MARNIX NACHTERGAELE: 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.
MARNIX NACHTERGAELE
Largest movements
- Cash +€59,941
up €59,941 (+51.8%), from €115,737 to €175,678
mainly Net result for the year (+€42,407) and Receivables within one year (+€16,908)
- Receivables within one year -€16,908
down €16,908 (-21.9%), from €77,092 to €60,184
of which Trade receivables: -€31,656
- Receivables after one year -€10,000
down €10,000 (-43.6%), from €22,937 to €12,937
- Tangible fixed assets +€5,934
up €5,934 (+124%), from €4,772 to €10,706
of which Land and buildings: +€3,947
- Stocks and contracts -€4,300
no longer reported in 2025 (was €4,300)
- Reserves +€42,407
up €42,407 (+24.2%), from €175,011 to €217,418
of which Distributable reserves: +€42,407
- Trade debts -€20,908
down €20,908 (-69.5%), from €30,088 to €9,180
- Tax, wage and social debts +€12,164
up €12,164 (+706%), from €1,723 to €13,887
- Gross operating margin +€58,587
up €58,587 (+998%), from €5,873 to €64,459
- Taxes +€18,095
up €18,095 (+677%), from €2,672 to €20,767
- Depreciation +€1,173
up €1,173 (+106%), from €1,108 to €2,281
- Financial income +€936
up €936 (+54.7%), from €1,712 to €2,648
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 | €226,322 | €259,685 | +€33,363 | +14.7% |
| Fixed assets | 21/28 | €4,772 | €10,706 | +€5,934 | +124% |
| Tangible fixed assets | 22/27 | €4,772 | €10,706 | +€5,934 | +124% |
| Land and buildings | 22 | - | €3,947 | +€3,947 | |
| Plant, machinery and equipment | 23 | €4,173 | €3,371 | -€802 | -19.2% |
| Furniture and vehicles | 24 | €599 | €3,388 | +€2,789 | +466% |
| Current assets | 29/58 | €221,549 | €248,979 | +€27,430 | +12.4% |
| Amounts receivable after more than one year | 29 | €22,937 | €12,937 | -€10,000 | -43.6% |
| Other amounts receivable | 291 | €22,937 | €12,937 | -€10,000 | -43.6% |
| Stocks and contracts in progress | 3 | €4,300 | - | -€4,300 | |
| Stocks | 30/36 | €4,300 | - | -€4,300 | |
| Amounts receivable within one year | 40/41 | €77,092 | €60,184 | -€16,908 | -21.9% |
| Trade receivables | 40 | €46,153 | €14,498 | -€31,656 | -68.6% |
| Other amounts receivable | 41 | €30,939 | €45,686 | +€14,748 | +47.7% |
| Cash at bank and in hand | 54/58 | €115,737 | €175,678 | +€59,941 | +51.8% |
| Deferred charges and accrued income | 490/1 | €1,484 | €181 | -€1,304 | -87.8% |
| Total equity and liabilities | 10/49 | €226,322 | €259,685 | +€33,363 | +14.7% |
| Equity | 10/15 | €193,611 | €236,018 | +€42,407 | +21.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €175,011 | €217,418 | +€42,407 | +24.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €173,151 | €215,558 | +€42,407 | +24.5% |
| Amounts payable | 17/49 | €32,710 | €23,667 | -€9,044 | -27.6% |
| Amounts payable within one year | 42/48 | €31,810 | €23,067 | -€8,744 | -27.5% |
| Trade debts | 44 | €30,088 | €9,180 | -€20,908 | -69.5% |
| Suppliers | 440/4 | €30,088 | €9,180 | -€20,908 | -69.5% |
| Taxes, remuneration and social security | 45 | €1,723 | €13,887 | +€12,164 | +706% |
| Taxes | 450/3 | €1,723 | €13,887 | +€12,164 | +706% |
| Accrued charges and deferred income | 492/3 | €900 | €600 | -€300 | -33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,108 | €2,281 | +€1,173 | +106% |
| Other operating charges | 640/8 | €1,575 | €1,507 | -€68 | -4.3% |
| Gross operating margin | 9900 | €5,873 | €64,459 | +€58,587 | +998% |
| Operating profit (loss) | 9901 | €3,190 | €60,671 | +€57,482 | +1,802% |
| Financial income | 75/76B | €1,712 | €2,648 | +€936 | +54.7% |
| Recurring financial income | 75 | €1,712 | €2,648 | +€936 | +54.7% |
| Financial charges | 65/66B | €146 | €146 | -€1 | -0.4% |
| Recurring financial charges | 65 | €146 | €146 | -€1 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €4,756 | €63,174 | +€58,418 | +1,228% |
| Income taxes | 67/77 | €2,672 | €20,767 | +€18,095 | +677% |
| Profit (loss) for the period | 9904 | €2,084 | €42,407 | +€40,323 | +1,935% |
| Profit (loss) for the period to be appropriated | 9905 | €2,084 | €42,407 | +€40,323 | +1,935% |
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.