MARTIN DEBAEKE: 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.
MARTIN DEBAEKE
Largest movements
- Cash -€63,244
down €63,244 (-95.8%), from €65,999 to €2,754
mainly Debts after one year (-€81,829) and Tax, wage and social debts (-€48,298)
- Tangible fixed assets -€34,170
down €34,170 (-2.2%), from €1.6m to €1.5m
of which Land and buildings: -€37,011
- Debts after one year -€81,829
down €81,829 (-13.0%), from €630,271 to €548,442
of which Financial debts: -€81,829
- Tax, wage and social debts -€48,298
no longer reported in 2025 (was €48,298)
- Reserves +€28,870
up €28,870 (+5.0%), from €582,148 to €611,017
of which Distributable reserves: +€33,230
- Provisions +€25,267
up €25,267 (+43.7%), from €57,793 to €83,060
of which Provisions for liabilities and charges: +€26,357
- Other debts -€23,251
down €23,251 (-15.1%), from €153,874 to €130,623
- Gross operating margin -€20,032
down €20,032 (-11.4%), from €176,332 to €156,299
- Taxes -€4,337
down €4,337 (-16.9%), from €25,682 to €21,344
- Other operating charges -€2,075
down €2,075 (-22.3%), from €9,288 to €7,214
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 | €1,643,529 | €1,550,852 | -€92,676 | -5.6% |
| Fixed assets | 21/28 | €1,557,536 | €1,523,366 | -€34,170 | -2.2% |
| Tangible fixed assets | 22/27 | €1,557,511 | €1,523,341 | -€34,170 | -2.2% |
| Land and buildings | 22 | €1,520,860 | €1,483,849 | -€37,011 | -2.4% |
| Furniture and vehicles | 24 | €36,651 | €39,493 | +€2,842 | +7.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €85,993 | €27,486 | -€58,507 | -68.0% |
| Amounts receivable within one year | 40/41 | €16,172 | €11,735 | -€4,437 | -27.4% |
| Trade receivables | 40 | €11,411 | €1,150 | -€10,261 | -89.9% |
| Other amounts receivable | 41 | €4,761 | €10,585 | +€5,824 | +122% |
| Cash at bank and in hand | 54/58 | €65,999 | €2,754 | -€63,244 | -95.8% |
| Deferred charges and accrued income | 490/1 | €3,822 | €12,997 | +€9,175 | +240% |
| Total equity and liabilities | 10/49 | €1,643,529 | €1,550,852 | -€92,676 | -5.6% |
| Equity | 10/15 | €657,031 | €685,900 | +€28,870 | +4.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €582,148 | €611,017 | +€28,870 | +5.0% |
| Tax-exempt reserves | 132 | €125,477 | €121,116 | -€4,360 | -3.5% |
| Distributable reserves | 133 | €456,671 | €489,901 | +€33,230 | +7.3% |
| Profit (loss) carried forward | 14 | €68,683 | €68,683 | = | 0.0% |
| Provisions and deferred taxes | 16 | €57,793 | €83,060 | +€25,267 | +43.7% |
| Provisions for liabilities and charges | 160/5 | €26,423 | €52,781 | +€26,357 | +99.7% |
| Other liabilities and charges | 164/5 | €26,423 | €52,781 | +€26,357 | +99.7% |
| Deferred taxes | 168 | €31,369 | €30,279 | -€1,090 | -3.5% |
| Amounts payable | 17/49 | €928,706 | €781,893 | -€146,813 | -15.8% |
| Amounts payable after more than one year | 17 | €630,271 | €548,442 | -€81,829 | -13.0% |
| Financial debts | 170/4 | €630,021 | €548,192 | -€81,829 | -13.0% |
| Other amounts payable | 178/9 | €250 | €250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €296,597 | €231,615 | -€64,982 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €87,102 | €87,913 | +€811 | +0.9% |
| Trade debts | 44 | €7,322 | €5,578 | -€1,744 | -23.8% |
| Suppliers | 440/4 | €7,322 | €5,578 | -€1,744 | -23.8% |
| Advances received on contracts in progress | 46 | - | €7,500 | +€7,500 | |
| Taxes, remuneration and social security | 45 | €48,298 | - | -€48,298 | |
| Taxes | 450/3 | €48,298 | - | -€48,298 | |
| Other amounts payable | 47/48 | €153,874 | €130,623 | -€23,251 | -15.1% |
| Accrued charges and deferred income | 492/3 | €1,838 | €1,836 | -€2 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,819 | €49,349 | +€530 | +1.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €26,423 | €26,357 | -€66 | -0.3% |
| Other operating charges | 640/8 | €9,288 | €7,214 | -€2,075 | -22.3% |
| Gross operating margin | 9900 | €176,332 | €156,299 | -€20,032 | -11.4% |
| Operating profit (loss) | 9901 | €91,800 | €73,379 | -€18,421 | -20.1% |
| Financial income | 75/76B | €3 | €4 | +€1 | +27.0% |
| Recurring financial income | 75 | €3 | €4 | +€1 | +27.0% |
| Financial charges | 65/66B | €24,286 | €24,259 | -€27 | -0.1% |
| Recurring financial charges | 65 | €24,286 | €24,259 | -€27 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €67,517 | €49,124 | -€18,393 | -27.2% |
| Transfer from deferred taxes | 780 | €1,090 | €1,090 | = | 0.0% |
| Income taxes | 67/77 | €25,682 | €21,344 | -€4,337 | -16.9% |
| Profit (loss) for the period | 9904 | €42,925 | €28,870 | -€14,056 | -32.7% |
| Transfer from tax-exempt reserves | 789 | €4,360 | €4,360 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,286 | €33,230 | -€14,056 | -29.7% |
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 25 October 2026 via checked.be.