MARCEL KATORZ: 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 KATORZ
Largest movements
- Receivables after one year -€300,121
down €300,121 (-43.1%), from €696,173 to €396,052
- Current investments -€88,389
no longer reported in 2025 (was €88,389)
- Receivables within one year +€82,766
up €82,766 (+424%), from €19,527 to €102,293
of which Other amounts receivable: +€43,549
- Reserves -€331,148
down €331,148 (-21.3%), from €1.6m to €1.2m
- Tax, wage and social debts +€37,812
up €37,812 (+51.5%), from €73,414 to €111,226
of which Taxes: +€37,794
- Other debts -€23,471
down €23,471 (-18.9%), from €124,111 to €100,640
- Gross operating margin +€94,680
up €94,680 (+113%), from €84,117 to €178,797
- Taxes +€41,655
up €41,655 (+137%), from €30,506 to €72,161
- Financial income +€32,699
up €32,699 (+69.0%), from €47,372 to €80,071
of which Non-recurring financial income: +€57,229
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 | €1,991,984 | €1,676,289 | -€315,695 | -15.8% |
| Fixed assets | 21/28 | €1,173,973 | €1,157,310 | -€16,663 | -1.4% |
| Tangible fixed assets | 22/27 | €1,073,980 | €1,057,317 | -€16,663 | -1.6% |
| Land and buildings | 22 | €1,058,298 | €1,049,298 | -€9,000 | -0.9% |
| Furniture and vehicles | 24 | €7,663 | - | -€7,663 | |
| Other tangible fixed assets | 26 | €8,019 | €8,019 | = | 0.0% |
| Financial fixed assets | 28 | €99,993 | €99,993 | = | 0.0% |
| Current assets | 29/58 | €818,011 | €518,979 | -€299,032 | -36.6% |
| Amounts receivable after more than one year | 29 | €696,173 | €396,052 | -€300,121 | -43.1% |
| Other amounts receivable | 291 | €696,173 | €396,052 | -€300,121 | -43.1% |
| Amounts receivable within one year | 40/41 | €19,527 | €102,293 | +€82,766 | +424% |
| Trade receivables | 40 | €11,655 | €50,872 | +€39,217 | +336% |
| Other amounts receivable | 41 | €7,872 | €51,421 | +€43,549 | +553% |
| Current investments | 50/53 | €88,389 | - | -€88,389 | |
| Cash at bank and in hand | 54/58 | €13,922 | €12,484 | -€1,438 | -10.3% |
| Deferred charges and accrued income | 490/1 | - | €8,150 | +€8,150 | |
| Total equity and liabilities | 10/49 | €1,991,984 | €1,676,289 | -€315,695 | -15.8% |
| Equity | 10/15 | €1,790,721 | €1,460,039 | -€330,682 | -18.5% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Reserves | 13 | €1,557,459 | €1,226,311 | -€331,148 | -21.3% |
| Distributable reserves | 133 | €1,557,459 | €1,226,311 | -€331,148 | -21.3% |
| Profit (loss) carried forward | 14 | €212,857 | €213,323 | +€466 | +0.2% |
| Amounts payable | 17/49 | €201,263 | €216,250 | +€14,987 | +7.4% |
| Amounts payable within one year | 42/48 | €201,263 | €216,250 | +€14,987 | +7.4% |
| Trade debts | 44 | €3,738 | €4,384 | +€646 | +17.3% |
| Suppliers | 440/4 | €3,738 | €4,384 | +€646 | +17.3% |
| Taxes, remuneration and social security | 45 | €73,414 | €111,226 | +€37,812 | +51.5% |
| Taxes | 450/3 | €69,836 | €107,630 | +€37,794 | +54.1% |
| Remuneration and social security | 454/9 | €3,578 | €3,596 | +€18 | +0.5% |
| Other amounts payable | 47/48 | €124,111 | €100,640 | -€23,471 | -18.9% |
| Remuneration, social security and pensions | 62 | €18,878 | €19,179 | +€301 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,026 | €16,663 | -€363 | -2.1% |
| Other operating charges | 640/8 | €1,907 | €2,129 | +€222 | +11.6% |
| Gross operating margin | 9900 | €84,117 | €178,797 | +€94,680 | +113% |
| Operating profit (loss) | 9901 | €46,306 | €140,826 | +€94,520 | +204% |
| Financial income | 75/76B | €47,372 | €80,071 | +€32,699 | +69.0% |
| Recurring financial income | 75 | €33,790 | €9,260 | -€24,530 | -72.6% |
| Non-recurring financial income | 76B | €13,582 | €70,811 | +€57,229 | +421% |
| Financial charges | 65/66B | €553 | €493 | -€60 | -10.8% |
| Recurring financial charges | 65 | €294 | €322 | +€28 | +9.5% |
| Non-recurring financial charges | 66B | €259 | €171 | -€88 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €93,125 | €220,404 | +€127,279 | +137% |
| Income taxes | 67/77 | €30,506 | €72,161 | +€41,655 | +137% |
| Profit (loss) for the period | 9904 | €62,619 | €148,243 | +€85,624 | +137% |
| Transfer to tax-exempt reserves | 689 | - | €148,243 | +€148,243 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,619 | €0 | -€62,619 | -100% |
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 21 October 2026 via checked.be.