Marc Pierard: 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 Pierard
Largest movements
- Cash -€3,125
down €3,125 (-24.3%), from €12,871 to €9,746
mainly Net result for the year (-€6,379) and Tax, wage and social debts (-€4,973)
- Tangible fixed assets -€646
down €646 (-79.8%), from €810 to €164
of which Furniture and vehicles: -€388
- Other debts +€10,481
up €10,481 (+100%), from €10,446 to €20,927
- Profit (loss) carried forward -€6,379
down €6,379 (-18.6%), from -€34,361 to -€40,740
- Tax, wage and social debts -€4,973
down €4,973 (-73.3%), from €6,782 to €1,809
- Advances received -€2,254
down €2,254 (-48.4%), from €4,656 to €2,402
- Trade debts -€646
down €646 (-18.8%), from €3,438 to €2,792
- Gross operating margin +€9,043
up €9,043 (+76.0%), from -€11,902 to -€2,859
- Depreciation -€1,329
down €1,329 (-67.3%), from €1,975 to €646
- Financial charges +€379
up €379 (+109%), from €349 to €728
of which Financial charges: +€379
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 | €13,681 | €9,910 | -€3,771 | -27.6% |
| Fixed assets | 21/28 | €810 | €164 | -€646 | -79.8% |
| Tangible fixed assets | 22/27 | €810 | €164 | -€646 | -79.8% |
| Land and buildings | 22 | €240 | €164 | -€76 | -31.7% |
| Plant, machinery and equipment | 23 | €182 | - | -€182 | |
| Furniture and vehicles | 24 | €388 | - | -€388 | |
| Current assets | 29/58 | €12,871 | €9,746 | -€3,125 | -24.3% |
| Cash at bank and in hand | 54/58 | €12,871 | €9,746 | -€3,125 | -24.3% |
| Total equity and liabilities | 10/49 | €13,681 | €9,910 | -€3,771 | -27.6% |
| Equity | 10/15 | -€11,641 | -€18,020 | -€6,379 | -54.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,120 | €4,120 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,120 | €4,120 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,120 | €4,120 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,361 | -€40,740 | -€6,379 | -18.6% |
| Amounts payable | 17/49 | €25,322 | €27,930 | +€2,608 | +10.3% |
| Amounts payable within one year | 42/48 | €25,322 | €27,930 | +€2,608 | +10.3% |
| Trade debts | 44 | €3,438 | €2,792 | -€646 | -18.8% |
| Suppliers | 440/4 | €3,438 | €2,792 | -€646 | -18.8% |
| Advances received on contracts in progress | 46 | €4,656 | €2,402 | -€2,254 | -48.4% |
| Taxes, remuneration and social security | 45 | €6,782 | €1,809 | -€4,973 | -73.3% |
| Taxes | 450/3 | €6,782 | €1,809 | -€4,973 | -73.3% |
| Other amounts payable | 47/48 | €10,446 | €20,927 | +€10,481 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,975 | €646 | -€1,329 | -67.3% |
| Other operating charges | 640/8 | €2,289 | €2,202 | -€87 | -3.8% |
| Gross operating margin | 9900 | -€11,902 | -€2,859 | +€9,043 | +76.0% |
| Operating profit (loss) | 9901 | -€16,166 | -€5,707 | +€10,459 | +64.7% |
| Financial income | 75/76B | - | €56 | +€56 | |
| Recurring financial income | 75 | - | €56 | +€56 | |
| Non-recurring financial income | 76B | - | €56 | +€56 | |
| Financial charges | 65/66B | €349 | €728 | +€379 | +109% |
| Recurring financial charges | 65 | €349 | €728 | +€379 | +109% |
| Non-recurring financial charges | 66B | €349 | €728 | +€379 | +109% |
| Profit (loss) for the period before taxes | 9903 | -€16,515 | -€6,379 | +€10,136 | +61.4% |
| Profit (loss) for the period | 9904 | -€16,515 | -€6,379 | +€10,136 | +61.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,515 | -€6,379 | +€10,136 | +61.4% |
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 19 October 2026 via checked.be.