MARC KEIRSE: 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 KEIRSE
Largest movements
- Current investments +€342,500
new in 2025: €342,500
- Cash -€277,537
down €277,537 (-55.3%), from €501,669 to €224,132
mainly Current investments (-€342,500) and Investment in fixed assets (net) (-€19,999)
- Reserves +€57,830
up €57,830 (+11.1%), from €520,629 to €578,459
of which Non-distributable reserves: +€55,970
- Other debts +€9,578
up €9,578 (+4.1%), from €231,577 to €241,155
- Gross operating margin +€17,761
up €17,761 (+18.1%), from €98,375 to €116,136
- Taxes +€4,279
up €4,279 (+18.4%), from €23,296 to €27,575
- Depreciation +€2,948
up €2,948 (+16.5%), from €17,917 to €20,865
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 | €778,541 | €841,199 | +€62,658 | +8.0% |
| Fixed assets | 21/28 | €251,670 | €250,804 | -€866 | -0.3% |
| Tangible fixed assets | 22/27 | €251,670 | €250,804 | -€866 | -0.3% |
| Land and buildings | 22 | €227,670 | €217,752 | -€9,918 | -4.4% |
| Furniture and vehicles | 24 | €24,000 | €33,052 | +€9,052 | +37.7% |
| Current assets | 29/58 | €526,871 | €590,395 | +€63,524 | +12.1% |
| Amounts receivable within one year | 40/41 | €25,202 | €23,763 | -€1,439 | -5.7% |
| Trade receivables | 40 | €24,267 | €19,500 | -€4,767 | -19.6% |
| Other amounts receivable | 41 | €935 | €4,263 | +€3,328 | +356% |
| Current investments | 50/53 | - | €342,500 | +€342,500 | |
| Cash at bank and in hand | 54/58 | €501,669 | €224,132 | -€277,537 | -55.3% |
| Total equity and liabilities | 10/49 | €778,541 | €841,199 | +€62,658 | +8.0% |
| Equity | 10/15 | €539,229 | €597,059 | +€57,830 | +10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €520,629 | €578,459 | +€57,830 | +11.1% |
| Non-distributable reserves | 130/1 | €193,059 | €249,029 | +€55,970 | +29.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Other | 1319 | €191,199 | €249,029 | +€57,830 | +30.2% |
| Distributable reserves | 133 | €327,570 | €329,430 | +€1,860 | +0.6% |
| Amounts payable | 17/49 | €239,312 | €244,140 | +€4,828 | +2.0% |
| Amounts payable within one year | 42/48 | €239,312 | €244,140 | +€4,828 | +2.0% |
| Trade debts | 44 | €2,770 | €750 | -€2,020 | -72.9% |
| Suppliers | 440/4 | €2,770 | €750 | -€2,020 | -72.9% |
| Taxes, remuneration and social security | 45 | €4,965 | €2,235 | -€2,730 | -55.0% |
| Taxes | 450/3 | €4,965 | €2,235 | -€2,730 | -55.0% |
| Other amounts payable | 47/48 | €231,577 | €241,155 | +€9,578 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,917 | €20,865 | +€2,948 | +16.5% |
| Other operating charges | 640/8 | €2,009 | €2,082 | +€73 | +3.6% |
| Gross operating margin | 9900 | €98,375 | €116,136 | +€17,761 | +18.1% |
| Operating profit (loss) | 9901 | €78,449 | €93,189 | +€14,740 | +18.8% |
| Financial income | 75/76B | €1,297 | €341 | -€956 | -73.7% |
| Recurring financial income | 75 | €1,297 | €341 | -€956 | -73.7% |
| Financial charges | 65/66B | €7,747 | €8,125 | +€378 | +4.9% |
| Recurring financial charges | 65 | €7,747 | €8,125 | +€378 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €71,999 | €85,405 | +€13,406 | +18.6% |
| Income taxes | 67/77 | €23,296 | €27,575 | +€4,279 | +18.4% |
| Profit (loss) for the period | 9904 | €48,703 | €57,830 | +€9,127 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €48,703 | €57,830 | +€9,127 | +18.7% |
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 25 October 2026 via checked.be.