MARC SEGERS: 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 SEGERS
Largest movements
- Cash +€20,615
up €20,615 (+10.3%), from €199,775 to €220,389
mainly Net result for the year (+€83,622) and Depreciation (+€11,604)
- Tangible fixed assets -€4,309
down €4,309 (-9.3%), from €46,427 to €42,118
- Other debts +€11,522
up €11,522 (+17.9%), from €64,500 to €76,022
- Reserves +€10,800
up €10,800 (+7.8%), from €138,660 to €149,460
- Debts after one year -€10,333
down €10,333 (-79.6%), from €12,989 to €2,656
- Tax, wage and social debts +€6,026
up €6,026 (+877%), from €687 to €6,713
- Taxes +€5,877
up €5,877 (+17.4%), from €33,836 to €39,713
- Depreciation +€2,753
up €2,753 (+31.1%), from €8,851 to €11,604
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 | €251,238 | €269,113 | +€17,875 | +7.1% |
| Fixed assets | 21/28 | €46,427 | €42,118 | -€4,309 | -9.3% |
| Tangible fixed assets | 22/27 | €46,427 | €42,118 | -€4,309 | -9.3% |
| Furniture and vehicles | 24 | €46,427 | €42,118 | -€4,309 | -9.3% |
| Current assets | 29/58 | €204,811 | €226,995 | +€22,184 | +10.8% |
| Amounts receivable within one year | 40/41 | €3,831 | €5,375 | +€1,544 | +40.3% |
| Trade receivables | 40 | - | €5,375 | +€5,375 | |
| Other amounts receivable | 41 | €3,831 | - | -€3,831 | |
| Cash at bank and in hand | 54/58 | €199,775 | €220,389 | +€20,615 | +10.3% |
| Deferred charges and accrued income | 490/1 | €1,205 | €1,231 | +€25 | +2.1% |
| Total equity and liabilities | 10/49 | €251,238 | €269,113 | +€17,875 | +7.1% |
| Equity | 10/15 | €162,487 | €173,308 | +€10,822 | +6.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €138,660 | €149,460 | +€10,800 | +7.8% |
| Distributable reserves | 133 | €138,660 | €149,460 | +€10,800 | +7.8% |
| Profit (loss) carried forward | 14 | €11,427 | €11,448 | +€22 | +0.2% |
| Amounts payable | 17/49 | €88,751 | €95,804 | +€7,053 | +7.9% |
| Amounts payable after more than one year | 17 | €12,989 | €2,656 | -€10,333 | -79.6% |
| Financial debts | 170/4 | €12,989 | €2,656 | -€10,333 | -79.6% |
| Amounts payable within one year | 42/48 | €75,763 | €93,148 | +€17,386 | +22.9% |
| Current portion of amounts payable after more than one year | 42 | €9,883 | €10,333 | +€450 | +4.6% |
| Trade debts | 44 | €693 | €81 | -€612 | -88.4% |
| Suppliers | 440/4 | €693 | €81 | -€612 | -88.4% |
| Taxes, remuneration and social security | 45 | €687 | €6,713 | +€6,026 | +877% |
| Taxes | 450/3 | €687 | €6,713 | +€6,026 | +877% |
| Other amounts payable | 47/48 | €64,500 | €76,022 | +€11,522 | +17.9% |
| Non-recurring operating income | 76A | €10,000 | - | -€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,851 | €11,604 | +€2,753 | +31.1% |
| Other operating charges | 640/8 | €834 | €239 | -€595 | -71.4% |
| Gross operating margin | 9900 | €135,396 | €135,829 | +€433 | +0.3% |
| Operating profit (loss) | 9901 | €125,711 | €123,986 | -€1,725 | -1.4% |
| Financial income | 75/76B | €842 | €417 | -€426 | -50.5% |
| Recurring financial income | 75 | €842 | €417 | -€426 | -50.5% |
| Financial charges | 65/66B | €1,201 | €1,068 | -€133 | -11.1% |
| Recurring financial charges | 65 | €1,201 | €1,068 | -€133 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €125,353 | €123,335 | -€2,018 | -1.6% |
| Income taxes | 67/77 | €33,836 | €39,713 | +€5,877 | +17.4% |
| Profit (loss) for the period | 9904 | €91,516 | €83,622 | -€7,894 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €91,516 | €83,622 | -€7,894 | -8.6% |
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 15 October 2026 via checked.be.