Marjan Van Gemert: 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 Van Gemert
Largest movements
- Receivables within one year +€87,065
up €87,065 (+131%), from €66,519 to €153,584
of which Trade receivables: +€92,654
- Intangible fixed assets -€31,570
down €31,570 (-79.2%), from €39,865 to €8,295
- Cash -€31,224
down €31,224 (-33.0%), from €94,514 to €63,290
mainly Receivables within one year (-€87,065) and Other debts (-€68,038)
- Financial fixed assets -€4,305
down €4,305 (-100%), from €4,305 to €0
- Tangible fixed assets +€3,164
up €3,164 (+36.3%), from €8,706 to €11,870
of which Plant, machinery and equipment: +€2,766
- Reserves +€71,404
up €71,404 (+104%), from €68,361 to €139,765
- Other debts -€68,038
down €68,038 (-70.0%), from €97,248 to €29,210
- Tax, wage and social debts +€32,201
up €32,201 (+247%), from €13,030 to €45,232
- Current portion of long-term debt -€6,562
down €6,562 (-84.4%), from €7,771 to €1,209
- Trade debts -€5,308
down €5,308 (-80.2%), from €6,620 to €1,312
- Gross operating margin +€66,805
up €66,805 (+98.7%), from €67,714 to €134,519
- Taxes +€26,084
up €26,084 (+240%), from €10,890 to €36,974
- Depreciation -€10,853
down €10,853 (-70.4%), from €15,426 to €4,573
- Financial charges +€2,591
up €2,591 (+215%), from €1,206 to €3,798
of which Financial charges: +€1,375
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 | €214,534 | €237,038 | +€22,504 | +10.5% |
| Fixed assets | 21/28 | €52,876 | €20,165 | -€32,711 | -61.9% |
| Intangible fixed assets | 21 | €39,865 | €8,295 | -€31,570 | -79.2% |
| Tangible fixed assets | 22/27 | €8,706 | €11,870 | +€3,164 | +36.3% |
| Plant, machinery and equipment | 23 | €187 | €2,953 | +€2,766 | +1,480% |
| Furniture and vehicles | 24 | €8,519 | €8,917 | +€398 | +4.7% |
| Financial fixed assets | 28 | €4,305 | €0 | -€4,305 | -100% |
| Current assets | 29/58 | €161,659 | €216,874 | +€55,215 | +34.2% |
| Amounts receivable within one year | 40/41 | €66,519 | €153,584 | +€87,065 | +131% |
| Trade receivables | 40 | €60,820 | €153,474 | +€92,654 | +152% |
| Other amounts receivable | 41 | €5,699 | €110 | -€5,589 | -98.1% |
| Cash at bank and in hand | 54/58 | €94,514 | €63,290 | -€31,224 | -33.0% |
| Deferred charges and accrued income | 490/1 | €625 | €0 | -€625 | -100% |
| Total equity and liabilities | 10/49 | €214,534 | €237,038 | +€22,504 | +10.5% |
| Equity | 10/15 | €86,961 | €158,365 | +€71,404 | +82.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €68,361 | €139,765 | +€71,404 | +104% |
| Distributable reserves | 133 | €68,361 | €139,765 | +€71,404 | +104% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €127,573 | €78,673 | -€48,900 | -38.3% |
| Amounts payable after more than one year | 17 | €1,209 | €0 | -€1,209 | -100% |
| Financial debts | 170/4 | €1,209 | €0 | -€1,209 | -100% |
| Amounts payable within one year | 42/48 | €126,365 | €78,673 | -€47,691 | -37.7% |
| Current portion of amounts payable after more than one year | 42 | €7,771 | €1,209 | -€6,562 | -84.4% |
| Financial debts | 43 | €1,695 | €1,711 | +€16 | +0.9% |
| Credit institutions | 430/8 | €1,695 | €1,711 | +€16 | +0.9% |
| Trade debts | 44 | €6,620 | €1,312 | -€5,308 | -80.2% |
| Suppliers | 440/4 | €6,620 | €1,312 | -€5,308 | -80.2% |
| Taxes, remuneration and social security | 45 | €13,030 | €45,232 | +€32,201 | +247% |
| Taxes | 450/3 | €13,030 | €45,232 | +€32,201 | +247% |
| Other amounts payable | 47/48 | €97,248 | €29,210 | -€68,038 | -70.0% |
| Non-recurring operating income | 76A | - | €4,642 | +€4,642 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,426 | €4,573 | -€10,853 | -70.4% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €67,714 | €134,519 | +€66,805 | +98.7% |
| Operating profit (loss) | 9901 | €51,783 | €129,427 | +€77,644 | +150% |
| Financial income | 75/76B | €18 | €0 | -€18 | -100% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -100% |
| Financial charges | 65/66B | €1,206 | €3,798 | +€2,591 | +215% |
| Recurring financial charges | 65 | €1,206 | €2,581 | +€1,375 | +114% |
| Non-recurring financial charges | 66B | - | €1,217 | +€1,217 | |
| Profit (loss) for the period before taxes | 9903 | €50,594 | €125,629 | +€75,035 | +148% |
| Income taxes | 67/77 | €10,890 | €36,974 | +€26,084 | +240% |
| Profit (loss) for the period | 9904 | €39,704 | €88,655 | +€48,951 | +123% |
| Profit (loss) for the period to be appropriated | 9905 | €39,704 | €88,655 | +€48,951 | +123% |
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 16 October 2026 via checked.be.