MARKETING DEVELOPMENT: 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.
MARKETING DEVELOPMENT
Largest movements
- Receivables within one year +€76,237
up €76,237 (+41.4%), from €184,245 to €260,481
of which Trade receivables: +€66,283
- Cash -€46,202
down €46,202 (-10.0%), from €463,128 to €416,926
mainly Contributions, distributions and other (-€92,756) and Receivables within one year (-€76,237)
- Other debts +€24,838
up €24,838 (+38.4%), from €64,702 to €89,540
- Reserves +€10,244
up €10,244 (+3.0%), from €342,607 to €352,851
of which Distributable reserves: +€10,244
- Tax, wage and social debts -€9,216
down €9,216 (-11.8%), from €77,833 to €68,617
of which Taxes: -€17,467
- Trade debts +€7,523
up €7,523 (+26.7%), from €28,179 to €35,702
- Staff costs +€37,824
up €37,824 (+11.6%), from €327,239 to €365,064
- Gross operating margin -€31,550
down €31,550 (-5.6%), from €568,084 to €536,534
- Taxes -€10,817
down €10,817 (-17.1%), from €63,248 to €52,430
- Depreciation -€7,146
down €7,146 (-32.4%), from €22,073 to €14,927
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 | €709,135 | €742,883 | +€33,747 | +4.8% |
| Fixed assets | 21/28 | €60,693 | €63,823 | +€3,130 | +5.2% |
| Tangible fixed assets | 22/27 | €57,493 | €60,623 | +€3,130 | +5.4% |
| Furniture and vehicles | 24 | €57,493 | €60,623 | +€3,130 | +5.4% |
| Financial fixed assets | 28 | €3,200 | €3,200 | = | 0.0% |
| Current assets | 29/58 | €648,443 | €679,060 | +€30,618 | +4.7% |
| Amounts receivable within one year | 40/41 | €184,245 | €260,481 | +€76,237 | +41.4% |
| Trade receivables | 40 | €170,577 | €236,860 | +€66,283 | +38.9% |
| Other amounts receivable | 41 | €13,667 | €23,621 | +€9,954 | +72.8% |
| Cash at bank and in hand | 54/58 | €463,128 | €416,926 | -€46,202 | -10.0% |
| Deferred charges and accrued income | 490/1 | €1,069 | €1,653 | +€583 | +54.5% |
| Total equity and liabilities | 10/49 | €709,135 | €742,883 | +€33,747 | +4.8% |
| Equity | 10/15 | €538,422 | €549,024 | +€10,602 | +2.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €342,607 | €352,851 | +€10,244 | +3.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €336,107 | €346,351 | +€10,244 | +3.0% |
| Profit (loss) carried forward | 14 | €130,815 | €131,173 | +€358 | +0.3% |
| Amounts payable | 17/49 | €170,714 | €193,859 | +€23,146 | +13.6% |
| Amounts payable within one year | 42/48 | €170,714 | €193,859 | +€23,146 | +13.6% |
| Trade debts | 44 | €28,179 | €35,702 | +€7,523 | +26.7% |
| Suppliers | 440/4 | €28,179 | €35,702 | +€7,523 | +26.7% |
| Taxes, remuneration and social security | 45 | €77,833 | €68,617 | -€9,216 | -11.8% |
| Taxes | 450/3 | €43,665 | €26,198 | -€17,467 | -40.0% |
| Remuneration and social security | 454/9 | €34,168 | €42,419 | +€8,251 | +24.1% |
| Other amounts payable | 47/48 | €64,702 | €89,540 | +€24,838 | +38.4% |
| Remuneration, social security and pensions | 62 | €327,239 | €365,064 | +€37,824 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,073 | €14,927 | -€7,146 | -32.4% |
| Other operating charges | 640/8 | €1,141 | €746 | -€394 | -34.6% |
| Gross operating margin | 9900 | €568,084 | €536,534 | -€31,550 | -5.6% |
| Operating profit (loss) | 9901 | €217,631 | €155,796 | -€61,835 | -28.4% |
| Financial income | 75/76B | €6 | €570 | +€564 | +9,547% |
| Recurring financial income | 75 | €6 | €570 | +€564 | +9,547% |
| Financial charges | 65/66B | €292 | €578 | +€286 | +98.0% |
| Recurring financial charges | 65 | €292 | €578 | +€286 | +98.0% |
| Profit (loss) for the period before taxes | 9903 | €217,345 | €155,788 | -€61,556 | -28.3% |
| Income taxes | 67/77 | €63,248 | €52,430 | -€10,817 | -17.1% |
| Profit (loss) for the period | 9904 | €154,097 | €103,358 | -€50,739 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €154,097 | €103,358 | -€50,739 | -32.9% |
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.