MARC DUVAL: 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 DUVAL
Largest movements
- Receivables within one year +€8,599
up €8,599 (+40.5%), from €21,241 to €29,841
of which Other amounts receivable: +€7,400
- Receivables after one year -€4,300
no longer reported in 2025 (was €4,300)
- Intangible fixed assets -€3,590
down €3,590 (-53.3%), from €6,736 to €3,146
- Tangible fixed assets -€576
down €576 (-29.5%), from €1,952 to €1,375
of which Furniture and vehicles: -€308
- Cash -€463
down €463 (-80.3%), from €576 to €114
mainly Receivables within one year (-€8,599) and Net result for the year (-€8,274)
- Reserves -€8,274
down €8,274 (-36.6%), from €22,600 to €14,326
- Short-term financial debts +€8,237
up €8,237 (+94.0%), from €8,764 to €17,000
of which Other loans: +€15,790
- Trade debts -€612
down €612 (-22.0%), from €2,776 to €2,164
- Gross operating margin -€2,933
down €2,933, from €1,304 to -€1,629
- Other operating charges +€359
up €359 (+71.1%), from €505 to €865
- Financial charges -€337
down €337 (-16.3%), from €2,061 to €1,724
- Depreciation -€300
down €300 (-6.7%), from €4,466 to €4,167
- Taxes -€130
no longer reported in 2025 (was €130)
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 | €35,009 | €34,685 | -€324 | -0.9% |
| Fixed assets | 21/28 | €8,688 | €4,521 | -€4,167 | -48.0% |
| Intangible fixed assets | 21 | €6,736 | €3,146 | -€3,590 | -53.3% |
| Tangible fixed assets | 22/27 | €1,952 | €1,375 | -€576 | -29.5% |
| Plant, machinery and equipment | 23 | €536 | €268 | -€268 | -50.0% |
| Furniture and vehicles | 24 | €1,415 | €1,107 | -€308 | -21.8% |
| Current assets | 29/58 | €26,321 | €30,164 | +€3,843 | +14.6% |
| Amounts receivable after more than one year | 29 | €4,300 | - | -€4,300 | |
| Other amounts receivable | 291 | €4,300 | - | -€4,300 | |
| Amounts receivable within one year | 40/41 | €21,241 | €29,841 | +€8,599 | +40.5% |
| Trade receivables | 40 | - | €1,199 | +€1,199 | |
| Other amounts receivable | 41 | €21,241 | €28,641 | +€7,400 | +34.8% |
| Cash at bank and in hand | 54/58 | €576 | €114 | -€463 | -80.3% |
| Deferred charges and accrued income | 490/1 | €203 | €210 | +€6 | +3.2% |
| Total equity and liabilities | 10/49 | €35,009 | €34,685 | -€324 | -0.9% |
| Equity | 10/15 | €22,600 | €14,326 | -€8,274 | -36.6% |
| Reserves | 13 | €22,600 | €14,326 | -€8,274 | -36.6% |
| Distributable reserves | 133 | €22,600 | €14,326 | -€8,274 | -36.6% |
| Amounts payable | 17/49 | €12,409 | €20,360 | +€7,951 | +64.1% |
| Amounts payable within one year | 42/48 | €11,577 | €19,221 | +€7,644 | +66.0% |
| Financial debts | 43 | €8,764 | €17,000 | +€8,237 | +94.0% |
| Credit institutions | 430/8 | €7,554 | - | -€7,554 | |
| Other loans | 439 | €1,210 | €17,000 | +€15,790 | +1,305% |
| Trade debts | 44 | €2,776 | €2,164 | -€612 | -22.0% |
| Suppliers | 440/4 | €2,776 | €2,164 | -€612 | -22.0% |
| Taxes, remuneration and social security | 45 | €37 | €57 | +€20 | +52.0% |
| Taxes | 450/3 | €37 | €57 | +€20 | +52.0% |
| Accrued charges and deferred income | 492/3 | €832 | €1,138 | +€306 | +36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,466 | €4,167 | -€300 | -6.7% |
| Other operating charges | 640/8 | €505 | €865 | +€359 | +71.1% |
| Gross operating margin | 9900 | €1,304 | -€1,629 | -€2,933 | |
| Operating profit (loss) | 9901 | -€3,668 | -€6,660 | -€2,992 | -81.6% |
| Financial income | 75/76B | - | €110 | +€110 | |
| Recurring financial income | 75 | - | €110 | +€110 | |
| Financial charges | 65/66B | €2,061 | €1,724 | -€337 | -16.3% |
| Recurring financial charges | 65 | €2,061 | €1,724 | -€337 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,729 | -€8,274 | -€2,545 | -44.4% |
| Income taxes | 67/77 | €130 | - | -€130 | |
| Profit (loss) for the period | 9904 | -€5,859 | -€8,274 | -€2,415 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,859 | -€8,274 | -€2,415 | -41.2% |
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 23 October 2026 via checked.be.