DR. MARCHOUL: 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.
DR. MARCHOUL
Largest movements
- Receivables within one year +€31,722
up €31,722 (+9.4%), from €336,573 to €368,296
of which Other amounts receivable: +€58,251
- Reserves +€35,404
up €35,404 (+8.9%), from €399,635 to €435,039
- Gross operating margin -€74,523
down €74,523 (-64.7%), from €115,213 to €40,690
- Taxes -€23,967
down €23,967 (-57.7%), from €41,528 to €17,561
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 | €442,208 | €475,031 | +€32,823 | +7.4% |
| Fixed assets | 21/28 | €593 | €270 | -€323 | -54.5% |
| Tangible fixed assets | 22/27 | €593 | €270 | -€323 | -54.5% |
| Plant, machinery and equipment | 23 | €593 | €270 | -€323 | -54.5% |
| Current assets | 29/58 | €441,615 | €474,761 | +€33,146 | +7.5% |
| Amounts receivable within one year | 40/41 | €336,573 | €368,296 | +€31,722 | +9.4% |
| Trade receivables | 40 | €26,714 | €186 | -€26,528 | -99.3% |
| Other amounts receivable | 41 | €309,860 | €368,110 | +€58,251 | +18.8% |
| Cash at bank and in hand | 54/58 | €105,042 | €106,466 | +€1,423 | +1.4% |
| Total equity and liabilities | 10/49 | €442,208 | €475,031 | +€32,823 | +7.4% |
| Equity | 10/15 | €418,235 | €453,639 | +€35,404 | +8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €399,635 | €435,039 | +€35,404 | +8.9% |
| Distributable reserves | 133 | €399,635 | €435,039 | +€35,404 | +8.9% |
| Amounts payable | 17/49 | €23,973 | €21,392 | -€2,581 | -10.8% |
| Amounts payable within one year | 42/48 | €23,973 | €21,392 | -€2,581 | -10.8% |
| Financial debts | 43 | €10,142 | €6,728 | -€3,414 | -33.7% |
| Credit institutions | 430/8 | €10,142 | €6,728 | -€3,414 | -33.7% |
| Trade debts | 44 | - | €3,197 | +€3,197 | |
| Suppliers | 440/4 | - | €3,197 | +€3,197 | |
| Taxes, remuneration and social security | 45 | €13,831 | €11,467 | -€2,364 | -17.1% |
| Taxes | 450/3 | €2,364 | €11,467 | +€9,102 | +385% |
| Remuneration and social security | 454/9 | €11,467 | - | -€11,467 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €300 | €323 | +€23 | +7.6% |
| Other operating charges | 640/8 | €1,477 | €1,645 | +€168 | +11.4% |
| Non-recurring operating charges | 66A | €53 | - | -€53 | |
| Gross operating margin | 9900 | €115,213 | €40,690 | -€74,523 | -64.7% |
| Operating profit (loss) | 9901 | €113,383 | €38,722 | -€74,660 | -65.8% |
| Financial income | 75/76B | €15,993 | €14,972 | -€1,021 | -6.4% |
| Recurring financial income | 75 | €14,369 | €14,972 | +€603 | +4.2% |
| Non-recurring financial income | 76B | €1,624 | - | -€1,624 | |
| Financial charges | 65/66B | €1,394 | €729 | -€664 | -47.7% |
| Recurring financial charges | 65 | €1,394 | €729 | -€664 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €127,982 | €52,965 | -€75,017 | -58.6% |
| Income taxes | 67/77 | €41,528 | €17,561 | -€23,967 | -57.7% |
| Profit (loss) for the period | 9904 | €86,454 | €35,404 | -€51,050 | -59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,454 | €35,404 | -€51,050 | -59.0% |
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 26 October 2026 via checked.be.