BRUNO MARECHAL: what changed
Two fiscal 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.
BRUNO MARECHAL
Largest movements
- Tangible fixed assets -€88,273
down €88,273 (-91.7%), from €96,281 to €8,008
of which Land and buildings: -€88,408
- Receivables after one year +€64,694
up €64,694 (+32.7%), from €197,618 to €262,312
- Receivables within one year -€55,630
down €55,630 (-96.3%), from €57,752 to €2,122
of which Trade receivables: -€49,407
- Cash +€22,959
up €22,959 (+178.5%), from €12,863 to €35,823
mainly Investment in fixed assets (net) (+€82,892) and Receivables within one year (+€55,630)
- Debts after one year -€66,419
down €66,419 (-40.7%), from €163,347 to €96,928
- Profit (loss) carried forward +€9,517
no longer reported in 2025 (was -€9,517)
- Gross operating margin +€58,063
up €58,063, from -€34,378 to €23,685
- Financial charges -€4,998
down €4,998 (-35.1%), from €14,240 to €9,242
- Depreciation -€4,068
down €4,068 (-43.0%), from €9,448 to €5,381
- Taxes +€1,210
up €1,210 (+369.6%), from €327 to €1,537
- Financial income +€971
up €971 (+25.3%), from €3,838 to €4,808
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.
Cash bridge derived
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 | €387,614 | €329,877 | -€57,737 | -14.9% |
| Fixed assets | 21/28 | €115,672 | €27,398 | -€88,273 | -76.3% |
| Tangible fixed assets | 22/27 | €96,281 | €8,008 | -€88,273 | -91.7% |
| Land and buildings | 22 | €90,306 | €1,898 | -€88,408 | -97.9% |
| Plant, machinery and equipment | 23 | €907 | €383 | -€524 | -57.8% |
| Furniture and vehicles | 24 | €5,068 | €5,726 | +€658 | +13.0% |
| Financial fixed assets | 28 | €19,391 | €19,391 | = | 0.0% |
| Current assets | 29/58 | €271,942 | €302,479 | +€30,536 | +11.2% |
| Amounts receivable after more than one year | 29 | €197,618 | €262,312 | +€64,694 | +32.7% |
| Other amounts receivable | 291 | €197,618 | €262,312 | +€64,694 | +32.7% |
| Amounts receivable within one year | 40/41 | €57,752 | €2,122 | -€55,630 | -96.3% |
| Trade receivables | 40 | €51,222 | €1,815 | -€49,407 | -96.5% |
| Other amounts receivable | 41 | €6,530 | €307 | -€6,223 | -95.3% |
| Cash at bank and in hand | 54/58 | €12,863 | €35,823 | +€22,959 | +178.5% |
| Deferred charges and accrued income | 490/1 | €3,709 | €2,222 | -€1,487 | -40.1% |
| Total equity and liabilities | 10/49 | €387,614 | €329,877 | -€57,737 | -14.9% |
| Equity | 10/15 | €215,755 | €227,562 | +€11,807 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €206,672 | €208,962 | +€2,290 | +1.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,074 | €19,074 | = | 0.0% |
| Distributable reserves | 133 | €185,738 | €188,028 | +€2,290 | +1.2% |
| Profit (loss) carried forward | 14 | -€9,517 | - | +€9,517 | |
| Amounts payable | 17/49 | €171,859 | €102,315 | -€69,544 | -40.5% |
| Amounts payable after more than one year | 17 | €163,347 | €96,928 | -€66,419 | -40.7% |
| Financial debts | 170/4 | €163,347 | €96,928 | -€66,419 | -40.7% |
| Amounts payable within one year | 42/48 | €7,762 | €5,387 | -€2,375 | -30.6% |
| Trade debts | 44 | €2,938 | €800 | -€2,138 | -72.8% |
| Suppliers | 440/4 | €2,938 | €800 | -€2,138 | -72.8% |
| Taxes, remuneration and social security | 45 | €4,333 | €4,503 | +€169 | +3.9% |
| Taxes | 450/3 | €4,333 | €4,503 | +€169 | +3.9% |
| Other amounts payable | 47/48 | €490 | €83 | -€407 | -83.0% |
| Accrued charges and deferred income | 492/3 | €750 | - | -€750 | |
| Non-recurring operating income | 76A | - | €44,701 | +€44,701 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,448 | €5,381 | -€4,068 | -43.0% |
| Other operating charges | 640/8 | €1,271 | €526 | -€745 | -58.6% |
| Gross operating margin | 9900 | -€34,378 | €23,685 | +€58,063 | |
| Operating profit (loss) | 9901 | -€45,097 | €17,778 | +€62,875 | |
| Financial income | 75/76B | €3,838 | €4,808 | +€971 | +25.3% |
| Recurring financial income | 75 | €3,838 | €4,808 | +€971 | +25.3% |
| Financial charges | 65/66B | €14,240 | €9,242 | -€4,998 | -35.1% |
| Recurring financial charges | 65 | €14,240 | €9,242 | -€4,998 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | -€55,499 | €13,344 | +€68,844 | |
| Income taxes | 67/77 | €327 | €1,537 | +€1,210 | +369.6% |
| Profit (loss) for the period | 9904 | -€55,827 | €11,807 | +€67,634 | |
| Transfer from tax-exempt reserves | 789 | €46,310 | - | -€46,310 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,517 | €11,807 | +€21,324 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.