MARK DELANOTE: 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.
MARK DELANOTE
Largest movements
- Current investments +€344,922
up €344,922 (+52.3%), from €660,021 to €1.0m
- Cash -€61,331
down €61,331 (-25.1%), from €244,044 to €182,713
mainly Current investments (-€344,922) and Debts after one year (-€31,863)
- Tangible fixed assets -€29,628
down €29,628 (-3.1%), from €961,025 to €931,397
of which Land and buildings: -€24,075
- Reserves +€272,444
up €272,444 (+18.3%), from €1.5m to €1.8m
- Debts after one year -€31,863
down €31,863 (-8.4%), from €378,442 to €346,578
- Tax, wage and social debts +€26,152
up €26,152 (+119%), from €22,033 to €48,185
- Financial income +€70,935
up €70,935 (+3,235%), from €2,192 to €73,128
- Gross operating margin -€17,344
down €17,344 (-4.7%), from €365,941 to €348,597
- Taxes +€4,749
up €4,749 (+4.5%), from €105,892 to €110,641
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 | €1,939,175 | €2,210,014 | +€270,838 | +14.0% |
| Fixed assets | 21/28 | €962,055 | €931,397 | -€30,657 | -3.2% |
| Intangible fixed assets | 21 | €1,029 | €0 | -€1,029 | -100% |
| Tangible fixed assets | 22/27 | €961,025 | €931,397 | -€29,628 | -3.1% |
| Land and buildings | 22 | €944,407 | €920,332 | -€24,075 | -2.5% |
| Plant, machinery and equipment | 23 | €929 | €563 | -€366 | -39.4% |
| Furniture and vehicles | 24 | €15,690 | €10,503 | -€5,187 | -33.1% |
| Current assets | 29/58 | €977,121 | €1,278,616 | +€301,496 | +30.9% |
| Amounts receivable within one year | 40/41 | €69,522 | €87,290 | +€17,769 | +25.6% |
| Trade receivables | 40 | €67,829 | €87,248 | +€19,419 | +28.6% |
| Other amounts receivable | 41 | €1,693 | €42 | -€1,651 | -97.5% |
| Current investments | 50/53 | €660,021 | €1,004,943 | +€344,922 | +52.3% |
| Cash at bank and in hand | 54/58 | €244,044 | €182,713 | -€61,331 | -25.1% |
| Deferred charges and accrued income | 490/1 | €3,534 | €3,670 | +€136 | +3.9% |
| Total equity and liabilities | 10/49 | €1,939,175 | €2,210,014 | +€270,838 | +14.0% |
| Equity | 10/15 | €1,502,705 | €1,775,149 | +€272,444 | +18.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,490,305 | €1,762,749 | +€272,444 | +18.3% |
| Distributable reserves | 133 | €1,490,305 | €1,762,749 | +€272,444 | +18.3% |
| Amounts payable | 17/49 | €436,470 | €434,864 | -€1,606 | -0.4% |
| Amounts payable after more than one year | 17 | €378,442 | €346,578 | -€31,863 | -8.4% |
| Financial debts | 170/4 | €378,442 | €346,578 | -€31,863 | -8.4% |
| Amounts payable within one year | 42/48 | €58,029 | €88,286 | +€30,257 | +52.1% |
| Current portion of amounts payable after more than one year | 42 | €31,531 | €31,863 | +€332 | +1.1% |
| Financial debts | 43 | - | €44 | +€44 | |
| Credit institutions | 430/8 | - | €44 | +€44 | |
| Trade debts | 44 | €2,720 | €6,733 | +€4,013 | +148% |
| Suppliers | 440/4 | €2,720 | €6,733 | +€4,013 | +148% |
| Taxes, remuneration and social security | 45 | €22,033 | €48,185 | +€26,152 | +119% |
| Taxes | 450/3 | €22,033 | €48,185 | +€26,152 | +119% |
| Other amounts payable | 47/48 | €1,744 | €1,461 | -€284 | -16.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,988 | €30,657 | +€1,669 | +5.8% |
| Other operating charges | 640/8 | €3,380 | €3,634 | +€254 | +7.5% |
| Gross operating margin | 9900 | €365,941 | €348,597 | -€17,344 | -4.7% |
| Operating profit (loss) | 9901 | €333,572 | €314,305 | -€19,267 | -5.8% |
| Financial income | 75/76B | €2,192 | €73,128 | +€70,935 | +3,235% |
| Recurring financial income | 75 | €2,192 | €73,128 | +€70,935 | +3,235% |
| Financial charges | 65/66B | €4,653 | €4,348 | -€305 | -6.6% |
| Recurring financial charges | 65 | €4,653 | €4,348 | -€305 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €331,112 | €383,085 | +€51,973 | +15.7% |
| Income taxes | 67/77 | €105,892 | €110,641 | +€4,749 | +4.5% |
| Profit (loss) for the period | 9904 | €225,220 | €272,444 | +€47,225 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €225,220 | €272,444 | +€47,225 | +21.0% |
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 21 October 2026 via checked.be.