Mark Sheikh: 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 Sheikh
Largest movements
- Cash +€148,363
up €148,363 (+145%), from €102,277 to €250,641
mainly Net result for the year (+€326,924) and Tax, wage and social debts (+€15,278)
- Tangible fixed assets +€39,150
up €39,150 (+522%), from €7,503 to €46,653
of which Furniture and vehicles: +€40,612
- Receivables within one year +€22,801
new in 2025: €22,801
- Financial fixed assets +€15,000
up €15,000 (+16.5%), from €91,000 to €106,000
- Reserves +€223,710
up €223,710 (+23.4%), from €955,779 to €1.2m
of which Distributable reserves: +€223,710
- Tax, wage and social debts +€15,278
up €15,278 (+26.6%), from €57,541 to €72,819
- Gross operating margin +€70,244
up €70,244 (+17.9%), from €391,367 to €461,611
- Depreciation -€40,830
down €40,830 (-83.0%), from €49,180 to €8,351
- Taxes +€35,029
up €35,029 (+29.8%), from €117,633 to €152,661
- Financial income +€7,905
up €7,905 (+29.0%), from €27,301 to €35,207
- Other operating charges +€5,767
up €5,767 (+472%), from €1,222 to €6,989
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 | €1,062,863 | €1,300,387 | +€237,525 | +22.3% |
| Fixed assets | 21/28 | €110,503 | €164,653 | +€54,150 | +49.0% |
| Intangible fixed assets | 21 | €12,000 | €12,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €7,503 | €46,653 | +€39,150 | +522% |
| Plant, machinery and equipment | 23 | €5,710 | €4,248 | -€1,462 | -25.6% |
| Furniture and vehicles | 24 | €1,793 | €42,405 | +€40,612 | +2,265% |
| Financial fixed assets | 28 | €91,000 | €106,000 | +€15,000 | +16.5% |
| Current assets | 29/58 | €952,359 | €1,135,735 | +€183,375 | +19.3% |
| Amounts receivable within one year | 40/41 | - | €22,801 | +€22,801 | |
| Other amounts receivable | 41 | - | €22,801 | +€22,801 | |
| Current investments | 50/53 | €850,082 | €850,082 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €102,277 | €250,641 | +€148,363 | +145% |
| Deferred charges and accrued income | 490/1 | - | €12,211 | +€12,211 | |
| Total equity and liabilities | 10/49 | €1,062,863 | €1,300,387 | +€237,525 | +22.3% |
| Equity | 10/15 | €1,003,848 | €1,227,558 | +€223,710 | +22.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €955,779 | €1,179,489 | +€223,710 | +23.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €953,919 | €1,177,629 | +€223,710 | +23.5% |
| Profit (loss) carried forward | 14 | €35,669 | €35,669 | = | 0.0% |
| Amounts payable | 17/49 | €59,015 | €72,829 | +€13,814 | +23.4% |
| Amounts payable within one year | 42/48 | €59,015 | €72,829 | +€13,814 | +23.4% |
| Trade debts | 44 | €532 | €10 | -€522 | -98.1% |
| Suppliers | 440/4 | €532 | €10 | -€522 | -98.1% |
| Taxes, remuneration and social security | 45 | €57,541 | €72,819 | +€15,278 | +26.6% |
| Taxes | 450/3 | €57,541 | €72,819 | +€15,278 | +26.6% |
| Other amounts payable | 47/48 | €942 | - | -€942 | |
| Remuneration, social security and pensions | 62 | €1,728 | €1,728 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,180 | €8,351 | -€40,830 | -83.0% |
| Other operating charges | 640/8 | €1,222 | €6,989 | +€5,767 | +472% |
| Gross operating margin | 9900 | €391,367 | €461,611 | +€70,244 | +17.9% |
| Operating profit (loss) | 9901 | €339,237 | €444,544 | +€105,307 | +31.0% |
| Financial income | 75/76B | €27,301 | €35,207 | +€7,905 | +29.0% |
| Recurring financial income | 75 | €27,301 | €35,207 | +€7,905 | +29.0% |
| Financial charges | 65/66B | €177 | €165 | -€11 | -6.5% |
| Recurring financial charges | 65 | €177 | €165 | -€11 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €366,362 | €479,585 | +€113,223 | +30.9% |
| Income taxes | 67/77 | €117,633 | €152,661 | +€35,029 | +29.8% |
| Profit (loss) for the period | 9904 | €248,729 | €326,924 | +€78,195 | +31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €248,729 | €326,924 | +€78,195 | +31.4% |
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 30 October 2026 via checked.be.