DR. P. MARICHAL: 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. P. MARICHAL
Largest movements
- Cash +€69,846
up €69,846 (+59.6%), from €117,244 to €187,090
mainly Other debts (+€235,469) and Net result for the year (+€154,915)
- Other debts +€235,469
up €235,469 (+336%), from €70,063 to €305,532
- Reserves -€170,400
down €170,400 (-29.7%), from €573,262 to €402,862
of which Distributable reserves: -€170,400
- Tax, wage and social debts +€28,277
up €28,277 (+105%), from €26,877 to €55,154
- Current portion of long-term debt -€19,635
no longer reported in 2025 (was €19,635)
- Depreciation -€44,910
down €44,910 (-85.2%), from €52,712 to €7,803
- Financial income +€13,567
up €13,567 (+172%), from €7,887 to €21,454
- Taxes +€11,911
up €11,911 (+25.0%), from €47,683 to €59,594
- Gross operating margin -€5,971
down €5,971 (-2.8%), from €212,843 to €206,873
- Other operating charges +€3,244
up €3,244 (+145%), from €2,240 to €5,484
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 | €711,464 | €783,874 | +€72,410 | +10.2% |
| Fixed assets | 21/28 | €14,855 | €14,702 | -€152 | -1.0% |
| Tangible fixed assets | 22/27 | €14,855 | €14,702 | -€152 | -1.0% |
| Plant, machinery and equipment | 23 | €4,072 | €3,577 | -€495 | -12.2% |
| Furniture and vehicles | 24 | €10,783 | €11,126 | +€343 | +3.2% |
| Current assets | 29/58 | €696,609 | €769,171 | +€72,562 | +10.4% |
| Current investments | 50/53 | €576,465 | €580,707 | +€4,242 | +0.7% |
| Cash at bank and in hand | 54/58 | €117,244 | €187,090 | +€69,846 | +59.6% |
| Deferred charges and accrued income | 490/1 | €2,901 | €1,375 | -€1,526 | -52.6% |
| Total equity and liabilities | 10/49 | €711,464 | €783,874 | +€72,410 | +10.2% |
| Equity | 10/15 | €592,173 | €421,788 | -€170,385 | -28.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €573,262 | €402,862 | -€170,400 | -29.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €52 | €52 | = | 0.0% |
| Distributable reserves | 133 | €571,350 | €400,950 | -€170,400 | -29.8% |
| Profit (loss) carried forward | 14 | €311 | €326 | +€15 | +4.8% |
| Amounts payable | 17/49 | €119,291 | €362,086 | +€242,795 | +204% |
| Amounts payable within one year | 42/48 | €116,575 | €360,686 | +€244,111 | +209% |
| Current portion of amounts payable after more than one year | 42 | €19,635 | - | -€19,635 | |
| Taxes, remuneration and social security | 45 | €26,877 | €55,154 | +€28,277 | +105% |
| Taxes | 450/3 | €26,877 | €55,154 | +€28,277 | +105% |
| Other amounts payable | 47/48 | €70,063 | €305,532 | +€235,469 | +336% |
| Accrued charges and deferred income | 492/3 | €2,716 | €1,400 | -€1,316 | -48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,712 | €7,803 | -€44,910 | -85.2% |
| Other operating charges | 640/8 | €2,240 | €5,484 | +€3,244 | +145% |
| Gross operating margin | 9900 | €212,843 | €206,873 | -€5,971 | -2.8% |
| Operating profit (loss) | 9901 | €157,891 | €193,586 | +€35,694 | +22.6% |
| Financial income | 75/76B | €7,887 | €21,454 | +€13,567 | +172% |
| Recurring financial income | 75 | €7,887 | €21,454 | +€13,567 | +172% |
| Financial charges | 65/66B | €1,919 | €531 | -€1,388 | -72.3% |
| Recurring financial charges | 65 | €1,919 | €531 | -€1,388 | -72.3% |
| Profit (loss) for the period before taxes | 9903 | €163,859 | €214,509 | +€50,650 | +30.9% |
| Income taxes | 67/77 | €47,683 | €59,594 | +€11,911 | +25.0% |
| Profit (loss) for the period | 9904 | €116,176 | €154,915 | +€38,739 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €116,176 | €154,915 | +€38,739 | +33.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.