MARJAN DE GROOT: 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.
MARJAN DE GROOT
Largest movements
- Intangible fixed assets -€82,765
down €82,765 (-11.1%), from €744,881 to €662,116
- Cash -€72,649
down €72,649 (-97.7%), from €74,345 to €1,696
mainly Net result for the year (-€107,380) and Short-term financial debts (-€70,000)
- Tangible fixed assets -€34,943
down €34,943 (-5.1%), from €681,544 to €646,601
of which Land and buildings: -€32,271
- Receivables within one year +€18,493
up €18,493 (+100.8%), from €18,338 to €36,831
- Profit (loss) carried forward -€190,144
down €190,144 (-58.3%), from -€326,054 to -€516,198
- Reserves +€82,765
up €82,765 (+54.1%), from €153,117 to €235,881
of which Tax-exempt reserves: +€82,765
- Short-term financial debts -€70,000
no longer reported in 2025 (was €70,000)
- Other debts +€44,966
up €44,966 (+3.7%), from €1.2m to €1.3m
- Debts after one year -€39,922
down €39,922 (-12.2%), from €327,080 to €287,158
- Gross operating margin -€591,753
down €591,753 (-91.4%), from €647,783 to €56,030
- Taxes -€103,021
down €103,021 (-99.9%), from €103,169 to €148
- Financial charges -€59,380
down €59,380 (-79.1%), from €75,047 to €15,668
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.
Cash bridge derived
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 | €1,519,107 | €1,350,593 | -€168,514 | -11.1% |
| Fixed assets | 21/28 | €1,426,424 | €1,308,717 | -€117,708 | -8.3% |
| Intangible fixed assets | 21 | €744,881 | €662,116 | -€82,765 | -11.1% |
| Tangible fixed assets | 22/27 | €681,544 | €646,601 | -€34,943 | -5.1% |
| Land and buildings | 22 | €652,202 | €619,931 | -€32,271 | -4.9% |
| Plant, machinery and equipment | 23 | - | €6,869 | +€6,869 | |
| Furniture and vehicles | 24 | €29,341 | €19,800 | -€9,541 | -32.5% |
| Current assets | 29/58 | €92,683 | €41,877 | -€50,806 | -54.8% |
| Amounts receivable within one year | 40/41 | €18,338 | €36,831 | +€18,493 | +100.8% |
| Other amounts receivable | 41 | €18,338 | €36,831 | +€18,493 | +100.8% |
| Cash at bank and in hand | 54/58 | €74,345 | €1,696 | -€72,649 | -97.7% |
| Deferred charges and accrued income | 490/1 | - | €3,349 | +€3,349 | |
| Total equity and liabilities | 10/49 | €1,519,107 | €1,350,593 | -€168,514 | -11.1% |
| Equity | 10/15 | -€154,337 | -€261,717 | -€107,380 | -69.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €153,117 | €235,881 | +€82,765 | +54.1% |
| Tax-exempt reserves | 132 | €82,765 | €165,529 | +€82,765 | +100.0% |
| Distributable reserves | 133 | €70,352 | €70,352 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€326,054 | -€516,198 | -€190,144 | -58.3% |
| Amounts payable | 17/49 | €1,673,444 | €1,612,310 | -€61,134 | -3.7% |
| Amounts payable after more than one year | 17 | €327,080 | €287,158 | -€39,922 | -12.2% |
| Financial debts | 170/4 | €327,080 | €287,158 | -€39,922 | -12.2% |
| Amounts payable within one year | 42/48 | €1,346,364 | €1,325,152 | -€21,213 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €40,709 | €39,922 | -€787 | -1.9% |
| Financial debts | 43 | €70,000 | - | -€70,000 | |
| Credit institutions | 430/8 | €70,000 | - | -€70,000 | |
| Trade debts | 44 | €6,663 | €3,520 | -€3,143 | -47.2% |
| Suppliers | 440/4 | €6,663 | €3,520 | -€3,143 | -47.2% |
| Taxes, remuneration and social security | 45 | €2,697 | €10,448 | +€7,751 | +287.4% |
| Taxes | 450/3 | €2,697 | €10,448 | +€7,751 | +287.4% |
| Other amounts payable | 47/48 | €1,226,296 | €1,271,262 | +€44,966 | +3.7% |
| Remuneration, social security and pensions | 62 | €8,203 | €6,699 | -€1,504 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,243 | €134,217 | -€1,026 | -0.8% |
| Other operating charges | 640/8 | €6,410 | €6,678 | +€268 | +4.2% |
| Gross operating margin | 9900 | €647,783 | €56,030 | -€591,753 | -91.4% |
| Operating profit (loss) | 9901 | €497,927 | -€91,564 | -€589,491 | |
| Financial charges | 65/66B | €75,047 | €15,668 | -€59,380 | -79.1% |
| Recurring financial charges | 65 | €75,047 | €15,668 | -€59,380 | -79.1% |
| Profit (loss) for the period before taxes | 9903 | €422,880 | -€107,232 | -€530,112 | |
| Income taxes | 67/77 | €103,169 | €148 | -€103,021 | -99.9% |
| Profit (loss) for the period | 9904 | €319,711 | -€107,380 | -€427,091 | |
| Transfer to tax-exempt reserves | 689 | €82,765 | €82,765 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €236,946 | -€190,144 | -€427,091 |
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 11 October 2026 via checked.be.