MARTINE PONCIN: 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.
MARTINE PONCIN
Largest movements
- Cash +€25,332
up €25,332 (+187.8%), from €13,490 to €38,823
mainly Net result for the year (+€40,051) and Depreciation (+€7,928)
- Receivables within one year -€6,073
down €6,073 (-57.4%), from €10,586 to €4,512
- Tangible fixed assets +€1,545
up €1,545 (+7.2%), from €21,357 to €22,902
of which Plant, machinery and equipment: +€2,438
- Reserves +€11,821
up €11,821 (+53.7%), from €22,032 to €33,853
- Accrued charges and deferred income +€6,000
new in 2025: €6,000
- Tax, wage and social debts +€2,951
up €2,951 (+17.2%), from €17,134 to €20,085
- Gross operating margin +€25,864
up €25,864 (+63.1%), from €40,962 to €66,826
- Taxes +€3,174
up €3,174 (+21.9%), from €14,486 to €17,660
- Depreciation +€1,935
up €1,935 (+32.3%), from €5,994 to €7,928
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 | €47,886 | €68,464 | +€20,578 | +43.0% |
| Fixed assets | 21/28 | €21,444 | €22,902 | +€1,458 | +6.8% |
| Tangible fixed assets | 22/27 | €21,357 | €22,902 | +€1,545 | +7.2% |
| Land and buildings | 22 | €11,715 | €9,046 | -€2,669 | -22.8% |
| Plant, machinery and equipment | 23 | €5,048 | €7,486 | +€2,438 | +48.3% |
| Furniture and vehicles | 24 | €2,447 | €4,653 | +€2,206 | +90.1% |
| Other tangible fixed assets | 26 | €2,146 | €1,717 | -€429 | -20.0% |
| Financial fixed assets | 28 | €88 | - | -€88 | |
| Current assets | 29/58 | €26,442 | €45,562 | +€19,120 | +72.3% |
| Amounts receivable within one year | 40/41 | €10,586 | €4,512 | -€6,073 | -57.4% |
| Other amounts receivable | 41 | €10,586 | €4,512 | -€6,073 | -57.4% |
| Cash at bank and in hand | 54/58 | €13,490 | €38,823 | +€25,332 | +187.8% |
| Deferred charges and accrued income | 490/1 | €2,366 | €2,227 | -€139 | -5.9% |
| Total equity and liabilities | 10/49 | €47,886 | €68,464 | +€20,578 | +43.0% |
| Equity | 10/15 | €28,230 | €40,051 | +€11,821 | +41.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €22,032 | €33,853 | +€11,821 | +53.7% |
| Distributable reserves | 133 | €22,032 | €33,853 | +€11,821 | +53.7% |
| Amounts payable | 17/49 | €19,657 | €28,414 | +€8,757 | +44.5% |
| Amounts payable within one year | 42/48 | €19,657 | €22,414 | +€2,757 | +14.0% |
| Trade debts | 44 | €2,523 | €2,328 | -€194 | -7.7% |
| Suppliers | 440/4 | €2,523 | €2,328 | -€194 | -7.7% |
| Taxes, remuneration and social security | 45 | €17,134 | €20,085 | +€2,951 | +17.2% |
| Taxes | 450/3 | €17,134 | €20,085 | +€2,951 | +17.2% |
| Accrued charges and deferred income | 492/3 | - | €6,000 | +€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,994 | €7,928 | +€1,935 | +32.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | - | €88 | +€88 | |
| Gross operating margin | 9900 | €40,962 | €66,826 | +€25,864 | +63.1% |
| Operating profit (loss) | 9901 | €34,580 | €58,410 | +€23,830 | +68.9% |
| Financial income | 75/76B | €549 | €420 | -€129 | -23.5% |
| Recurring financial income | 75 | €549 | €420 | -€129 | -23.5% |
| Financial charges | 65/66B | €789 | €1,119 | +€330 | +41.8% |
| Recurring financial charges | 65 | €789 | €1,119 | +€330 | +41.8% |
| Profit (loss) for the period before taxes | 9903 | €34,340 | €57,711 | +€23,370 | +68.1% |
| Income taxes | 67/77 | €14,486 | €17,660 | +€3,174 | +21.9% |
| Profit (loss) for the period | 9904 | €19,854 | €40,051 | +€20,196 | +101.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,854 | €40,051 | +€20,196 | +101.7% |
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 12 October 2026 via checked.be.