MARC VEREECKEN: what changed
MARC VEREECKEN
Largest movements
- Tangible fixed assets -€57,621
down €57,621 (-10.3%), from €561,192 to €503,571
of which Leasing and similar rights: -€47,813
- Receivables within one year +€34,031
up €34,031 (+11.6%), from €292,187 to €326,218
of which Trade receivables: +€33,880
- Current investments +€16,983
up €16,983 (+3.0%), from €564,900 to €581,883
- Other debts +€146,751
up €146,751 (+83.6%), from €175,438 to €322,189
- Profit (loss) carried forward -€95,905
down €95,905 (-23.5%), from -€408,453 to -€504,358
- Debts after one year -€72,978
down €72,978 (-6.3%), from €1.2m to €1.1m
- Gross operating margin +€15,603
up €15,603 (+44.7%), from -€34,895 to -€19,292
- Other operating charges +€11,971
up €11,971 (+442%), from €2,711 to €14,682
- Financial charges -€531
down €531 (-11.0%), from €4,840 to €4,309
- Depreciation -€493
down €493 (-0.8%), from €58,114 to €57,621
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,425,218 | €1,411,861 | -€13,357 | -0.9% |
| Fixed assets | 21/28 | €561,192 | €503,571 | -€57,621 | -10.3% |
| Tangible fixed assets | 22/27 | €561,192 | €503,571 | -€57,621 | -10.3% |
| Land and buildings | 22 | €26,832 | €23,354 | -€3,478 | -13.0% |
| Leasing and similar rights | 25 | €457,270 | €409,457 | -€47,813 | -10.5% |
| Other tangible fixed assets | 26 | €77,090 | €70,760 | -€6,330 | -8.2% |
| Current assets | 29/58 | €864,026 | €908,290 | +€44,264 | +5.1% |
| Amounts receivable within one year | 40/41 | €292,187 | €326,218 | +€34,031 | +11.6% |
| Trade receivables | 40 | €89,316 | €123,196 | +€33,880 | +37.9% |
| Other amounts receivable | 41 | €202,871 | €203,022 | +€151 | +0.1% |
| Current investments | 50/53 | €564,900 | €581,883 | +€16,983 | +3.0% |
| Cash at bank and in hand | 54/58 | €6,939 | €189 | -€6,750 | -97.3% |
| Total equity and liabilities | 10/49 | €1,425,218 | €1,411,861 | -€13,357 | -0.9% |
| Equity | 10/15 | €21,753 | -€74,151 | -€95,904 | |
| Contributions | 10/11 | €418,600 | €418,600 | = | 0.0% |
| Reserves | 13 | €11,606 | €11,607 | +€1 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €9,746 | €9,747 | +€1 | 0.0% |
| Profit (loss) carried forward | 14 | -€408,453 | -€504,358 | -€95,905 | -23.5% |
| Amounts payable | 17/49 | €1,403,465 | €1,486,012 | +€82,547 | +5.9% |
| Amounts payable after more than one year | 17 | €1,155,049 | €1,082,071 | -€72,978 | -6.3% |
| Financial debts | 170/4 | €1,155,049 | €1,082,071 | -€72,978 | -6.3% |
| Amounts payable within one year | 42/48 | €248,416 | €403,941 | +€155,525 | +62.6% |
| Financial debts | 43 | €72,978 | €72,978 | = | 0.0% |
| Credit institutions | 430/8 | €72,978 | €72,978 | = | 0.0% |
| Trade debts | 44 | - | €8,774 | +€8,774 | |
| Suppliers | 440/4 | - | €8,774 | +€8,774 | |
| Other amounts payable | 47/48 | €175,438 | €322,189 | +€146,751 | +83.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,114 | €57,621 | -€493 | -0.8% |
| Other operating charges | 640/8 | €2,711 | €14,682 | +€11,971 | +442% |
| Gross operating margin | 9900 | -€34,895 | -€19,292 | +€15,603 | +44.7% |
| Operating profit (loss) | 9901 | -€95,720 | -€91,595 | +€4,125 | +4.3% |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €4,840 | €4,309 | -€531 | -11.0% |
| Recurring financial charges | 65 | €4,840 | €4,309 | -€531 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | -€100,553 | -€95,904 | +€4,649 | +4.6% |
| Profit (loss) for the period | 9904 | -€100,553 | -€95,904 | +€4,649 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€100,553 | -€95,904 | +€4,649 | +4.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.