MARC GUNS: 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 GUNS
Largest movements
- Current investments -€871,233
down €871,233 (-16.1%), from €5.4m to €4.6m
- Receivables within one year +€769,098
up €769,098 (+361%), from €213,024 to €982,122
of which Other amounts receivable: +€764,290
- Tangible fixed assets +€336,403
up €336,403 (+14.0%), from €2.4m to €2.7m
of which Land and buildings: +€337,386
- Cash -€202,792
down €202,792 (-70.0%), from €289,548 to €86,755
mainly Receivables within one year (-€769,098) and Investment in fixed assets (net) (-€580,273)
- Profit (loss) carried forward +€371,394
up €371,394 (+8.8%), from €4.2m to €4.6m
- Short-term financial debts -€167,204
no longer reported in 2025 (was €167,204)
- Debts after one year -€137,854
down €137,854 (-38.1%), from €361,594 to €223,740
- Other debts -€100,000
no longer reported in 2025 (was €100,000)
- Gross operating margin -€1.0m
down €1.0m (-53.0%), from €1.9m to €914,404
- Taxes -€115,120
down €115,120 (-33.4%), from €344,478 to €229,358
- Depreciation +€62,103
up €62,103 (+33.7%), from €184,227 to €246,329
- Financial income +€29,193
up €29,193 (+30.0%), from €97,287 to €126,480
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 | €8,391,879 | €8,366,491 | -€25,388 | -0.3% |
| Fixed assets | 21/28 | €2,407,721 | €2,741,664 | +€333,943 | +13.9% |
| Tangible fixed assets | 22/27 | €2,405,261 | €2,741,664 | +€336,403 | +14.0% |
| Land and buildings | 22 | €2,287,090 | €2,624,476 | +€337,386 | +14.8% |
| Plant, machinery and equipment | 23 | €118,171 | €117,188 | -€983 | -0.8% |
| Financial fixed assets | 28 | €2,460 | - | -€2,460 | |
| Current assets | 29/58 | €5,984,158 | €5,624,826 | -€359,331 | -6.0% |
| Amounts receivable within one year | 40/41 | €213,024 | €982,122 | +€769,098 | +361% |
| Trade receivables | 40 | €599 | €5,406 | +€4,808 | +803% |
| Other amounts receivable | 41 | €212,425 | €976,716 | +€764,290 | +360% |
| Current investments | 50/53 | €5,427,182 | €4,555,949 | -€871,233 | -16.1% |
| Cash at bank and in hand | 54/58 | €289,548 | €86,755 | -€202,792 | -70.0% |
| Deferred charges and accrued income | 490/1 | €54,404 | - | -€54,404 | |
| Total equity and liabilities | 10/49 | €8,391,879 | €8,366,491 | -€25,388 | -0.3% |
| Equity | 10/15 | €7,565,434 | €7,936,828 | +€371,394 | +4.9% |
| Contributions | 10/11 | €118,592 | €118,592 | = | 0.0% |
| Reserves | 13 | €3,206,859 | €3,206,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,859 | €11,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,859 | €11,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,263,000 | €1,263,000 | = | 0.0% |
| Distributable reserves | 133 | €1,932,000 | €1,932,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,239,983 | €4,611,376 | +€371,394 | +8.8% |
| Amounts payable | 17/49 | €826,445 | €429,663 | -€396,782 | -48.0% |
| Amounts payable after more than one year | 17 | €361,594 | €223,740 | -€137,854 | -38.1% |
| Financial debts | 170/4 | €361,594 | €223,740 | -€137,854 | -38.1% |
| Amounts payable within one year | 42/48 | €459,935 | €201,055 | -€258,880 | -56.3% |
| Current portion of amounts payable after more than one year | 42 | €135,008 | €137,854 | +€2,846 | +2.1% |
| Financial debts | 43 | €167,204 | - | -€167,204 | |
| Credit institutions | 430/8 | €167,204 | - | -€167,204 | |
| Trade debts | 44 | €47,795 | €59,733 | +€11,939 | +25.0% |
| Suppliers | 440/4 | €47,795 | €59,733 | +€11,939 | +25.0% |
| Taxes, remuneration and social security | 45 | €9,928 | €3,467 | -€6,461 | -65.1% |
| Taxes | 450/3 | €6,039 | - | -€6,039 | |
| Remuneration and social security | 454/9 | €3,889 | €3,467 | -€421 | -10.8% |
| Other amounts payable | 47/48 | €100,000 | - | -€100,000 | |
| Accrued charges and deferred income | 492/3 | €4,916 | €4,868 | -€47 | -1.0% |
| Remuneration, social security and pensions | 62 | €21,965 | €16,360 | -€5,605 | -25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,227 | €246,329 | +€62,103 | +33.7% |
| Other operating charges | 640/8 | €19,953 | €20,386 | +€434 | +2.2% |
| Gross operating margin | 9900 | €1,943,541 | €914,404 | -€1.0m | -53.0% |
| Operating profit (loss) | 9901 | €1,717,396 | €631,328 | -€1.1m | -63.2% |
| Financial income | 75/76B | €97,287 | €126,480 | +€29,193 | +30.0% |
| Recurring financial income | 75 | €97,287 | €126,480 | +€29,193 | +30.0% |
| Financial charges | 65/66B | €144,138 | €157,057 | +€12,919 | +9.0% |
| Recurring financial charges | 65 | €34,138 | €27,787 | -€6,350 | -18.6% |
| Non-recurring financial charges | 66B | €110,000 | €129,269 | +€19,269 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €1,670,546 | €600,752 | -€1.1m | -64.0% |
| Income taxes | 67/77 | €344,478 | €229,358 | -€115,120 | -33.4% |
| Profit (loss) for the period | 9904 | €1,326,068 | €371,394 | -€954,674 | -72.0% |
| Transfer from tax-exempt reserves | 789 | €46,679 | - | -€46,679 | |
| Transfer to tax-exempt reserves | 689 | €842,000 | - | -€842,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €530,747 | €371,394 | -€159,354 | -30.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.