MARC PAELINCK: 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 PAELINCK
Largest movements
- Cash -€297,419
down €297,419 (-85.7%), from €347,087 to €49,668
mainly Receivables within one year (-€220,252) and Contributions, distributions and other (-€67,859)
- Receivables within one year +€220,252
up €220,252 (+1,232%), from €17,882 to €238,134
of which Other amounts receivable: +€225,052
- Reserves -€45,382
down €45,382 (-11.7%), from €388,812 to €343,430
of which Distributable reserves: -€45,382
- Other debts -€37,188
down €37,188 (-98.4%), from €37,789 to €601
- Gross operating margin -€10,130
down €10,130 (-26.1%), from €38,809 to €28,679
- Taxes -€2,621
down €2,621 (-19.0%), from €13,808 to €11,187
- Financial income +€2,217
up €2,217 (+38.4%), from €5,778 to €7,995
of which Financial income: +€5,756
- Other operating charges +€996
up €996 (+72.7%), from €1,371 to €2,367
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 | €447,942 | €370,428 | -€77,514 | -17.3% |
| Fixed assets | 21/28 | €2,133 | €1,530 | -€603 | -28.3% |
| Tangible fixed assets | 22/27 | €2,123 | €1,520 | -€603 | -28.4% |
| Plant, machinery and equipment | 23 | €958 | €749 | -€209 | -21.8% |
| Furniture and vehicles | 24 | €1,165 | €771 | -€394 | -33.8% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €445,808 | €368,897 | -€76,911 | -17.3% |
| Amounts receivable within one year | 40/41 | €17,882 | €238,134 | +€220,252 | +1,232% |
| Trade receivables | 40 | €9,750 | €4,950 | -€4,800 | -49.2% |
| Other amounts receivable | 41 | €8,132 | €233,184 | +€225,052 | +2,767% |
| Current investments | 50/53 | €78,925 | €78,925 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €347,087 | €49,668 | -€297,419 | -85.7% |
| Deferred charges and accrued income | 490/1 | €1,914 | €2,170 | +€256 | +13.4% |
| Total equity and liabilities | 10/49 | €447,942 | €370,428 | -€77,514 | -17.3% |
| Equity | 10/15 | €407,412 | €362,030 | -€45,382 | -11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €388,812 | €343,430 | -€45,382 | -11.7% |
| 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 | €386,952 | €341,570 | -€45,382 | -11.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €40,530 | €8,398 | -€32,132 | -79.3% |
| Amounts payable within one year | 42/48 | €40,530 | €8,398 | -€32,132 | -79.3% |
| Trade debts | 44 | €2,381 | €4,163 | +€1,782 | +74.9% |
| Suppliers | 440/4 | €2,381 | €4,163 | +€1,782 | +74.9% |
| Taxes, remuneration and social security | 45 | €360 | €3,634 | +€3,274 | +909% |
| Taxes | 450/3 | €360 | €3,634 | +€3,274 | +909% |
| Other amounts payable | 47/48 | €37,789 | €601 | -€37,188 | -98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €481 | €603 | +€122 | +25.3% |
| Other operating charges | 640/8 | €1,371 | €2,367 | +€996 | +72.7% |
| Gross operating margin | 9900 | €38,809 | €28,679 | -€10,130 | -26.1% |
| Operating profit (loss) | 9901 | €36,957 | €25,710 | -€11,248 | -30.4% |
| Financial income | 75/76B | €5,778 | €7,995 | +€2,217 | +38.4% |
| Recurring financial income | 75 | €2,239 | €7,995 | +€5,756 | +257% |
| Non-recurring financial income | 76B | €3,539 | €0 | -€3,539 | -100% |
| Financial charges | 65/66B | €46 | €41 | -€6 | -12.9% |
| Recurring financial charges | 65 | €46 | €41 | -€6 | -12.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €42,689 | €33,664 | -€9,025 | -21.1% |
| Income taxes | 67/77 | €13,808 | €11,187 | -€2,621 | -19.0% |
| Profit (loss) for the period | 9904 | €28,881 | €22,477 | -€6,404 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,881 | €22,477 | -€6,404 | -22.2% |
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 27 October 2026 via checked.be.