Marcel Van Den Eynde: 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.
What changed
Marcel Van Den Eynde
NACE 46.496, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,944
2024 · €78,837-€73,893
Equity
€419,147
2024 · €414,202+€4,944
Cash
€69,271
2024 · €46,228+€23,043
Balance sheet total
€1.4m
2024 · €1.4m-€54,066
Largest movements
Assets
- Current investments -€50,045
down €50,045 (-83.3%), from €60,045 to €10,000
- Cash +€23,043
up €23,043 (+49.8%), from €46,228 to €69,271
mainly Depreciation (+€64,186) and Current investments (+€50,045)
- Stocks and contracts -€19,078
down €19,078 (-2.7%), from €706,580 to €687,502
Equity and liabilities
- Debts after one year -€59,148
down €59,148 (-11.1%), from €531,428 to €472,280
- Other debts +€15,598
up €15,598 (+9.0%), from €172,857 to €188,455
- Trade debts -€14,433
down €14,433 (-12.8%), from €112,543 to €98,110
Income statement
- Gross operating margin -€54,262
down €54,262 (-8.2%), from €664,222 to €609,960
- Staff costs +€23,703
up €23,703 (+5.3%), from €448,888 to €472,591
- Taxes -€18,852
down €18,852 (-82.1%), from €22,969 to €4,118
- Depreciation +€13,063
up €13,063 (+25.6%), from €51,124 to €64,186
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.
Result 2024
€78,837
Gross operating margin
-€54,262
Staff costs
-€23,703
Depreciation
-€13,063
Other operating charges
-€2,361
Financial income
-€63
Financial charges
+€707
Taxes
+€18,852
Result 2025
€4,944
raises the resultlowers the result
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.
From operations
+€71,970
Investment
+€1,439
Financing
-€50,365
Cash 2024
€46,228
From operations (derived)
+€71,970
Net result for the year
+€4,944
Depreciation
+€64,186
Stocks and contracts
+€19,078
Receivables within one year
+€5,160
Deferred charges and accrued income
-€12,755
Trade debts
-€14,433
Tax, wage and social debts
-€6,487
Other debts
+€15,598
Accrued charges and deferred income
-€3,323
Investment (derived)
+€1,439
Investment in fixed assets (net)
-€48,606
Current investments
+€50,045
Financing
-€50,365
Debts after one year
-€59,148
Current portion of long-term debt
+€783
Short-term financial debts
+€8,000
Cash 2025
€69,271
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,420,730 | €1,366,664 | -€54,066 | -3.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €350,225 | €334,645 | -€15,580 | -4.4% |
| Intangible fixed assets | 21 | €43,489 | €38,195 | -€5,294 | -12.2% |
| Tangible fixed assets | 22/27 | €293,704 | €283,418 | -€10,286 | -3.5% |
| Land and buildings | 22 | €65,694 | €65,694 | = | 0.0% |
| Plant, machinery and equipment | 23 | €217,159 | €182,388 | -€34,771 | -16.0% |
| Furniture and vehicles | 24 | €10,851 | €35,336 | +€24,485 | +226% |
| Financial fixed assets | 28 | €13,033 | €13,033 | = | 0.0% |
| Current assets | 29/58 | €1,070,504 | €1,032,018 | -€38,486 | -3.6% |
| Amounts receivable after more than one year | 29 | €115,000 | €115,000 | = | 0.0% |
| Other amounts receivable | 291 | €115,000 | €115,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €706,580 | €687,502 | -€19,078 | -2.7% |
| Stocks | 30/36 | €706,580 | €687,502 | -€19,078 | -2.7% |
| Amounts receivable within one year | 40/41 | €141,892 | €136,732 | -€5,160 | -3.6% |
| Trade receivables | 40 | €55,883 | €42,061 | -€13,822 | -24.7% |
| Other amounts receivable | 41 | €86,009 | €94,671 | +€8,662 | +10.1% |
| Current investments | 50/53 | €60,045 | €10,000 | -€50,045 | -83.3% |
| Cash at bank and in hand | 54/58 | €46,228 | €69,271 | +€23,043 | +49.8% |
| Deferred charges and accrued income | 490/1 | €759 | €13,514 | +€12,755 | +1,679% |
| Total equity and liabilities | 10/49 | €1,420,730 | €1,366,664 | -€54,066 | -3.8% |
| Equity | 10/15 | €414,202 | €419,147 | +€4,944 | +1.2% |
| Contributions | 10/11 | €212,000 | €212,000 | = | 0.0% |
| Capital | 10 | €212,000 | €212,000 | = | 0.0% |
| Issued capital | 100 | €212,000 | €212,000 | = | 0.0% |
| Reserves | 13 | €202,202 | €207,147 | +€4,944 | +2.4% |
| Non-distributable reserves | 130/1 | €5,979 | €6,226 | +€247 | +4.1% |
| Legal reserve | 130 | €5,979 | €6,226 | +€247 | +4.1% |
| Distributable reserves | 133 | €196,224 | €200,921 | +€4,697 | +2.4% |
| Amounts payable | 17/49 | €1,006,527 | €947,517 | -€59,010 | -5.9% |
| Amounts payable after more than one year | 17 | €531,428 | €472,280 | -€59,148 | -11.1% |
| Financial debts | 170/4 | €531,428 | €472,280 | -€59,148 | -11.1% |
| Amounts payable within one year | 42/48 | €464,964 | €468,425 | +€3,461 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €109,981 | €110,763 | +€783 | +0.7% |
| Financial debts | 43 | €21,667 | €29,667 | +€8,000 | +36.9% |
| Other loans | 439 | €21,667 | €29,667 | +€8,000 | +36.9% |
| Trade debts | 44 | €112,543 | €98,110 | -€14,433 | -12.8% |
| Suppliers | 440/4 | €112,543 | €98,110 | -€14,433 | -12.8% |
| Taxes, remuneration and social security | 45 | €47,917 | €41,430 | -€6,487 | -13.5% |
| Taxes | 450/3 | €8,497 | - | -€8,497 | |
| Remuneration and social security | 454/9 | €39,420 | €41,430 | +€2,010 | +5.1% |
| Other amounts payable | 47/48 | €172,857 | €188,455 | +€15,598 | +9.0% |
| Accrued charges and deferred income | 492/3 | €10,135 | €6,812 | -€3,323 | -32.8% |
| Non-recurring operating income | 76A | €127 | - | -€127 | |
| Remuneration, social security and pensions | 62 | €448,888 | €472,591 | +€23,703 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,124 | €64,186 | +€13,063 | +25.6% |
| Other operating charges | 640/8 | €21,157 | €23,517 | +€2,361 | +11.2% |
| Gross operating margin | 9900 | €664,222 | €609,960 | -€54,262 | -8.2% |
| Operating profit (loss) | 9901 | €143,053 | €49,665 | -€93,388 | -65.3% |
| Financial income | 75/76B | €363 | €299 | -€63 | -17.4% |
| Recurring financial income | 75 | €363 | €299 | -€63 | -17.4% |
| Financial charges | 65/66B | €41,609 | €40,903 | -€707 | -1.7% |
| Recurring financial charges | 65 | €41,609 | €40,903 | -€707 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €101,806 | €9,062 | -€92,744 | -91.1% |
| Income taxes | 67/77 | €22,969 | €4,118 | -€18,852 | -82.1% |
| Profit (loss) for the period | 9904 | €78,837 | €4,944 | -€73,893 | -93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,837 | €4,944 | -€73,893 | -93.7% |
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 31 October 2026 via checked.be.