Marijke Cannaerts: 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.
Marijke Cannaerts
Largest movements
- Cash +€32,685
up €32,685 (+16.4%), from €198,946 to €231,631
mainly Other debts (+€34,703) and Net result for the year (+€29,650)
- Tangible fixed assets -€13,483
down €13,483 (-5.2%), from €258,316 to €244,834
of which Land and buildings: -€13,159
- Other debts +€34,703
up €34,703 (+75.3%), from €46,071 to €80,774
- Reserves -€11,468
down €11,468 (-5.1%), from €223,690 to €212,222
of which Distributable reserves: -€11,468
- Profit (loss) carried forward +€6,781
no longer reported in 2025 (was -€6,781)
- Debts after one year -€6,643
down €6,643 (-3.7%), from €180,036 to €173,393
- Gross operating margin -€43,799
down €43,799 (-39.3%), from €111,435 to €67,636
- Taxes -€10,097
down €10,097 (-47.0%), from €21,470 to €11,373
- Depreciation -€6,110
down €6,110 (-29.4%), from €20,748 to €14,638
- Financial charges -€1,373
down €1,373 (-10.2%), from €13,470 to €12,098
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 | €465,021 | €490,496 | +€25,474 | +5.5% |
| Fixed assets | 21/28 | €258,316 | €244,834 | -€13,483 | -5.2% |
| Tangible fixed assets | 22/27 | €258,316 | €244,834 | -€13,483 | -5.2% |
| Land and buildings | 22 | €250,892 | €237,733 | -€13,159 | -5.2% |
| Plant, machinery and equipment | 23 | €7,424 | €7,101 | -€323 | -4.4% |
| Current assets | 29/58 | €206,705 | €245,662 | +€38,957 | +18.8% |
| Amounts receivable within one year | 40/41 | €7,061 | €9,163 | +€2,103 | +29.8% |
| Other amounts receivable | 41 | €7,061 | €9,163 | +€2,103 | +29.8% |
| Cash at bank and in hand | 54/58 | €198,946 | €231,631 | +€32,685 | +16.4% |
| Deferred charges and accrued income | 490/1 | €698 | €4,867 | +€4,169 | +597% |
| Total equity and liabilities | 10/49 | €465,021 | €490,496 | +€25,474 | +5.5% |
| Equity | 10/15 | €223,109 | €218,422 | -€4,687 | -2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €223,690 | €212,222 | -€11,468 | -5.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €221,830 | €210,362 | -€11,468 | -5.2% |
| Profit (loss) carried forward | 14 | -€6,781 | - | +€6,781 | |
| Amounts payable | 17/49 | €241,912 | €272,074 | +€30,161 | +12.5% |
| Amounts payable after more than one year | 17 | €180,036 | €173,393 | -€6,643 | -3.7% |
| Financial debts | 170/4 | €180,036 | €173,393 | -€6,643 | -3.7% |
| Amounts payable within one year | 42/48 | €55,736 | €92,944 | +€37,207 | +66.8% |
| Current portion of amounts payable after more than one year | 42 | €6,381 | €6,643 | +€262 | +4.1% |
| Trade debts | 44 | - | €3,023 | +€3,023 | |
| Suppliers | 440/4 | - | €3,023 | +€3,023 | |
| Taxes, remuneration and social security | 45 | €3,285 | €2,504 | -€781 | -23.8% |
| Taxes | 450/3 | €3,285 | €2,504 | -€781 | -23.8% |
| Other amounts payable | 47/48 | €46,071 | €80,774 | +€34,703 | +75.3% |
| Accrued charges and deferred income | 492/3 | €6,140 | €5,737 | -€403 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,748 | €14,638 | -€6,110 | -29.4% |
| Other operating charges | 640/8 | €1,065 | €1,134 | +€69 | +6.5% |
| Gross operating margin | 9900 | €111,435 | €67,636 | -€43,799 | -39.3% |
| Operating profit (loss) | 9901 | €89,622 | €51,864 | -€37,758 | -42.1% |
| Financial income | 75/76B | €484 | €1,256 | +€772 | +159% |
| Recurring financial income | 75 | €484 | €1,256 | +€772 | +159% |
| Financial charges | 65/66B | €13,470 | €12,098 | -€1,373 | -10.2% |
| Recurring financial charges | 65 | €13,470 | €12,098 | -€1,373 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €76,636 | €41,022 | -€35,613 | -46.5% |
| Income taxes | 67/77 | €21,470 | €11,373 | -€10,097 | -47.0% |
| Profit (loss) for the period | 9904 | €55,166 | €29,650 | -€25,516 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,166 | €29,650 | -€25,516 | -46.3% |
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 13 October 2026 via checked.be.