MARNIK D'HOORE: 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.
MARNIK D'HOORE
Largest movements
- Receivables within one year +€10,000
up €10,000 (+100%), from €10,000 to €20,000
- Formation expenses +€7,350
new in 2025: €7,350
- Deferred charges and accrued income +€1,499
up €1,499 (+37.2%), from €4,028 to €5,526
- Cash +€1,183
up €1,183 (+606%), from €195 to €1,378
mainly Other debts (+€18,673) and Net result for the year (+€18,044)
- Tangible fixed assets -€449
down €449 (-16.9%), from €2,658 to €2,209
of which Land and buildings: -€750
- Other debts +€18,673
up €18,673 (+405%), from €4,612 to €23,285
- Profit (loss) carried forward +€18,044
up €18,044 (+18.9%), from -€95,567 to -€77,523
- Trade debts -€15,460
down €15,460 (-33.0%), from €46,906 to €31,446
- Tax, wage and social debts -€1,500
down €1,500 (-8.4%), from €17,831 to €16,331
- Current portion of long-term debt +€1,340
up €1,340 (+77.8%), from €1,724 to €3,064
- Gross operating margin +€76,016
up €76,016, from -€48,284 to €27,732
- Taxes -€12,005
down €12,005 (-96.2%), from €12,484 to €480
- Other operating charges -€8,425
down €8,425 (-87.7%), from €9,608 to €1,182
- Financial charges +€3,327
up €3,327 (+107%), from €3,100 to €6,426
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 | €16,880 | €36,463 | +€19,583 | +116% |
| Formation expenses | 20 | - | €7,350 | +€7,350 | |
| Fixed assets | 21/28 | €2,658 | €2,209 | -€449 | -16.9% |
| Tangible fixed assets | 22/27 | €2,658 | €2,209 | -€449 | -16.9% |
| Land and buildings | 22 | €1,381 | €631 | -€750 | -54.3% |
| Furniture and vehicles | 24 | €1,277 | €1,578 | +€301 | +23.6% |
| Current assets | 29/58 | €14,223 | €26,904 | +€12,682 | +89.2% |
| Amounts receivable within one year | 40/41 | €10,000 | €20,000 | +€10,000 | +100% |
| Trade receivables | 40 | €10,000 | €20,000 | +€10,000 | +100% |
| Cash at bank and in hand | 54/58 | €195 | €1,378 | +€1,183 | +606% |
| Deferred charges and accrued income | 490/1 | €4,028 | €5,526 | +€1,499 | +37.2% |
| Total equity and liabilities | 10/49 | €16,880 | €36,463 | +€19,583 | +116% |
| Equity | 10/15 | -€57,887 | -€39,843 | +€18,044 | +31.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,080 | €19,080 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,002 | €8,002 | = | 0.0% |
| Distributable reserves | 133 | €9,218 | €9,218 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,567 | -€77,523 | +€18,044 | +18.9% |
| Amounts payable | 17/49 | €74,767 | €76,306 | +€1,539 | +2.1% |
| Amounts payable after more than one year | 17 | €3,248 | €2,180 | -€1,068 | -32.9% |
| Financial debts | 170/4 | €3,248 | €2,180 | -€1,068 | -32.9% |
| Amounts payable within one year | 42/48 | €71,072 | €74,126 | +€3,053 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €1,724 | €3,064 | +€1,340 | +77.8% |
| Trade debts | 44 | €46,906 | €31,446 | -€15,460 | -33.0% |
| Suppliers | 440/4 | €46,906 | €31,446 | -€15,460 | -33.0% |
| Taxes, remuneration and social security | 45 | €17,831 | €16,331 | -€1,500 | -8.4% |
| Taxes | 450/3 | €17,831 | €16,331 | -€1,500 | -8.4% |
| Other amounts payable | 47/48 | €4,612 | €23,285 | +€18,673 | +405% |
| Accrued charges and deferred income | 492/3 | €447 | - | -€447 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,138 | €1,607 | +€469 | +41.2% |
| Other operating charges | 640/8 | €9,608 | €1,182 | -€8,425 | -87.7% |
| Gross operating margin | 9900 | -€48,284 | €27,732 | +€76,016 | |
| Operating profit (loss) | 9901 | -€59,030 | €24,943 | +€83,973 | |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €3,100 | €6,426 | +€3,327 | +107% |
| Recurring financial charges | 65 | €3,100 | €6,426 | +€3,327 | +107% |
| Profit (loss) for the period before taxes | 9903 | -€62,129 | €18,524 | +€80,653 | |
| Income taxes | 67/77 | €12,484 | €480 | -€12,005 | -96.2% |
| Profit (loss) for the period | 9904 | -€74,614 | €18,044 | +€92,658 | |
| Profit (loss) for the period to be appropriated | 9905 | -€74,614 | €18,044 | +€92,658 |
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 26 October 2026 via checked.be.