Docteur Hugues MARECHAL: what changed
Docteur Hugues MARECHAL
Largest movements
- Cash +€48,025
up €48,025 (+41.2%), from €116,567 to €164,591
mainly Net result for the year (+€167,790) and Other debts (+€42,555)
- Receivables within one year +€14,373
up €14,373 (+42.9%), from €33,514 to €47,887
of which Other amounts receivable: +€12,184
- Tangible fixed assets -€5,216
down €5,216 (-53.2%), from €9,801 to €4,585
of which Furniture and vehicles: -€4,607
- Profit (loss) carried forward +€90,235
up €90,235 (+547%), from €16,494 to €106,729
- Provisions -€83,569
no longer reported in 2025 (was €83,569)
- Other debts +€42,555
up €42,555 (+122%), from €35,000 to €77,555
- Tax, wage and social debts +€7,500
up €7,500 (+452%), from €1,658 to €9,158
- Provisions -€167,138
down €167,138, from €83,569 to -€83,569
- Financial charges +€92,407
up €92,407 (+3,999%), from €2,311 to €94,718
- Gross operating margin +€47,667
up €47,667 (+29.7%), from €160,452 to €208,118
- Taxes -€11,151
down €11,151 (-32.4%), from €34,408 to €23,257
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €162,443 | €218,335 | +€55,892 | +34.4% |
| Fixed assets | 21/28 | €9,801 | €4,585 | -€5,216 | -53.2% |
| Tangible fixed assets | 22/27 | €9,801 | €4,585 | -€5,216 | -53.2% |
| Furniture and vehicles | 24 | €8,076 | €3,468 | -€4,607 | -57.1% |
| Other tangible fixed assets | 26 | €1,725 | €1,116 | -€609 | -35.3% |
| Current assets | 29/58 | €152,642 | €213,751 | +€61,109 | +40.0% |
| Amounts receivable within one year | 40/41 | €33,514 | €47,887 | +€14,373 | +42.9% |
| Trade receivables | 40 | €361 | €2,549 | +€2,188 | +607% |
| Other amounts receivable | 41 | €33,154 | €45,338 | +€12,184 | +36.8% |
| Current investments | 50/53 | - | €250 | +€250 | |
| Cash at bank and in hand | 54/58 | €116,567 | €164,591 | +€48,025 | +41.2% |
| Deferred charges and accrued income | 490/1 | €2,561 | €1,022 | -€1,539 | -60.1% |
| Total equity and liabilities | 10/49 | €162,443 | €218,335 | +€55,892 | +34.4% |
| Equity | 10/15 | €36,899 | €127,134 | +€90,235 | +245% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,494 | €106,729 | +€90,235 | +547% |
| Provisions and deferred taxes | 16 | €83,569 | - | -€83,569 | |
| Provisions for liabilities and charges | 160/5 | €83,569 | - | -€83,569 | |
| Other liabilities and charges | 164/5 | €83,569 | - | -€83,569 | |
| Amounts payable | 17/49 | €41,975 | €91,201 | +€49,227 | +117% |
| Amounts payable within one year | 42/48 | €41,853 | €90,340 | +€48,487 | +116% |
| Trade debts | 44 | €5,194 | €3,627 | -€1,568 | -30.2% |
| Suppliers | 440/4 | €5,194 | €3,627 | -€1,568 | -30.2% |
| Taxes, remuneration and social security | 45 | €1,658 | €9,158 | +€7,500 | +452% |
| Taxes | 450/3 | €1,658 | €9,158 | +€7,500 | +452% |
| Other amounts payable | 47/48 | €35,000 | €77,555 | +€42,555 | +122% |
| Accrued charges and deferred income | 492/3 | €122 | €861 | +€739 | +605% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,161 | €5,216 | +€55 | +1.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €83,569 | -€83,569 | -€167,138 | |
| Other operating charges | 640/8 | €605 | €706 | +€100 | +16.6% |
| Gross operating margin | 9900 | €160,452 | €208,118 | +€47,667 | +29.7% |
| Operating profit (loss) | 9901 | €71,116 | €285,765 | +€214,649 | +302% |
| Financial charges | 65/66B | €2,311 | €94,718 | +€92,407 | +3,999% |
| Recurring financial charges | 65 | €2,311 | €94,718 | +€92,407 | +3,999% |
| Profit (loss) for the period before taxes | 9903 | €68,806 | €191,047 | +€122,242 | +178% |
| Income taxes | 67/77 | €34,408 | €23,257 | -€11,151 | -32.4% |
| Profit (loss) for the period | 9904 | €34,397 | €167,790 | +€133,393 | +388% |
| Profit (loss) for the period to be appropriated | 9905 | €34,397 | €167,790 | +€133,393 | +388% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.