Marc Hurard: 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 Hurard
Largest movements
- Cash +€18
up €18 (+26.1%), from €69 to €87
mainly Trade debts (+€400) and Other debts (+€350)
- Profit (loss) carried forward -€732
down €732 (-1.9%), from -€39,174 to -€39,906
- Trade debts +€400
up €400 (+103.4%), from €387 to €787
- Other debts +€350
up €350 (+1.7%), from €20,264 to €20,614
- Other operating charges -€1,610
down €1,610 (-76.8%), from €2,097 to €487
- Gross operating margin +€109
up €109 (+30.8%), from -€354 to -€245
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 | €69 | €87 | +€18 | +26.1% |
| Current assets | 29/58 | €69 | €87 | +€18 | +26.1% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €69 | €87 | +€18 | +26.1% |
| Total equity and liabilities | 10/49 | €69 | €87 | +€18 | +26.1% |
| Equity | 10/15 | -€20,582 | -€21,314 | -€732 | -3.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,174 | -€39,906 | -€732 | -1.9% |
| Amounts payable | 17/49 | €20,651 | €21,401 | +€750 | +3.6% |
| Amounts payable within one year | 42/48 | €20,651 | €21,401 | +€750 | +3.6% |
| Trade debts | 44 | €387 | €787 | +€400 | +103.4% |
| Suppliers | 440/4 | €387 | €787 | +€400 | +103.4% |
| Other amounts payable | 47/48 | €20,264 | €20,614 | +€350 | +1.7% |
| Other operating charges | 640/8 | €2,097 | €487 | -€1,610 | -76.8% |
| Gross operating margin | 9900 | -€354 | -€245 | +€109 | +30.8% |
| Operating profit (loss) | 9901 | -€2,451 | -€732 | +€1,719 | +70.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,451 | -€732 | +€1,719 | +70.1% |
| Profit (loss) for the period | 9904 | -€2,451 | -€732 | +€1,719 | +70.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,451 | -€732 | +€1,719 | +70.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.