MARC VERBEKE: 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 VERBEKE
Largest movements
- Cash +€23,689
up €23,689 (+27.9%), from €85,019 to €108,708
mainly Net result for the year (+€20,035) and Receivables within one year (+€3,792)
- Receivables within one year -€3,792
down €3,792 (-51.9%), from €7,302 to €3,511
of which Trade receivables: -€2,826
- Current investments +€3,583
up €3,583 (+2.0%), from €179,417 to €183,000
- Reserves +€20,035
up €20,035 (+8.9%), from €226,374 to €246,409
- Tax, wage and social debts +€3,081
up €3,081 (+14,913%), from €21 to €3,102
- Gross operating margin +€4,274
up €4,274 (+17.7%), from €24,097 to €28,371
- Taxes +€2,988
up €2,988 (+42.7%), from €7,004 to €9,991
- Financial charges +€2,274
up €2,274 (+3,631%), from €63 to €2,337
- Financial income -€409
down €409 (-6.0%), from €6,840 to €6,432
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 | €278,663 | €302,653 | +€23,990 | +8.6% |
| Fixed assets | 21/28 | €1,227 | €2,631 | +€1,404 | +114% |
| Tangible fixed assets | 22/27 | €1,127 | €2,631 | +€1,504 | +133% |
| Plant, machinery and equipment | 23 | €684 | €434 | -€250 | -36.6% |
| Furniture and vehicles | 24 | €444 | €2,197 | +€1,754 | +395% |
| Financial fixed assets | 28 | €100 | €0 | -€100 | -100% |
| Current assets | 29/58 | €277,435 | €300,022 | +€22,586 | +8.1% |
| Stocks and contracts in progress | 3 | €4,341 | €3,351 | -€989 | -22.8% |
| Stocks | 30/36 | €4,341 | €3,351 | -€989 | -22.8% |
| Amounts receivable within one year | 40/41 | €7,302 | €3,511 | -€3,792 | -51.9% |
| Trade receivables | 40 | €4,662 | €1,836 | -€2,826 | -60.6% |
| Other amounts receivable | 41 | €2,640 | €1,674 | -€966 | -36.6% |
| Current investments | 50/53 | €179,417 | €183,000 | +€3,583 | +2.0% |
| Cash at bank and in hand | 54/58 | €85,019 | €108,708 | +€23,689 | +27.9% |
| Deferred charges and accrued income | 490/1 | €1,356 | €1,452 | +€95 | +7.0% |
| Total equity and liabilities | 10/49 | €278,663 | €302,653 | +€23,990 | +8.6% |
| Equity | 10/15 | €244,974 | €265,009 | +€20,035 | +8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €226,374 | €246,409 | +€20,035 | +8.9% |
| Distributable reserves | 133 | €226,374 | €246,409 | +€20,035 | +8.9% |
| Amounts payable | 17/49 | €33,689 | €37,644 | +€3,955 | +11.7% |
| Amounts payable within one year | 42/48 | €33,689 | €35,355 | +€1,667 | +4.9% |
| Trade debts | 44 | €1,310 | €0 | -€1,310 | -100% |
| Suppliers | 440/4 | €1,310 | €0 | -€1,310 | -100% |
| Taxes, remuneration and social security | 45 | €21 | €3,102 | +€3,081 | +14,913% |
| Taxes | 450/3 | €21 | €3,102 | +€3,081 | +14,913% |
| Other amounts payable | 47/48 | €32,358 | €32,254 | -€104 | -0.3% |
| Accrued charges and deferred income | 492/3 | - | €2,288 | +€2,288 | |
| Non-recurring operating income | 76A | €2,480 | €0 | -€2,480 | -100% |
| Remuneration, social security and pensions | 62 | €303 | €120 | -€183 | -60.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,040 | €772 | -€268 | -25.7% |
| Other operating charges | 640/8 | €1,395 | €1,548 | +€153 | +11.0% |
| Gross operating margin | 9900 | €24,097 | €28,371 | +€4,274 | +17.7% |
| Operating profit (loss) | 9901 | €21,360 | €25,931 | +€4,571 | +21.4% |
| Financial income | 75/76B | €6,840 | €6,432 | -€409 | -6.0% |
| Recurring financial income | 75 | €6,840 | €6,432 | -€409 | -6.0% |
| Financial charges | 65/66B | €63 | €2,337 | +€2,274 | +3,631% |
| Recurring financial charges | 65 | €63 | €2,337 | +€2,274 | +3,631% |
| Profit (loss) for the period before taxes | 9903 | €28,138 | €30,026 | +€1,888 | +6.7% |
| Income taxes | 67/77 | €7,004 | €9,991 | +€2,988 | +42.7% |
| Profit (loss) for the period | 9904 | €21,134 | €20,035 | -€1,100 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,134 | €20,035 | -€1,100 | -5.2% |
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.