Marian Dewaersegger: 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.
Marian Dewaersegger
Largest movements
- Financial fixed assets +€200,000
up €200,000 (+116%), from €172,977 to €372,977
- Receivables within one year +€116,738
up €116,738 (+155%), from €75,086 to €191,824
of which Trade receivables: +€116,738
- Cash -€38,400
down €38,400 (-57.6%), from €66,619 to €28,220
mainly Contributions, distributions and other (-€260,000) and Investment in fixed assets (net) (-€200,000)
- Debts after one year +€123,251
new in 2025: €123,251
- Other debts +€101,863
up €101,863 (+71.7%), from €142,015 to €243,878
- Current portion of long-term debt +€38,897
up €38,897, from €0 to €38,897
- Tax, wage and social debts +€26,781
up €26,781 (+274%), from €9,760 to €36,541
- Profit (loss) carried forward -€15,417
down €15,417 (-10.5%), from €147,349 to €131,932
- Gross operating margin +€143,759
up €143,759 (+72.4%), from €198,558 to €342,316
- Taxes +€42,126
up €42,126 (+84.8%), from €49,678 to €91,803
- Financial income -€34,085
down €34,085 (-100%), from €34,085 to €0
- Financial charges +€5,032
up €5,032 (+2,320%), from €217 to €5,249
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 | €318,652 | €594,751 | +€276,099 | +86.6% |
| Fixed assets | 21/28 | €174,684 | €374,003 | +€199,319 | +114% |
| Tangible fixed assets | 22/27 | €1,706 | €1,025 | -€681 | -39.9% |
| Plant, machinery and equipment | 23 | €1,706 | €1,025 | -€681 | -39.9% |
| Financial fixed assets | 28 | €172,977 | €372,977 | +€200,000 | +116% |
| Current assets | 29/58 | €143,968 | €220,748 | +€76,780 | +53.3% |
| Amounts receivable within one year | 40/41 | €75,086 | €191,824 | +€116,738 | +155% |
| Trade receivables | 40 | €72,764 | €189,502 | +€116,738 | +160% |
| Other amounts receivable | 41 | €2,322 | €2,322 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €66,619 | €28,220 | -€38,400 | -57.6% |
| Deferred charges and accrued income | 490/1 | €2,263 | €704 | -€1,559 | -68.9% |
| Total equity and liabilities | 10/49 | €318,652 | €594,751 | +€276,099 | +86.6% |
| Equity | 10/15 | €165,949 | €150,532 | -€15,417 | -9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,349 | €131,932 | -€15,417 | -10.5% |
| Amounts payable | 17/49 | €152,703 | €444,219 | +€291,516 | +191% |
| Amounts payable after more than one year | 17 | - | €123,251 | +€123,251 | |
| Financial debts | 170/4 | - | €123,251 | +€123,251 | |
| Amounts payable within one year | 42/48 | €152,703 | €320,968 | +€168,265 | +110% |
| Current portion of amounts payable after more than one year | 42 | €0 | €38,897 | +€38,897 | |
| Trade debts | 44 | €929 | €1,652 | +€723 | +77.9% |
| Suppliers | 440/4 | €929 | €1,652 | +€723 | +77.9% |
| Taxes, remuneration and social security | 45 | €9,760 | €36,541 | +€26,781 | +274% |
| Taxes | 450/3 | €9,760 | €36,541 | +€26,781 | +274% |
| Other amounts payable | 47/48 | €142,015 | €243,878 | +€101,863 | +71.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250 | €681 | +€432 | +173% |
| Other operating charges | 640/8 | €150 | €0 | -€150 | -100% |
| Gross operating margin | 9900 | €198,558 | €342,316 | +€143,759 | +72.4% |
| Operating profit (loss) | 9901 | €198,158 | €341,635 | +€143,477 | +72.4% |
| Financial income | 75/76B | €34,085 | €0 | -€34,085 | -100% |
| Recurring financial income | 75 | €34,085 | €0 | -€34,085 | -100% |
| Financial charges | 65/66B | €217 | €5,249 | +€5,032 | +2,320% |
| Recurring financial charges | 65 | €217 | €5,249 | +€5,032 | +2,320% |
| Profit (loss) for the period before taxes | 9903 | €232,027 | €336,387 | +€104,360 | +45.0% |
| Income taxes | 67/77 | €49,678 | €91,803 | +€42,126 | +84.8% |
| Profit (loss) for the period | 9904 | €182,349 | €244,583 | +€62,234 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €182,349 | €244,583 | +€62,234 | +34.1% |
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.