Dr. Marechal Frédéric: 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. Marechal Frédéric
Largest movements
- Cash -€21,378
down €21,378 (-53.0%), from €40,303 to €18,925
mainly Contributions, distributions and other (-€92,985) and Debts after one year (-€16,085)
- Tangible fixed assets -€13,824
down €13,824 (-22.6%), from €61,122 to €47,299
of which Furniture and vehicles: -€13,611
- Receivables within one year -€7,342
down €7,342 (-57.2%), from €12,846 to €5,504
- Deferred charges and accrued income +€2,407
up €2,407 (+17.7%), from €13,599 to €16,006
- Profit (loss) carried forward -€53,725
down €53,725 (-99.5%), from €53,985 to €260
- Other debts +€39,000
new in 2025: €39,000
- Debts after one year -€16,085
down €16,085 (-41.8%), from €38,478 to €22,392
- Tax, wage and social debts -€8,588
down €8,588 (-80.7%), from €10,638 to €2,050
of which Taxes: -€10,638
- Gross operating margin -€12,048
down €12,048 (-14.7%), from €81,688 to €69,640
- Depreciation +€4,210
up €4,210 (+39.1%), from €10,767 to €14,976
- Taxes -€3,844
down €3,844 (-24.7%), from €15,555 to €11,711
- Financial income -€1,721
no longer reported in 2025 (was €1,721)
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 | €127,871 | €87,733 | -€40,137 | -31.4% |
| Fixed assets | 21/28 | €61,122 | €47,299 | -€13,824 | -22.6% |
| Tangible fixed assets | 22/27 | €61,122 | €47,299 | -€13,824 | -22.6% |
| Plant, machinery and equipment | 23 | €213 | - | -€213 | |
| Furniture and vehicles | 24 | €60,910 | €47,299 | -€13,611 | -22.3% |
| Current assets | 29/58 | €66,748 | €40,435 | -€26,313 | -39.4% |
| Amounts receivable within one year | 40/41 | €12,846 | €5,504 | -€7,342 | -57.2% |
| Other amounts receivable | 41 | €12,846 | €5,504 | -€7,342 | -57.2% |
| Cash at bank and in hand | 54/58 | €40,303 | €18,925 | -€21,378 | -53.0% |
| Deferred charges and accrued income | 490/1 | €13,599 | €16,006 | +€2,407 | +17.7% |
| Total equity and liabilities | 10/49 | €127,871 | €87,733 | -€40,137 | -31.4% |
| Equity | 10/15 | €58,985 | €5,260 | -€53,725 | -91.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,985 | €260 | -€53,725 | -99.5% |
| Amounts payable | 17/49 | €68,885 | €82,473 | +€13,588 | +19.7% |
| Amounts payable after more than one year | 17 | €38,478 | €22,392 | -€16,085 | -41.8% |
| Financial debts | 170/4 | €38,478 | €22,392 | -€16,085 | -41.8% |
| Amounts payable within one year | 42/48 | €28,392 | €58,697 | +€30,305 | +107% |
| Current portion of amounts payable after more than one year | 42 | €15,502 | €16,085 | +€583 | +3.8% |
| Trade debts | 44 | €2,252 | €1,561 | -€691 | -30.7% |
| Suppliers | 440/4 | €2,252 | €1,561 | -€691 | -30.7% |
| Taxes, remuneration and social security | 45 | €10,638 | €2,050 | -€8,588 | -80.7% |
| Taxes | 450/3 | €10,638 | - | -€10,638 | |
| Remuneration and social security | 454/9 | - | €2,050 | +€2,050 | |
| Other amounts payable | 47/48 | - | €39,000 | +€39,000 | |
| Accrued charges and deferred income | 492/3 | €2,016 | €1,384 | -€632 | -31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,767 | €14,976 | +€4,210 | +39.1% |
| Other operating charges | 640/8 | €940 | €1,264 | +€324 | +34.5% |
| Gross operating margin | 9900 | €81,688 | €69,640 | -€12,048 | -14.7% |
| Operating profit (loss) | 9901 | €69,982 | €53,401 | -€16,582 | -23.7% |
| Financial income | 75/76B | €1,721 | - | -€1,721 | |
| Recurring financial income | 75 | €1,721 | - | -€1,721 | |
| Financial charges | 65/66B | €2,163 | €2,429 | +€266 | +12.3% |
| Recurring financial charges | 65 | €2,163 | €2,429 | +€266 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €69,540 | €50,972 | -€18,569 | -26.7% |
| Income taxes | 67/77 | €15,555 | €11,711 | -€3,844 | -24.7% |
| Profit (loss) for the period | 9904 | €53,985 | €39,260 | -€14,725 | -27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,985 | €39,260 | -€14,725 | -27.3% |
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 19 October 2026 via checked.be.