Dr. Maréchal Nicolas: what changed
Two fiscal 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. Maréchal Nicolas
Largest movements
- Receivables within one year -€18,159
down €18,159 (-98.4%), from €18,446 to €288
- Cash +€7,680
up €7,680 (+7.2%), from €107,318 to €114,998
mainly Net result for the year (+€50,216) and Receivables within one year (+€18,159)
- Deferred charges and accrued income +€4,150
up €4,150 (+2110.2%), from €197 to €4,347
- Tax, wage and social debts -€13,840
no longer reported in 2025 (was €13,840)
- Other debts +€6,306
new in 2025: €6,306
- Other operating charges +€1,752
up €1,752 (+276.6%), from €633 to €2,385
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 | €127,259 | €120,261 | -€6,997 | -5.5% |
| Fixed assets | 21/28 | €1,298 | €629 | -€669 | -51.6% |
| Tangible fixed assets | 22/27 | €1,298 | €629 | -€669 | -51.6% |
| Plant, machinery and equipment | 23 | €427 | €322 | -€105 | -24.6% |
| Furniture and vehicles | 24 | €871 | €307 | -€565 | -64.8% |
| Current assets | 29/58 | €125,961 | €119,633 | -€6,328 | -5.0% |
| Amounts receivable within one year | 40/41 | €18,446 | €288 | -€18,159 | -98.4% |
| Other amounts receivable | 41 | €18,446 | €288 | -€18,159 | -98.4% |
| Cash at bank and in hand | 54/58 | €107,318 | €114,998 | +€7,680 | +7.2% |
| Deferred charges and accrued income | 490/1 | €197 | €4,347 | +€4,150 | +2110.2% |
| Total equity and liabilities | 10/49 | €127,259 | €120,261 | -€6,997 | -5.5% |
| Equity | 10/15 | €113,419 | €113,635 | +€216 | +0.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,419 | €110,635 | +€216 | +0.2% |
| Amounts payable | 17/49 | €13,840 | €6,627 | -€7,213 | -52.1% |
| Amounts payable within one year | 42/48 | €13,840 | €6,627 | -€7,213 | -52.1% |
| Trade debts | 44 | - | €321 | +€321 | |
| Suppliers | 440/4 | - | €321 | +€321 | |
| Taxes, remuneration and social security | 45 | €13,840 | - | -€13,840 | |
| Taxes | 450/3 | €13,840 | - | -€13,840 | |
| Other amounts payable | 47/48 | - | €6,306 | +€6,306 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €757 | €669 | -€87 | -11.5% |
| Other operating charges | 640/8 | €633 | €2,385 | +€1,752 | +276.6% |
| Gross operating margin | 9900 | €67,135 | €67,544 | +€410 | +0.6% |
| Operating profit (loss) | 9901 | €65,745 | €64,490 | -€1,255 | -1.9% |
| Financial income | 75/76B | €30 | - | -€30 | |
| Recurring financial income | 75 | €30 | - | -€30 | |
| Financial charges | 65/66B | €2,019 | €1,562 | -€457 | -22.7% |
| Recurring financial charges | 65 | €2,019 | €1,562 | -€457 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €63,756 | €62,928 | -€828 | -1.3% |
| Income taxes | 67/77 | €12,840 | €12,712 | -€128 | -1.0% |
| Profit (loss) for the period | 9904 | €50,916 | €50,216 | -€700 | -1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €50,916 | €50,216 | -€700 | -1.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.