THOMAS MARIËN: 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.
THOMAS MARIËN
Largest movements
- Cash -€21,818
down €21,818 (-8.8%), from €247,626 to €225,808
mainly Trade debts (-€67,132) and Investment in fixed assets (net) (-€39,067)
- Tangible fixed assets -€21,343
down €21,343 (-16.6%), from €128,189 to €106,847
of which Leasing and similar rights: -€34,880
- Receivables within one year -€9,122
down €9,122 (-3.3%), from €279,982 to €270,859
of which Trade receivables: -€36,933
- Trade debts -€67,132
down €67,132 (-59.2%), from €113,443 to €46,312
- Reserves +€64,489
up €64,489 (+14.7%), from €438,813 to €503,302
of which Distributable reserves: +€64,489
- Debts after one year -€27,418
down €27,418 (-56.8%), from €48,241 to €20,824
- Current portion of long-term debt -€11,100
down €11,100 (-28.8%), from €38,517 to €27,418
- Gross operating margin +€40,356
up €40,356 (+23.2%), from €173,650 to €214,006
- Other operating charges -€7,853
down €7,853 (-41.9%), from €18,764 to €10,910
- Financial income +€4,175
up €4,175 (+2,166%), from €193 to €4,368
- Staff costs -€3,951
down €3,951 (-6.2%), from €63,418 to €59,467
- Depreciation -€2,950
down €2,950 (-4.6%), from €63,683 to €60,733
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 | €685,020 | €632,414 | -€52,606 | -7.7% |
| Fixed assets | 21/28 | €131,884 | €110,219 | -€21,665 | -16.4% |
| Tangible fixed assets | 22/27 | €128,189 | €106,847 | -€21,343 | -16.6% |
| Land and buildings | 22 | €19,792 | €15,065 | -€4,727 | -23.9% |
| Plant, machinery and equipment | 23 | €25,835 | €49,424 | +€23,589 | +91.3% |
| Furniture and vehicles | 24 | €30,210 | €24,886 | -€5,324 | -17.6% |
| Leasing and similar rights | 25 | €52,352 | €17,472 | -€34,880 | -66.6% |
| Financial fixed assets | 28 | €3,695 | €3,372 | -€323 | -8.7% |
| Current assets | 29/58 | €553,136 | €522,195 | -€30,940 | -5.6% |
| Stocks and contracts in progress | 3 | €4,200 | €4,200 | = | 0.0% |
| Stocks | 30/36 | €4,200 | €4,200 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €279,982 | €270,859 | -€9,122 | -3.3% |
| Trade receivables | 40 | €91,391 | €54,458 | -€36,933 | -40.4% |
| Other amounts receivable | 41 | €188,591 | €216,402 | +€27,811 | +14.7% |
| Cash at bank and in hand | 54/58 | €247,626 | €225,808 | -€21,818 | -8.8% |
| Deferred charges and accrued income | 490/1 | €21,328 | €21,328 | = | 0.0% |
| Total equity and liabilities | 10/49 | €685,020 | €632,414 | -€52,606 | -7.7% |
| Equity | 10/15 | €457,413 | €521,902 | +€64,489 | +14.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €438,813 | €503,302 | +€64,489 | +14.7% |
| 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 | €436,953 | €501,442 | +€64,489 | +14.8% |
| Amounts payable | 17/49 | €227,607 | €110,512 | -€117,095 | -51.4% |
| Amounts payable after more than one year | 17 | €48,241 | €20,824 | -€27,418 | -56.8% |
| Financial debts | 170/4 | €48,241 | €20,824 | -€27,418 | -56.8% |
| Amounts payable within one year | 42/48 | €179,365 | €89,688 | -€89,677 | -50.0% |
| Current portion of amounts payable after more than one year | 42 | €38,517 | €27,418 | -€11,100 | -28.8% |
| Trade debts | 44 | €113,443 | €46,312 | -€67,132 | -59.2% |
| Suppliers | 440/4 | €113,443 | €46,312 | -€67,132 | -59.2% |
| Taxes, remuneration and social security | 45 | €7,277 | €2,129 | -€5,148 | -70.7% |
| Remuneration and social security | 454/9 | €7,277 | €2,129 | -€5,148 | -70.7% |
| Other amounts payable | 47/48 | €20,128 | €13,831 | -€6,297 | -31.3% |
| Non-recurring operating income | 76A | €1,653 | - | -€1,653 | |
| Remuneration, social security and pensions | 62 | €63,418 | €59,467 | -€3,951 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,683 | €60,733 | -€2,950 | -4.6% |
| Other operating charges | 640/8 | €18,764 | €10,910 | -€7,853 | -41.9% |
| Gross operating margin | 9900 | €173,650 | €214,006 | +€40,356 | +23.2% |
| Operating profit (loss) | 9901 | €27,785 | €82,895 | +€55,110 | +198% |
| Financial income | 75/76B | €193 | €4,368 | +€4,175 | +2,166% |
| Recurring financial income | 75 | €193 | €4,368 | +€4,175 | +2,166% |
| Financial charges | 65/66B | €4,929 | €6,875 | +€1,945 | +39.5% |
| Recurring financial charges | 65 | €4,929 | €6,875 | +€1,945 | +39.5% |
| Profit (loss) for the period before taxes | 9903 | €23,049 | €80,389 | +€57,340 | +249% |
| Income taxes | 67/77 | €14,174 | €15,900 | +€1,726 | +12.2% |
| Profit (loss) for the period | 9904 | €8,875 | €64,489 | +€55,614 | +627% |
| Profit (loss) for the period to be appropriated | 9905 | €8,875 | €64,489 | +€55,614 | +627% |
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 15 October 2026 via checked.be.