Marcel Horowitz: what changed
Two fiscal 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 Horowitz
Largest movements
- Current investments +€328,504
up €328,504 (+30.9%), from €1.1m to €1.4m
- Cash -€188,696
down €188,696 (-19.7%), from €960,072 to €771,376
mainly Current investments (-€328,504) and Contributions, distributions and other (-€131,666)
- Other debts +€105,827
up €105,827 (+226.7%), from €46,690 to €152,516
- Reserves +€73,300
up €73,300 (+4.1%), from €1.8m to €1.9m
of which Distributable reserves: +€73,300
- Trade debts -€29,776
down €29,776 (-13.0%), from €228,558 to €198,783
- Gross operating margin -€52,533
down €52,533 (-11.3%), from €463,923 to €411,390
- Financial income -€44,300
down €44,300 (-42.7%), from €103,752 to €59,452
- Taxes -€42,747
down €42,747 (-29.3%), from €145,695 to €102,948
- Financial charges +€29,802
up €29,802 (+609.2%), from €4,892 to €34,694
- Staff costs +€13,206
up €13,206 (+11.9%), from €110,917 to €124,123
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.
Cash bridge derived
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 | €2,179,573 | €2,315,615 | +€136,042 | +6.2% |
| Fixed assets | 21/28 | €5,674 | €3,020 | -€2,654 | -46.8% |
| Tangible fixed assets | 22/27 | €5,352 | €2,698 | -€2,654 | -49.6% |
| Furniture and vehicles | 24 | €5,352 | €2,698 | -€2,654 | -49.6% |
| Financial fixed assets | 28 | €322 | €322 | = | 0.0% |
| Current assets | 29/58 | €2,173,899 | €2,312,595 | +€138,696 | +6.4% |
| Amounts receivable after more than one year | 29 | €26,068 | €15,959 | -€10,109 | -38.8% |
| Other amounts receivable | 291 | €26,068 | €15,959 | -€10,109 | -38.8% |
| Amounts receivable within one year | 40/41 | €100,301 | €122,242 | +€21,942 | +21.9% |
| Trade receivables | 40 | €70,248 | €67,133 | -€3,114 | -4.4% |
| Other amounts receivable | 41 | €30,053 | €55,109 | +€25,056 | +83.4% |
| Current investments | 50/53 | €1,061,772 | €1,390,276 | +€328,504 | +30.9% |
| Cash at bank and in hand | 54/58 | €960,072 | €771,376 | -€188,696 | -19.7% |
| Deferred charges and accrued income | 490/1 | €25,685 | €12,742 | -€12,944 | -50.4% |
| Total equity and liabilities | 10/49 | €2,179,573 | €2,315,615 | +€136,042 | +6.2% |
| Equity | 10/15 | €1,868,311 | €1,941,661 | +€73,350 | +3.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,802,377 | €1,875,677 | +€73,300 | +4.1% |
| Non-distributable reserves | 130/1 | €6,377 | €6,377 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Other | 1319 | €180 | €180 | = | 0.0% |
| Distributable reserves | 133 | €1,796,000 | €1,869,300 | +€73,300 | +4.1% |
| Profit (loss) carried forward | 14 | €3,961 | €4,011 | +€50 | +1.3% |
| Amounts payable | 17/49 | €311,261 | €373,953 | +€62,692 | +20.1% |
| Amounts payable within one year | 42/48 | €294,140 | €373,953 | +€79,813 | +27.1% |
| Trade debts | 44 | €228,558 | €198,783 | -€29,776 | -13.0% |
| Suppliers | 440/4 | €228,558 | €198,783 | -€29,776 | -13.0% |
| Taxes, remuneration and social security | 45 | €18,892 | €22,654 | +€3,762 | +19.9% |
| Taxes | 450/3 | €4,141 | €4,464 | +€323 | +7.8% |
| Remuneration and social security | 454/9 | €14,751 | €18,190 | +€3,439 | +23.3% |
| Other amounts payable | 47/48 | €46,690 | €152,516 | +€105,827 | +226.7% |
| Accrued charges and deferred income | 492/3 | €17,121 | - | -€17,121 | |
| Remuneration, social security and pensions | 62 | €110,917 | €124,123 | +€13,206 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,314 | €2,654 | +€340 | +14.7% |
| Other operating charges | 640/8 | €1,371 | €1,406 | +€36 | +2.6% |
| Non-recurring operating charges | 66A | €641 | - | -€641 | |
| Gross operating margin | 9900 | €463,923 | €411,390 | -€52,533 | -11.3% |
| Operating profit (loss) | 9901 | €348,681 | €283,206 | -€65,475 | -18.8% |
| Financial income | 75/76B | €103,752 | €59,452 | -€44,300 | -42.7% |
| Recurring financial income | 75 | €103,752 | €59,452 | -€44,300 | -42.7% |
| Financial charges | 65/66B | €4,892 | €34,694 | +€29,802 | +609.2% |
| Recurring financial charges | 65 | €4,892 | €34,694 | +€29,802 | +609.2% |
| Profit (loss) for the period before taxes | 9903 | €447,541 | €307,964 | -€139,577 | -31.2% |
| Income taxes | 67/77 | €145,695 | €102,948 | -€42,747 | -29.3% |
| Profit (loss) for the period | 9904 | €301,846 | €205,016 | -€96,830 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €301,846 | €205,016 | -€96,830 | -32.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.