MARC DESSEIN: 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.
What changed
MARC DESSEIN
NACE 64.210, Activities of holding companies
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
-€93,947
2025 · €122,328-€216,274
Equity
€3.6m
2025 · €3.6m-€93,947
Cash
€14,723
2025 · €18,888-€4,166
Balance sheet total
€6.1m
2025 · €5.5m+€586,201
Largest movements
Assets
- Receivables after one year +€523,500
up €523,500 (+31.9%), from €1.6m to €2.2m
of which Other amounts receivable: +€573,500
- Tangible fixed assets -€90,012
down €90,012 (-3.7%), from €2.5m to €2.4m
of which Land and buildings: -€83,696
- Receivables within one year +€84,881
up €84,881 (+7.5%), from €1.1m to €1.2m
of which Other amounts receivable: +€118,780
- Stocks and contracts +€74,900
up €74,900 (+56.5%), from €132,610 to €207,510
Equity and liabilities
- Other debts +€716,732
up €716,732 (+52.6%), from €1.4m to €2.1m
- Reserves -€93,947
down €93,947 (-2.6%), from €3.6m to €3.5m
of which Tax-exempt reserves: -€596,217
Income statement
- Write-downs +€510,079
up €510,079, from -€139,079 to €371,000
- Gross operating margin +€90,470
up €90,470 (+24.7%), from €365,948 to €456,418
- Financial charges -€86,697
down €86,697 (-94.4%), from €91,863 to €5,167
- Other operating charges -€63,582
down €63,582 (-81.1%), from €78,381 to €14,799
- Financial income +€50,583
up €50,583 (+772.1%), from €6,551 to €57,135
From the 2025 result to the 2026 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.
Result 2025
€122,328
Gross operating margin
+€90,470
Depreciation
-€7,929
Write-downs
-€510,079
Provisions
-€19,379
Other operating charges
+€63,582
Financial income
+€50,583
Financial charges
+€86,697
Taxes
+€29,780
Result 2026
-€93,947
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€50,378
Investment
+€7,391
Financing
-€61,934
Cash 2025
€18,888
From operations (derived)
+€50,378
Net result for the year
-€93,947
Depreciation
+€113,376
Receivables after one year
-€523,500
Stocks and contracts
-€74,900
Receivables within one year
-€84,881
Deferred charges and accrued income
-€27,852
Trade debts
+€8,363
Tax, wage and social debts
-€40,109
Other debts
+€716,732
Accrued charges and deferred income
+€57,095
Investment (derived)
+€7,391
Investment in fixed assets (net)
+€7,875
Current investments
-€484
Financing
-€61,934
Debts after one year
-€56,156
Current portion of long-term debt
-€8,203
Short-term financial debts
+€2,425
Cash 2026
€14,723
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,491,628 | €6,077,829 | +€586,201 | +10.7% |
| Fixed assets | 21/28 | €2,553,519 | €2,432,268 | -€121,251 | -4.7% |
| Tangible fixed assets | 22/27 | €2,459,546 | €2,369,534 | -€90,012 | -3.7% |
| Land and buildings | 22 | €2,391,150 | €2,307,454 | -€83,696 | -3.5% |
| Plant, machinery and equipment | 23 | €0 | €1,374 | +€1,374 | |
| Furniture and vehicles | 24 | €68,396 | €60,706 | -€7,690 | -11.2% |
| Financial fixed assets | 28 | €93,973 | €62,734 | -€31,239 | -33.2% |
| Current assets | 29/58 | €2,938,109 | €3,645,562 | +€707,452 | +24.1% |
| Amounts receivable after more than one year | 29 | €1,639,601 | €2,163,101 | +€523,500 | +31.9% |
| Trade receivables | 290 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 291 | €1,589,601 | €2,163,101 | +€573,500 | +36.1% |
