MARC RIJCKAERT: 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 RIJCKAERT
Largest movements
- Cash +€119,990
up €119,990 (+86.2%), from €139,162 to €259,152
mainly Net result for the year (+€117,673) and Tax, wage and social debts (+€9,764)
- Receivables within one year +€12,834
up €12,834 (+181%), from €7,109 to €19,944
of which Other amounts receivable: +€13,346
- Tangible fixed assets -€9,505
down €9,505 (-26.5%), from €35,824 to €26,319
of which Plant, machinery and equipment: -€5,887
- Reserves +€117,673
up €117,673 (+17.9%), from €658,733 to €776,406
- Tax, wage and social debts +€9,764
up €9,764 (+79.2%), from €12,327 to €22,091
of which Taxes: +€8,407
- Gross operating margin +€54,848
up €54,848 (+36.4%), from €150,684 to €205,532
- Financial income +€13,583
up €13,583 (+143%), from €9,514 to €23,097
- Staff costs +€8,549
up €8,549 (+22.2%), from €38,493 to €47,042
- Taxes +€4,503
up €4,503 (+9.7%), from €46,430 to €50,932
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 | €677,881 | €799,152 | +€121,272 | +17.9% |
| Fixed assets | 21/28 | €35,824 | €26,319 | -€9,505 | -26.5% |
| Tangible fixed assets | 22/27 | €35,824 | €26,319 | -€9,505 | -26.5% |
| Plant, machinery and equipment | 23 | €17,236 | €11,349 | -€5,887 | -34.2% |
| Other tangible fixed assets | 26 | €18,588 | €14,970 | -€3,618 | -19.5% |
| Current assets | 29/58 | €642,056 | €772,833 | +€130,777 | +20.4% |
| Amounts receivable after more than one year | 29 | €30,000 | €26,500 | -€3,500 | -11.7% |
| Other amounts receivable | 291 | €30,000 | €26,500 | -€3,500 | -11.7% |
| Amounts receivable within one year | 40/41 | €7,109 | €19,944 | +€12,834 | +181% |
| Trade receivables | 40 | €512 | - | -€512 | |
| Other amounts receivable | 41 | €6,597 | €19,944 | +€13,346 | +202% |
| Current investments | 50/53 | €465,785 | €466,278 | +€494 | +0.1% |
| Cash at bank and in hand | 54/58 | €139,162 | €259,152 | +€119,990 | +86.2% |
| Deferred charges and accrued income | 490/1 | €0 | €959 | +€959 | |
| Total equity and liabilities | 10/49 | €677,881 | €799,152 | +€121,272 | +17.9% |
| Equity | 10/15 | €658,733 | €776,406 | +€117,673 | +17.9% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €658,733 | €776,406 | +€117,673 | +17.9% |
| Distributable reserves | 133 | €658,733 | €776,406 | +€117,673 | +17.9% |
| Amounts payable | 17/49 | €19,147 | €22,747 | +€3,599 | +18.8% |
| Amounts payable within one year | 42/48 | €19,147 | €22,747 | +€3,599 | +18.8% |
| Trade debts | 44 | €646 | €656 | +€10 | +1.6% |
| Suppliers | 440/4 | €646 | €656 | +€10 | +1.6% |
| Taxes, remuneration and social security | 45 | €12,327 | €22,091 | +€9,764 | +79.2% |
| Taxes | 450/3 | €6,345 | €14,753 | +€8,407 | +132% |
| Remuneration and social security | 454/9 | €5,982 | €7,338 | +€1,356 | +22.7% |
| Other amounts payable | 47/48 | €6,175 | €0 | -€6,175 | -100% |
| Remuneration, social security and pensions | 62 | €38,493 | €47,042 | +€8,549 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,593 | €9,505 | -€88 | -0.9% |
| Other operating charges | 640/8 | €191 | €544 | +€353 | +185% |
| Gross operating margin | 9900 | €150,684 | €205,532 | +€54,848 | +36.4% |
| Operating profit (loss) | 9901 | €102,407 | €148,441 | +€46,033 | +45.0% |
| Financial income | 75/76B | €9,514 | €23,097 | +€13,583 | +143% |
| Recurring financial income | 75 | €9,514 | €23,097 | +€13,583 | +143% |
| Financial charges | 65/66B | €2,038 | €2,933 | +€895 | +43.9% |
| Recurring financial charges | 65 | €2,038 | €2,933 | +€895 | +43.9% |
| Profit (loss) for the period before taxes | 9903 | €109,883 | €168,605 | +€58,722 | +53.4% |
| Income taxes | 67/77 | €46,430 | €50,932 | +€4,503 | +9.7% |
| Profit (loss) for the period | 9904 | €63,453 | €117,673 | +€54,219 | +85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,453 | €117,673 | +€54,219 | +85.4% |
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 27 October 2026 via checked.be.