CHEVAL MARIN: 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.
CHEVAL MARIN
Largest movements
- Receivables within one year +€30,100
new in 2025: €30,100
- Tangible fixed assets -€22,034
down €22,034 (-22.4%), from €98,424 to €76,390
of which Plant, machinery and equipment: -€20,111
- Stocks and contracts -€8,654
down €8,654 (-5.7%), from €152,891 to €144,237
- Tax, wage and social debts -€19,102
down €19,102 (-24.6%), from €77,634 to €58,532
of which Remuneration and social security: -€33,899
- Trade debts +€17,678
up €17,678 (+29.0%), from €60,917 to €78,596
- Debts after one year -€17,340
down €17,340 (-40.1%), from €43,261 to €25,921
- Other debts +€10,703
up €10,703 (+6.6%), from €162,080 to €172,783
- Current portion of long-term debt +€8,882
new in 2025: €8,882
- Staff costs -€92,539
down €92,539 (-35.7%), from €259,332 to €166,794
- Gross operating margin -€75,027
down €75,027 (-26.5%), from €283,634 to €208,607
- Depreciation +€10,473
up €10,473 (+65.3%), from €16,040 to €26,512
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €255,630 | €255,525 | -€105 | 0.0% |
| Fixed assets | 21/28 | €102,738 | €80,730 | -€22,009 | -21.4% |
| Tangible fixed assets | 22/27 | €98,424 | €76,390 | -€22,034 | -22.4% |
| Plant, machinery and equipment | 23 | €51,148 | €31,037 | -€20,111 | -39.3% |
| Furniture and vehicles | 24 | €5,290 | €4,676 | -€614 | -11.6% |
| Other tangible fixed assets | 26 | €41,986 | €40,677 | -€1,309 | -3.1% |
| Financial fixed assets | 28 | €4,315 | €4,340 | +€26 | +0.6% |
| Current assets | 29/58 | €152,891 | €174,795 | +€21,903 | +14.3% |
| Stocks and contracts in progress | 3 | €152,891 | €144,237 | -€8,654 | -5.7% |
| Stocks | 30/36 | €152,891 | €144,237 | -€8,654 | -5.7% |
| Amounts receivable within one year | 40/41 | - | €30,100 | +€30,100 | |
| Trade receivables | 40 | - | €30,100 | +€30,100 | |
| Deferred charges and accrued income | 490/1 | - | €458 | +€458 | |
| Total equity and liabilities | 10/49 | €255,630 | €255,525 | -€105 | 0.0% |
| Equity | 10/15 | -€103,526 | -€96,489 | +€7,037 | +6.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,526 | -€111,489 | +€7,037 | +5.9% |
| Amounts payable | 17/49 | €359,156 | €352,013 | -€7,143 | -2.0% |
| Amounts payable after more than one year | 17 | €43,261 | €25,921 | -€17,340 | -40.1% |
| Financial debts | 170/4 | €43,261 | €25,921 | -€17,340 | -40.1% |
| Amounts payable within one year | 42/48 | €315,895 | €326,092 | +€10,197 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | - | €8,882 | +€8,882 | |
| Financial debts | 43 | €14,478 | €7,299 | -€7,179 | -49.6% |
| Credit institutions | 430/8 | €14,478 | €7,299 | -€7,179 | -49.6% |
| Trade debts | 44 | €60,917 | €78,596 | +€17,678 | +29.0% |
| Suppliers | 440/4 | €60,917 | €78,596 | +€17,678 | +29.0% |
| Advances received on contracts in progress | 46 | €786 | - | -€786 | |
| Taxes, remuneration and social security | 45 | €77,634 | €58,532 | -€19,102 | -24.6% |
| Taxes | 450/3 | €21,149 | €35,946 | +€14,797 | +70.0% |
| Remuneration and social security | 454/9 | €56,485 | €22,586 | -€33,899 | -60.0% |
| Other amounts payable | 47/48 | €162,080 | €172,783 | +€10,703 | +6.6% |
| Remuneration, social security and pensions | 62 | €259,332 | €166,794 | -€92,539 | -35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,040 | €26,512 | +€10,473 | +65.3% |
| Other operating charges | 640/8 | €3,969 | €4,130 | +€161 | +4.1% |
| Gross operating margin | 9900 | €283,634 | €208,607 | -€75,027 | -26.5% |
| Operating profit (loss) | 9901 | €4,294 | €11,171 | +€6,877 | +160.2% |
| Financial income | 75/76B | €92 | €0 | -€92 | -99.9% |
| Recurring financial income | 75 | €92 | €0 | -€92 | -99.9% |
| Financial charges | 65/66B | €3,829 | €4,134 | +€305 | +8.0% |
| Recurring financial charges | 65 | €3,829 | €4,134 | +€305 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €557 | €7,037 | +€6,480 | +1162.6% |
| Profit (loss) for the period | 9904 | €557 | €7,037 | +€6,480 | +1162.6% |
| Profit (loss) for the period to be appropriated | 9905 | €557 | €7,037 | +€6,480 | +1162.6% |
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 9 October 2026 via checked.be.