José MARCHAND: 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.
José MARCHAND
Largest movements
- Deferred charges and accrued income +€63,413
up €63,413 (+543%), from €11,679 to €75,092
- Receivables within one year -€24,147
down €24,147 (-13.7%), from €175,981 to €151,834
of which Trade receivables: -€24,191
- Current portion of long-term debt +€61,374
up €61,374 (+197%), from €31,216 to €92,590
- Other debts -€42,499
down €42,499 (-43.1%), from €98,664 to €56,165
- Trade debts +€30,168
up €30,168 (+75.9%), from €39,751 to €69,918
- Tax, wage and social debts -€12,708
down €12,708 (-89.8%), from €14,156 to €1,448
of which Taxes: -€12,708
- Reserves -€11,028
down €11,028 (-4.3%), from €255,840 to €244,813
of which Tax-exempt reserves: -€11,028
- Gross operating margin +€5,729
up €5,729 (+16.6%), from €34,453 to €40,181
- Financial charges +€4,486
up €4,486 (+32.6%), from €13,740 to €18,226
- Other operating charges -€1,354
down €1,354 (-15.6%), from €8,691 to €7,337
- Taxes +€1,059
new in 2025: €1,059
- Depreciation +€959
up €959 (+3.8%), from €25,230 to €26,188
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 | €614,639 | €643,102 | +€28,463 | +4.6% |
| Fixed assets | 21/28 | €344,576 | €338,588 | -€5,988 | -1.7% |
| Intangible fixed assets | 21 | €2,000 | €2,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €342,428 | €336,439 | -€5,988 | -1.7% |
| Land and buildings | 22 | €329,634 | €295,656 | -€33,979 | -10.3% |
| Furniture and vehicles | 24 | €12,794 | €40,084 | +€27,290 | +213% |
| Other tangible fixed assets | 26 | - | €700 | +€700 | |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €270,063 | €304,514 | +€34,451 | +12.8% |
| Stocks and contracts in progress | 3 | €76,455 | €75,755 | -€700 | -0.9% |
| Stocks | 30/36 | €76,455 | €75,755 | -€700 | -0.9% |
| Amounts receivable within one year | 40/41 | €175,981 | €151,834 | -€24,147 | -13.7% |
| Trade receivables | 40 | €148,745 | €124,553 | -€24,191 | -16.3% |
| Other amounts receivable | 41 | €27,236 | €27,281 | +€44 | +0.2% |
| Cash at bank and in hand | 54/58 | €5,948 | €1,833 | -€4,115 | -69.2% |
| Deferred charges and accrued income | 490/1 | €11,679 | €75,092 | +€63,413 | +543% |
| Total equity and liabilities | 10/49 | €614,639 | €643,102 | +€28,463 | +4.6% |
| Equity | 10/15 | €161,859 | €155,651 | -€6,208 | -3.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €255,840 | €244,813 | -€11,028 | -4.3% |
| Non-distributable reserves | 130/1 | €3,808 | €3,808 | = | 0.0% |
| Legal reserve | 130 | €3,808 | €3,808 | = | 0.0% |
| Tax-exempt reserves | 132 | €252,032 | €241,005 | -€11,028 | -4.4% |
| Profit (loss) carried forward | 14 | -€155,955 | -€151,135 | +€4,820 | +3.1% |
| Provisions and deferred taxes | 16 | €122,029 | €116,348 | -€5,681 | -4.7% |
| Deferred taxes | 168 | €122,029 | €116,348 | -€5,681 | -4.7% |
| Amounts payable | 17/49 | €330,751 | €371,103 | +€40,352 | +12.2% |
| Amounts payable after more than one year | 17 | €123,566 | €132,325 | +€8,759 | +7.1% |
| Financial debts | 170/4 | €123,566 | €132,325 | +€8,759 | +7.1% |
| Amounts payable within one year | 42/48 | €207,186 | €238,779 | +€31,593 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €31,216 | €92,590 | +€61,374 | +197% |
| Financial debts | 43 | €23,399 | €18,658 | -€4,741 | -20.3% |
| Credit institutions | 430/8 | €23,399 | €18,658 | -€4,741 | -20.3% |
| Trade debts | 44 | €39,751 | €69,918 | +€30,168 | +75.9% |
| Suppliers | 440/4 | €39,751 | €69,918 | +€30,168 | +75.9% |
| Taxes, remuneration and social security | 45 | €14,156 | €1,448 | -€12,708 | -89.8% |
| Taxes | 450/3 | €13,156 | €448 | -€12,708 | -96.6% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €98,664 | €56,165 | -€42,499 | -43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,230 | €26,188 | +€959 | +3.8% |
| Other operating charges | 640/8 | €8,691 | €7,337 | -€1,354 | -15.6% |
| Gross operating margin | 9900 | €34,453 | €40,181 | +€5,729 | +16.6% |
| Operating profit (loss) | 9901 | €532 | €6,656 | +€6,124 | +1,152% |
| Financial income | 75/76B | - | €741 | +€741 | |
| Recurring financial income | 75 | - | €741 | +€741 | |
| Financial charges | 65/66B | €13,740 | €18,226 | +€4,486 | +32.6% |
| Recurring financial charges | 65 | €13,740 | €18,226 | +€4,486 | +32.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,209 | -€10,830 | +€2,379 | +18.0% |
| Transfer from deferred taxes | 780 | €5,681 | €5,681 | = | 0.0% |
| Income taxes | 67/77 | - | €1,059 | +€1,059 | |
| Profit (loss) for the period | 9904 | -€7,528 | -€6,208 | +€1,320 | +17.5% |
| Transfer from tax-exempt reserves | 789 | €11,028 | €11,028 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,500 | €4,820 | +€1,320 | +37.7% |
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 28 October 2026 via checked.be.