MARC VANDER ELST: 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 VANDER ELST
Largest movements
- Cash -€137,336
down €137,336 (-22.8%), from €603,601 to €466,265
mainly Advances received (-€122,049) and Investment in fixed assets (net) (-€17,831)
- Tangible fixed assets +€14,711
up €14,711 (+88.7%), from €16,577 to €31,288
of which Other tangible fixed assets: +€15,081
- Advances received -€122,049
no longer reported in 2025 (was €122,049)
- Tax, wage and social debts -€11,645
down €11,645 (-93.5%), from €12,461 to €816
- Trade debts +€7,776
up €7,776 (+2,136%), from €364 to €8,140
- Gross operating margin -€86,002
down €86,002 (-89.4%), from €96,168 to €10,166
- Taxes -€17,833
down €17,833 (-92.6%), from €19,266 to €1,433
- Depreciation +€2,206
up €2,206 (+241%), from €914 to €3,120
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 | €637,001 | €515,859 | -€121,142 | -19.0% |
| Fixed assets | 21/28 | €16,577 | €31,288 | +€14,711 | +88.7% |
| Tangible fixed assets | 22/27 | €16,577 | €31,288 | +€14,711 | +88.7% |
| Furniture and vehicles | 24 | €733 | €363 | -€370 | -50.5% |
| Other tangible fixed assets | 26 | €15,844 | €30,925 | +€15,081 | +95.2% |
| Current assets | 29/58 | €620,424 | €484,571 | -€135,853 | -21.9% |
| Amounts receivable within one year | 40/41 | €16,127 | €17,719 | +€1,592 | +9.9% |
| Other amounts receivable | 41 | €16,127 | €17,719 | +€1,592 | +9.9% |
| Cash at bank and in hand | 54/58 | €603,601 | €466,265 | -€137,336 | -22.8% |
| Deferred charges and accrued income | 490/1 | €696 | €587 | -€109 | -15.7% |
| Total equity and liabilities | 10/49 | €637,001 | €515,859 | -€121,142 | -19.0% |
| Equity | 10/15 | €502,127 | €506,903 | +€4,776 | +1.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €420,000 | €424,700 | +€4,700 | +1.1% |
| Distributable reserves | 133 | €420,000 | €424,700 | +€4,700 | +1.1% |
| Profit (loss) carried forward | 14 | €79,127 | €79,203 | +€76 | +0.1% |
| Amounts payable | 17/49 | €134,874 | €8,956 | -€125,918 | -93.4% |
| Amounts payable within one year | 42/48 | €134,874 | €8,956 | -€125,918 | -93.4% |
| Trade debts | 44 | €364 | €8,140 | +€7,776 | +2,136% |
| Suppliers | 440/4 | €364 | €8,140 | +€7,776 | +2,136% |
| Advances received on contracts in progress | 46 | €122,049 | - | -€122,049 | |
| Taxes, remuneration and social security | 45 | €12,461 | €816 | -€11,645 | -93.5% |
| Taxes | 450/3 | €12,461 | €816 | -€11,645 | -93.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €914 | €3,120 | +€2,206 | +241% |
| Other operating charges | 640/8 | €652 | €670 | +€18 | +2.8% |
| Non-recurring operating charges | 66A | €41 | - | -€41 | |
| Gross operating margin | 9900 | €96,168 | €10,166 | -€86,002 | -89.4% |
| Operating profit (loss) | 9901 | €94,561 | €6,376 | -€88,185 | -93.3% |
| Financial income | 75/76B | €163 | €35 | -€128 | -78.5% |
| Recurring financial income | 75 | €163 | €35 | -€128 | -78.5% |
| Financial charges | 65/66B | €153 | €202 | +€49 | +32.0% |
| Recurring financial charges | 65 | €153 | €202 | +€49 | +32.0% |
| Profit (loss) for the period before taxes | 9903 | €94,571 | €6,209 | -€88,362 | -93.4% |
| Income taxes | 67/77 | €19,266 | €1,433 | -€17,833 | -92.6% |
| Profit (loss) for the period | 9904 | €75,305 | €4,776 | -€70,529 | -93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €75,305 | €4,776 | -€70,529 | -93.7% |
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 20 October 2026 via checked.be.