VINCENT MARNEFFE: 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.
VINCENT MARNEFFE
Largest movements
- Cash +€272,100
up €272,100 (+37.9%), from €718,009 to €990,109
mainly Contributions, distributions and other (+€190,145) and Receivables within one year (+€161,379)
- Receivables within one year -€161,379
down €161,379 (-68.4%), from €235,767 to €74,388
of which Other amounts receivable: -€161,622
- Tangible fixed assets -€53,961
down €53,961 (-94.6%), from €57,059 to €3,098
of which Land and buildings: -€39,651
- Intangible fixed assets +€17,931
new in 2025: €17,931
- Reserves +€180,000
up €180,000 (+27.3%), from €660,260 to €840,260
- Other debts -€145,000
down €145,000 (-58.0%), from €250,000 to €105,000
- Tax, wage and social debts +€92,626
up €92,626 (+1,243%), from €7,454 to €100,080
- Debts after one year -€46,765
no longer reported in 2025 (was €46,765)
- Current portion of long-term debt -€28,649
down €28,649 (-61.2%), from €46,799 to €18,150
- Financial income -€262,691
down €262,691 (-98.5%), from €266,595 to €3,904
of which Financial income: -€262,691
- Taxes -€67,221
down €67,221 (-97.5%), from €68,926 to €1,705
- Depreciation -€19,459
down €19,459 (-26.5%), from €73,489 to €54,030
- Gross operating margin -€16,549
down €16,549 (-25.3%), from €65,522 to €48,973
- Other operating charges -€3,180
down €3,180 (-69.6%), from €4,566 to €1,386
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 | €1,033,895 | €1,093,929 | +€60,034 | +5.8% |
| Fixed assets | 21/28 | €67,559 | €21,529 | -€46,030 | -68.1% |
| Intangible fixed assets | 21 | - | €17,931 | +€17,931 | |
| Tangible fixed assets | 22/27 | €57,059 | €3,098 | -€53,961 | -94.6% |
| Land and buildings | 22 | €39,651 | - | -€39,651 | |
| Furniture and vehicles | 24 | €17,408 | €3,098 | -€14,310 | -82.2% |
| Financial fixed assets | 28 | €10,500 | €500 | -€10,000 | -95.2% |
| Current assets | 29/58 | €966,336 | €1,072,400 | +€106,064 | +11.0% |
| Amounts receivable within one year | 40/41 | €235,767 | €74,388 | -€161,379 | -68.4% |
| Trade receivables | 40 | - | €243 | +€243 | |
| Other amounts receivable | 41 | €235,767 | €74,145 | -€161,622 | -68.6% |
| Cash at bank and in hand | 54/58 | €718,009 | €990,109 | +€272,100 | +37.9% |
| Deferred charges and accrued income | 490/1 | €12,560 | €7,903 | -€4,657 | -37.1% |
| Total equity and liabilities | 10/49 | €1,033,895 | €1,093,929 | +€60,034 | +5.8% |
| Equity | 10/15 | €677,870 | €859,512 | +€181,642 | +26.8% |
| Contributions | 10/11 | €10,000 | €20,000 | +€10,000 | +100% |
| Reserves | 13 | €660,260 | €840,260 | +€180,000 | +27.3% |
| Distributable reserves | 133 | €660,260 | €840,260 | +€180,000 | +27.3% |
| Profit (loss) carried forward | 14 | €7,167 | -€748 | -€7,915 | |
| Investment grants | 15 | €443 | - | -€443 | |
| Provisions and deferred taxes | 16 | €228 | - | -€228 | |
| Deferred taxes | 168 | €228 | - | -€228 | |
| Amounts payable | 17/49 | €355,797 | €234,417 | -€121,380 | -34.1% |
| Amounts payable after more than one year | 17 | €46,765 | - | -€46,765 | |
| Financial debts | 170/4 | €46,765 | - | -€46,765 | |
| Amounts payable within one year | 42/48 | €309,032 | €224,417 | -€84,615 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €46,799 | €18,150 | -€28,649 | -61.2% |
| Trade debts | 44 | €4,779 | €1,187 | -€3,592 | -75.2% |
| Suppliers | 440/4 | €4,779 | €1,187 | -€3,592 | -75.2% |
| Taxes, remuneration and social security | 45 | €7,454 | €100,080 | +€92,626 | +1,243% |
| Taxes | 450/3 | €7,454 | €100,080 | +€92,626 | +1,243% |
| Other amounts payable | 47/48 | €250,000 | €105,000 | -€145,000 | -58.0% |
| Accrued charges and deferred income | 492/3 | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,489 | €54,030 | -€19,459 | -26.5% |
| Other operating charges | 640/8 | €4,566 | €1,386 | -€3,180 | -69.6% |
| Gross operating margin | 9900 | €65,522 | €48,973 | -€16,549 | -25.3% |
| Operating profit (loss) | 9901 | -€12,533 | -€6,443 | +€6,090 | +48.6% |
| Financial income | 75/76B | €266,595 | €3,904 | -€262,691 | -98.5% |
| Recurring financial income | 75 | €266,595 | €3,904 | -€262,691 | -98.5% |
| Non-recurring financial income | 76B | €266,595 | €3,904 | -€262,691 | -98.5% |
| Financial charges | 65/66B | €5,135 | €4,487 | -€648 | -12.6% |
| Recurring financial charges | 65 | €5,135 | €4,487 | -€648 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €248,927 | -€7,026 | -€255,953 | |
| Transfer from deferred taxes | 780 | €114 | €228 | +€114 | +100% |
| Income taxes | 67/77 | €68,926 | €1,705 | -€67,221 | -97.5% |
| Profit (loss) for the period | 9904 | €180,115 | -€8,503 | -€188,618 | |
| Profit (loss) for the period to be appropriated | 9905 | €180,115 | -€8,503 | -€188,618 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.