Marc Dreessen: 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 Dreessen
Largest movements
- Cash +€68,753
up €68,753 (+88.9%), from €77,295 to €146,048
mainly Net result for the year (+€520,158) and Current portion of long-term debt (+€34,374)
- Current investments +€48,703
up €48,703 (+21.3%), from €228,490 to €277,194
- Receivables within one year +€20,740
up €20,740 (+4.7%), from €442,853 to €463,592
of which Other amounts receivable: +€11,580
- Reserves +€520,158
up €520,158 (+62.2%), from €835,806 to €1.4m
- Other debts -€277,100
down €277,100 (-100%), from €277,100 to €0
- Tax, wage and social debts -€89,052
down €89,052 (-52.8%), from €168,548 to €79,496
of which Taxes: -€89,052
- Current portion of long-term debt +€34,374
up €34,374 (+54.4%), from €63,199 to €97,573
- Debts after one year -€29,951
down €29,951 (-70.3%), from €42,595 to €12,644
- Gross operating margin +€219,353
up €219,353 (+43.9%), from €499,637 to €718,990
- Taxes +€59,587
up €59,587 (+47.1%), from €126,417 to €186,004
- Financial charges -€24,149
down €24,149 (-64.2%), from €37,643 to €13,495
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 | €1,414,421 | €1,559,306 | +€144,886 | +10.2% |
| Fixed assets | 21/28 | €623,234 | €623,747 | +€513 | +0.1% |
| Tangible fixed assets | 22/27 | €9,434 | €9,947 | +€513 | +5.4% |
| Furniture and vehicles | 24 | €9,434 | €9,947 | +€513 | +5.4% |
| Financial fixed assets | 28 | €613,800 | €613,800 | = | 0.0% |
| Current assets | 29/58 | €791,187 | €935,559 | +€144,372 | +18.2% |
| Amounts receivable after more than one year | 29 | €33,500 | €33,500 | = | 0.0% |
| Other amounts receivable | 291 | €33,500 | €33,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €442,853 | €463,592 | +€20,740 | +4.7% |
| Trade receivables | 40 | €88,656 | €97,816 | +€9,159 | +10.3% |
| Other amounts receivable | 41 | €354,196 | €365,776 | +€11,580 | +3.3% |
| Current investments | 50/53 | €228,490 | €277,194 | +€48,703 | +21.3% |
| Cash at bank and in hand | 54/58 | €77,295 | €146,048 | +€68,753 | +88.9% |
| Deferred charges and accrued income | 490/1 | €9,049 | €15,225 | +€6,177 | +68.3% |
| Total equity and liabilities | 10/49 | €1,414,421 | €1,559,306 | +€144,886 | +10.2% |
| Equity | 10/15 | €836,806 | €1,356,964 | +€520,158 | +62.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €835,806 | €1,355,964 | +€520,158 | +62.2% |
| Distributable reserves | 133 | €835,806 | €1,355,964 | +€520,158 | +62.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €577,615 | €202,342 | -€375,273 | -65.0% |
| Amounts payable after more than one year | 17 | €42,595 | €12,644 | -€29,951 | -70.3% |
| Financial debts | 170/4 | €42,595 | €12,644 | -€29,951 | -70.3% |
| Amounts payable within one year | 42/48 | €535,020 | €189,698 | -€345,322 | -64.5% |
| Current portion of amounts payable after more than one year | 42 | €63,199 | €97,573 | +€34,374 | +54.4% |
| Trade debts | 44 | €26,172 | €12,628 | -€13,544 | -51.7% |
| Suppliers | 440/4 | €26,172 | €12,628 | -€13,544 | -51.7% |
| Taxes, remuneration and social security | 45 | €168,548 | €79,496 | -€89,052 | -52.8% |
| Taxes | 450/3 | €166,048 | €76,996 | -€89,052 | -53.6% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €277,100 | €0 | -€277,100 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,564 | €3,837 | -€6,727 | -63.7% |
| Other operating charges | 640/8 | €3,736 | €2,978 | -€759 | -20.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €499,637 | €718,990 | +€219,353 | +43.9% |
| Operating profit (loss) | 9901 | €485,337 | €712,175 | +€226,838 | +46.7% |
| Financial income | 75/76B | €5,004 | €7,482 | +€2,478 | +49.5% |
| Recurring financial income | 75 | €5,004 | €7,482 | +€2,478 | +49.5% |
| Financial charges | 65/66B | €37,643 | €13,495 | -€24,149 | -64.2% |
| Recurring financial charges | 65 | €37,643 | €13,495 | -€24,149 | -64.2% |
| Profit (loss) for the period before taxes | 9903 | €452,697 | €706,162 | +€253,465 | +56.0% |
| Income taxes | 67/77 | €126,417 | €186,004 | +€59,587 | +47.1% |
| Profit (loss) for the period | 9904 | €326,280 | €520,158 | +€193,878 | +59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €326,280 | €520,158 | +€193,878 | +59.4% |
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 21 October 2026 via checked.be.