ESTELLE 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.
ESTELLE MARICHAL
Largest movements
- Cash +€55,862
up €55,862 (+110%), from €51,014 to €106,876
mainly Net result for the year (+€37,596) and Tax, wage and social debts (+€14,048)
- Tangible fixed assets -€8,333
down €8,333 (-35.5%), from €23,452 to €15,119
- Receivables within one year -€2,858
no longer reported in 2025 (was €2,858)
- Deferred charges and accrued income +€1,471
new in 2025: €1,471
- Profit (loss) carried forward +€37,596
up €37,596 (+103%), from €36,348 to €73,944
- Tax, wage and social debts +€14,048
up €14,048 (+108%), from €13,044 to €27,092
- Other debts -€8,882
down €8,882 (-38.7%), from €22,956 to €14,074
- Accrued charges and deferred income +€5,082
new in 2025: €5,082
- Trade debts -€1,702
down €1,702 (-34.3%), from €4,966 to €3,264
- Gross operating margin +€46,194
up €46,194 (+312%), from €14,790 to €60,983
- Taxes +€11,007
up €11,007 (+362%), from €3,041 to €14,048
- Depreciation +€6,785
up €6,785 (+438%), from €1,548 to €8,333
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 | €77,324 | €123,466 | +€46,141 | +59.7% |
| Fixed assets | 21/28 | €23,452 | €15,119 | -€8,333 | -35.5% |
| Tangible fixed assets | 22/27 | €23,452 | €15,119 | -€8,333 | -35.5% |
| Furniture and vehicles | 24 | €23,452 | €15,119 | -€8,333 | -35.5% |
| Current assets | 29/58 | €53,872 | €108,347 | +€54,475 | +101% |
| Amounts receivable within one year | 40/41 | €2,858 | - | -€2,858 | |
| Trade receivables | 40 | €2,858 | - | -€2,858 | |
| Cash at bank and in hand | 54/58 | €51,014 | €106,876 | +€55,862 | +110% |
| Deferred charges and accrued income | 490/1 | - | €1,471 | +€1,471 | |
| Total equity and liabilities | 10/49 | €77,324 | €123,466 | +€46,141 | +59.7% |
| Equity | 10/15 | €36,358 | €73,954 | +€37,596 | +103% |
| Contributions | 10/11 | €10 | €10 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,348 | €73,944 | +€37,596 | +103% |
| Amounts payable | 17/49 | €40,966 | €49,512 | +€8,546 | +20.9% |
| Amounts payable within one year | 42/48 | €40,966 | €44,430 | +€3,464 | +8.5% |
| Trade debts | 44 | €4,966 | €3,264 | -€1,702 | -34.3% |
| Suppliers | 440/4 | €4,966 | €3,264 | -€1,702 | -34.3% |
| Taxes, remuneration and social security | 45 | €13,044 | €27,092 | +€14,048 | +108% |
| Taxes | 450/3 | €13,044 | €27,092 | +€14,048 | +108% |
| Other amounts payable | 47/48 | €22,956 | €14,074 | -€8,882 | -38.7% |
| Accrued charges and deferred income | 492/3 | - | €5,082 | +€5,082 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,548 | €8,333 | +€6,785 | +438% |
| Other operating charges | 640/8 | €1,017 | €881 | -€136 | -13.3% |
| Gross operating margin | 9900 | €14,790 | €60,983 | +€46,194 | +312% |
| Operating profit (loss) | 9901 | €12,224 | €51,768 | +€39,544 | +323% |
| Financial charges | 65/66B | €114 | €125 | +€10 | +9.1% |
| Recurring financial charges | 65 | €114 | €125 | +€10 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €12,110 | €51,644 | +€39,534 | +326% |
| Income taxes | 67/77 | €3,041 | €14,048 | +€11,007 | +362% |
| Profit (loss) for the period | 9904 | €9,069 | €37,596 | +€28,527 | +315% |
| Profit (loss) for the period to be appropriated | 9905 | €9,069 | €37,596 | +€28,527 | +315% |
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 25 October 2026 via checked.be.