MARC NAESEN: 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 NAESEN
Largest movements
- Cash -€13,320
down €13,320 (-23.1%), from €57,776 to €44,456
mainly Net result for the year (-€12,804) and Receivables within one year (-€4,586)
- Tangible fixed assets -€7,475
down €7,475 (-59.4%), from €12,574 to €5,099
- Receivables within one year +€4,586
up €4,586 (+25.5%), from €17,949 to €22,535
of which Other amounts receivable: +€5,732
- Reserves -€8,664
down €8,664 (-13.0%), from €66,502 to €57,839
of which Distributable reserves: -€8,664
- Tax, wage and social debts -€3,789
down €3,789 (-73.8%), from €5,133 to €1,345
- Trade debts -€3,440
down €3,440 (-81.1%), from €4,243 to €803
- Gross operating margin -€9,530
down €9,530, from €4,523 to -€5,007
- Taxes -€4,725
down €4,725, from €4,667 to -€57
- Depreciation -€462
down €462 (-5.8%), from €7,937 to €7,475
- Financial charges -€176
down €176 (-95.9%), from €184 to €8
- Other operating charges +€79
up €79 (+9.9%), from €792 to €871
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 | €89,118 | €72,381 | -€16,738 | -18.8% |
| Fixed assets | 21/28 | €12,574 | €5,099 | -€7,475 | -59.4% |
| Tangible fixed assets | 22/27 | €12,574 | €5,099 | -€7,475 | -59.4% |
| Furniture and vehicles | 24 | €12,574 | €5,099 | -€7,475 | -59.4% |
| Current assets | 29/58 | €76,545 | €67,282 | -€9,263 | -12.1% |
| Amounts receivable within one year | 40/41 | €17,949 | €22,535 | +€4,586 | +25.5% |
| Trade receivables | 40 | €12,265 | €11,119 | -€1,146 | -9.3% |
| Other amounts receivable | 41 | €5,685 | €11,417 | +€5,732 | +101% |
| Cash at bank and in hand | 54/58 | €57,776 | €44,456 | -€13,320 | -23.1% |
| Deferred charges and accrued income | 490/1 | €819 | €290 | -€529 | -64.6% |
| Total equity and liabilities | 10/49 | €89,118 | €72,381 | -€16,738 | -18.8% |
| Equity | 10/15 | €78,897 | €70,233 | -€8,664 | -11.0% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €66,502 | €57,839 | -€8,664 | -13.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €64,643 | €55,979 | -€8,664 | -13.4% |
| Amounts payable | 17/49 | €10,221 | €2,147 | -€8,074 | -79.0% |
| Amounts payable within one year | 42/48 | €10,221 | €2,147 | -€8,074 | -79.0% |
| Current portion of amounts payable after more than one year | 42 | €845 | - | -€845 | |
| Trade debts | 44 | €4,243 | €803 | -€3,440 | -81.1% |
| Suppliers | 440/4 | €4,243 | €803 | -€3,440 | -81.1% |
| Taxes, remuneration and social security | 45 | €5,133 | €1,345 | -€3,789 | -73.8% |
| Taxes | 450/3 | €5,133 | €1,345 | -€3,789 | -73.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,937 | €7,475 | -€462 | -5.8% |
| Other operating charges | 640/8 | €792 | €871 | +€79 | +9.9% |
| Gross operating margin | 9900 | €4,523 | -€5,007 | -€9,530 | |
| Operating profit (loss) | 9901 | -€4,206 | -€13,353 | -€9,147 | -217% |
| Financial income | 75/76B | €503 | €498 | -€5 | -1.0% |
| Recurring financial income | 75 | €503 | €498 | -€5 | -1.0% |
| Financial charges | 65/66B | €184 | €8 | -€176 | -95.9% |
| Recurring financial charges | 65 | €184 | €8 | -€176 | -95.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,887 | -€12,862 | -€8,975 | -231% |
| Income taxes | 67/77 | €4,667 | -€57 | -€4,725 | |
| Profit (loss) for the period | 9904 | -€8,554 | -€12,804 | -€4,250 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,554 | -€12,804 | -€4,250 | -49.7% |
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.