MARC KELLENS: 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 KELLENS
Largest movements
- Current investments +€86,952
up €86,952 (+15.4%), from €563,867 to €650,820
- Cash +€50,616
up €50,616 (+5.8%), from €876,928 to €927,544
mainly Net result for the year (+€92,341) and Depreciation (+€49,155)
- Tangible fixed assets -€46,965
down €46,965 (-5.5%), from €856,481 to €809,516
of which Land and buildings: -€29,122
- Reserves +€92,341
up €92,341 (+4.0%), from €2.3m to €2.4m
of which Distributable reserves: +€92,341
- Gross operating margin -€94,874
down €94,874 (-29.9%), from €317,145 to €222,271
- Financial income -€8,686
down €8,686 (-58.3%), from €14,904 to €6,217
- Taxes -€8,195
down €8,195 (-9.6%), from €85,515 to €77,319
- Financial charges +€3,261
up €3,261 (+615.5%), from €530 to €3,791
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 | €2,347,001 | €2,434,269 | +€87,268 | +3.7% |
| Fixed assets | 21/28 | €856,509 | €809,544 | -€46,965 | -5.5% |
| Tangible fixed assets | 22/27 | €856,481 | €809,516 | -€46,965 | -5.5% |
| Land and buildings | 22 | €721,458 | €692,336 | -€29,122 | -4.0% |
| Plant, machinery and equipment | 23 | €3,792 | €3,165 | -€628 | -16.5% |
| Furniture and vehicles | 24 | €53,467 | €44,797 | -€8,670 | -16.2% |
| Other tangible fixed assets | 26 | €77,763 | €69,218 | -€8,545 | -11.0% |
| Financial fixed assets | 28 | €28 | €28 | = | 0.0% |
| Current assets | 29/58 | €1,490,492 | €1,624,725 | +€134,233 | +9.0% |
| Amounts receivable within one year | 40/41 | €37,505 | €35,652 | -€1,853 | -4.9% |
| Trade receivables | 40 | €8,220 | €34,052 | +€25,832 | +314.3% |
| Other amounts receivable | 41 | €29,285 | €1,600 | -€27,685 | -94.5% |
| Current investments | 50/53 | €563,867 | €650,820 | +€86,952 | +15.4% |
| Cash at bank and in hand | 54/58 | €876,928 | €927,544 | +€50,616 | +5.8% |
| Deferred charges and accrued income | 490/1 | €12,192 | €10,710 | -€1,482 | -12.2% |
| Total equity and liabilities | 10/49 | €2,347,001 | €2,434,269 | +€87,268 | +3.7% |
| Equity | 10/15 | €2,304,543 | €2,396,884 | +€92,341 | +4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,298,343 | €2,390,684 | +€92,341 | +4.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €2,260,843 | €2,353,184 | +€92,341 | +4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,458 | €37,385 | -€5,073 | -11.9% |
| Amounts payable within one year | 42/48 | €42,458 | €37,385 | -€5,073 | -11.9% |
| Trade debts | 44 | €11,504 | €4,066 | -€7,437 | -64.7% |
| Suppliers | 440/4 | €11,504 | €4,066 | -€7,437 | -64.7% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €15,000 | €15,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €15,954 | €16,181 | +€227 | +1.4% |
| Taxes | 450/3 | €15,954 | €16,181 | +€227 | +1.4% |
| Other amounts payable | 47/48 | - | €2,138 | +€2,138 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,952 | €49,155 | +€203 | +0.4% |
| Other operating charges | 640/8 | €5,235 | €5,882 | +€647 | +12.4% |
| Gross operating margin | 9900 | €317,145 | €222,271 | -€94,874 | -29.9% |
| Operating profit (loss) | 9901 | €262,958 | €167,233 | -€95,724 | -36.4% |
| Financial income | 75/76B | €14,904 | €6,217 | -€8,686 | -58.3% |
| Recurring financial income | 75 | €14,904 | €6,217 | -€8,686 | -58.3% |
| Financial charges | 65/66B | €530 | €3,791 | +€3,261 | +615.5% |
| Recurring financial charges | 65 | €530 | €3,791 | +€3,261 | +615.5% |
| Profit (loss) for the period before taxes | 9903 | €277,332 | €169,660 | -€107,672 | -38.8% |
| Income taxes | 67/77 | €85,515 | €77,319 | -€8,195 | -9.6% |
| Profit (loss) for the period | 9904 | €191,817 | €92,341 | -€99,477 | -51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €191,817 | €92,341 | -€99,477 | -51.9% |
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 4 October 2026 via checked.be.