Marten Van Riel: 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.
Marten Van Riel
Largest movements
- Cash +€98,377
up €98,377 (+69.1%), from €142,280 to €240,657
mainly Net result for the year (+€118,483) and Trade debts (+€33,388)
- Receivables within one year +€71,269
up €71,269 (+97.5%), from €73,100 to €144,369
of which Trade receivables: +€69,200
- Reserves +€118,483
up €118,483 (+91.2%), from €129,901 to €248,384
- Trade debts +€33,388
up €33,388 (+645%), from €5,179 to €38,567
- Other debts +€19,242
up €19,242 (+27.2%), from €70,815 to €90,057
- Gross operating margin +€133,448
up €133,448 (+181%), from €73,598 to €207,046
- Taxes +€33,416
up €33,416 (+144%), from €23,233 to €56,648
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 | €216,998 | €387,097 | +€170,099 | +78.4% |
| Fixed assets | 21/28 | €1,618 | €2,029 | +€411 | +25.4% |
| Tangible fixed assets | 22/27 | €1,618 | €2,029 | +€411 | +25.4% |
| Plant, machinery and equipment | 23 | €1,618 | €2,029 | +€411 | +25.4% |
| Current assets | 29/58 | €215,380 | €385,068 | +€169,688 | +78.8% |
| Amounts receivable within one year | 40/41 | €73,100 | €144,369 | +€71,269 | +97.5% |
| Trade receivables | 40 | €71,818 | €141,018 | +€69,200 | +96.4% |
| Other amounts receivable | 41 | €1,282 | €3,351 | +€2,069 | +161% |
| Cash at bank and in hand | 54/58 | €142,280 | €240,657 | +€98,377 | +69.1% |
| Deferred charges and accrued income | 490/1 | - | €42 | +€42 | |
| Total equity and liabilities | 10/49 | €216,998 | €387,097 | +€170,099 | +78.4% |
| Equity | 10/15 | €131,901 | €250,384 | +€118,483 | +89.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €129,901 | €248,384 | +€118,483 | +91.2% |
| Distributable reserves | 133 | €129,901 | €248,384 | +€118,483 | +91.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €85,097 | €136,713 | +€51,616 | +60.7% |
| Amounts payable within one year | 42/48 | €84,473 | €135,913 | +€51,440 | +60.9% |
| Trade debts | 44 | €5,179 | €38,567 | +€33,388 | +645% |
| Suppliers | 440/4 | €5,179 | €38,567 | +€33,388 | +645% |
| Taxes, remuneration and social security | 45 | €8,478 | €7,289 | -€1,190 | -14.0% |
| Taxes | 450/3 | €8,478 | €7,289 | -€1,190 | -14.0% |
| Other amounts payable | 47/48 | €70,815 | €90,057 | +€19,242 | +27.2% |
| Accrued charges and deferred income | 492/3 | €624 | €800 | +€176 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €894 | €899 | +€6 | +0.6% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340% |
| Non-recurring operating charges | 66A | - | €30,000 | +€30,000 | |
| Gross operating margin | 9900 | €73,598 | €207,046 | +€133,448 | +181% |
| Operating profit (loss) | 9901 | €72,586 | €175,627 | +€103,041 | +142% |
| Financial income | 75/76B | - | €523 | +€523 | |
| Recurring financial income | 75 | - | €523 | +€523 | |
| Financial charges | 65/66B | €224 | €1,019 | +€795 | +355% |
| Recurring financial charges | 65 | €224 | €1,019 | +€795 | +355% |
| Profit (loss) for the period before taxes | 9903 | €72,362 | €175,131 | +€102,769 | +142% |
| Income taxes | 67/77 | €23,233 | €56,648 | +€33,416 | +144% |
| Profit (loss) for the period | 9904 | €49,130 | €118,483 | +€69,353 | +141% |
| Profit (loss) for the period to be appropriated | 9905 | €49,130 | €118,483 | +€69,353 | +141% |
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 23 October 2026 via checked.be.