C. 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.
C. MARCHAND
Largest movements
- Tangible fixed assets -€36,624
down €36,624 (-7.3%), from €501,730 to €465,106
of which Land and buildings: -€39,597
- Current investments +€19,000
new in 2025: €19,000
- Debts after one year -€17,040
down €17,040 (-3.7%), from €461,147 to €444,107
- Reserves +€8,667
up €8,667 (+73.0%), from €11,871 to €20,538
- Depreciation -€26,127
down €26,127 (-34.8%), from €75,004 to €48,877
- Gross operating margin -€21,064
down €21,064 (-19.4%), from €108,742 to €87,677
- Financial charges +€6,063
up €6,063 (+43.6%), from €13,906 to €19,969
- Other operating charges +€3,278
up €3,278 (+188.3%), from €1,741 to €5,019
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 | €543,036 | €532,909 | -€10,127 | -1.9% |
| Fixed assets | 21/28 | €501,780 | €465,156 | -€36,624 | -7.3% |
| Tangible fixed assets | 22/27 | €501,730 | €465,106 | -€36,624 | -7.3% |
| Land and buildings | 22 | €462,949 | €423,352 | -€39,597 | -8.6% |
| Furniture and vehicles | 24 | €26,833 | €30,071 | +€3,237 | +12.1% |
| Other tangible fixed assets | 26 | €11,947 | €11,683 | -€264 | -2.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €41,256 | €67,753 | +€26,497 | +64.2% |
| Amounts receivable within one year | 40/41 | €987 | €4,196 | +€3,209 | +325.3% |
| Trade receivables | 40 | €952 | €4,196 | +€3,243 | +340.6% |
| Other amounts receivable | 41 | €34 | - | -€34 | |
| Current investments | 50/53 | - | €19,000 | +€19,000 | |
| Cash at bank and in hand | 54/58 | €39,477 | €43,959 | +€4,482 | +11.4% |
| Deferred charges and accrued income | 490/1 | €793 | €598 | -€194 | -24.5% |
| Total equity and liabilities | 10/49 | €543,036 | €532,909 | -€10,127 | -1.9% |
| Equity | 10/15 | €14,871 | €23,538 | +€8,667 | +58.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €11,871 | €20,538 | +€8,667 | +73.0% |
| Distributable reserves | 133 | €11,871 | €20,538 | +€8,667 | +73.0% |
| Amounts payable | 17/49 | €528,165 | €509,371 | -€18,795 | -3.6% |
| Amounts payable after more than one year | 17 | €461,147 | €444,107 | -€17,040 | -3.7% |
| Financial debts | 170/4 | €461,147 | €444,107 | -€17,040 | -3.7% |
| Amounts payable within one year | 42/48 | €67,018 | €65,264 | -€1,755 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €16,338 | €17,040 | +€702 | +4.3% |
| Trade debts | 44 | €1,684 | €4,884 | +€3,200 | +190.1% |
| Suppliers | 440/4 | €1,684 | €4,884 | +€3,200 | +190.1% |
| Taxes, remuneration and social security | 45 | €13,684 | €12,173 | -€1,511 | -11.0% |
| Taxes | 450/3 | €13,684 | €12,173 | -€1,511 | -11.0% |
| Other amounts payable | 47/48 | €35,313 | €31,167 | -€4,146 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,004 | €48,877 | -€26,127 | -34.8% |
| Other operating charges | 640/8 | €1,741 | €5,019 | +€3,278 | +188.3% |
| Gross operating margin | 9900 | €108,742 | €87,677 | -€21,064 | -19.4% |
| Operating profit (loss) | 9901 | €31,997 | €33,781 | +€1,784 | +5.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €13,906 | €19,969 | +€6,063 | +43.6% |
| Recurring financial charges | 65 | €13,906 | €19,969 | +€6,063 | +43.6% |
| Profit (loss) for the period before taxes | 9903 | €18,091 | €13,813 | -€4,278 | -23.6% |
| Income taxes | 67/77 | €6,220 | €5,146 | -€1,075 | -17.3% |
| Profit (loss) for the period | 9904 | €11,871 | €8,667 | -€3,204 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,871 | €8,667 | -€3,204 | -27.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.