Dr Patrick Maréchal: 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 Patrick Maréchal
Largest movements
- Tangible fixed assets +€18,260
up €18,260 (+13.1%), from €139,602 to €157,861
of which Furniture and vehicles: +€32,040
- Receivables within one year -€8,210
down €8,210 (-46.9%), from €17,504 to €9,293
of which Other amounts receivable: -€9,070
- Deferred charges and accrued income +€5,920
up €5,920 (+37.3%), from €15,889 to €21,809
- Cash +€3,948
up €3,948 (+5.2%), from €76,200 to €80,148
mainly Net result for the year (+€176,821) and Depreciation (+€27,213)
- Current portion of long-term debt +€11,043
up €11,043 (+98.9%), from €11,167 to €22,211
- Profit (loss) carried forward +€10,597
up €10,597 (+61.5%), from €17,224 to €27,821
- Debts after one year -€7,854
down €7,854 (-12.2%), from €64,455 to €56,601
- Other debts +€7,200
up €7,200 (+5.5%), from €132,000 to €139,200
- Gross operating margin +€22,657
up €22,657 (+9.2%), from €246,726 to €269,384
- Depreciation -€15,551
down €15,551 (-36.4%), from €42,764 to €27,213
- Taxes +€9,153
up €9,153 (+18.4%), from €49,652 to €58,805
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 | €249,194 | €269,111 | +€19,917 | +8.0% |
| Fixed assets | 21/28 | €139,602 | €157,861 | +€18,260 | +13.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €139,602 | €157,861 | +€18,260 | +13.1% |
| Land and buildings | 22 | €83,951 | €76,915 | -€7,036 | -8.4% |
| Plant, machinery and equipment | 23 | €3,056 | €1,342 | -€1,714 | -56.1% |
| Furniture and vehicles | 24 | €19,059 | €51,099 | +€32,040 | +168% |
| Other tangible fixed assets | 26 | €33,535 | €28,504 | -€5,030 | -15.0% |
| Current assets | 29/58 | €109,593 | €111,250 | +€1,657 | +1.5% |
| Amounts receivable within one year | 40/41 | €17,504 | €9,293 | -€8,210 | -46.9% |
| Trade receivables | 40 | - | €860 | +€860 | |
| Other amounts receivable | 41 | €17,504 | €8,433 | -€9,070 | -51.8% |
| Cash at bank and in hand | 54/58 | €76,200 | €80,148 | +€3,948 | +5.2% |
| Deferred charges and accrued income | 490/1 | €15,889 | €21,809 | +€5,920 | +37.3% |
| Total equity and liabilities | 10/49 | €249,194 | €269,111 | +€19,917 | +8.0% |
| Equity | 10/15 | €37,684 | €46,421 | +€8,737 | +23.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €1,860 | €0 | -€1,860 | -100% |
| Profit (loss) carried forward | 14 | €17,224 | €27,821 | +€10,597 | +61.5% |
| Amounts payable | 17/49 | €211,511 | €222,690 | +€11,180 | +5.3% |
| Amounts payable after more than one year | 17 | €64,455 | €56,601 | -€7,854 | -12.2% |
| Financial debts | 170/4 | €64,455 | €56,601 | -€7,854 | -12.2% |
| Amounts payable within one year | 42/48 | €147,056 | €165,356 | +€18,300 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €11,167 | €22,211 | +€11,043 | +98.9% |
| Trade debts | 44 | €1,125 | €2,282 | +€1,157 | +103% |
| Suppliers | 440/4 | €1,125 | €2,282 | +€1,157 | +103% |
| Taxes, remuneration and social security | 45 | €2,763 | €1,664 | -€1,100 | -39.8% |
| Taxes | 450/3 | €2,763 | €1,664 | -€1,100 | -39.8% |
| Other amounts payable | 47/48 | €132,000 | €139,200 | +€7,200 | +5.5% |
| Accrued charges and deferred income | 492/3 | €0 | €734 | +€734 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,764 | €27,213 | -€15,551 | -36.4% |
| Other operating charges | 640/8 | €2,088 | €2,113 | +€25 | +1.2% |
| Gross operating margin | 9900 | €246,726 | €269,384 | +€22,657 | +9.2% |
| Operating profit (loss) | 9901 | €201,874 | €240,057 | +€38,183 | +18.9% |
| Financial income | 75/76B | €780 | €471 | -€309 | -39.6% |
| Recurring financial income | 75 | €780 | €471 | -€309 | -39.6% |
| Financial charges | 65/66B | €3,779 | €4,903 | +€1,123 | +29.7% |
| Recurring financial charges | 65 | €3,779 | €4,903 | +€1,123 | +29.7% |
| Profit (loss) for the period before taxes | 9903 | €198,875 | €235,626 | +€36,751 | +18.5% |
| Income taxes | 67/77 | €49,652 | €58,805 | +€9,153 | +18.4% |
| Profit (loss) for the period | 9904 | €149,224 | €176,821 | +€27,597 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €149,224 | €176,821 | +€27,597 | +18.5% |
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 16 October 2026 via checked.be.