Albert MARICHAL: 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.
Albert MARICHAL
Largest movements
- Cash +€236,093
up €236,093 (+21.7%), from €1.1m to €1.3m
mainly Net result for the year (+€203,428) and Other debts (+€58,464)
- Deferred charges and accrued income -€33,411
down €33,411 (-89.7%), from €37,241 to €3,830
- Receivables within one year -€16,896
down €16,896 (-16.5%), from €102,681 to €85,785
of which Other amounts receivable: -€24,903
- Reserves +€132,116
up €132,116 (+14.4%), from €918,686 to €1.1m
of which Distributable reserves: +€177,301
- Other debts +€58,464
up €58,464 (+16.7%), from €349,149 to €407,613
- Gross operating margin -€105,054
down €105,054 (-23.2%), from €452,161 to €347,107
- Depreciation -€71,042
down €71,042 (-85.6%), from €82,965 to €11,923
- Financial charges +€21,614
up €21,614 (+51.6%), from €41,897 to €63,511
- Financial income +€14,211
up €14,211 (+990%), from €1,436 to €15,647
- Taxes -€12,122
down €12,122 (-13.4%), from €90,448 to €78,326
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 | €1,307,682 | €1,496,003 | +€188,321 | +14.4% |
| Fixed assets | 21/28 | €80,388 | €74,355 | -€6,033 | -7.5% |
| Tangible fixed assets | 22/27 | €16,758 | €4,835 | -€11,923 | -71.1% |
| Plant, machinery and equipment | 23 | €3,174 | €1,409 | -€1,765 | -55.6% |
| Furniture and vehicles | 24 | €13,584 | €3,426 | -€10,158 | -74.8% |
| Financial fixed assets | 28 | €63,630 | €69,520 | +€5,890 | +9.3% |
| Current assets | 29/58 | €1,227,294 | €1,421,648 | +€194,355 | +15.8% |
| Stocks and contracts in progress | 3 | €375 | €8,944 | +€8,569 | +2,283% |
| Stocks | 30/36 | €375 | €8,944 | +€8,569 | +2,283% |
| Amounts receivable within one year | 40/41 | €102,681 | €85,785 | -€16,896 | -16.5% |
| Trade receivables | 40 | €67,192 | €75,199 | +€8,007 | +11.9% |
| Other amounts receivable | 41 | €35,489 | €10,586 | -€24,903 | -70.2% |
| Cash at bank and in hand | 54/58 | €1,086,996 | €1,323,090 | +€236,093 | +21.7% |
| Deferred charges and accrued income | 490/1 | €37,241 | €3,830 | -€33,411 | -89.7% |
| Total equity and liabilities | 10/49 | €1,307,682 | €1,496,003 | +€188,321 | +14.4% |
| Equity | 10/15 | €921,686 | €1,053,802 | +€132,116 | +14.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €918,686 | €1,050,802 | +€132,116 | +14.4% |
| Tax-exempt reserves | 132 | €356,724 | €311,540 | -€45,184 | -12.7% |
| Distributable reserves | 133 | €561,962 | €739,262 | +€177,301 | +31.6% |
| Amounts payable | 17/49 | €385,996 | €442,201 | +€56,205 | +14.6% |
| Amounts payable after more than one year | 17 | €5,062 | - | -€5,062 | |
| Financial debts | 170/4 | €5,062 | - | -€5,062 | |
| Amounts payable within one year | 42/48 | €378,679 | €442,169 | +€63,490 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €12,067 | €5,062 | -€7,005 | -58.1% |
| Trade debts | 44 | €14,129 | €19,974 | +€5,845 | +41.4% |
| Suppliers | 440/4 | €14,129 | €19,974 | +€5,845 | +41.4% |
| Taxes, remuneration and social security | 45 | €3,333 | €9,520 | +€6,186 | +186% |
| Taxes | 450/3 | €3,333 | €7,345 | +€4,011 | +120% |
| Remuneration and social security | 454/9 | - | €2,175 | +€2,175 | |
| Other amounts payable | 47/48 | €349,149 | €407,613 | +€58,464 | +16.7% |
| Accrued charges and deferred income | 492/3 | €2,255 | €32 | -€2,222 | -98.6% |
| Remuneration, social security and pensions | 62 | €584 | €2,503 | +€1,919 | +328% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,965 | €11,923 | -€71,042 | -85.6% |
| Other operating charges | 640/8 | €1,993 | €3,064 | +€1,071 | +53.7% |
| Gross operating margin | 9900 | €452,161 | €347,107 | -€105,054 | -23.2% |
| Operating profit (loss) | 9901 | €366,618 | €329,617 | -€37,001 | -10.1% |
| Financial income | 75/76B | €1,436 | €15,647 | +€14,211 | +990% |
| Recurring financial income | 75 | €1,436 | €15,647 | +€14,211 | +990% |
| Financial charges | 65/66B | €41,897 | €63,511 | +€21,614 | +51.6% |
| Recurring financial charges | 65 | €41,897 | €63,511 | +€21,614 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | €326,157 | €281,754 | -€44,403 | -13.6% |
| Income taxes | 67/77 | €90,448 | €78,326 | -€12,122 | -13.4% |
| Profit (loss) for the period | 9904 | €235,709 | €203,428 | -€32,281 | -13.7% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €235,760 | +€151,560 | +180% |
| Transfer to tax-exempt reserves | 689 | €122,738 | €190,576 | +€67,838 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €197,171 | €248,612 | +€51,441 | +26.1% |
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 17 October 2026 via checked.be.