IMMO 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.
IMMO MARCHAL
Largest movements
- Tangible fixed assets -€145,124
down €145,124 (-17.6%), from €825,450 to €680,326
of which Land and buildings: -€144,964
- Cash +€132,837
up €132,837 (+122%), from €108,962 to €241,798
mainly Investment in fixed assets (net) (+€121,055) and Net result for the year (+€100,933)
- Reserves +€94,733
up €94,733 (+93.4%), from €101,444 to €196,177
of which Tax-exempt reserves: +€94,361
- Debts after one year -€64,748
down €64,748 (-42.6%), from €152,005 to €87,257
- Revaluation surpluses -€47,406
down €47,406 (-12.7%), from €373,948 to €326,542
- Provisions +€23,590
new in 2026: €23,590
- Current portion of long-term debt -€11,428
down €11,428 (-21.8%), from €52,346 to €40,918
- Gross operating margin +€102,172
up €102,172 (+135%), from €75,417 to €177,589
- Depreciation -€3,216
down €3,216 (-11.8%), from €27,284 to €24,069
- Taxes -€2,891
down €2,891 (-66.9%), from €4,324 to €1,433
- Other operating charges -€2,010
down €2,010 (-14.3%), from €14,037 to €12,027
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €944,327 | €933,799 | -€10,528 | -1.1% |
| Fixed assets | 21/28 | €825,450 | €680,326 | -€145,124 | -17.6% |
| Tangible fixed assets | 22/27 | €825,450 | €680,326 | -€145,124 | -17.6% |
| Land and buildings | 22 | €825,291 | €680,326 | -€144,964 | -17.6% |
| Furniture and vehicles | 24 | €160 | - | -€160 | |
| Current assets | 29/58 | €118,877 | €253,473 | +€134,596 | +113% |
| Amounts receivable within one year | 40/41 | €742 | €187 | -€554 | -74.7% |
| Other amounts receivable | 41 | €742 | €187 | -€554 | -74.7% |
| Cash at bank and in hand | 54/58 | €108,962 | €241,798 | +€132,837 | +122% |
| Deferred charges and accrued income | 490/1 | €9,173 | €11,487 | +€2,313 | +25.2% |
| Total equity and liabilities | 10/49 | €944,327 | €933,799 | -€10,528 | -1.1% |
| Equity | 10/15 | €595,392 | €642,719 | +€47,327 | +7.9% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Revaluation surpluses | 12 | €373,948 | €326,542 | -€47,406 | -12.7% |
| Reserves | 13 | €101,444 | €196,177 | +€94,733 | +93.4% |
| Tax-exempt reserves | 132 | - | €94,361 | +€94,361 | |
| Distributable reserves | 133 | €101,444 | €101,816 | +€372 | +0.4% |
| Provisions and deferred taxes | 16 | - | €23,590 | +€23,590 | |
| Deferred taxes | 168 | - | €23,590 | +€23,590 | |
| Amounts payable | 17/49 | €348,936 | €267,490 | -€81,446 | -23.3% |
| Amounts payable after more than one year | 17 | €152,005 | €87,257 | -€64,748 | -42.6% |
| Financial debts | 170/4 | €152,005 | €87,257 | -€64,748 | -42.6% |
| Amounts payable within one year | 42/48 | €196,749 | €180,232 | -€16,517 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €52,346 | €40,918 | -€11,428 | -21.8% |
| Trade debts | 44 | €8,895 | €5,417 | -€3,478 | -39.1% |
| Suppliers | 440/4 | €8,895 | €5,417 | -€3,478 | -39.1% |
| Taxes, remuneration and social security | 45 | €1,005 | €1,005 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,005 | €1,005 | = | 0.0% |
| Other amounts payable | 47/48 | €134,503 | €132,892 | -€1,611 | -1.2% |
| Accrued charges and deferred income | 492/3 | €181 | - | -€181 | |
| Non-recurring operating income | 76A | - | €117,952 | +€117,952 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,284 | €24,069 | -€3,216 | -11.8% |
| Other operating charges | 640/8 | €14,037 | €12,027 | -€2,010 | -14.3% |
| Gross operating margin | 9900 | €75,417 | €177,589 | +€102,172 | +135% |
| Operating profit (loss) | 9901 | €34,095 | €141,493 | +€107,397 | +315% |
| Financial income | 75/76B | €524 | €401 | -€123 | -23.4% |
| Recurring financial income | 75 | €524 | €401 | -€123 | -23.4% |
| Financial charges | 65/66B | €17,374 | €15,937 | -€1,436 | -8.3% |
| Recurring financial charges | 65 | €17,374 | €15,937 | -€1,436 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €17,246 | €125,957 | +€108,711 | +630% |
| Transfer to deferred taxes | 680 | - | €23,590 | +€23,590 | |
| Income taxes | 67/77 | €4,324 | €1,433 | -€2,891 | -66.9% |
| Profit (loss) for the period | 9904 | €12,922 | €100,933 | +€88,012 | +681% |
| Transfer to tax-exempt reserves | 689 | - | €94,361 | +€94,361 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,922 | €6,572 | -€6,349 | -49.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.