MARC DHAENE: 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 DHAENE
Largest movements
- Cash +€157,381
up €157,381 (+344%), from €45,799 to €203,180
mainly Current investments (+€155,001) and Depreciation (+€35,218)
- Current investments -€155,001
down €155,001 (-37.4%), from €414,925 to €259,924
- Tangible fixed assets -€35,218
down €35,218 (-4.9%), from €723,736 to €688,518
of which Land and buildings: -€18,859
- Profit (loss) carried forward -€29,685
down €29,685 (-3.3%), from €899,832 to €870,147
- Gross operating margin -€23,619
down €23,619, from €21,303 to -€2,317
- Depreciation +€20,211
up €20,211 (+135%), from €15,007 to €35,218
- Taxes -€5,883
new in 2025: -€5,883
- Financial income +€4,290
up €4,290 (+199%), from €2,153 to €6,442
- Other operating charges -€2,890
down €2,890 (-57.7%), from €5,004 to €2,114
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 | €1,214,572 | €1,181,875 | -€32,697 | -2.7% |
| Fixed assets | 21/28 | €723,736 | €688,518 | -€35,218 | -4.9% |
| Tangible fixed assets | 22/27 | €723,736 | €688,518 | -€35,218 | -4.9% |
| Land and buildings | 22 | €672,161 | €653,302 | -€18,859 | -2.8% |
| Furniture and vehicles | 24 | €51,575 | €35,216 | -€16,359 | -31.7% |
| Current assets | 29/58 | €490,836 | €493,357 | +€2,521 | +0.5% |
| Stocks and contracts in progress | 3 | €250 | €250 | = | 0.0% |
| Stocks | 30/36 | €250 | €250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €29,862 | €30,003 | +€141 | +0.5% |
| Trade receivables | 40 | €6,639 | €5,445 | -€1,194 | -18.0% |
| Other amounts receivable | 41 | €23,223 | €24,558 | +€1,335 | +5.7% |
| Current investments | 50/53 | €414,925 | €259,924 | -€155,001 | -37.4% |
| Cash at bank and in hand | 54/58 | €45,799 | €203,180 | +€157,381 | +344% |
| Total equity and liabilities | 10/49 | €1,214,572 | €1,181,875 | -€32,697 | -2.7% |
| Equity | 10/15 | €1,005,948 | €976,263 | -€29,685 | -3.0% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Capital | 10 | €30,987 | €30,987 | = | 0.0% |
| Issued capital | 100 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €75,129 | €75,129 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,096 | €43,096 | = | 0.0% |
| Distributable reserves | 133 | €28,934 | €28,934 | = | 0.0% |
| Profit (loss) carried forward | 14 | €899,832 | €870,147 | -€29,685 | -3.3% |
| Amounts payable | 17/49 | €208,624 | €205,612 | -€3,011 | -1.4% |
| Amounts payable after more than one year | 17 | €195,897 | €183,983 | -€11,913 | -6.1% |
| Financial debts | 170/4 | €195,897 | €183,983 | -€11,913 | -6.1% |
| Amounts payable within one year | 42/48 | €12,727 | €21,629 | +€8,902 | +69.9% |
| Current portion of amounts payable after more than one year | 42 | €11,799 | €11,913 | +€114 | +1.0% |
| Trade debts | 44 | €928 | €6,766 | +€5,838 | +629% |
| Suppliers | 440/4 | €928 | €6,766 | +€5,838 | +629% |
| Other amounts payable | 47/48 | - | €2,950 | +€2,950 | |
| Non-recurring operating income | 76A | €26,148 | €9,929 | -€16,218 | -62.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,007 | €35,218 | +€20,211 | +135% |
| Other operating charges | 640/8 | €5,004 | €2,114 | -€2,890 | -57.7% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Gross operating margin | 9900 | €21,303 | -€2,317 | -€23,619 | |
| Operating profit (loss) | 9901 | €1,292 | -€39,649 | -€40,941 | |
| Financial income | 75/76B | €2,153 | €6,442 | +€4,290 | +199% |
| Recurring financial income | 75 | €2,153 | €6,442 | +€4,290 | +199% |
| Financial charges | 65/66B | €2,492 | €2,362 | -€130 | -5.2% |
| Recurring financial charges | 65 | €2,492 | €2,362 | -€130 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €954 | -€35,568 | -€36,522 | |
| Income taxes | 67/77 | - | -€5,883 | -€5,883 | |
| Profit (loss) for the period | 9904 | €954 | -€29,685 | -€30,639 | |
| Profit (loss) for the period to be appropriated | 9905 | €954 | -€29,685 | -€30,639 |
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 17 October 2026 via checked.be.