WILLEMS MARCEL: 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.
WILLEMS MARCEL
Largest movements
- Cash +€363,298
up €363,298 (+29.5%), from €1.2m to €1.6m
mainly Net result for the year (+€195,043) and Tax, wage and social debts (+€87,033)
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Receivables within one year -€38,720
down €38,720 (-49.2%), from €78,669 to €39,950
of which Trade receivables: -€35,921
- Reserves +€195,043
up €195,043 (+15.6%), from €1.3m to €1.4m
of which Distributable reserves: +€195,043
- Tax, wage and social debts +€87,033
up €87,033 (+121%), from €72,199 to €159,232
- Gross operating margin +€57,660
up €57,660 (+26.9%), from €214,392 to €272,052
- Financial income +€7,389
up €7,389 (+98.6%), from €7,490 to €14,879
- Taxes +€3,418
up €3,418 (+3.9%), from €87,036 to €90,453
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 | €1,363,166 | €1,637,758 | +€274,592 | +20.1% |
| Fixed assets | 21/28 | €889 | €667 | -€222 | -25.0% |
| Tangible fixed assets | 22/27 | €889 | €667 | -€222 | -25.0% |
| Furniture and vehicles | 24 | €889 | €667 | -€222 | -25.0% |
| Current assets | 29/58 | €1,362,277 | €1,637,091 | +€274,814 | +20.2% |
| Amounts receivable within one year | 40/41 | €78,669 | €39,950 | -€38,720 | -49.2% |
| Trade receivables | 40 | €74,202 | €38,280 | -€35,921 | -48.4% |
| Other amounts receivable | 41 | €4,468 | €1,669 | -€2,799 | -62.6% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €1,233,061 | €1,596,359 | +€363,298 | +29.5% |
| Deferred charges and accrued income | 490/1 | €547 | €782 | +€236 | +43.1% |
| Total equity and liabilities | 10/49 | €1,363,166 | €1,637,758 | +€274,592 | +20.1% |
| Equity | 10/15 | €1,269,045 | €1,464,088 | +€195,043 | +15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,250,445 | €1,445,488 | +€195,043 | +15.6% |
| Tax-exempt reserves | 132 | €529 | €529 | = | 0.0% |
| Distributable reserves | 133 | €1,249,916 | €1,444,959 | +€195,043 | +15.6% |
| Amounts payable | 17/49 | €94,121 | €173,670 | +€79,549 | +84.5% |
| Amounts payable within one year | 42/48 | €94,121 | €173,670 | +€79,549 | +84.5% |
| Trade debts | 44 | €14,581 | €13,030 | -€1,551 | -10.6% |
| Suppliers | 440/4 | €14,581 | €13,030 | -€1,551 | -10.6% |
| Taxes, remuneration and social security | 45 | €72,199 | €159,232 | +€87,033 | +121% |
| Taxes | 450/3 | €72,199 | €159,232 | +€87,033 | +121% |
| Other amounts payable | 47/48 | €7,341 | €1,408 | -€5,934 | -80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222 | €222 | = | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €214,392 | €272,052 | +€57,660 | +26.9% |
| Operating profit (loss) | 9901 | €213,202 | €270,831 | +€57,629 | +27.0% |
| Financial income | 75/76B | €7,490 | €14,879 | +€7,389 | +98.6% |
| Recurring financial income | 75 | €7,490 | €14,879 | +€7,389 | +98.6% |
| Financial charges | 65/66B | €185 | €213 | +€28 | +15.3% |
| Recurring financial charges | 65 | €185 | €213 | +€28 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €220,507 | €285,497 | +€64,990 | +29.5% |
| Income taxes | 67/77 | €87,036 | €90,453 | +€3,418 | +3.9% |
| Profit (loss) for the period | 9904 | €133,471 | €195,043 | +€61,572 | +46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €133,471 | €195,043 | +€61,572 | +46.1% |
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 19 October 2026 via checked.be.