MARC VAN BEGIN: 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 VAN BEGIN
Largest movements
- Current investments +€296,614
up €296,614 (+34.0%), from €873,198 to €1.2m
- Cash +€38,749
up €38,749 (+26.6%), from €145,857 to €184,606
mainly Net result for the year (+€370,881) and Tax, wage and social debts (+€43,929)
- Receivables within one year +€25,843
up €25,843 (+164%), from €15,786 to €41,629
- Reserves +€315,000
up €315,000 (+32.8%), from €959,319 to €1.3m
of which Distributable reserves: +€315,000
- Tax, wage and social debts +€43,929
up €43,929 (+41.5%), from €105,789 to €149,718
- Profit (loss) carried forward -€19,119
down €19,119 (-69.3%), from €27,601 to €8,482
- Other debts +€17,500
new in 2025: €17,500
- Turnover +€15,798
up €15,798 (+2.6%), from €601,988 to €617,786
- Financial income +€11,867
up €11,867 (+53.3%), from €22,271 to €34,138
of which Financial income: +€13,151
- Gross operating margin +€9,500
up €9,500 (+1.9%), from €506,272 to €515,772
- Depreciation -€7,113
down €7,113 (-73.7%), from €9,648 to €2,535
- Purchases and services +€6,298
up €6,298 (+6.6%), from €95,716 to €102,014
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 | €1,104,334 | €1,462,282 | +€357,948 | +32.4% |
| Fixed assets | 21/28 | €58,473 | €60,121 | +€1,648 | +2.8% |
| Tangible fixed assets | 22/27 | €58,473 | €60,121 | +€1,648 | +2.8% |
| Land and buildings | 22 | €50,445 | €58,591 | +€8,146 | +16.1% |
| Furniture and vehicles | 24 | €1,983 | €1,530 | -€453 | -22.8% |
| Assets under construction and advance payments | 27 | €6,045 | €0 | -€6,045 | -100% |
| Current assets | 29/58 | €1,045,861 | €1,402,161 | +€356,300 | +34.1% |
| Amounts receivable within one year | 40/41 | €15,786 | €41,629 | +€25,843 | +164% |
| Other amounts receivable | 41 | €15,786 | €41,629 | +€25,843 | +164% |
| Current investments | 50/53 | €873,198 | €1,169,812 | +€296,614 | +34.0% |
| Cash at bank and in hand | 54/58 | €145,857 | €184,606 | +€38,749 | +26.6% |
| Deferred charges and accrued income | 490/1 | €11,020 | €6,114 | -€4,906 | -44.5% |
| Total equity and liabilities | 10/49 | €1,104,334 | €1,462,282 | +€357,948 | +32.4% |
| Equity | 10/15 | €993,120 | €1,289,001 | +€295,881 | +29.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €959,319 | €1,274,319 | +€315,000 | +32.8% |
| Non-distributable reserves | 130/1 | €26,819 | €26,819 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,819 | €26,819 | = | 0.0% |
| Distributable reserves | 133 | €932,500 | €1,247,500 | +€315,000 | +33.8% |
| Profit (loss) carried forward | 14 | €27,601 | €8,482 | -€19,119 | -69.3% |
| Amounts payable | 17/49 | €111,214 | €173,281 | +€62,067 | +55.8% |
| Amounts payable within one year | 42/48 | €110,025 | €169,784 | +€59,759 | +54.3% |
| Trade debts | 44 | €4,236 | €2,566 | -€1,670 | -39.4% |
| Suppliers | 440/4 | €4,236 | €2,566 | -€1,670 | -39.4% |
| Taxes, remuneration and social security | 45 | €105,789 | €149,718 | +€43,929 | +41.5% |
| Taxes | 450/3 | €105,789 | €149,718 | +€43,929 | +41.5% |
| Other amounts payable | 47/48 | - | €17,500 | +€17,500 | |
| Accrued charges and deferred income | 492/3 | €1,189 | €3,497 | +€2,308 | +194% |
| Turnover | 70 | €601,988 | €617,786 | +€15,798 | +2.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €95,716 | €102,014 | +€6,298 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,648 | €2,535 | -€7,113 | -73.7% |
| Other operating charges | 640/8 | €1,069 | €2,295 | +€1,226 | +115% |
| Gross operating margin | 9900 | €506,272 | €515,772 | +€9,500 | +1.9% |
| Operating profit (loss) | 9901 | €495,555 | €510,942 | +€15,387 | +3.1% |
| Financial income | 75/76B | €22,271 | €34,138 | +€11,867 | +53.3% |
| Recurring financial income | 75 | €20,987 | €34,138 | +€13,151 | +62.7% |
| Non-recurring financial income | 76B | €1,284 | - | -€1,284 | |
| Financial charges | 65/66B | €10,226 | €6,561 | -€3,665 | -35.8% |
| Recurring financial charges | 65 | €2,396 | €6,561 | +€4,165 | +174% |
| Non-recurring financial charges | 66B | €7,830 | - | -€7,830 | |
| Profit (loss) for the period before taxes | 9903 | €507,600 | €538,519 | +€30,919 | +6.1% |
| Income taxes | 67/77 | €163,728 | €167,638 | +€3,910 | +2.4% |
| Profit (loss) for the period | 9904 | €343,872 | €370,881 | +€27,009 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €343,872 | €370,881 | +€27,009 | +7.9% |
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 23 October 2026 via checked.be.