Marc Goethals: 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 Goethals
Largest movements
- Receivables within one year +€27,557
up €27,557 (+187%), from €14,762 to €42,319
of which Other amounts receivable: +€28,308
- Current investments -€15,894
down €15,894 (-11.1%), from €143,142 to €127,248
- Tangible fixed assets -€10,443
down €10,443 (-5.8%), from €179,676 to €169,233
of which Furniture and vehicles: -€6,747
- Deferred charges and accrued income -€5,713
down €5,713 (-70.3%), from €8,131 to €2,418
- Short-term financial debts +€25,000
new in 2025: €25,000
- Debts after one year -€20,261
down €20,261 (-24.1%), from €83,950 to €63,688
- Tax, wage and social debts -€10,910
down €10,910 (-59.6%), from €18,292 to €7,382
- Gross operating margin -€8,362
down €8,362 (-37.8%), from €22,127 to €13,765
- Taxes -€2,168
down €2,168 (-32.9%), from €6,591 to €4,423
- Financial charges -€1,553
down €1,553 (-39.0%), from €3,979 to €2,426
- Financial income -€905
down €905 (-10.5%), from €8,591 to €7,685
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 | €351,277 | €346,096 | -€5,181 | -1.5% |
| Fixed assets | 21/28 | €179,676 | €169,233 | -€10,443 | -5.8% |
| Tangible fixed assets | 22/27 | €179,676 | €169,233 | -€10,443 | -5.8% |
| Land and buildings | 22 | €154,174 | €150,469 | -€3,704 | -2.4% |
| Plant, machinery and equipment | 23 | €823 | €832 | +€8 | +1.0% |
| Furniture and vehicles | 24 | €24,679 | €17,932 | -€6,747 | -27.3% |
| Current assets | 29/58 | €171,600 | €176,863 | +€5,263 | +3.1% |
| Amounts receivable within one year | 40/41 | €14,762 | €42,319 | +€27,557 | +187% |
| Trade receivables | 40 | €14,762 | €14,011 | -€751 | -5.1% |
| Other amounts receivable | 41 | - | €28,308 | +€28,308 | |
| Current investments | 50/53 | €143,142 | €127,248 | -€15,894 | -11.1% |
| Cash at bank and in hand | 54/58 | €5,566 | €4,879 | -€687 | -12.3% |
| Deferred charges and accrued income | 490/1 | €8,131 | €2,418 | -€5,713 | -70.3% |
| Total equity and liabilities | 10/49 | €351,277 | €346,096 | -€5,181 | -1.5% |
| Equity | 10/15 | €226,736 | €228,852 | +€2,116 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €208,136 | €210,252 | +€2,116 | +1.0% |
| Distributable reserves | 133 | €208,136 | €210,252 | +€2,116 | +1.0% |
| Amounts payable | 17/49 | €124,541 | €117,244 | -€7,297 | -5.9% |
| Amounts payable after more than one year | 17 | €83,950 | €63,688 | -€20,261 | -24.1% |
| Financial debts | 170/4 | €83,950 | €63,688 | -€20,261 | -24.1% |
| Amounts payable within one year | 42/48 | €40,591 | €53,183 | +€12,592 | +31.0% |
| Current portion of amounts payable after more than one year | 42 | €20,071 | €20,261 | +€190 | +0.9% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €686 | €540 | -€147 | -21.3% |
| Suppliers | 440/4 | €686 | €540 | -€147 | -21.3% |
| Taxes, remuneration and social security | 45 | €18,292 | €7,382 | -€10,910 | -59.6% |
| Taxes | 450/3 | €18,292 | €7,382 | -€10,910 | -59.6% |
| Other amounts payable | 47/48 | €1,542 | - | -€1,542 | |
| Accrued charges and deferred income | 492/3 | - | €372 | +€372 | |
| Non-recurring operating income | 76A | €22,261 | - | -€22,261 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,170 | €11,170 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,320 | €1,315 | -€5 | -0.4% |
| Gross operating margin | 9900 | €22,127 | €13,765 | -€8,362 | -37.8% |
| Operating profit (loss) | 9901 | €9,637 | €1,280 | -€8,357 | -86.7% |
| Financial income | 75/76B | €8,591 | €7,685 | -€905 | -10.5% |
| Recurring financial income | 75 | €8,591 | €7,685 | -€905 | -10.5% |
| Financial charges | 65/66B | €3,979 | €2,426 | -€1,553 | -39.0% |
| Recurring financial charges | 65 | €3,979 | €2,426 | -€1,553 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €14,249 | €6,539 | -€7,710 | -54.1% |
| Income taxes | 67/77 | €6,591 | €4,423 | -€2,168 | -32.9% |
| Profit (loss) for the period | 9904 | €7,658 | €2,116 | -€5,542 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,658 | €2,116 | -€5,542 | -72.4% |
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 26 October 2026 via checked.be.