MARC MAHIEU: 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 MAHIEU
Largest movements
- Cash -€164,029
down €164,029 (-60.6%), from €270,786 to €106,757
mainly Contributions, distributions and other (-€299,000) and Debts after one year (-€88,893)
- Receivables within one year -€75,006
down €75,006 (-81.0%), from €92,624 to €17,618
of which Other amounts receivable: -€76,196
- Current investments +€62,000
up €62,000 (+69.7%), from €89,000 to €151,000
- Tangible fixed assets -€37,220
down €37,220 (-20.8%), from €178,974 to €141,754
of which Furniture and vehicles: -€18,884
- Stocks and contracts +€25,500
up €25,500 (+36.2%), from €70,500 to €96,000
- Reserves -€199,227
down €199,227 (-69.7%), from €286,026 to €86,799
- Debts after one year -€88,893
down €88,893 (-32.7%), from €272,133 to €183,240
- Other debts +€84,150
new in 2025: €84,150
- Gross operating margin -€34,021
down €34,021 (-15.5%), from €220,093 to €186,072
- Taxes -€13,319
down €13,319 (-32.3%), from €41,215 to €27,896
- Depreciation +€12,273
up €12,273 (+32.8%), from €37,446 to €49,720
- Financial income +€4,194
up €4,194 (+252%), from €1,664 to €5,858
- Financial charges +€3,523
up €3,523 (+35.1%), from €10,039 to €13,562
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 | €707,078 | €518,776 | -€188,302 | -26.6% |
| Fixed assets | 21/28 | €178,974 | €141,754 | -€37,220 | -20.8% |
| Tangible fixed assets | 22/27 | €178,974 | €141,754 | -€37,220 | -20.8% |
| Plant, machinery and equipment | 23 | €51,263 | €46,621 | -€4,641 | -9.1% |
| Furniture and vehicles | 24 | €85,488 | €66,603 | -€18,884 | -22.1% |
| Leasing and similar rights | 25 | €42,224 | €28,529 | -€13,694 | -32.4% |
| Current assets | 29/58 | €528,104 | €377,022 | -€151,083 | -28.6% |
| Stocks and contracts in progress | 3 | €70,500 | €96,000 | +€25,500 | +36.2% |
| Stocks | 30/36 | €70,500 | €96,000 | +€25,500 | +36.2% |
| Amounts receivable within one year | 40/41 | €92,624 | €17,618 | -€75,006 | -81.0% |
| Trade receivables | 40 | €15,650 | €16,840 | +€1,190 | +7.6% |
| Other amounts receivable | 41 | €76,974 | €778 | -€76,196 | -99.0% |
| Current investments | 50/53 | €89,000 | €151,000 | +€62,000 | +69.7% |
| Cash at bank and in hand | 54/58 | €270,786 | €106,757 | -€164,029 | -60.6% |
| Deferred charges and accrued income | 490/1 | €5,194 | €5,646 | +€452 | +8.7% |
| Total equity and liabilities | 10/49 | €707,078 | €518,776 | -€188,302 | -26.6% |
| Equity | 10/15 | €291,026 | €91,799 | -€199,227 | -68.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €286,026 | €86,799 | -€199,227 | -69.7% |
| Distributable reserves | 133 | €286,026 | €86,799 | -€199,227 | -69.7% |
| Amounts payable | 17/49 | €416,052 | €426,977 | +€10,925 | +2.6% |
| Amounts payable after more than one year | 17 | €272,133 | €183,240 | -€88,893 | -32.7% |
| Financial debts | 170/4 | €272,133 | €183,240 | -€88,893 | -32.7% |
| Amounts payable within one year | 42/48 | €138,869 | €232,060 | +€93,191 | +67.1% |
| Current portion of amounts payable after more than one year | 42 | €85,407 | €88,893 | +€3,486 | +4.1% |
| Financial debts | 43 | €17,651 | €17,602 | -€49 | -0.3% |
| Credit institutions | 430/8 | €17,651 | €17,602 | -€49 | -0.3% |
| Trade debts | 44 | €11,611 | €15,011 | +€3,400 | +29.3% |
| Suppliers | 440/4 | €11,611 | €15,011 | +€3,400 | +29.3% |
| Taxes, remuneration and social security | 45 | €24,200 | €26,404 | +€2,204 | +9.1% |
| Taxes | 450/3 | €24,200 | €26,404 | +€2,204 | +9.1% |
| Other amounts payable | 47/48 | - | €84,150 | +€84,150 | |
| Accrued charges and deferred income | 492/3 | €5,050 | €11,676 | +€6,627 | +131% |
| Non-recurring operating income | 76A | €95 | - | -€95 | |
| Remuneration, social security and pensions | 62 | €54 | €383 | +€328 | +604% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,446 | €49,720 | +€12,273 | +32.8% |
| Other operating charges | 640/8 | €476 | €597 | +€121 | +25.5% |
| Gross operating margin | 9900 | €220,093 | €186,072 | -€34,021 | -15.5% |
| Operating profit (loss) | 9901 | €182,117 | €135,372 | -€46,744 | -25.7% |
| Financial income | 75/76B | €1,664 | €5,858 | +€4,194 | +252% |
| Recurring financial income | 75 | €1,664 | €5,858 | +€4,194 | +252% |
| Financial charges | 65/66B | €10,039 | €13,562 | +€3,523 | +35.1% |
| Recurring financial charges | 65 | €10,039 | €13,562 | +€3,523 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | €173,742 | €127,669 | -€46,073 | -26.5% |
| Income taxes | 67/77 | €41,215 | €27,896 | -€13,319 | -32.3% |
| Profit (loss) for the period | 9904 | €132,527 | €99,773 | -€32,754 | -24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €132,527 | €99,773 | -€32,754 | -24.7% |
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 25 October 2026 via checked.be.