MARC VERSIECK: 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 VERSIECK
Largest movements
- Cash -€266,924
down €266,924 (-62.3%), from €428,536 to €161,612
mainly Receivables within one year (-€182,921) and Other debts (-€99,401)
- Receivables within one year +€182,921
up €182,921 (+119%), from €153,903 to €336,825
of which Other amounts receivable: +€162,340
- Tangible fixed assets +€33,635
up €33,635 (+146%), from €22,982 to €56,617
of which Furniture and vehicles: +€38,715
- Other debts -€99,401
down €99,401 (-99.2%), from €100,234 to €833
- Reserves +€39,093
up €39,093 (+9.6%), from €406,249 to €445,341
of which Distributable reserves: +€39,093
- Gross operating margin -€91,912
down €91,912 (-32.0%), from €286,917 to €195,006
- Taxes -€35,401
down €35,401 (-64.2%), from €55,171 to €19,771
- Staff costs +€13,029
up €13,029 (+12.1%), from €107,684 to €120,714
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 | €848,488 | €794,206 | -€54,282 | -6.4% |
| Fixed assets | 21/28 | €22,982 | €56,617 | +€33,635 | +146% |
| Tangible fixed assets | 22/27 | €22,982 | €56,617 | +€33,635 | +146% |
| Land and buildings | 22 | €20,089 | €15,979 | -€4,110 | -20.5% |
| Plant, machinery and equipment | 23 | €2,543 | €1,572 | -€970 | -38.2% |
| Furniture and vehicles | 24 | €351 | €39,066 | +€38,715 | +11,033% |
| Current assets | 29/58 | €825,506 | €737,589 | -€87,917 | -10.7% |
| Amounts receivable after more than one year | 29 | €230,569 | €230,569 | = | 0.0% |
| Other amounts receivable | 291 | €230,569 | €230,569 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,261 | €1,036 | -€225 | -17.9% |
| Stocks | 30/36 | €1,261 | €1,036 | -€225 | -17.9% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €153,903 | €336,825 | +€182,921 | +119% |
| Trade receivables | 40 | €137,619 | €158,200 | +€20,581 | +15.0% |
| Other amounts receivable | 41 | €16,285 | €178,625 | +€162,340 | +997% |
| Cash at bank and in hand | 54/58 | €428,536 | €161,612 | -€266,924 | -62.3% |
| Deferred charges and accrued income | 490/1 | €11,237 | €7,548 | -€3,689 | -32.8% |
| Total equity and liabilities | 10/49 | €848,488 | €794,206 | -€54,282 | -6.4% |
| Equity | 10/15 | €690,646 | €729,738 | +€39,093 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €406,249 | €445,341 | +€39,093 | +9.6% |
| 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 | €404,389 | €443,481 | +€39,093 | +9.7% |
| Profit (loss) carried forward | 14 | €265,797 | €265,797 | = | 0.0% |
| Amounts payable | 17/49 | €157,843 | €64,468 | -€93,375 | -59.2% |
| Amounts payable within one year | 42/48 | €157,843 | €64,468 | -€93,375 | -59.2% |
| Current portion of amounts payable after more than one year | 42 | €3,834 | €3,822 | -€11 | -0.3% |
| Trade debts | 44 | €6,024 | €11,616 | +€5,592 | +92.8% |
| Suppliers | 440/4 | €6,024 | €11,616 | +€5,592 | +92.8% |
| Advances received on contracts in progress | 46 | €2,423 | €2,423 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €45,328 | €45,773 | +€445 | +1.0% |
| Taxes | 450/3 | €42,095 | €45,693 | +€3,598 | +8.5% |
| Remuneration and social security | 454/9 | €3,233 | €80 | -€3,153 | -97.5% |
| Other amounts payable | 47/48 | €100,234 | €833 | -€99,401 | -99.2% |
| Remuneration, social security and pensions | 62 | €107,684 | €120,714 | +€13,029 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,905 | €7,862 | +€1,957 | +33.2% |
| Other operating charges | 640/8 | €3,129 | €2,937 | -€192 | -6.1% |
| Gross operating margin | 9900 | €286,917 | €195,006 | -€91,912 | -32.0% |
| Operating profit (loss) | 9901 | €170,200 | €63,493 | -€106,707 | -62.7% |
| Financial income | 75/76B | €799 | €1,126 | +€327 | +40.9% |
| Recurring financial income | 75 | €799 | €1,126 | +€327 | +40.9% |
| Financial charges | 65/66B | €7,644 | €4,922 | -€2,721 | -35.6% |
| Recurring financial charges | 65 | €7,644 | €4,922 | -€2,721 | -35.6% |
| Profit (loss) for the period before taxes | 9903 | €163,355 | €59,696 | -€103,659 | -63.5% |
| Income taxes | 67/77 | €55,171 | €19,771 | -€35,401 | -64.2% |
| Profit (loss) for the period | 9904 | €108,184 | €39,926 | -€68,258 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €108,184 | €39,926 | -€68,258 | -63.1% |
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 27 October 2026 via checked.be.