| Stocks and contracts in progress | 3 | €132,610 | €207,510 | +€74,900 | +56.5% |
| Stocks | 30/36 | €132,610 | €207,510 | +€74,900 | +56.5% |
| Amounts receivable within one year | 40/41 | €1,126,365 | €1,211,246 | +€84,881 | +7.5% |
| Trade receivables | 40 | €107,427 | €73,528 | -€33,899 | -31.6% |
| Other amounts receivable | 41 | €1,018,938 | €1,137,718 | +€118,780 | +11.7% |
| Current investments | 50/53 | - | €484 | +€484 | |
| Cash at bank and in hand | 54/58 | €18,888 | €14,723 | -€4,166 | -22.1% |
| Deferred charges and accrued income | 490/1 | €20,645 | €48,497 | +€27,852 | +134.9% |
| Total equity and liabilities | 10/49 | €5,491,628 | €6,077,829 | +€586,201 | +10.7% |
| Equity | 10/15 | €3,648,081 | €3,554,134 | -€93,947 | -2.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,641,881 | €3,547,934 | -€93,947 | -2.6% |
| Tax-exempt reserves | 132 | €701,467 | €105,250 | -€596,217 | -85.0% |
| Distributable reserves | 133 | €2,940,414 | €3,442,684 | +€502,270 | +17.1% |
| Amounts payable | 17/49 | €1,843,547 | €2,523,695 | +€680,148 | +36.9% |
| Amounts payable after more than one year | 17 | €273,510 | €217,355 | -€56,156 | -20.5% |
| Financial debts | 170/4 | €273,510 | €217,355 | -€56,156 | -20.5% |
| Amounts payable within one year | 42/48 | €1,570,037 | €2,249,246 | +€679,209 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €64,063 | €55,860 | -€8,203 | -12.8% |
| Financial debts | 43 | - | €2,425 | +€2,425 | |
| Credit institutions | 430/8 | - | €2,425 | +€2,425 | |
| Trade debts | 44 | €18,248 | €26,611 | +€8,363 | +45.8% |
| Suppliers | 440/4 | €18,248 | €26,611 | +€8,363 | +45.8% |
| Taxes, remuneration and social security | 45 | €125,044 | €84,935 | -€40,109 | -32.1% |
| Taxes | 450/3 | €125,044 | €84,935 | -€40,109 | -32.1% |
| Other amounts payable | 47/48 | €1,362,682 | €2,079,414 | +€716,732 | +52.6% |
| Accrued charges and deferred income | 492/3 | - | €57,095 | +€57,095 | |
| Non-recurring operating income | 76A | €1,125 | - | -€1,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,448 | €113,376 | +€7,929 | +7.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€139,079 | €371,000 | +€510,079 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€19,379 | - | +€19,379 | |
| Other operating charges | 640/8 | €78,381 | €14,799 | -€63,582 | -81.1% |
| Gross operating margin | 9900 | €365,948 | €456,418 | +€90,470 | +24.7% |
| Operating profit (loss) | 9901 | €340,578 | -€42,757 | -€383,335 | |
| Financial income | 75/76B | €6,551 | €57,135 | +€50,583 | +772.1% |
| Recurring financial income | 75 | €6,551 | €57,135 | +€50,583 | +772.1% |
| Financial charges | 65/66B | €91,863 | €5,167 | -€86,697 | -94.4% |
| Recurring financial charges | 65 | €91,863 | €5,167 | -€86,697 | -94.4% |
| Profit (loss) for the period before taxes | 9903 | €255,266 | €9,212 | -€246,054 | -96.4% |
| Income taxes | 67/77 | €132,938 | €103,158 | -€29,780 | -22.4% |
| Profit (loss) for the period | 9904 | €122,328 | -€93,947 | -€216,274 | |
| Transfer from tax-exempt reserves | 789 | €50,520 | €596,217 | +€545,697 | +1080.2% |
| Transfer to tax-exempt reserves | 689 | €46,310 | - | -€46,310 | |
| Profit (loss) for the period to be appropriated | 9905 | €126,538 | €502,270 | +€375,733 | +296.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.