ANDRE MARBAIX & CO: 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.
ANDRE MARBAIX & CO
Largest movements
- Cash -€92,242
down €92,242 (-74.5%), from €123,896 to €31,655
mainly Current investments (-€84,555) and Investment in fixed assets (net) (-€32,771)
- Current investments +€84,555
up €84,555 (+49.7%), from €170,133 to €254,688
- Tangible fixed assets +€15,898
up €15,898 (+48.6%), from €32,742 to €48,640
of which Furniture and vehicles: +€12,526
- Receivables after one year -€14,250
down €14,250 (-67.9%), from €21,000 to €6,750
- Receivables within one year +€12,823
up €12,823 (+4.7%), from €273,971 to €286,794
of which Other amounts receivable: +€32,575
- Short-term financial debts +€55,386
new in 2025: €55,386
- Profit (loss) carried forward +€43,661
up €43,661 (+1,980%), from €2,205 to €45,866
- Current portion of long-term debt -€27,505
down €27,505 (-82.2%), from €33,463 to €5,958
- Tax, wage and social debts -€23,200
down €23,200 (-23.3%), from €99,498 to €76,298
of which Taxes: -€21,353
- Reserves -€20,000
down €20,000 (-5.6%), from €354,860 to €334,860
of which Distributable reserves: -€20,000
- Gross operating margin -€130,422
down €130,422 (-20.1%), from €650,126 to €519,704
- Taxes -€40,693
down €40,693 (-61.4%), from €66,327 to €25,634
- Write-downs +€13,517
up €13,517 (+343%), from €3,937 to €17,455
- Other operating charges -€13,042
down €13,042 (-79.6%), from €16,390 to €3,348
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 | €648,047 | €652,823 | +€4,777 | +0.7% |
| Fixed assets | 21/28 | €32,962 | €48,860 | +€15,898 | +48.2% |
| Tangible fixed assets | 22/27 | €32,742 | €48,640 | +€15,898 | +48.6% |
| Furniture and vehicles | 24 | €21,391 | €33,917 | +€12,526 | +58.6% |
| Other tangible fixed assets | 26 | €11,351 | €14,724 | +€3,373 | +29.7% |
| Financial fixed assets | 28 | €220 | €220 | = | 0.0% |
| Current assets | 29/58 | €615,085 | €603,963 | -€11,122 | -1.8% |
| Amounts receivable after more than one year | 29 | €21,000 | €6,750 | -€14,250 | -67.9% |
| Other amounts receivable | 291 | €21,000 | €6,750 | -€14,250 | -67.9% |
| Amounts receivable within one year | 40/41 | €273,971 | €286,794 | +€12,823 | +4.7% |
| Trade receivables | 40 | €261,917 | €242,165 | -€19,752 | -7.5% |
| Other amounts receivable | 41 | €12,054 | €44,629 | +€32,575 | +270% |
| Current investments | 50/53 | €170,133 | €254,688 | +€84,555 | +49.7% |
| Cash at bank and in hand | 54/58 | €123,896 | €31,655 | -€92,242 | -74.5% |
| Deferred charges and accrued income | 490/1 | €26,084 | €24,076 | -€2,009 | -7.7% |
| Total equity and liabilities | 10/49 | €648,047 | €652,823 | +€4,777 | +0.7% |
| Equity | 10/15 | €375,665 | €399,326 | +€23,661 | +6.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €354,860 | €334,860 | -€20,000 | -5.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €353,000 | €333,000 | -€20,000 | -5.7% |
| Profit (loss) carried forward | 14 | €2,205 | €45,866 | +€43,661 | +1,980% |
| Amounts payable | 17/49 | €272,381 | €253,497 | -€18,884 | -6.9% |
| Amounts payable after more than one year | 17 | €5,958 | - | -€5,958 | |
| Financial debts | 170/4 | €5,958 | - | -€5,958 | |
| Amounts payable within one year | 42/48 | €260,146 | €244,959 | -€15,187 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €33,463 | €5,958 | -€27,505 | -82.2% |
| Financial debts | 43 | - | €55,386 | +€55,386 | |
| Credit institutions | 430/8 | - | €55,386 | +€55,386 | |
| Trade debts | 44 | €31,802 | €29,103 | -€2,699 | -8.5% |
| Suppliers | 440/4 | €31,802 | €29,103 | -€2,699 | -8.5% |
| Advances received on contracts in progress | 46 | €11,385 | €12,393 | +€1,008 | +8.8% |
| Taxes, remuneration and social security | 45 | €99,498 | €76,298 | -€23,200 | -23.3% |
| Taxes | 450/3 | €37,891 | €16,538 | -€21,353 | -56.4% |
| Remuneration and social security | 454/9 | €61,607 | €59,760 | -€1,847 | -3.0% |
| Other amounts payable | 47/48 | €83,997 | €65,820 | -€18,177 | -21.6% |
| Accrued charges and deferred income | 492/3 | €6,277 | €8,538 | +€2,261 | +36.0% |
| Non-recurring operating income | 76A | €6,032 | €69 | -€5,963 | -98.9% |
| Remuneration, social security and pensions | 62 | €394,581 | €398,531 | +€3,950 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,609 | €16,873 | -€737 | -4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,937 | €17,455 | +€13,517 | +343% |
| Other operating charges | 640/8 | €16,390 | €3,348 | -€13,042 | -79.6% |
| Non-recurring operating charges | 66A | €913 | €5,045 | +€4,132 | +453% |
| Gross operating margin | 9900 | €650,126 | €519,704 | -€130,422 | -20.1% |
| Operating profit (loss) | 9901 | €216,695 | €78,453 | -€138,242 | -63.8% |
| Financial income | 75/76B | €3,444 | €6,909 | +€3,465 | +101% |
| Recurring financial income | 75 | €3,444 | €6,909 | +€3,465 | +101% |
| Financial charges | 65/66B | €4,034 | €3,442 | -€592 | -14.7% |
| Recurring financial charges | 65 | €4,034 | €3,442 | -€592 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €216,105 | €81,920 | -€134,185 | -62.1% |
| Income taxes | 67/77 | €66,327 | €25,634 | -€40,693 | -61.4% |
| Profit (loss) for the period | 9904 | €149,778 | €56,286 | -€93,493 | -62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €149,778 | €56,286 | -€93,493 | -62.4% |
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.