Marc Geens: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
Marc Geens
Largest movements
- Receivables within one year -€20,615
down €20,615 (-22.6%), from €91,217 to €70,602
of which Trade receivables: -€21,387
- Tangible fixed assets -€8,909
down €8,909 (-27.6%), from €32,221 to €23,312
of which Furniture and vehicles: -€8,446
- Cash +€3,570
up €3,570 (+59.8%), from €5,973 to €9,543
mainly Receivables within one year (+€20,615) and Depreciation (+€10,400)
- Other debts -€15,828
down €15,828 (-24.7%), from €64,086 to €48,258
- Reserves -€14,818
down €14,818 (-20.3%), from €72,948 to €58,130
of which Distributable reserves: -€14,818
- Profit (loss) carried forward +€7,201
up €7,201 (+48.6%), from -€14,818 to -€7,617
- Trade debts -€3,781
no longer reported in 2025 (was €3,781)
- Purchases and services -€19,538
down €19,538 (-34.3%), from €56,976 to €37,438
- Gross operating margin +€8,289
up €8,289, from -€3,491 to €4,798
- Taxes -€2,482
no longer reported in 2025 (was €2,482)
- Financial charges +€1,963
up €1,963 (+3,775%), from €52 to €2,015
- Depreciation +€1,607
up €1,607 (+18.3%), from €8,793 to €10,400
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €132,997 | €105,771 | -€27,226 | -20.5% |
| Formation expenses | 20 | €1,086 | €814 | -€272 | -25.0% |
| Fixed assets | 21/28 | €32,221 | €23,312 | -€8,909 | -27.6% |
| Tangible fixed assets | 22/27 | €32,221 | €23,312 | -€8,909 | -27.6% |
| Plant, machinery and equipment | 23 | €724 | €261 | -€463 | -64.0% |
| Furniture and vehicles | 24 | €31,497 | €23,051 | -€8,446 | -26.8% |
| Current assets | 29/58 | €99,690 | €81,645 | -€18,045 | -18.1% |
| Stocks and contracts in progress | 3 | €2,500 | €1,500 | -€1,000 | -40.0% |
| Stocks | 30/36 | €2,500 | €1,500 | -€1,000 | -40.0% |
| Amounts receivable within one year | 40/41 | €91,217 | €70,602 | -€20,615 | -22.6% |
| Trade receivables | 40 | €91,164 | €69,777 | -€21,387 | -23.5% |
| Other amounts receivable | 41 | €53 | €825 | +€772 | +1,457% |
| Cash at bank and in hand | 54/58 | €5,973 | €9,543 | +€3,570 | +59.8% |
| Total equity and liabilities | 10/49 | €132,997 | €105,771 | -€27,226 | -20.5% |
| Equity | 10/15 | €65,130 | €57,513 | -€7,617 | -11.7% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Capital | 10 | €7,000 | €7,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Uncalled capital | 101 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €72,948 | €58,130 | -€14,818 | -20.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €70,948 | €56,130 | -€14,818 | -20.9% |
| Profit (loss) carried forward | 14 | -€14,818 | -€7,617 | +€7,201 | +48.6% |
| Amounts payable | 17/49 | €67,867 | €48,258 | -€19,609 | -28.9% |
| Amounts payable within one year | 42/48 | €67,867 | €48,258 | -€19,609 | -28.9% |
| Trade debts | 44 | €3,781 | - | -€3,781 | |
| Suppliers | 440/4 | €3,781 | - | -€3,781 | |
| Other amounts payable | 47/48 | €64,086 | €48,258 | -€15,828 | -24.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €56,976 | €37,438 | -€19,538 | -34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,793 | €10,400 | +€1,607 | +18.3% |
| Gross operating margin | 9900 | -€3,491 | €4,798 | +€8,289 | |
| Operating profit (loss) | 9901 | -€12,284 | -€5,602 | +€6,682 | +54.4% |
| Financial charges | 65/66B | €52 | €2,015 | +€1,963 | +3,775% |
| Recurring financial charges | 65 | €52 | €2,015 | +€1,963 | +3,775% |
| Profit (loss) for the period before taxes | 9903 | -€12,336 | -€7,617 | +€4,719 | +38.3% |
| Income taxes | 67/77 | €2,482 | - | -€2,482 | |
| Profit (loss) for the period | 9904 | -€14,818 | -€7,617 | +€7,201 | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,818 | -€7,617 | +€7,201 | +48.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.