MARCH ANTWERPEN: 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.
MARCH ANTWERPEN
Largest movements
- Receivables within one year +€26,883
up €26,883 (+31.7%), from €84,767 to €111,650
of which Trade receivables: +€26,400
- Deferred charges and accrued income +€1,207
new in 2025: €1,207
- Accrued charges and deferred income +€50,208
new in 2025: €50,208
- Profit (loss) carried forward +€35,222
up €35,222 (+8.6%), from -€409,882 to -€374,660
- Trade debts -€31,117
down €31,117 (-60.0%), from €51,854 to €20,737
- Other debts -€27,997
down €27,997 (-7.1%), from €394,475 to €366,479
- Tax, wage and social debts +€1,683
up €1,683 (+3.3%), from €51,447 to €53,130
of which Taxes: +€4,326
- Gross operating margin +€111,483
up €111,483 (+197%), from €56,573 to €168,056
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 | €88,894 | €116,894 | +€28,000 | +31.5% |
| Fixed assets | 21/28 | €4,113 | €3,246 | -€867 | -21.1% |
| Intangible fixed assets | 21 | €685 | €463 | -€222 | -32.4% |
| Tangible fixed assets | 22/27 | €728 | €83 | -€645 | -88.6% |
| Plant, machinery and equipment | 23 | €573 | - | -€573 | |
| Furniture and vehicles | 24 | €155 | €83 | -€72 | -46.4% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €84,781 | €113,648 | +€28,867 | +34.0% |
| Amounts receivable within one year | 40/41 | €84,767 | €111,650 | +€26,883 | +31.7% |
| Trade receivables | 40 | €84,579 | €110,979 | +€26,400 | +31.2% |
| Other amounts receivable | 41 | €188 | €671 | +€483 | +257% |
| Cash at bank and in hand | 54/58 | €14 | €791 | +€777 | +5,412% |
| Deferred charges and accrued income | 490/1 | - | €1,207 | +€1,207 | |
| Total equity and liabilities | 10/49 | €88,894 | €116,894 | +€28,000 | +31.5% |
| Equity | 10/15 | -€408,882 | -€373,660 | +€35,222 | +8.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€409,882 | -€374,660 | +€35,222 | +8.6% |
| Amounts payable | 17/49 | €497,776 | €490,554 | -€7,222 | -1.5% |
| Amounts payable within one year | 42/48 | €497,776 | €440,346 | -€57,431 | -11.5% |
| Trade debts | 44 | €51,854 | €20,737 | -€31,117 | -60.0% |
| Suppliers | 440/4 | €51,854 | €20,737 | -€31,117 | -60.0% |
| Taxes, remuneration and social security | 45 | €51,447 | €53,130 | +€1,683 | +3.3% |
| Taxes | 450/3 | €25,217 | €29,543 | +€4,326 | +17.2% |
| Remuneration and social security | 454/9 | €26,230 | €23,587 | -€2,643 | -10.1% |
| Other amounts payable | 47/48 | €394,475 | €366,479 | -€27,997 | -7.1% |
| Accrued charges and deferred income | 492/3 | - | €50,208 | +€50,208 | |
| Non-recurring operating income | 76A | - | €6,849 | +€6,849 | |
| Remuneration, social security and pensions | 62 | €121,493 | €121,788 | +€295 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,568 | €867 | -€701 | -44.7% |
| Other operating charges | 640/8 | €1,994 | €847 | -€1,147 | -57.5% |
| Gross operating margin | 9900 | €56,573 | €168,056 | +€111,483 | +197% |
| Operating profit (loss) | 9901 | -€68,482 | €44,554 | +€113,037 | |
| Financial income | 75/76B | €130 | - | -€130 | |
| Recurring financial income | 75 | €130 | - | -€130 | |
| Financial charges | 65/66B | €7,895 | €8,980 | +€1,085 | +13.7% |
| Recurring financial charges | 65 | €7,895 | €8,980 | +€1,085 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | -€76,247 | €35,574 | +€111,821 | |
| Income taxes | 67/77 | €349 | €352 | +€3 | +0.9% |
| Profit (loss) for the period | 9904 | -€76,596 | €35,222 | +€111,818 | |
| Profit (loss) for the period to be appropriated | 9905 | -€76,596 | €35,222 | +€111,818 |
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 1 November 2026 via checked.be.