MARC GODERIS: 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 GODERIS
Largest movements
- Cash +€261,281
up €261,281 (+543.3%), from €48,091 to €309,372
mainly Receivables within one year (+€225,235) and Net result for the year (+€159,431)
- Receivables within one year -€225,235
down €225,235 (-21.5%), from €1.0m to €822,929
of which Trade receivables: -€274,283
- Current investments +€100,000
up €100,000 (+100.0%), from €100,000 to €200,000
- Deferred charges and accrued income +€35,067
up €35,067 (+2876.9%), from €1,219 to €36,286
- Reserves +€267,820
up €267,820 (+27.6%), from €971,928 to €1.2m
of which Distributable reserves: +€183,385
- Profit (loss) carried forward -€107,589
down €107,589 (-100.0%), from €107,589 to €0
- Debts after one year -€29,912
down €29,912 (-100.0%), from €29,912 to €0
- Other debts +€28,031
up €28,031 (+163.7%), from €17,128 to €45,159
- Trade debts +€27,971
up €27,971 (+68.3%), from €40,950 to €68,921
- Gross operating margin +€106,318
up €106,318 (+52.5%), from €202,460 to €308,778
- Write-downs +€72,403
up €72,403, from €0 to €72,403
- Financial income +€8,583
up €8,583 (+299.7%), from €2,864 to €11,447
- Taxes +€5,125
up €5,125 (+9.7%), from €52,779 to €57,903
- Depreciation +€3,128
up €3,128 (+15.3%), from €20,484 to €23,612
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 | €1,289,735 | €1,456,258 | +€166,523 | +12.9% |
| Fixed assets | 21/28 | €92,261 | €87,671 | -€4,590 | -5.0% |
| Tangible fixed assets | 22/27 | €92,261 | €87,671 | -€4,590 | -5.0% |
| Plant, machinery and equipment | 23 | €36,542 | €26,455 | -€10,087 | -27.6% |
| Furniture and vehicles | 24 | €31,976 | €38,708 | +€6,732 | +21.1% |
| Other tangible fixed assets | 26 | €23,744 | €22,508 | -€1,236 | -5.2% |
| Current assets | 29/58 | €1,197,473 | €1,368,586 | +€171,113 | +14.3% |
| Amounts receivable within one year | 40/41 | €1,048,164 | €822,929 | -€225,235 | -21.5% |
| Trade receivables | 40 | €808,346 | €534,063 | -€274,283 | -33.9% |
| Other amounts receivable | 41 | €239,818 | €288,866 | +€49,048 | +20.5% |
| Current investments | 50/53 | €100,000 | €200,000 | +€100,000 | +100.0% |
| Cash at bank and in hand | 54/58 | €48,091 | €309,372 | +€261,281 | +543.3% |
| Deferred charges and accrued income | 490/1 | €1,219 | €36,286 | +€35,067 | +2876.9% |
| Total equity and liabilities | 10/49 | €1,289,735 | €1,456,258 | +€166,523 | +12.9% |
| Equity | 10/15 | €1,098,116 | €1,258,347 | +€160,231 | +14.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €971,928 | €1,239,747 | +€267,820 | +27.6% |
| Non-distributable reserves | 130/1 | €4,586 | €4,586 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,586 | €4,586 | = | 0.0% |
| Tax-exempt reserves | 132 | €342,920 | €427,355 | +€84,435 | +24.6% |
| Distributable reserves | 133 | €624,421 | €807,806 | +€183,385 | +29.4% |
| Profit (loss) carried forward | 14 | €107,589 | €0 | -€107,589 | -100.0% |
| Provisions and deferred taxes | 16 | €40,000 | €40,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €40,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €151,618 | €157,910 | +€6,292 | +4.1% |
| Amounts payable after more than one year | 17 | €29,912 | €0 | -€29,912 | -100.0% |
| Financial debts | 170/4 | €29,912 | €0 | -€29,912 | -100.0% |
| Amounts payable within one year | 42/48 | €113,877 | €147,425 | +€33,548 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €33,930 | €29,912 | -€4,017 | -11.8% |
| Trade debts | 44 | €40,950 | €68,921 | +€27,971 | +68.3% |
| Suppliers | 440/4 | €40,950 | €68,921 | +€27,971 | +68.3% |
| Taxes, remuneration and social security | 45 | €21,870 | €3,433 | -€18,437 | -84.3% |
| Taxes | 450/3 | €21,870 | €3,433 | -€18,437 | -84.3% |
| Other amounts payable | 47/48 | €17,128 | €45,159 | +€28,031 | +163.7% |
| Accrued charges and deferred income | 492/3 | €7,829 | €10,485 | +€2,657 | +33.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,082 | €1,273 | -€809 | -38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,484 | €23,612 | +€3,128 | +15.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €72,403 | +€72,403 | |
| Other operating charges | 640/8 | €2,363 | €1,614 | -€750 | -31.7% |
| Gross operating margin | 9900 | €202,460 | €308,778 | +€106,318 | +52.5% |
| Operating profit (loss) | 9901 | €177,530 | €209,877 | +€32,347 | +18.2% |
| Financial income | 75/76B | €2,864 | €11,447 | +€8,583 | +299.7% |
| Recurring financial income | 75 | €2,864 | €11,447 | +€8,583 | +299.7% |
| Financial charges | 65/66B | €2,409 | €3,989 | +€1,580 | +65.6% |
| Recurring financial charges | 65 | €2,409 | €3,989 | +€1,580 | +65.6% |
| Profit (loss) for the period before taxes | 9903 | €177,985 | €217,335 | +€39,349 | +22.1% |
| Income taxes | 67/77 | €52,779 | €57,903 | +€5,125 | +9.7% |
| Profit (loss) for the period | 9904 | €125,207 | €159,431 | +€34,225 | +27.3% |
| Transfer from tax-exempt reserves | 789 | €42,100 | €0 | -€42,100 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €84,435 | +€21,285 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €104,157 | €74,996 | -€29,160 | -28.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.