VAN MARCKE: 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.
VAN MARCKE
Largest movements
- Cash +€200,412
up €200,412 (+79.1%), from €253,513 to €453,925
mainly Stocks and contracts (+€184,010) and Depreciation (+€183,871)
- Stocks and contracts -€184,010
down €184,010 (-36.6%), from €502,829 to €318,820
- Current portion of long-term debt -€182,509
down €182,509 (-68.8%), from €265,207 to €82,698
- Investment grants +€165,874
new in 2025: €165,874
- Other debts +€60,019
up €60,019 (+1461.1%), from €4,108 to €64,127
- Trade debts -€48,375
down €48,375 (-20.2%), from €239,281 to €190,906
- Debts after one year +€45,402
up €45,402 (+6.3%), from €725,667 to €771,070
of which Financial debts: +€45,402
- Gross operating margin -€160,003
down €160,003 (-31.0%), from €515,499 to €355,495
- Financial income +€47,444
up €47,444 (+4254.9%), from €1,115 to €48,559
- Taxes -€37,870
down €37,870 (-85.7%), from €44,181 to €6,311
- Other operating charges +€21,501
up €21,501 (+15.6%), from €137,482 to €158,983
- Depreciation +€13,739
up €13,739 (+8.1%), from €170,131 to €183,871
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 | €2,167,161 | €2,179,292 | +€12,131 | +0.6% |
| Fixed assets | 21/28 | €1,361,414 | €1,365,404 | +€3,991 | +0.3% |
| Tangible fixed assets | 22/27 | €1,361,414 | €1,365,404 | +€3,991 | +0.3% |
| Land and buildings | 22 | €1,203,448 | €1,195,135 | -€8,313 | -0.7% |
| Plant, machinery and equipment | 23 | €157,966 | €170,270 | +€12,303 | +7.8% |
| Current assets | 29/58 | €805,747 | €813,888 | +€8,141 | +1.0% |
| Stocks and contracts in progress | 3 | €502,829 | €318,820 | -€184,010 | -36.6% |
| Stocks | 30/36 | €502,829 | €318,820 | -€184,010 | -36.6% |
| Amounts receivable within one year | 40/41 | €48,581 | €39,901 | -€8,680 | -17.9% |
| Trade receivables | 40 | €19,252 | €27,401 | +€8,149 | +42.3% |
| Other amounts receivable | 41 | €29,329 | €12,500 | -€16,829 | -57.4% |
| Cash at bank and in hand | 54/58 | €253,513 | €453,925 | +€200,412 | +79.1% |
| Deferred charges and accrued income | 490/1 | €824 | €1,242 | +€419 | +50.8% |
| Total equity and liabilities | 10/49 | €2,167,161 | €2,179,292 | +€12,131 | +0.6% |
| Equity | 10/15 | €667,940 | €807,527 | +€139,586 | +20.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €607,940 | €581,653 | -€26,287 | -4.3% |
| Distributable reserves | 133 | €607,940 | €581,653 | -€26,287 | -4.3% |
| Investment grants | 15 | - | €165,874 | +€165,874 | |
| Provisions and deferred taxes | 16 | - | €950 | +€950 | |
| Deferred taxes | 168 | - | €950 | +€950 | |
| Amounts payable | 17/49 | €1,499,221 | €1,370,815 | -€128,406 | -8.6% |
| Amounts payable after more than one year | 17 | €725,667 | €771,070 | +€45,402 | +6.3% |
| Financial debts | 170/4 | €421,735 | €467,137 | +€45,402 | +10.8% |
| Other amounts payable | 178/9 | €303,933 | €303,933 | = | 0.0% |
| Amounts payable within one year | 42/48 | €758,595 | €595,036 | -€163,559 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €265,207 | €82,698 | -€182,509 | -68.8% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €239,281 | €190,906 | -€48,375 | -20.2% |
| Suppliers | 440/4 | €239,281 | €190,906 | -€48,375 | -20.2% |
| Taxes, remuneration and social security | 45 | - | €7,306 | +€7,306 | |
| Taxes | 450/3 | - | €7,306 | +€7,306 | |
| Other amounts payable | 47/48 | €4,108 | €64,127 | +€60,019 | +1461.1% |
| Accrued charges and deferred income | 492/3 | €14,958 | €4,709 | -€10,249 | -68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,131 | €183,871 | +€13,739 | +8.1% |
| Other operating charges | 640/8 | €137,482 | €158,983 | +€21,501 | +15.6% |
| Gross operating margin | 9900 | €515,499 | €355,495 | -€160,003 | -31.0% |
| Operating profit (loss) | 9901 | €207,885 | €12,642 | -€195,243 | -93.9% |
| Financial income | 75/76B | €1,115 | €48,559 | +€47,444 | +4254.9% |
| Recurring financial income | 75 | €1,115 | €48,559 | +€47,444 | +4254.9% |
| Financial charges | 65/66B | €36,763 | €31,412 | -€5,351 | -14.6% |
| Recurring financial charges | 65 | €36,763 | €31,412 | -€5,351 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €172,237 | €29,789 | -€142,448 | -82.7% |
| Transfer from deferred taxes | 780 | - | €10,234 | +€10,234 | |
| Income taxes | 67/77 | €44,181 | €6,311 | -€37,870 | -85.7% |
| Profit (loss) for the period | 9904 | €128,056 | €33,713 | -€94,343 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €128,056 | €33,713 | -€94,343 | -73.7% |
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 1 October 2026 via checked.be.