Ets MARCHAL: 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.
What changed
Ets MARCHAL
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€140,773
2024 · €80,948+€59,825
Equity
€633,277
2024 · €510,837+€122,440
Cash
€65,948
2024 · €70,983-€5,035
Balance sheet total
€729,847
2024 · €630,932+€98,916
Largest movements
Assets
- Current investments +€120,000
up €120,000 (+33.3%), from €360,000 to €480,000
- Receivables within one year -€20,269
down €20,269 (-41.6%), from €48,680 to €28,411
of which Trade receivables: -€18,371
Equity and liabilities
- Reserves +€100,000
up €100,000 (+28.8%), from €347,641 to €447,641
of which Distributable reserves: +€100,000
- Profit (loss) carried forward +€22,440
up €22,440 (+54.8%), from €40,948 to €63,387
- Current portion of long-term debt -€13,023
down €13,023 (-98.0%), from €13,290 to €267
- Tax, wage and social debts -€12,359
down €12,359 (-14.4%), from €85,917 to €73,558
of which Taxes: -€10,206
Income statement
- Gross operating margin +€132,015
up €132,015 (+36.0%), from €366,442 to €498,457
- Staff costs +€57,566
up €57,566 (+25.3%), from €227,396 to €284,962
- Taxes +€7,090
up €7,090 (+17.8%), from €39,880 to €46,970
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.
Result 2024
€80,948
Gross operating margin
+€132,015
Staff costs
-€57,566
Depreciation
-€4,189
Other operating charges
+€345
Financial income
-€3,555
Financial charges
-€134
Taxes
-€7,090
Result 2025
€140,773
raises the resultlowers the result
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.
From operations
+€179,830
Investment
-€153,242
Financing
-€31,623
Cash 2024
€70,983
From operations (derived)
+€179,830
Net result for the year
+€140,773
Depreciation
+€28,064
Stocks and contracts
+€7,186
Receivables within one year
+€20,269
Deferred charges and accrued income
-€6,228
Trade debts
+€840
Tax, wage and social debts
-€12,359
Advances received
-€1,350
Other debts
+€1,537
Accrued charges and deferred income
+€1,097
Investment (derived)
-€153,242
Investment in fixed assets (net)
-€33,242
Current investments
-€120,000
Financing
-€31,623
Debts after one year
-€267
Current portion of long-term debt
-€13,023
Contributions, distributions and other
-€18,333
Cash 2025
€65,948
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €630,932 | €729,847 | +€98,916 | +15.7% |
| Fixed assets | 21/28 | €100,783 | €105,961 | +€5,178 | +5.1% |
| Tangible fixed assets | 22/27 | €100,783 | €104,561 | +€3,778 | +3.7% |
| Land and buildings | 22 | €62,423 | €60,835 | -€1,588 | -2.5% |
| Plant, machinery and equipment | 23 | - | €1,966 | +€1,966 | |
| Furniture and vehicles | 24 | €38,359 | €41,760 | +€3,400 | +8.9% |
| Financial fixed assets | 28 | - | €1,400 | +€1,400 | |
| Current assets | 29/58 | €530,149 | €623,886 | +€93,737 | +17.7% |
| Stocks and contracts in progress | 3 | €40,708 | €33,522 | -€7,186 | -17.7% |
| Stocks | 30/36 | €40,708 | €33,522 | -€7,186 | -17.7% |
| Amounts receivable within one year | 40/41 | €48,680 | €28,411 | -€20,269 | -41.6% |
| Trade receivables | 40 | €46,745 | €28,374 | -€18,371 | -39.3% |
| Other amounts receivable | 41 | €1,935 | €37 | -€1,898 | -98.1% |
| Current investments | 50/53 | €360,000 | €480,000 | +€120,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €70,983 | €65,948 | -€5,035 | -7.1% |
| Deferred charges and accrued income | 490/1 | €9,778 | €16,006 | +€6,228 | +63.7% |
| Total equity and liabilities | 10/49 | €630,932 | €729,847 | +€98,916 | +15.7% |
| Equity | 10/15 | €510,837 | €633,277 | +€122,440 | +24.0% |
| Contributions | 10/11 | €122,248 | €122,248 | = | 0.0% |
| Reserves | 13 | €347,641 | €447,641 | +€100,000 | +28.8% |
| Non-distributable reserves | 130/1 | €156,817 | €156,817 | = | 0.0% |
| Reserves not available under the articles | 1311 | €156,817 | €156,817 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,208 | €2,208 | = | 0.0% |
| Distributable reserves | 133 | €188,616 | €288,616 | +€100,000 | +53.0% |
| Profit (loss) carried forward | 14 | €40,948 | €63,387 | +€22,440 | +54.8% |
| Amounts payable | 17/49 | €120,095 | €96,571 | -€23,524 | -19.6% |
| Amounts payable after more than one year | 17 | €267 | - | -€267 | |
| Financial debts | 170/4 | €267 | - | -€267 | |
| Amounts payable within one year | 42/48 | €119,786 | €95,432 | -€24,354 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €13,290 | €267 | -€13,023 | -98.0% |
| Trade debts | 44 | €14,471 | €15,312 | +€840 | +5.8% |
| Suppliers | 440/4 | €14,471 | €15,312 | +€840 | +5.8% |
| Advances received on contracts in progress | 46 | €5,000 | €3,650 | -€1,350 | -27.0% |
| Taxes, remuneration and social security | 45 | €85,917 | €73,558 | -€12,359 | -14.4% |
| Taxes | 450/3 | €65,213 | €55,007 | -€10,206 | -15.6% |
| Remuneration and social security | 454/9 | €20,704 | €18,551 | -€2,153 | -10.4% |
| Other amounts payable | 47/48 | €1,109 | €2,645 | +€1,537 | +139% |
| Accrued charges and deferred income | 492/3 | €41 | €1,138 | +€1,097 | +2,662% |
| Remuneration, social security and pensions | 62 | €227,396 | €284,962 | +€57,566 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,874 | €28,064 | +€4,189 | +17.5% |
| Other operating charges | 640/8 | €3,911 | €3,566 | -€345 | -8.8% |
| Gross operating margin | 9900 | €366,442 | €498,457 | +€132,015 | +36.0% |
| Operating profit (loss) | 9901 | €111,261 | €181,866 | +€70,605 | +63.5% |
| Financial income | 75/76B | €10,130 | €6,575 | -€3,555 | -35.1% |
| Recurring financial income | 75 | €10,130 | €6,575 | -€3,555 | -35.1% |
| Financial charges | 65/66B | €563 | €698 | +€134 | +23.8% |
| Recurring financial charges | 65 | €563 | €698 | +€134 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €120,827 | €187,743 | +€66,916 | +55.4% |
| Income taxes | 67/77 | €39,880 | €46,970 | +€7,090 | +17.8% |
| Profit (loss) for the period | 9904 | €80,948 | €140,773 | +€59,825 | +73.9% |
| Profit (loss) for the period to be appropriated | 9905 | €80,948 | €140,773 | +€59,825 | +73.9% |
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 18 October 2026 via checked.be.