MARC DELY: what changed
Two fiscal 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 DELY
Largest movements
- Tangible fixed assets -€29,901
down €29,901 (-7.3%), from €411,152 to €381,251
of which Land and buildings: -€21,581
- Cash -€21,727
down €21,727 (-44.0%), from €49,420 to €27,693
mainly Debts after one year (-€25,100) and Stocks and contracts (-€20,058)
- Stocks and contracts +€20,058
up €20,058 (+30.3%), from €66,252 to €86,310
- Receivables within one year +€15,852
up €15,852 (+38.5%), from €41,203 to €57,055
of which Trade receivables: +€13,816
- Financial fixed assets +€6,382
up €6,382 (+186.7%), from €3,418 to €9,800
- Debts after one year -€25,100
down €25,100 (-29.8%), from €84,208 to €59,108
- Reserves +€14,323
up €14,323 (+26.4%), from €54,169 to €68,492
of which Distributable reserves: +€14,323
- Other debts +€12,961
up €12,961 (+6.7%), from €192,992 to €205,953
- Tax, wage and social debts -€10,558
down €10,558 (-63.6%), from €16,596 to €6,037
of which Taxes: -€10,781
- Gross operating margin -€5,051
down €5,051 (-4.3%), from €117,948 to €112,897
- Staff costs +€2,870
up €2,870 (+5.4%), from €53,278 to €56,148
- Taxes -€2,160
down €2,160 (-23.8%), from €9,057 to €6,897
- Depreciation +€1,901
up €1,901 (+6.8%), from €28,000 to €29,901
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.
Cash bridge derived
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 | €574,562 | €565,160 | -€9,403 | -1.6% |
| Fixed assets | 21/28 | €414,570 | €391,051 | -€23,519 | -5.7% |
| Tangible fixed assets | 22/27 | €411,152 | €381,251 | -€29,901 | -7.3% |
| Land and buildings | 22 | €377,612 | €356,031 | -€21,581 | -5.7% |
| Plant, machinery and equipment | 23 | €33,539 | €25,219 | -€8,320 | -24.8% |
| Financial fixed assets | 28 | €3,418 | €9,800 | +€6,382 | +186.7% |
| Current assets | 29/58 | €159,992 | €174,109 | +€14,117 | +8.8% |
| Stocks and contracts in progress | 3 | €66,252 | €86,310 | +€20,058 | +30.3% |
| Stocks | 30/36 | €66,252 | €86,310 | +€20,058 | +30.3% |
| Amounts receivable within one year | 40/41 | €41,203 | €57,055 | +€15,852 | +38.5% |
| Trade receivables | 40 | €30,902 | €44,718 | +€13,816 | +44.7% |
| Other amounts receivable | 41 | €10,301 | €12,338 | +€2,036 | +19.8% |
| Cash at bank and in hand | 54/58 | €49,420 | €27,693 | -€21,727 | -44.0% |
| Deferred charges and accrued income | 490/1 | €3,116 | €3,050 | -€66 | -2.1% |
| Total equity and liabilities | 10/49 | €574,562 | €565,160 | -€9,403 | -1.6% |
| Equity | 10/15 | €235,361 | €249,684 | +€14,323 | +6.1% |
| Contributions | 10/11 | €181,192 | €181,192 | = | 0.0% |
| Reserves | 13 | €54,169 | €68,492 | +€14,323 | +26.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €54,169 | €68,492 | +€14,323 | +26.4% |
| Amounts payable | 17/49 | €339,201 | €315,476 | -€23,726 | -7.0% |
| Amounts payable after more than one year | 17 | €84,208 | €59,108 | -€25,100 | -29.8% |
| Financial debts | 170/4 | €84,208 | €59,108 | -€25,100 | -29.8% |
| Amounts payable within one year | 42/48 | €254,994 | €253,308 | -€1,686 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €25,100 | €25,100 | = | 0.0% |
| Trade debts | 44 | €20,306 | €16,217 | -€4,089 | -20.1% |
| Suppliers | 440/4 | €20,306 | €16,217 | -€4,089 | -20.1% |
| Taxes, remuneration and social security | 45 | €16,596 | €6,037 | -€10,558 | -63.6% |
| Taxes | 450/3 | €16,596 | €5,815 | -€10,781 | -65.0% |
| Remuneration and social security | 454/9 | - | €223 | +€223 | |
| Other amounts payable | 47/48 | €192,992 | €205,953 | +€12,961 | +6.7% |
| Accrued charges and deferred income | 492/3 | - | €3,060 | +€3,060 | |
| Non-recurring operating income | 76A | - | €2,382 | +€2,382 | |
| Remuneration, social security and pensions | 62 | €53,278 | €56,148 | +€2,870 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,000 | €29,901 | +€1,901 | +6.8% |
| Other operating charges | 640/8 | €4,859 | €4,340 | -€519 | -10.7% |
| Gross operating margin | 9900 | €117,948 | €112,897 | -€5,051 | -4.3% |
| Operating profit (loss) | 9901 | €31,810 | €22,508 | -€9,302 | -29.2% |
| Financial income | 75/76B | €1,345 | €1,193 | -€152 | -11.3% |
| Recurring financial income | 75 | €1,345 | €1,193 | -€152 | -11.3% |
| Financial charges | 65/66B | €3,538 | €2,481 | -€1,057 | -29.9% |
| Recurring financial charges | 65 | €3,538 | €2,481 | -€1,057 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €29,618 | €21,221 | -€8,397 | -28.4% |
| Income taxes | 67/77 | €9,057 | €6,897 | -€2,160 | -23.8% |
| Profit (loss) for the period | 9904 | €20,560 | €14,323 | -€6,237 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,560 | €14,323 | -€6,237 | -30.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.