MARC VANHERCK: 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 VANHERCK
Largest movements
- Receivables after one year -€35,816
down €35,816 (-50.1%), from €71,435 to €35,619
- Tangible fixed assets -€20,971
down €20,971 (-21.2%), from €98,978 to €78,007
of which Furniture and vehicles: -€21,164
- Stocks and contracts +€10,002
up €10,002 (+35.4%), from €28,284 to €38,286
- Receivables within one year -€9,154
down €9,154 (-28.5%), from €32,118 to €22,964
of which Other amounts receivable: -€7,359
- Reserves -€36,860
down €36,860 (-19.7%), from €187,360 to €150,500
- Profit (loss) carried forward -€21,630
down €21,630 (-99.2%), from €21,800 to €170
- Other debts +€20,284
up €20,284 (+78.0%), from €26,000 to €46,284
- Debts after one year -€17,698
down €17,698 (-30.4%), from €58,147 to €40,449
- Trade debts +€11,040
up €11,040 (+2,074%), from €532 to €11,572
- Financial charges +€20,876
up €20,876 (+46.3%), from €45,065 to €65,941
of which Financial charges: +€23,456
- Gross operating margin -€5,436
down €5,436 (-4.3%), from €126,316 to €120,880
- Staff costs +€4,993
up €4,993 (+10.0%), from €49,716 to €54,709
- Other operating charges -€4,787
down €4,787 (-76.0%), from €6,303 to €1,516
- Depreciation +€2,016
up €2,016 (+8.8%), from €23,023 to €25,039
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 | €348,201 | €292,484 | -€55,717 | -16.0% |
| Fixed assets | 21/28 | €99,028 | €78,057 | -€20,971 | -21.2% |
| Tangible fixed assets | 22/27 | €98,978 | €78,007 | -€20,971 | -21.2% |
| Plant, machinery and equipment | 23 | €441 | €209 | -€232 | -52.6% |
| Furniture and vehicles | 24 | €86,507 | €65,343 | -€21,164 | -24.5% |
| Other tangible fixed assets | 26 | €12,030 | €12,454 | +€425 | +3.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €249,174 | €214,428 | -€34,746 | -13.9% |
| Amounts receivable after more than one year | 29 | €71,435 | €35,619 | -€35,816 | -50.1% |
| Other amounts receivable | 291 | €71,435 | €35,619 | -€35,816 | -50.1% |
| Stocks and contracts in progress | 3 | €28,284 | €38,286 | +€10,002 | +35.4% |
| Stocks | 30/36 | €28,284 | €38,286 | +€10,002 | +35.4% |
| Amounts receivable within one year | 40/41 | €32,118 | €22,964 | -€9,154 | -28.5% |
| Trade receivables | 40 | €12,358 | €10,564 | -€1,794 | -14.5% |
| Other amounts receivable | 41 | €19,759 | €12,400 | -€7,359 | -37.2% |
| Cash at bank and in hand | 54/58 | €117,314 | €117,534 | +€220 | +0.2% |
| Deferred charges and accrued income | 490/1 | €23 | €25 | +€2 | +7.7% |
| Total equity and liabilities | 10/49 | €348,201 | €292,484 | -€55,717 | -16.0% |
| Equity | 10/15 | €227,760 | €169,270 | -€58,490 | -25.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €187,360 | €150,500 | -€36,860 | -19.7% |
| Distributable reserves | 133 | €187,360 | €150,500 | -€36,860 | -19.7% |
| Profit (loss) carried forward | 14 | €21,800 | €170 | -€21,630 | -99.2% |
| Amounts payable | 17/49 | €120,442 | €123,214 | +€2,772 | +2.3% |
| Amounts payable after more than one year | 17 | €58,147 | €40,449 | -€17,698 | -30.4% |
| Financial debts | 170/4 | €58,147 | €40,449 | -€17,698 | -30.4% |
| Amounts payable within one year | 42/48 | €62,295 | €82,765 | +€20,470 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €17,004 | €17,698 | +€694 | +4.1% |
| Trade debts | 44 | €532 | €11,572 | +€11,040 | +2,074% |
| Suppliers | 440/4 | €532 | €11,572 | +€11,040 | +2,074% |
| Advances received on contracts in progress | 46 | €7,102 | €6,221 | -€880 | -12.4% |
| Taxes, remuneration and social security | 45 | €11,656 | €989 | -€10,667 | -91.5% |
| Taxes | 450/3 | €4,593 | €0 | -€4,593 | -100% |
| Remuneration and social security | 454/9 | €7,063 | €989 | -€6,074 | -86.0% |
| Other amounts payable | 47/48 | €26,000 | €46,284 | +€20,284 | +78.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €49,716 | €54,709 | +€4,993 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,023 | €25,039 | +€2,016 | +8.8% |
| Other operating charges | 640/8 | €6,303 | €1,516 | -€4,787 | -76.0% |
| Gross operating margin | 9900 | €126,316 | €120,880 | -€5,436 | -4.3% |
| Operating profit (loss) | 9901 | €47,274 | €39,616 | -€7,658 | -16.2% |
| Financial income | 75/76B | €3,017 | €3,041 | +€24 | +0.8% |
| Recurring financial income | 75 | €3,017 | €3,041 | +€24 | +0.8% |
| Financial charges | 65/66B | €45,065 | €65,941 | +€20,876 | +46.3% |
| Recurring financial charges | 65 | €42,485 | €65,941 | +€23,456 | +55.2% |
| Non-recurring financial charges | 66B | €2,580 | - | -€2,580 | |
| Profit (loss) for the period before taxes | 9903 | €5,226 | -€23,284 | -€28,510 | |
| Income taxes | 67/77 | €2,132 | €206 | -€1,927 | -90.3% |
| Profit (loss) for the period | 9904 | €3,094 | -€23,490 | -€26,583 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,094 | -€23,490 | -€26,583 |
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 22 October 2026 via checked.be.