | €22,396 | €4,520 | -€17,875 | -79.8% |
| Taxes, remuneration and social security | 45 | €6,025 | €4,503 | -€1,522 | -25.3% |
| Taxes | 450/3 | €6,025 | €4,503 | -€1,522 | -25.3% |
| Other amounts payable | 47/48 | €339,970 | €238,862 | -€101,108 | -29.7% |
| Remuneration, social security and pensions | 62 | €919 | €13 | -€906 | -98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,738 | €19,961 | +€2,223 | +12.5% |
| Other operating charges | 640/8 | €1,475 | €1,883 | +€408 | +27.6% |
| Gross operating margin | 9900 | -€26,479 | €5,631 | +€32,110 | |
| Operating profit (loss) | 9901 | -€46,612 | -€16,227 | +€30,385 | +65.2% |
| Financial income | 75/76B | €19 | €171 | +€152 | +793% |
| Recurring financial income | 75 | €19 | €171 | +€152 | +793% |
| Financial charges | 65/66B | €10,431 | €8,826 | -€1,605 | -15.4% |
| Recurring financial charges | 65 | €10,431 | €8,826 | -€1,605 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | -€57,023 | -€24,882 | +€32,141 | +56.4% |
| Income taxes | 67/77 | €556 | €530 | -€26 | -4.7% |
| Profit (loss) for the period | 9904 | -€57,579 | -€25,412 | +€32,167 | +55.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,579 | -€25,412 | +€32,167 | +55.9% |
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 26 October 2026 via checked.be.