MARC THIENPONT: 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 THIENPONT
Largest movements
- Tangible fixed assets -€65,007
down €65,007 (-10.9%), from €598,794 to €533,787
of which Furniture and vehicles: -€34,563
- Stocks and contracts -€31,550
down €31,550 (-54.4%), from €58,000 to €26,450
- Cash -€9,481
down €9,481 (-20.0%), from €47,331 to €37,850
mainly Debts after one year (-€41,309) and Net result for the year (-€25,318)
- Debts after one year -€41,309
down €41,309 (-14.2%), from €290,239 to €248,929
- Reserves -€25,318
down €25,318 (-8.9%), from €285,832 to €260,514
of which Distributable reserves: -€25,318
- Trade debts -€19,252
down €19,252 (-53.8%), from €35,764 to €16,512
- Other debts -€13,330
down €13,330 (-16.4%), from €81,412 to €68,082
- Staff costs -€5,814
down €5,814, from €5,541 to -€273
- Other operating charges +€4,201
up €4,201 (+56.4%), from €7,454 to €11,655
- Gross operating margin -€2,410
down €2,410 (-4.1%), from €58,220 to €55,810
- Depreciation -€1,799
down €1,799 (-2.7%), from €66,806 to €65,007
- Financial charges +€903
up €903 (+24.4%), from €3,706 to €4,609
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 | €809,127 | €709,823 | -€99,304 | -12.3% |
| Fixed assets | 21/28 | €599,786 | €534,779 | -€65,007 | -10.8% |
| Tangible fixed assets | 22/27 | €598,794 | €533,787 | -€65,007 | -10.9% |
| Land and buildings | 22 | €509,932 | €488,035 | -€21,897 | -4.3% |
| Plant, machinery and equipment | 23 | €1,848 | €599 | -€1,249 | -67.6% |
| Furniture and vehicles | 24 | €76,049 | €41,485 | -€34,563 | -45.4% |
| Other tangible fixed assets | 26 | €10,965 | €3,668 | -€7,297 | -66.6% |
| Financial fixed assets | 28 | €992 | €992 | = | 0.0% |
| Current assets | 29/58 | €209,341 | €175,044 | -€34,298 | -16.4% |
| Stocks and contracts in progress | 3 | €58,000 | €26,450 | -€31,550 | -54.4% |
| Stocks | 30/36 | €58,000 | €26,450 | -€31,550 | -54.4% |
| Amounts receivable within one year | 40/41 | €95,561 | €102,574 | +€7,013 | +7.3% |
| Trade receivables | 40 | €95,561 | €95,619 | +€58 | +0.1% |
| Other amounts receivable | 41 | - | €6,955 | +€6,955 | |
| Cash at bank and in hand | 54/58 | €47,331 | €37,850 | -€9,481 | -20.0% |
| Deferred charges and accrued income | 490/1 | €8,450 | €8,170 | -€280 | -3.3% |
| Total equity and liabilities | 10/49 | €809,127 | €709,823 | -€99,304 | -12.3% |
| Equity | 10/15 | €304,432 | €279,114 | -€25,318 | -8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €285,832 | €260,514 | -€25,318 | -8.9% |
| Tax-exempt reserves | 132 | €18,000 | €18,000 | = | 0.0% |
| Distributable reserves | 133 | €267,832 | €242,514 | -€25,318 | -9.5% |
| Provisions and deferred taxes | 16 | €49,160 | €49,160 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €49,160 | €49,160 | = | 0.0% |
| Pensions and similar obligations | 160 | €49,160 | €49,160 | = | 0.0% |
| Amounts payable | 17/49 | €455,535 | €381,548 | -€73,987 | -16.2% |
| Amounts payable after more than one year | 17 | €290,239 | €248,929 | -€41,309 | -14.2% |
| Financial debts | 170/4 | €290,239 | €248,929 | -€41,309 | -14.2% |
| Amounts payable within one year | 42/48 | €163,046 | €130,119 | -€32,927 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €40,736 | €41,309 | +€574 | +1.4% |
| Trade debts | 44 | €35,764 | €16,512 | -€19,252 | -53.8% |
| Suppliers | 440/4 | €35,764 | €16,512 | -€19,252 | -53.8% |
| Taxes, remuneration and social security | 45 | €5,134 | €4,215 | -€919 | -17.9% |
| Taxes | 450/3 | €1,178 | €3,872 | +€2,693 | +229% |
| Remuneration and social security | 454/9 | €3,956 | €344 | -€3,612 | -91.3% |
| Other amounts payable | 47/48 | €81,412 | €68,082 | -€13,330 | -16.4% |
| Accrued charges and deferred income | 492/3 | €2,250 | €2,500 | +€250 | +11.1% |
| Non-recurring operating income | 76A | - | €5,372 | +€5,372 | |
| Remuneration, social security and pensions | 62 | €5,541 | -€273 | -€5,814 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,806 | €65,007 | -€1,799 | -2.7% |
| Other operating charges | 640/8 | €7,454 | €11,655 | +€4,201 | +56.4% |
| Gross operating margin | 9900 | €58,220 | €55,810 | -€2,410 | -4.1% |
| Operating profit (loss) | 9901 | -€21,581 | -€20,579 | +€1,002 | +4.6% |
| Financial income | 75/76B | €535 | €382 | -€153 | -28.6% |
| Recurring financial income | 75 | €535 | €382 | -€153 | -28.6% |
| Financial charges | 65/66B | €3,706 | €4,609 | +€903 | +24.4% |
| Recurring financial charges | 65 | €3,706 | €4,609 | +€903 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | -€24,752 | -€24,805 | -€53 | -0.2% |
| Income taxes | 67/77 | €625 | €513 | -€113 | -18.0% |
| Profit (loss) for the period | 9904 | -€25,377 | -€25,318 | +€59 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,377 | -€25,318 | +€59 | +0.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.