Mark Van Bogaert: 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 Van Bogaert
Largest movements
- Current investments +€99,177
new in 2025: €99,177
- Cash -€74,790
down €74,790 (-58.3%), from €128,239 to €53,449
mainly Current investments (-€99,177) and Contributions, distributions and other (-€26,661)
- Tangible fixed assets -€8,161
down €8,161 (-29.9%), from €27,307 to €19,145
- Other debts +€25,563
up €25,563 (+1,805%), from €1,416 to €26,979
- Reserves -€11,028
down €11,028 (-5.7%), from €192,519 to €181,492
- Tax, wage and social debts +€4,002
up €4,002 (+64.2%), from €6,238 to €10,240
- Gross operating margin -€27,734
down €27,734 (-48.5%), from €57,204 to €29,470
- Taxes -€7,653
down €7,653 (-48.1%), from €15,907 to €8,255
- Financial income +€3,912
new in 2025: €3,912
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 | €201,173 | €219,711 | +€18,538 | +9.2% |
| Fixed assets | 21/28 | €27,307 | €19,145 | -€8,161 | -29.9% |
| Tangible fixed assets | 22/27 | €27,307 | €19,145 | -€8,161 | -29.9% |
| Furniture and vehicles | 24 | €27,307 | €19,145 | -€8,161 | -29.9% |
| Current assets | 29/58 | €173,867 | €200,566 | +€26,699 | +15.4% |
| Amounts receivable after more than one year | 29 | €30,000 | €30,000 | = | 0.0% |
| Other amounts receivable | 291 | €30,000 | €30,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,935 | €2,757 | -€178 | -6.1% |
| Stocks | 30/36 | €2,935 | €2,757 | -€178 | -6.1% |
| Amounts receivable within one year | 40/41 | €12,692 | €14,337 | +€1,644 | +13.0% |
| Trade receivables | 40 | €12,692 | €8,737 | -€3,956 | -31.2% |
| Other amounts receivable | 41 | - | €5,600 | +€5,600 | |
| Current investments | 50/53 | - | €99,177 | +€99,177 | |
| Cash at bank and in hand | 54/58 | €128,239 | €53,449 | -€74,790 | -58.3% |
| Deferred charges and accrued income | 490/1 | - | €846 | +€846 | |
| Total equity and liabilities | 10/49 | €201,173 | €219,711 | +€18,538 | +9.2% |
| Equity | 10/15 | €193,519 | €182,492 | -€11,028 | -5.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €192,519 | €181,492 | -€11,028 | -5.7% |
| Distributable reserves | 133 | €192,519 | €181,492 | -€11,028 | -5.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €7,654 | €37,219 | +€29,566 | +386% |
| Amounts payable within one year | 42/48 | €7,654 | €37,219 | +€29,566 | +386% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €6,238 | €10,240 | +€4,002 | +64.2% |
| Taxes | 450/3 | €6,238 | €10,240 | +€4,002 | +64.2% |
| Other amounts payable | 47/48 | €1,416 | €26,979 | +€25,563 | +1,805% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,069 | €8,161 | +€92 | +1.1% |
| Other operating charges | 640/8 | €776 | €805 | +€29 | +3.8% |
| Gross operating margin | 9900 | €57,204 | €29,470 | -€27,734 | -48.5% |
| Operating profit (loss) | 9901 | €48,359 | €20,503 | -€27,855 | -57.6% |
| Financial income | 75/76B | - | €3,912 | +€3,912 | |
| Recurring financial income | 75 | - | €3,912 | +€3,912 | |
| Financial charges | 65/66B | €157 | €528 | +€371 | +236% |
| Recurring financial charges | 65 | €157 | €528 | +€371 | +236% |
| Profit (loss) for the period before taxes | 9903 | €48,202 | €23,888 | -€24,314 | -50.4% |
| Income taxes | 67/77 | €15,907 | €8,255 | -€7,653 | -48.1% |
| Profit (loss) for the period | 9904 | €32,294 | €15,634 | -€16,661 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,294 | €15,634 | -€16,661 | -51.6% |
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 14 October 2026 via checked.be.