Marc Devriese: 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 Devriese
Largest movements
- Receivables within one year -€20,804
down €20,804 (-54.7%), from €38,012 to €17,208
of which Trade receivables: -€19,554
- Tangible fixed assets +€17,601
up €17,601 (+37.2%), from €47,365 to €64,966
of which Plant, machinery and equipment: +€21,767
- Cash +€15,807
up €15,807 (+25.2%), from €62,683 to €78,490
mainly Other debts (+€30,694) and Receivables within one year (+€20,804)
- Stocks and contracts -€9,653
down €9,653 (-15.5%), from €62,314 to €52,661
of which Contracts in progress: -€18,011
- Other debts +€30,694
up €30,694 (+165.3%), from €18,571 to €49,265
- Profit (loss) carried forward -€22,623
down €22,623 (-42.7%), from -€53,036 to -€75,659
- Trade debts -€6,898
down €6,898 (-25.1%), from €27,457 to €20,559
- Gross operating margin -€20,051
down €20,051 (-97.8%), from €20,502 to €450
- Financial charges +€2,965
up €2,965 (+238.1%), from €1,246 to €4,211
of which Non-recurring financial charges: +€4,097
- Depreciation +€2,278
up €2,278 (+14.1%), from €16,212 to €18,490
- Financial income -€899
down €899 (-80.3%), from €1,120 to €221
of which Financial income: -€899
- Other operating charges -€340
down €340 (-36.4%), from €933 to €593
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 | €217,836 | €218,968 | +€1,132 | +0.5% |
| Fixed assets | 21/28 | €47,365 | €64,966 | +€17,601 | +37.2% |
| Tangible fixed assets | 22/27 | €47,365 | €64,966 | +€17,601 | +37.2% |
| Plant, machinery and equipment | 23 | €26,955 | €48,722 | +€21,767 | +80.8% |
| Furniture and vehicles | 24 | €20,409 | €15,209 | -€5,200 | -25.5% |
| Other tangible fixed assets | 26 | - | €1,035 | +€1,035 | |
| Current assets | 29/58 | €170,471 | €154,002 | -€16,469 | -9.7% |
| Stocks and contracts in progress | 3 | €62,314 | €52,661 | -€9,653 | -15.5% |
| Stocks | 30/36 | €41,467 | €49,824 | +€8,358 | +20.2% |
| Contracts in progress | 37 | €20,848 | €2,837 | -€18,011 | -86.4% |
| Amounts receivable within one year | 40/41 | €38,012 | €17,208 | -€20,804 | -54.7% |
| Trade receivables | 40 | €36,360 | €16,806 | -€19,554 | -53.8% |
| Other amounts receivable | 41 | €1,652 | €401 | -€1,251 | -75.7% |
| Cash at bank and in hand | 54/58 | €62,683 | €78,490 | +€15,807 | +25.2% |
| Deferred charges and accrued income | 490/1 | €7,462 | €5,644 | -€1,818 | -24.4% |
| Total equity and liabilities | 10/49 | €217,836 | €218,968 | +€1,132 | +0.5% |
| Equity | 10/15 | €170,632 | €148,009 | -€22,623 | -13.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €211,268 | €211,268 | = | 0.0% |
| Distributable reserves | 133 | €211,268 | €211,268 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,036 | -€75,659 | -€22,623 | -42.7% |
| Amounts payable | 17/49 | €47,204 | €70,960 | +€23,755 | +50.3% |
| Amounts payable within one year | 42/48 | €47,204 | €70,960 | +€23,755 | +50.3% |
| Trade debts | 44 | €27,457 | €20,559 | -€6,898 | -25.1% |
| Suppliers | 440/4 | €27,457 | €20,559 | -€6,898 | -25.1% |
| Taxes, remuneration and social security | 45 | €1,176 | €1,135 | -€41 | -3.5% |
| Taxes | 450/3 | €176 | €135 | -€41 | -23.3% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €18,571 | €49,265 | +€30,694 | +165.3% |
| Non-recurring operating income | 76A | €8,000 | €0 | -€8,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,212 | €18,490 | +€2,278 | +14.1% |
| Other operating charges | 640/8 | €933 | €593 | -€340 | -36.4% |
| Non-recurring operating charges | 66A | €2,719 | €0 | -€2,719 | -100.0% |
| Gross operating margin | 9900 | €20,502 | €450 | -€20,051 | -97.8% |
| Operating profit (loss) | 9901 | €637 | -€18,633 | -€19,271 | |
| Financial income | 75/76B | €1,120 | €221 | -€899 | -80.3% |
| Recurring financial income | 75 | €1,120 | €221 | -€899 | -80.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,246 | €4,211 | +€2,965 | +238.1% |
| Recurring financial charges | 65 | €1,246 | €113 | -€1,132 | -90.9% |
| Non-recurring financial charges | 66B | - | €4,097 | +€4,097 | |
| Profit (loss) for the period before taxes | 9903 | €511 | -€22,623 | -€23,135 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €511 | -€22,623 | -€23,135 | |
| Profit (loss) for the period to be appropriated | 9905 | €511 | -€22,623 | -€23,135 |
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 3 October 2026 via checked.be.