MARCEL THIRY WOLUWE: 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 THIRY WOLUWE
Largest movements
- Receivables within one year +€142,863
up €142,863 (+69.0%), from €207,147 to €350,010
- Cash -€43,026
down €43,026 (-82.7%), from €52,051 to €9,024
mainly Trade debts (-€144,649) and Receivables within one year (-€142,863)
- Stocks and contracts -€28,875
down €28,875 (-39.3%), from €73,500 to €44,625
- Profit (loss) carried forward +€209,944
up €209,944, from -€176,163 to €33,781
- Trade debts -€144,649
down €144,649 (-32.4%), from €446,400 to €301,751
- Reserves +€5,189
up €5,189 (+540%), from €961 to €6,150
- Gross operating margin -€569,017
down €569,017 (-88.6%), from €642,003 to €72,986
- Financial income +€137,716
up €137,716 (+2,676%), from €5,147 to €142,863
of which Non-recurring financial income: +€136,000
- Financial charges -€136,007
down €136,007 (-99.8%), from €136,245 to €238
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 | €332,698 | €403,659 | +€70,961 | +21.3% |
| Current assets | 29/58 | €332,698 | €403,659 | +€70,961 | +21.3% |
| Stocks and contracts in progress | 3 | €73,500 | €44,625 | -€28,875 | -39.3% |
| Stocks | 30/36 | €73,500 | €44,625 | -€28,875 | -39.3% |
| Amounts receivable within one year | 40/41 | €207,147 | €350,010 | +€142,863 | +69.0% |
| Other amounts receivable | 41 | €207,147 | €350,010 | +€142,863 | +69.0% |
| Cash at bank and in hand | 54/58 | €52,051 | €9,024 | -€43,026 | -82.7% |
| Total equity and liabilities | 10/49 | €332,698 | €403,659 | +€70,961 | +21.3% |
| Equity | 10/15 | -€113,702 | €101,431 | +€215,133 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €961 | €6,150 | +€5,189 | +540% |
| Non-distributable reserves | 130/1 | €961 | €6,150 | +€5,189 | +540% |
| Legal reserve | 130 | €961 | €6,150 | +€5,189 | +540% |
| Profit (loss) carried forward | 14 | -€176,163 | €33,781 | +€209,944 | |
| Amounts payable | 17/49 | €446,400 | €302,228 | -€144,172 | -32.3% |
| Amounts payable within one year | 42/48 | €446,400 | €302,228 | -€144,172 | -32.3% |
| Trade debts | 44 | €446,400 | €301,751 | -€144,649 | -32.4% |
| Suppliers | 440/4 | €446,400 | €301,751 | -€144,649 | -32.4% |
| Taxes, remuneration and social security | 45 | - | €478 | +€478 | |
| Taxes | 450/3 | - | €478 | +€478 | |
| Gross operating margin | 9900 | €642,003 | €72,986 | -€569,017 | -88.6% |
| Operating profit (loss) | 9901 | €642,003 | €72,986 | -€569,017 | -88.6% |
| Financial income | 75/76B | €5,147 | €142,863 | +€137,716 | +2,676% |
| Recurring financial income | 75 | €5,147 | €6,863 | +€1,716 | +33.3% |
| Non-recurring financial income | 76B | - | €136,000 | +€136,000 | |
| Financial charges | 65/66B | €136,245 | €238 | -€136,007 | -99.8% |
| Recurring financial charges | 65 | €136,245 | €238 | -€136,007 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | €510,904 | €215,610 | -€295,294 | -57.8% |
| Income taxes | 67/77 | - | €478 | +€478 | |
| Profit (loss) for the period | 9904 | €510,904 | €215,133 | -€295,771 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €510,904 | €215,133 | -€295,771 | -57.9% |
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 14 October 2026 via checked.be.