MARCEL VASTGOED: 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 VASTGOED
Largest movements
- Cash +€63,239
up €63,239 (+43.5%), from €145,379 to €208,619
mainly Net result for the year (+€79,429) and Tax, wage and social debts (+€7,665)
- Receivables within one year +€12,065
up €12,065 (+35.3%), from €34,218 to €46,283
of which Trade receivables: +€10,159
- Reserves +€79,429
up €79,429 (+54.5%), from €145,715 to €225,143
- Trade debts -€9,947
down €9,947 (-86.6%), from €11,489 to €1,542
- Tax, wage and social debts +€7,665
up €7,665 (+38.8%), from €19,743 to €27,408
- Gross operating margin +€17,989
up €17,989 (+20.0%), from €89,893 to €107,881
- Taxes -€1,219
down €1,219 (-4.2%), from €29,266 to €28,047
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 | €181,946 | €259,093 | +€77,147 | +42.4% |
| Fixed assets | 21/28 | €163 | €2,036 | +€1,873 | +1,147% |
| Tangible fixed assets | 22/27 | €163 | €2,036 | +€1,873 | +1,147% |
| Plant, machinery and equipment | 23 | €163 | €1,044 | +€881 | +540% |
| Furniture and vehicles | 24 | - | €992 | +€992 | |
| Current assets | 29/58 | €181,783 | €257,057 | +€75,274 | +41.4% |
| Amounts receivable within one year | 40/41 | €34,218 | €46,283 | +€12,065 | +35.3% |
| Trade receivables | 40 | €1,579 | €11,738 | +€10,159 | +643% |
| Other amounts receivable | 41 | €32,639 | €34,545 | +€1,906 | +5.8% |
| Cash at bank and in hand | 54/58 | €145,379 | €208,619 | +€63,239 | +43.5% |
| Deferred charges and accrued income | 490/1 | €2,185 | €2,155 | -€30 | -1.4% |
| Total equity and liabilities | 10/49 | €181,946 | €259,093 | +€77,147 | +42.4% |
| Equity | 10/15 | €150,715 | €230,143 | +€79,429 | +52.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €145,715 | €225,143 | +€79,429 | +54.5% |
| Distributable reserves | 133 | €145,715 | €225,143 | +€79,429 | +54.5% |
| Amounts payable | 17/49 | €31,231 | €28,950 | -€2,282 | -7.3% |
| Amounts payable within one year | 42/48 | €31,231 | €28,950 | -€2,282 | -7.3% |
| Trade debts | 44 | €11,489 | €1,542 | -€9,947 | -86.6% |
| Suppliers | 440/4 | €11,489 | €1,542 | -€9,947 | -86.6% |
| Taxes, remuneration and social security | 45 | €19,743 | €27,408 | +€7,665 | +38.8% |
| Taxes | 450/3 | €19,743 | €27,408 | +€7,665 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €401 | €235 | -€167 | -41.5% |
| Other operating charges | 640/8 | €597 | €871 | +€274 | +46.0% |
| Gross operating margin | 9900 | €89,893 | €107,881 | +€17,989 | +20.0% |
| Operating profit (loss) | 9901 | €88,895 | €106,776 | +€17,881 | +20.1% |
| Financial income | 75/76B | €1,661 | €1,820 | +€159 | +9.6% |
| Recurring financial income | 75 | €1,661 | €1,820 | +€159 | +9.6% |
| Financial charges | 65/66B | €298 | €1,121 | +€823 | +276% |
| Recurring financial charges | 65 | €298 | €1,121 | +€823 | +276% |
| Profit (loss) for the period before taxes | 9903 | €90,258 | €107,475 | +€17,217 | +19.1% |
| Income taxes | 67/77 | €29,266 | €28,047 | -€1,219 | -4.2% |
| Profit (loss) for the period | 9904 | €60,992 | €79,429 | +€18,437 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €60,992 | €79,429 | +€18,437 | +30.2% |
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 19 October 2026 via checked.be.