Marc Laermans: 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 Laermans
Largest movements
- Cash +€11,017
up €11,017 (+14.3%), from €77,178 to €88,195
mainly Net result for the year (+€19,148) and Depreciation (+€16,856)
- Tangible fixed assets +€7,977
up €7,977 (+15.5%), from €51,568 to €59,545
of which Plant, machinery and equipment: +€11,840
- Receivables within one year -€6,399
down €6,399 (-21.6%), from €29,565 to €23,166
of which Trade receivables: -€8,353
- Intangible fixed assets -€2,357
down €2,357 (-33.8%), from €6,968 to €4,611
- Reserves +€19,148
up €19,148 (+13.6%), from €140,486 to €159,634
- Debts after one year -€6,147
down €6,147 (-43.5%), from €14,127 to €7,981
- Other debts -€3,732
down €3,732 (-99.9%), from €3,735 to €3
- Gross operating margin -€16,549
down €16,549 (-26.1%), from €63,469 to €46,920
- Taxes -€1,021
down €1,021 (-10.0%), from €10,219 to €9,198
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 | €184,010 | €194,069 | +€10,058 | +5.5% |
| Fixed assets | 21/28 | €58,536 | €64,156 | +€5,620 | +9.6% |
| Intangible fixed assets | 21 | €6,968 | €4,611 | -€2,357 | -33.8% |
| Tangible fixed assets | 22/27 | €51,568 | €59,545 | +€7,977 | +15.5% |
| Plant, machinery and equipment | 23 | €43,852 | €55,692 | +€11,840 | +27.0% |
| Furniture and vehicles | 24 | €7,716 | €3,853 | -€3,863 | -50.1% |
| Current assets | 29/58 | €125,474 | €129,912 | +€4,438 | +3.5% |
| Stocks and contracts in progress | 3 | €17,440 | €17,297 | -€142 | -0.8% |
| Stocks | 30/36 | €17,440 | €17,297 | -€142 | -0.8% |
| Amounts receivable within one year | 40/41 | €29,565 | €23,166 | -€6,399 | -21.6% |
| Trade receivables | 40 | €29,266 | €20,913 | -€8,353 | -28.5% |
| Other amounts receivable | 41 | €299 | €2,253 | +€1,954 | +652.9% |
| Cash at bank and in hand | 54/58 | €77,178 | €88,195 | +€11,017 | +14.3% |
| Deferred charges and accrued income | 490/1 | €1,291 | €1,254 | -€37 | -2.9% |
| Total equity and liabilities | 10/49 | €184,010 | €194,069 | +€10,058 | +5.5% |
| Equity | 10/15 | €146,486 | €165,634 | +€19,148 | +13.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €140,486 | €159,634 | +€19,148 | +13.6% |
| Distributable reserves | 133 | €140,486 | €159,634 | +€19,148 | +13.6% |
| Amounts payable | 17/49 | €37,525 | €28,435 | -€9,090 | -24.2% |
| Amounts payable after more than one year | 17 | €14,127 | €7,981 | -€6,147 | -43.5% |
| Financial debts | 170/4 | €14,127 | €7,981 | -€6,147 | -43.5% |
| Amounts payable within one year | 42/48 | €23,245 | €20,428 | -€2,817 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €5,943 | €6,147 | +€204 | +3.4% |
| Trade debts | 44 | €6,856 | €6,623 | -€233 | -3.4% |
| Suppliers | 440/4 | €6,856 | €6,623 | -€233 | -3.4% |
| Taxes, remuneration and social security | 45 | €6,712 | €7,655 | +€943 | +14.1% |
| Taxes | 450/3 | €5,142 | €6,055 | +€913 | +17.8% |
| Remuneration and social security | 454/9 | €1,570 | €1,600 | +€30 | +1.9% |
| Other amounts payable | 47/48 | €3,735 | €3 | -€3,732 | -99.9% |
| Accrued charges and deferred income | 492/3 | €152 | €27 | -€126 | -82.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,313 | €16,856 | -€457 | -2.6% |
| Other operating charges | 640/8 | €871 | €914 | +€43 | +4.9% |
| Gross operating margin | 9900 | €63,469 | €46,920 | -€16,549 | -26.1% |
| Operating profit (loss) | 9901 | €45,284 | €29,149 | -€16,135 | -35.6% |
| Financial income | 75/76B | €1 | €7 | +€6 | +530.5% |
| Recurring financial income | 75 | €1 | €7 | +€6 | +530.5% |
| Financial charges | 65/66B | €1,003 | €811 | -€193 | -19.2% |
| Recurring financial charges | 65 | €1,003 | €811 | -€193 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €44,282 | €28,346 | -€15,936 | -36.0% |
| Income taxes | 67/77 | €10,219 | €9,198 | -€1,021 | -10.0% |
| Profit (loss) for the period | 9904 | €34,063 | €19,148 | -€14,915 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,063 | €19,148 | -€14,915 | -43.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.