Marc Noppen: 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 Noppen
Largest movements
- Cash +€4,298
up €4,298 (+16.5%), from €26,089 to €30,388
mainly Net result for the year (+€14,795) and Current investments (+€1,465)
- Receivables within one year +€3,557
up €3,557 (+123%), from €2,904 to €6,461
- Current investments -€1,465
down €1,465 (-1.6%), from €89,269 to €87,805
- Deferred charges and accrued income +€1,280
new in 2025: €1,280
- Reserves +€14,795
up €14,795 (+15.1%), from €98,072 to €112,867
- Tax, wage and social debts -€8,285
down €8,285 (-50.5%), from €16,404 to €8,119
- Trade debts +€1,362
new in 2025: €1,362
- Gross operating margin -€28,911
down €28,911 (-55.6%), from €52,045 to €23,134
- Taxes -€6,212
down €6,212 (-47.4%), from €13,097 to €6,885
- Financial charges +€922
up €922 (+109%), from €849 to €1,771
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 | €118,262 | €126,812 | +€8,550 | +7.2% |
| Fixed assets | 21/28 | - | €879 | +€879 | |
| Tangible fixed assets | 22/27 | - | €879 | +€879 | |
| Furniture and vehicles | 24 | - | €879 | +€879 | |
| Current assets | 29/58 | €118,262 | €125,933 | +€7,671 | +6.5% |
| Amounts receivable within one year | 40/41 | €2,904 | €6,461 | +€3,557 | +123% |
| Trade receivables | 40 | €2,904 | €6,461 | +€3,557 | +123% |
| Current investments | 50/53 | €89,269 | €87,805 | -€1,465 | -1.6% |
| Cash at bank and in hand | 54/58 | €26,089 | €30,388 | +€4,298 | +16.5% |
| Deferred charges and accrued income | 490/1 | - | €1,280 | +€1,280 | |
| Total equity and liabilities | 10/49 | €118,262 | €126,812 | +€8,550 | +7.2% |
| Equity | 10/15 | €100,572 | €115,367 | +€14,795 | +14.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €98,072 | €112,867 | +€14,795 | +15.1% |
| Distributable reserves | 133 | €98,072 | €112,867 | +€14,795 | +15.1% |
| Amounts payable | 17/49 | €17,690 | €11,445 | -€6,246 | -35.3% |
| Amounts payable within one year | 42/48 | €17,690 | €11,445 | -€6,246 | -35.3% |
| Trade debts | 44 | - | €1,362 | +€1,362 | |
| Suppliers | 440/4 | - | €1,362 | +€1,362 | |
| Taxes, remuneration and social security | 45 | €16,404 | €8,119 | -€8,285 | -50.5% |
| Taxes | 450/3 | €16,404 | €8,119 | -€8,285 | -50.5% |
| Other amounts payable | 47/48 | €1,287 | €1,964 | +€677 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €298 | +€298 | |
| Other operating charges | 640/8 | €513 | €692 | +€178 | +34.8% |
| Gross operating margin | 9900 | €52,045 | €23,134 | -€28,911 | -55.6% |
| Operating profit (loss) | 9901 | €51,531 | €22,144 | -€29,387 | -57.0% |
| Financial income | 75/76B | €1,550 | €1,308 | -€243 | -15.7% |
| Recurring financial income | 75 | €1,550 | €1,308 | -€243 | -15.7% |
| Financial charges | 65/66B | €849 | €1,771 | +€922 | +109% |
| Recurring financial charges | 65 | €849 | €1,771 | +€922 | +109% |
| Profit (loss) for the period before taxes | 9903 | €52,232 | €21,680 | -€30,552 | -58.5% |
| Income taxes | 67/77 | €13,097 | €6,885 | -€6,212 | -47.4% |
| Profit (loss) for the period | 9904 | €39,135 | €14,795 | -€24,340 | -62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,135 | €14,795 | -€24,340 | -62.2% |
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 31 October 2026 via checked.be.