Alain Marchand: 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.
Alain Marchand
Largest movements
- Cash +€55,712
up €55,712 (+62.6%), from €88,975 to €144,687
mainly Current investments (+€50,000) and Depreciation (+€9,447)
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Intangible fixed assets -€7,276
down €7,276 (-69.2%), from €10,512 to €3,236
- Receivables within one year +€1,840
up €1,840 (+9.7%), from €19,049 to €20,889
of which Other amounts receivable: +€6,945
- Tax, wage and social debts -€6,901
down €6,901 (-41.7%), from €16,544 to €9,643
of which Taxes: -€3,969
- Other debts +€5,157
up €5,157 (+8.2%), from €62,606 to €67,764
- Reserves +€4,214
up €4,214 (+4.8%), from €88,164 to €92,378
- Current portion of long-term debt -€3,075
down €3,075 (-47.4%), from €6,484 to €3,409
- Financial charges +€38,590
up €38,590 (+111%), from €34,714 to €73,304
- Depreciation -€9,038
down €9,038 (-48.9%), from €18,485 to €9,447
- Taxes -€8,928
down €8,928 (-77.9%), from €11,465 to €2,537
- Gross operating margin -€3,511
down €3,511 (-3.8%), from €93,021 to €89,510
- Other operating charges -€987
down €987 (-54.1%), from €1,826 to €839
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 | €176,835 | €177,032 | +€198 | +0.1% |
| Fixed assets | 21/28 | €15,913 | €10,248 | -€5,665 | -35.6% |
| Intangible fixed assets | 21 | €10,512 | €3,236 | -€7,276 | -69.2% |
| Tangible fixed assets | 22/27 | €5,376 | €6,987 | +€1,611 | +30.0% |
| Plant, machinery and equipment | 23 | €326 | €0 | -€326 | -100% |
| Furniture and vehicles | 24 | €1,879 | €1,412 | -€467 | -24.8% |
| Other tangible fixed assets | 26 | €3,171 | €5,575 | +€2,403 | +75.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €160,922 | €166,784 | +€5,862 | +3.6% |
| Amounts receivable within one year | 40/41 | €19,049 | €20,889 | +€1,840 | +9.7% |
| Trade receivables | 40 | €17,861 | €12,756 | -€5,104 | -28.6% |
| Other amounts receivable | 41 | €1,188 | €8,133 | +€6,945 | +585% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €88,975 | €144,687 | +€55,712 | +62.6% |
| Deferred charges and accrued income | 490/1 | €2,898 | €1,208 | -€1,690 | -58.3% |
| Total equity and liabilities | 10/49 | €176,835 | €177,032 | +€198 | +0.1% |
| Equity | 10/15 | €88,165 | €92,379 | +€4,214 | +4.8% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €88,164 | €92,378 | +€4,214 | +4.8% |
| Distributable reserves | 133 | €88,164 | €92,378 | +€4,214 | +4.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €88,670 | €84,653 | -€4,017 | -4.5% |
| Amounts payable within one year | 42/48 | €88,670 | €84,653 | -€4,017 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €6,484 | €3,409 | -€3,075 | -47.4% |
| Trade debts | 44 | €3,036 | €3,838 | +€802 | +26.4% |
| Suppliers | 440/4 | €3,036 | €3,838 | +€802 | +26.4% |
| Taxes, remuneration and social security | 45 | €16,544 | €9,643 | -€6,901 | -41.7% |
| Taxes | 450/3 | €13,613 | €9,643 | -€3,969 | -29.2% |
| Remuneration and social security | 454/9 | €2,932 | €0 | -€2,932 | -100% |
| Other amounts payable | 47/48 | €62,606 | €67,764 | +€5,157 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,485 | €9,447 | -€9,038 | -48.9% |
| Other operating charges | 640/8 | €1,826 | €839 | -€987 | -54.1% |
| Gross operating margin | 9900 | €93,021 | €89,510 | -€3,511 | -3.8% |
| Operating profit (loss) | 9901 | €72,710 | €79,225 | +€6,515 | +9.0% |
| Financial income | 75/76B | - | €831 | +€831 | |
| Recurring financial income | 75 | - | €831 | +€831 | |
| Financial charges | 65/66B | €34,714 | €73,304 | +€38,590 | +111% |
| Recurring financial charges | 65 | €34,714 | €73,304 | +€38,590 | +111% |
| Profit (loss) for the period before taxes | 9903 | €37,996 | €6,752 | -€31,244 | -82.2% |
| Income taxes | 67/77 | €11,465 | €2,537 | -€8,928 | -77.9% |
| Profit (loss) for the period | 9904 | €26,531 | €4,214 | -€22,316 | -84.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,531 | €4,214 | -€22,316 | -84.1% |
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 31 October 2026 via checked.be.