MARTIN DUCAMP: what changed
Two fiscal 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 DUCAMP
Largest movements
- Receivables within one year -€29,974
down €29,974 (-47.0%), from €63,724 to €33,750
of which Other amounts receivable: -€39,236
- Tangible fixed assets -€16,635
down €16,635 (-3.3%), from €505,919 to €489,284
of which Land and buildings: -€25,559
- Debts after one year -€34,738
down €34,738 (-12.0%), from €290,231 to €255,493
- Reserves +€26,250
up €26,250 (+17.9%), from €146,800 to €173,050
- Other debts -€25,309
down €25,309 (-41.6%), from €60,850 to €35,541
- Gross operating margin -€24,292
down €24,292 (-25.8%), from €94,121 to €69,829
- Depreciation +€9,351
up €9,351 (+46.4%), from €20,160 to €29,511
- Financial income +€8,882
up €8,882 (+794.5%), from €1,118 to €10,000
- Taxes -€5,224
down €5,224 (-36.5%), from €14,307 to €9,083
- Financial charges +€2,762
up €2,762 (+36.2%), from €7,630 to €10,392
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.
Cash bridge derived
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 | €642,368 | €600,612 | -€41,756 | -6.5% |
| Fixed assets | 21/28 | €572,954 | €556,319 | -€16,635 | -2.9% |
| Tangible fixed assets | 22/27 | €505,919 | €489,284 | -€16,635 | -3.3% |
| Land and buildings | 22 | €502,924 | €477,365 | -€25,559 | -5.1% |
| Furniture and vehicles | 24 | €2,995 | €11,919 | +€8,924 | +298.0% |
| Financial fixed assets | 28 | €67,035 | €67,035 | = | 0.0% |
| Current assets | 29/58 | €69,414 | €44,293 | -€25,121 | -36.2% |
| Amounts receivable within one year | 40/41 | €63,724 | €33,750 | -€29,974 | -47.0% |
| Trade receivables | 40 | €21,593 | €30,855 | +€9,262 | +42.9% |
| Other amounts receivable | 41 | €42,131 | €2,895 | -€39,236 | -93.1% |
| Cash at bank and in hand | 54/58 | €5,690 | €10,543 | +€4,853 | +85.3% |
| Total equity and liabilities | 10/49 | €642,368 | €600,612 | -€41,756 | -6.5% |
| Equity | 10/15 | €237,412 | €262,904 | +€25,492 | +10.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €146,800 | €173,050 | +€26,250 | +17.9% |
| Distributable reserves | 133 | €146,800 | €173,050 | +€26,250 | +17.9% |
| Profit (loss) carried forward | 14 | €78,212 | €77,454 | -€758 | -1.0% |
| Amounts payable | 17/49 | €404,956 | €337,708 | -€67,248 | -16.6% |
| Amounts payable after more than one year | 17 | €290,231 | €255,493 | -€34,738 | -12.0% |
| Financial debts | 170/4 | €290,231 | €255,493 | -€34,738 | -12.0% |
| Amounts payable within one year | 42/48 | €114,575 | €82,183 | -€32,392 | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €24,529 | €20,801 | -€3,728 | -15.2% |
| Financial debts | 43 | - | €1,739 | +€1,739 | |
| Credit institutions | 430/8 | - | €1,739 | +€1,739 | |
| Trade debts | 44 | €2,692 | €3,679 | +€987 | +36.7% |
| Suppliers | 440/4 | €2,692 | €3,679 | +€987 | +36.7% |
| Taxes, remuneration and social security | 45 | €26,504 | €20,423 | -€6,081 | -22.9% |
| Taxes | 450/3 | €26,504 | €20,423 | -€6,081 | -22.9% |
| Other amounts payable | 47/48 | €60,850 | €35,541 | -€25,309 | -41.6% |
| Accrued charges and deferred income | 492/3 | €150 | €32 | -€118 | -78.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,160 | €29,511 | +€9,351 | +46.4% |
| Other operating charges | 640/8 | €3,057 | €2,751 | -€306 | -10.0% |
| Gross operating margin | 9900 | €94,121 | €69,829 | -€24,292 | -25.8% |
| Operating profit (loss) | 9901 | €70,904 | €37,567 | -€33,337 | -47.0% |
| Financial income | 75/76B | €1,118 | €10,000 | +€8,882 | +794.5% |
| Recurring financial income | 75 | €1,118 | €10,000 | +€8,882 | +794.5% |
| Financial charges | 65/66B | €7,630 | €10,392 | +€2,762 | +36.2% |
| Recurring financial charges | 65 | €7,630 | €10,392 | +€2,762 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | €64,392 | €37,175 | -€27,217 | -42.3% |
| Income taxes | 67/77 | €14,307 | €9,083 | -€5,224 | -36.5% |
| Profit (loss) for the period | 9904 | €50,085 | €28,092 | -€21,993 | -43.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,085 | €28,092 | -€21,993 | -43.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.