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 -€630,572
down €630,572 (-86.9%), from €725,291 to €94,719
mainly Receivables within one year (-€535,026) and Other debts (-€101,934)
- Receivables within one year +€535,026
up €535,026 (+385%), from €138,985 to €674,011
of which Other amounts receivable: +€502,548
- Tangible fixed assets -€12,645
down €12,645 (-47.5%), from €26,637 to €13,992
of which Furniture and vehicles: -€10,751
- Deferred charges and accrued income +€11,805
up €11,805 (+1,283%), from €920 to €12,725
- Other debts -€101,934
down €101,934 (-91.6%), from €111,223 to €9,289
- Gross operating margin -€71,259
down €71,259, from €67,147 to -€4,112
- Taxes -€16,610
down €16,610, from €15,650 to -€960
- Financial income +€13,330
up €13,330 (+195%), from €6,831 to €20,161
- Financial charges -€3,842
down €3,842 (-58.9%), from €6,518 to €2,676
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 | €897,219 | €795,447 | -€101,772 | -11.3% |
| Fixed assets | 21/28 | €26,637 | €13,992 | -€12,645 | -47.5% |
| Tangible fixed assets | 22/27 | €26,637 | €13,992 | -€12,645 | -47.5% |
| Plant, machinery and equipment | 23 | €4,194 | €2,300 | -€1,894 | -45.2% |
| Furniture and vehicles | 24 | €22,443 | €11,692 | -€10,751 | -47.9% |
| Current assets | 29/58 | €870,582 | €781,454 | -€89,127 | -10.2% |
| Stocks and contracts in progress | 3 | €5,386 | - | -€5,386 | |
| Stocks | 30/36 | €5,386 | - | -€5,386 | |
| Amounts receivable within one year | 40/41 | €138,985 | €674,011 | +€535,026 | +385% |
| Trade receivables | 40 | €9,500 | €41,977 | +€32,478 | +342% |
| Other amounts receivable | 41 | €129,485 | €632,033 | +€502,548 | +388% |
| Cash at bank and in hand | 54/58 | €725,291 | €94,719 | -€630,572 | -86.9% |
| Deferred charges and accrued income | 490/1 | €920 | €12,725 | +€11,805 | +1,283% |
| Total equity and liabilities | 10/49 | €897,219 | €795,447 | -€101,772 | -11.3% |
| Equity | 10/15 | €781,107 | €779,557 | -€1,550 | -0.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €761,107 | €761,107 | = | 0.0% |
| Distributable reserves | 133 | €761,107 | €761,107 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,550 | -€1,550 | |
| Amounts payable | 17/49 | €116,112 | €15,890 | -€100,222 | -86.3% |
| Amounts payable within one year | 42/48 | €115,145 | €14,892 | -€100,253 | -87.1% |
| Trade debts | 44 | €2,022 | €972 | -€1,049 | -51.9% |
| Suppliers | 440/4 | €2,022 | €972 | -€1,049 | -51.9% |
| Taxes, remuneration and social security | 45 | €1,900 | €4,630 | +€2,730 | +144% |
| Taxes | 450/3 | €1,900 | €4,630 | +€2,730 | +144% |
| Other amounts payable | 47/48 | €111,223 | €9,289 | -€101,934 | -91.6% |
| Accrued charges and deferred income | 492/3 | €968 | €998 | +€31 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,645 | €12,645 | +€0 | 0.0% |
| Other operating charges | 640/8 | €3,640 | €3,238 | -€403 | -11.1% |
| Gross operating margin | 9900 | €67,147 | -€4,112 | -€71,259 | |
| Operating profit (loss) | 9901 | €50,861 | -€19,995 | -€70,856 | |
| Financial income | 75/76B | €6,831 | €20,161 | +€13,330 | +195% |
| Recurring financial income | 75 | €6,831 | €20,161 | +€13,330 | +195% |
| Financial charges | 65/66B | €6,518 | €2,676 | -€3,842 | -58.9% |
| Recurring financial charges | 65 | €6,518 | €2,676 | -€3,842 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | €51,174 | -€2,510 | -€53,684 | |
| Income taxes | 67/77 | €15,650 | -€960 | -€16,610 | |
| Profit (loss) for the period | 9904 | €35,524 | -€1,550 | -€37,075 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,524 | -€1,550 | -€37,075 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.