Vanmarcke Luc: 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.
Vanmarcke Luc
Largest movements
- Cash +€52,849
up €52,849 (+39.1%), from €135,206 to €188,055
mainly Net result for the year (+€41,954) and Depreciation (+€16,637)
- Tangible fixed assets -€23,590
down €23,590 (-29.7%), from €79,418 to €55,828
of which Furniture and vehicles: -€19,443
- Receivables within one year +€4,591
new in 2025: €4,591
of which Other amounts receivable: +€4,317
- Reserves +€41,028
up €41,028 (+20.8%), from €196,907 to €237,935
- Tax, wage and social debts -€4,024
no longer reported in 2025 (was €4,024)
- Depreciation +€6,233
up €6,233 (+59.9%), from €10,404 to €16,637
- Other operating charges +€5,697
up €5,697 (+629%), from €905 to €6,602
- Taxes -€3,341
down €3,341 (-13.9%), from €24,024 to €20,683
- Gross operating margin +€2,444
up €2,444 (+2.9%), from €83,604 to €86,048
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 | €225,160 | €257,909 | +€32,749 | +14.5% |
| Fixed assets | 21/28 | €79,418 | €55,828 | -€23,590 | -29.7% |
| Tangible fixed assets | 22/27 | €79,418 | €55,828 | -€23,590 | -29.7% |
| Plant, machinery and equipment | 23 | €598 | €44 | -€554 | -92.7% |
| Furniture and vehicles | 24 | €75,227 | €55,784 | -€19,443 | -25.8% |
| Other tangible fixed assets | 26 | €3,593 | - | -€3,593 | |
| Current assets | 29/58 | €145,742 | €202,081 | +€56,339 | +38.7% |
| Amounts receivable within one year | 40/41 | - | €4,591 | +€4,591 | |
| Trade receivables | 40 | - | €274 | +€274 | |
| Other amounts receivable | 41 | - | €4,317 | +€4,317 | |
| Cash at bank and in hand | 54/58 | €135,206 | €188,055 | +€52,849 | +39.1% |
| Deferred charges and accrued income | 490/1 | €10,536 | €9,434 | -€1,101 | -10.5% |
| Total equity and liabilities | 10/49 | €225,160 | €257,909 | +€32,749 | +14.5% |
| Equity | 10/15 | €203,107 | €244,135 | +€41,028 | +20.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €196,907 | €237,935 | +€41,028 | +20.8% |
| Distributable reserves | 133 | €196,907 | €237,935 | +€41,028 | +20.8% |
| Amounts payable | 17/49 | €22,053 | €13,773 | -€8,280 | -37.5% |
| Amounts payable within one year | 42/48 | €17,302 | €9,925 | -€7,377 | -42.6% |
| Trade debts | 44 | €5,946 | €5,143 | -€804 | -13.5% |
| Suppliers | 440/4 | €5,946 | €5,143 | -€804 | -13.5% |
| Taxes, remuneration and social security | 45 | €4,024 | - | -€4,024 | |
| Taxes | 450/3 | €4,024 | - | -€4,024 | |
| Other amounts payable | 47/48 | €7,332 | €4,783 | -€2,549 | -34.8% |
| Accrued charges and deferred income | 492/3 | €4,751 | €3,848 | -€903 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,404 | €16,637 | +€6,233 | +59.9% |
| Other operating charges | 640/8 | €905 | €6,602 | +€5,697 | +629% |
| Gross operating margin | 9900 | €83,604 | €86,048 | +€2,444 | +2.9% |
| Operating profit (loss) | 9901 | €72,295 | €62,808 | -€9,486 | -13.1% |
| Financial income | 75/76B | €6 | €1 | -€5 | -80.3% |
| Recurring financial income | 75 | €6 | €1 | -€5 | -80.3% |
| Financial charges | 65/66B | €203 | €173 | -€30 | -14.9% |
| Recurring financial charges | 65 | €203 | €173 | -€30 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €72,097 | €62,637 | -€9,461 | -13.1% |
| Income taxes | 67/77 | €24,024 | €20,683 | -€3,341 | -13.9% |
| Profit (loss) for the period | 9904 | €48,074 | €41,954 | -€6,120 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €48,074 | €41,954 | -€6,120 | -12.7% |
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 18 October 2026 via checked.be.