MARC MOYAERT: 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 MOYAERT
Largest movements
- Cash -€72,614
down €72,614 (-29.5%), from €245,965 to €173,351
mainly Other debts (-€46,769) and Trade debts (-€38,745)
- Tangible fixed assets -€26,738
down €26,738 (-16.7%), from €160,005 to €133,267
of which Leasing and similar rights: -€15,042
- Receivables within one year +€23,438
up €23,438 (+74.3%), from €31,545 to €54,983
of which Trade receivables: +€13,233
- Current investments +€17,476
up €17,476 (+120%), from €14,563 to €32,039
- Reserves +€50,391
up €50,391 (+29.3%), from €171,747 to €222,137
of which Distributable reserves: +€50,391
- Other debts -€46,769
down €46,769 (-83.6%), from €55,944 to €9,175
- Trade debts -€38,745
down €38,745 (-86.9%), from €44,565 to €5,820
- Debts after one year -€22,299
down €22,299 (-16.5%), from €135,474 to €113,175
- Gross operating margin +€37,467
up €37,467 (+57.0%), from €65,692 to €103,159
- Depreciation +€14,807
up €14,807 (+124%), from €11,931 to €26,738
- Taxes +€6,671
up €6,671 (+53.4%), from €12,487 to €19,158
- Other operating charges -€1,922
down €1,922 (-39.2%), from €4,906 to €2,984
- Financial charges +€1,913
up €1,913 (+35.3%), from €5,422 to €7,335
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 | €457,088 | €401,440 | -€55,648 | -12.2% |
| Fixed assets | 21/28 | €160,005 | €133,267 | -€26,738 | -16.7% |
| Tangible fixed assets | 22/27 | €160,005 | €133,267 | -€26,738 | -16.7% |
| Land and buildings | 22 | €73,696 | €63,531 | -€10,165 | -13.8% |
| Plant, machinery and equipment | 23 | €6,898 | €6,172 | -€726 | -10.5% |
| Furniture and vehicles | 24 | €1,271 | €466 | -€805 | -63.3% |
| Leasing and similar rights | 25 | €78,140 | €63,098 | -€15,042 | -19.3% |
| Current assets | 29/58 | €297,083 | €268,173 | -€28,910 | -9.7% |
| Stocks and contracts in progress | 3 | €5,010 | €7,800 | +€2,790 | +55.7% |
| Stocks | 30/36 | €5,010 | €7,800 | +€2,790 | +55.7% |
| Amounts receivable within one year | 40/41 | €31,545 | €54,983 | +€23,438 | +74.3% |
| Trade receivables | 40 | €24,079 | €37,313 | +€13,233 | +55.0% |
| Other amounts receivable | 41 | €7,465 | €17,670 | +€10,205 | +137% |
| Current investments | 50/53 | €14,563 | €32,039 | +€17,476 | +120% |
| Cash at bank and in hand | 54/58 | €245,965 | €173,351 | -€72,614 | -29.5% |
| Total equity and liabilities | 10/49 | €457,088 | €401,440 | -€55,648 | -12.2% |
| Equity | 10/15 | €190,347 | €240,737 | +€50,391 | +26.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €171,747 | €222,137 | +€50,391 | +29.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €169,887 | €220,277 | +€50,391 | +29.7% |
| Amounts payable | 17/49 | €266,741 | €160,703 | -€106,039 | -39.8% |
| Amounts payable after more than one year | 17 | €135,474 | €113,175 | -€22,299 | -16.5% |
| Financial debts | 170/4 | €135,474 | €113,175 | -€22,299 | -16.5% |
| Amounts payable within one year | 42/48 | €131,267 | €47,528 | -€83,739 | -63.8% |
| Current portion of amounts payable after more than one year | 42 | €21,490 | €22,299 | +€809 | +3.8% |
| Trade debts | 44 | €44,565 | €5,820 | -€38,745 | -86.9% |
| Suppliers | 440/4 | €44,565 | €5,820 | -€38,745 | -86.9% |
| Taxes, remuneration and social security | 45 | €9,267 | €10,233 | +€966 | +10.4% |
| Taxes | 450/3 | €9,267 | €10,233 | +€966 | +10.4% |
| Other amounts payable | 47/48 | €55,944 | €9,175 | -€46,769 | -83.6% |
| Non-recurring operating income | 76A | - | €15,000 | +€15,000 | |
| Remuneration, social security and pensions | 62 | €35 | €262 | +€227 | +643% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,931 | €26,738 | +€14,807 | +124% |
| Other operating charges | 640/8 | €4,906 | €2,984 | -€1,922 | -39.2% |
| Gross operating margin | 9900 | €65,692 | €103,159 | +€37,467 | +57.0% |
| Operating profit (loss) | 9901 | €48,820 | €73,175 | +€24,354 | +49.9% |
| Financial income | 75/76B | €2,181 | €3,710 | +€1,528 | +70.1% |
| Recurring financial income | 75 | €2,181 | €3,710 | +€1,528 | +70.1% |
| Financial charges | 65/66B | €5,422 | €7,335 | +€1,913 | +35.3% |
| Recurring financial charges | 65 | €5,422 | €7,335 | +€1,913 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | €45,580 | €69,549 | +€23,969 | +52.6% |
| Income taxes | 67/77 | €12,487 | €19,158 | +€6,671 | +53.4% |
| Profit (loss) for the period | 9904 | €33,092 | €50,391 | +€17,298 | +52.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,092 | €50,391 | +€17,298 | +52.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.