Marc Dehaen: 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 Dehaen
Largest movements
- Tangible fixed assets +€170,595
up €170,595 (+17.0%), from €1.0m to €1.2m
of which Land and buildings: +€793,707
- Receivables within one year -€27,493
no longer reported in 2025 (was €27,493)
- Cash -€18,882
down €18,882 (-82.5%), from €22,878 to €3,996
mainly Investment in fixed assets (net) (-€207,683) and Net result for the year (-€108,950)
- Debts after one year +€134,855
up €134,855 (+52.5%), from €257,052 to €391,908
- Reserves -€108,950
down €108,950 (-17.2%), from €633,851 to €524,901
- Other debts +€102,010
up €102,010 (+86.7%), from €117,676 to €219,686
- Gross operating margin -€36,484
down €36,484, from €5,630 to -€30,854
- Financial income -€31,162
down €31,162 (-99.8%), from €31,218 to €56
- Other operating charges +€29,610
up €29,610 (+709%), from €4,176 to €33,786
- Depreciation +€18,369
up €18,369 (+98.1%), from €18,719 to €37,088
- Taxes -€1,807
down €1,807 (-99.1%), from €1,824 to €17
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 | €1,052,617 | €1,176,731 | +€124,115 | +11.8% |
| Fixed assets | 21/28 | €1,001,963 | €1,172,558 | +€170,595 | +17.0% |
| Tangible fixed assets | 22/27 | €1,001,963 | €1,172,558 | +€170,595 | +17.0% |
| Land and buildings | 22 | €371,233 | €1,164,940 | +€793,707 | +214% |
| Plant, machinery and equipment | 23 | €9,334 | €7,617 | -€1,716 | -18.4% |
| Assets under construction and advance payments | 27 | €621,396 | - | -€621,396 | |
| Current assets | 29/58 | €50,654 | €4,174 | -€46,480 | -91.8% |
| Amounts receivable within one year | 40/41 | €27,493 | - | -€27,493 | |
| Trade receivables | 40 | €27,493 | - | -€27,493 | |
| Cash at bank and in hand | 54/58 | €22,878 | €3,996 | -€18,882 | -82.5% |
| Deferred charges and accrued income | 490/1 | €282 | €177 | -€105 | -37.2% |
| Total equity and liabilities | 10/49 | €1,052,617 | €1,176,731 | +€124,115 | +11.8% |
| Equity | 10/15 | €646,251 | €537,301 | -€108,950 | -16.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €633,851 | €524,901 | -€108,950 | -17.2% |
| Distributable reserves | 133 | €633,851 | €524,901 | -€108,950 | -17.2% |
| Amounts payable | 17/49 | €406,365 | €639,430 | +€233,065 | +57.4% |
| Amounts payable after more than one year | 17 | €257,052 | €391,908 | +€134,855 | +52.5% |
| Financial debts | 170/4 | €257,052 | €391,908 | +€134,855 | +52.5% |
| Amounts payable within one year | 42/48 | €149,313 | €247,522 | +€98,209 | +65.8% |
| Current portion of amounts payable after more than one year | 42 | €29,403 | €23,495 | -€5,908 | -20.1% |
| Trade debts | 44 | €410 | €2,517 | +€2,107 | +514% |
| Suppliers | 440/4 | €410 | €2,517 | +€2,107 | +514% |
| Taxes, remuneration and social security | 45 | €1,824 | €1,824 | = | 0.0% |
| Taxes | 450/3 | €1,824 | €1,824 | = | 0.0% |
| Other amounts payable | 47/48 | €117,676 | €219,686 | +€102,010 | +86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,719 | €37,088 | +€18,369 | +98.1% |
| Other operating charges | 640/8 | €4,176 | €33,786 | +€29,610 | +709% |
| Gross operating margin | 9900 | €5,630 | -€30,854 | -€36,484 | |
| Operating profit (loss) | 9901 | -€17,265 | -€101,728 | -€84,463 | -489% |
| Financial income | 75/76B | €31,218 | €56 | -€31,162 | -99.8% |
| Recurring financial income | 75 | €31,218 | €56 | -€31,162 | -99.8% |
| Financial charges | 65/66B | €7,547 | €7,261 | -€286 | -3.8% |
| Recurring financial charges | 65 | €7,547 | €7,261 | -€286 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €6,406 | -€108,933 | -€115,339 | |
| Income taxes | 67/77 | €1,824 | €17 | -€1,807 | -99.1% |
| Profit (loss) for the period | 9904 | €4,582 | -€108,950 | -€113,532 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,582 | -€108,950 | -€113,532 |
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 19 October 2026 via checked.be.