Marcel Caenen: 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.
Marcel Caenen
Largest movements
- Receivables within one year -€165,522
down €165,522 (-29.4%), from €563,507 to €397,984
of which Other amounts receivable: -€160,000
- Cash +€154,721
up €154,721 (+588%), from €26,317 to €181,038
mainly Receivables within one year (+€165,522) and Depreciation (+€61,572)
- Tangible fixed assets -€60,939
down €60,939 (-3.1%), from €2.0m to €1.9m
of which Land and buildings: -€58,375
- Debts after one year -€58,768
down €58,768 (-5.8%), from €1.0m to €957,856
- Reserves -€48,292
down €48,292 (-3.5%), from €1.4m to €1.3m
of which Distributable reserves: -€45,823
- Other debts +€29,776
up €29,776 (+49.4%), from €60,283 to €90,059
- Gross operating margin +€3,855
up €3,855 (+3.1%), from €125,286 to €129,141
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 | €2,578,372 | €2,507,616 | -€70,756 | -2.7% |
| Fixed assets | 21/28 | €1,985,415 | €1,924,476 | -€60,939 | -3.1% |
| Tangible fixed assets | 22/27 | €1,985,415 | €1,924,476 | -€60,939 | -3.1% |
| Land and buildings | 22 | €1,958,263 | €1,899,888 | -€58,375 | -3.0% |
| Plant, machinery and equipment | 23 | €19,981 | €17,417 | -€2,565 | -12.8% |
| Other tangible fixed assets | 26 | €7,171 | €7,171 | = | 0.0% |
| Current assets | 29/58 | €592,957 | €583,140 | -€9,817 | -1.7% |
| Amounts receivable within one year | 40/41 | €563,507 | €397,984 | -€165,522 | -29.4% |
| Trade receivables | 40 | €5,554 | €32 | -€5,522 | -99.4% |
| Other amounts receivable | 41 | €557,953 | €397,953 | -€160,000 | -28.7% |
| Cash at bank and in hand | 54/58 | €26,317 | €181,038 | +€154,721 | +588% |
| Deferred charges and accrued income | 490/1 | €3,133 | €4,117 | +€984 | +31.4% |
| Total equity and liabilities | 10/49 | €2,578,372 | €2,507,616 | -€70,756 | -2.7% |
| Equity | 10/15 | €1,401,889 | €1,353,597 | -€48,292 | -3.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,395,692 | €1,347,400 | -€48,292 | -3.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €71,044 | €68,575 | -€2,469 | -3.5% |
| Distributable reserves | 133 | €1,324,648 | €1,278,825 | -€45,823 | -3.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €23,657 | €22,834 | -€823 | -3.5% |
| Deferred taxes | 168 | €23,657 | €22,834 | -€823 | -3.5% |
| Amounts payable | 17/49 | €1,152,825 | €1,131,184 | -€21,642 | -1.9% |
| Amounts payable after more than one year | 17 | €1,016,624 | €957,856 | -€58,768 | -5.8% |
| Financial debts | 170/4 | €1,016,624 | €957,856 | -€58,768 | -5.8% |
| Amounts payable within one year | 42/48 | €126,424 | €160,644 | +€34,220 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €58,126 | €64,573 | +€6,447 | +11.1% |
| Trade debts | 44 | €2,176 | €20 | -€2,156 | -99.1% |
| Suppliers | 440/4 | €2,176 | €20 | -€2,156 | -99.1% |
| Taxes, remuneration and social security | 45 | €5,840 | €5,992 | +€153 | +2.6% |
| Taxes | 450/3 | €5,840 | €5,992 | +€153 | +2.6% |
| Other amounts payable | 47/48 | €60,283 | €90,059 | +€29,776 | +49.4% |
| Accrued charges and deferred income | 492/3 | €9,777 | €12,684 | +€2,907 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,577 | €61,572 | -€5 | 0.0% |
| Other operating charges | 640/8 | €17,615 | €18,262 | +€646 | +3.7% |
| Gross operating margin | 9900 | €125,286 | €129,141 | +€3,855 | +3.1% |
| Operating profit (loss) | 9901 | €46,093 | €49,307 | +€3,213 | +7.0% |
| Financial income | 75/76B | €170 | €377 | +€207 | +122% |
| Recurring financial income | 75 | €170 | €377 | +€207 | +122% |
| Financial charges | 65/66B | €16,849 | €17,624 | +€776 | +4.6% |
| Recurring financial charges | 65 | €16,849 | €17,624 | +€776 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €29,415 | €32,059 | +€2,644 | +9.0% |
| Transfer from deferred taxes | 780 | €823 | €823 | = | 0.0% |
| Income taxes | 67/77 | €2,973 | €3,214 | +€240 | +8.1% |
| Profit (loss) for the period | 9904 | €27,264 | €29,668 | +€2,404 | +8.8% |
| Transfer from tax-exempt reserves | 789 | €2,469 | €2,469 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,733 | €32,137 | +€2,404 | +8.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.