Marc Milcamps: what changed
Marc Milcamps
Largest movements
- Tangible fixed assets -€12,776
down €12,776 (-21.2%), from €60,308 to €47,532
- Deferred charges and accrued income +€4,868
new in 2025: €4,868
- Cash -€4,450
down €4,450 (-22.7%), from €19,638 to €15,188
mainly Net result for the year (-€12,312) and Other debts (-€8,514)
- Profit (loss) carried forward -€12,312
down €12,312, from €7,763 to -€4,549
- Other debts -€8,514
down €8,514 (-21.6%), from €39,338 to €30,824
- Trade debts +€6,277
up €6,277 (+96.1%), from €6,533 to €12,810
- Tax, wage and social debts +€5,115
up €5,115 (+65.9%), from €7,759 to €12,873
of which Remuneration and social security: +€5,499
- Current portion of long-term debt -€2,820
no longer reported in 2025 (was €2,820)
- Staff costs +€66,385
new in 2025: €66,385
- Gross operating margin +€48,525
up €48,525 (+200%), from €24,253 to €72,778
- Depreciation +€7,996
up €7,996 (+167%), from €4,780 to €12,776
- Taxes -€4,397
down €4,397 (-93.4%), from €4,709 to €312
- Other operating charges -€2,023
down €2,023 (-31.7%), from €6,384 to €4,361
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €86,393 | €74,138 | -€12,255 | -14.2% |
| Fixed assets | 21/28 | €60,308 | €47,532 | -€12,776 | -21.2% |
| Tangible fixed assets | 22/27 | €60,308 | €47,532 | -€12,776 | -21.2% |
| Furniture and vehicles | 24 | €60,308 | €47,532 | -€12,776 | -21.2% |
| Current assets | 29/58 | €26,085 | €26,606 | +€521 | +2.0% |
| Amounts receivable within one year | 40/41 | €6,447 | €6,551 | +€104 | +1.6% |
| Trade receivables | 40 | €6,447 | €4,363 | -€2,084 | -32.3% |
| Other amounts receivable | 41 | - | €2,188 | +€2,188 | |
| Cash at bank and in hand | 54/58 | €19,638 | €15,188 | -€4,450 | -22.7% |
| Deferred charges and accrued income | 490/1 | - | €4,868 | +€4,868 | |
| Total equity and liabilities | 10/49 | €86,393 | €74,138 | -€12,255 | -14.2% |
| Equity | 10/15 | €17,763 | €5,451 | -€12,312 | -69.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,763 | -€4,549 | -€12,312 | |
| Amounts payable | 17/49 | €68,630 | €68,688 | +€57 | +0.1% |
| Amounts payable after more than one year | 17 | €12,180 | €12,180 | = | 0.0% |
| Financial debts | 170/4 | €12,180 | €12,180 | = | 0.0% |
| Amounts payable within one year | 42/48 | €56,450 | €56,507 | +€57 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €2,820 | - | -€2,820 | |
| Trade debts | 44 | €6,533 | €12,810 | +€6,277 | +96.1% |
| Suppliers | 440/4 | €6,533 | €12,810 | +€6,277 | +96.1% |
| Taxes, remuneration and social security | 45 | €7,759 | €12,873 | +€5,115 | +65.9% |
| Taxes | 450/3 | €7,759 | €7,374 | -€385 | -5.0% |
| Remuneration and social security | 454/9 | - | €5,499 | +€5,499 | |
| Other amounts payable | 47/48 | €39,338 | €30,824 | -€8,514 | -21.6% |
| Remuneration, social security and pensions | 62 | - | €66,385 | +€66,385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,780 | €12,776 | +€7,996 | +167% |
| Other operating charges | 640/8 | €6,384 | €4,361 | -€2,023 | -31.7% |
| Gross operating margin | 9900 | €24,253 | €72,778 | +€48,525 | +200% |
| Operating profit (loss) | 9901 | €13,089 | -€10,744 | -€23,833 | |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €617 | €1,263 | +€646 | +105% |
| Recurring financial charges | 65 | €617 | €1,263 | +€646 | +105% |
| Profit (loss) for the period before taxes | 9903 | €12,472 | -€12,000 | -€24,472 | |
| Income taxes | 67/77 | €4,709 | €312 | -€4,397 | -93.4% |
| Profit (loss) for the period | 9904 | €7,763 | -€12,312 | -€20,075 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,763 | -€12,312 | -€20,075 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.