Kurt 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.
Kurt Marichal
Largest movements
- Current investments -€105,727
down €105,727 (-98.0%), from €107,928 to €2,201
- Receivables within one year +€53,833
up €53,833 (+59.0%), from €91,207 to €145,041
of which Trade receivables: +€45,733
- Receivables after one year +€32,464
up €32,464 (+133%), from €24,365 to €56,829
- Tangible fixed assets +€26,621
up €26,621 (+319%), from €8,336 to €34,958
of which Land and buildings: +€29,336
- Deferred charges and accrued income +€6,538
up €6,538 (+279%), from €2,343 to €8,881
- Other debts +€13,696
up €13,696 (+11.9%), from €115,158 to €128,853
- Tax, wage and social debts -€8,366
down €8,366 (-100%), from €8,366 to €0
- Trade debts +€7,748
up €7,748 (+923%), from €839 to €8,588
- Accrued charges and deferred income -€5,364
down €5,364 (-78.8%), from €6,808 to €1,444
- Gross operating margin +€54,135
up €54,135 (+42.0%), from €128,930 to €183,065
- Financial income -€20,862
down €20,862 (-98.3%), from €21,226 to €363
of which Non-recurring financial income: -€12,784
- Taxes +€12,616
up €12,616 (+41.5%), from €30,392 to €43,008
- Financial charges +€5,832
up €5,832 (+366%), from €1,593 to €7,425
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 | €301,112 | €309,247 | +€8,136 | +2.7% |
| Fixed assets | 21/28 | €8,336 | €34,958 | +€26,621 | +319% |
| Tangible fixed assets | 22/27 | €8,336 | €34,958 | +€26,621 | +319% |
| Land and buildings | 22 | - | €29,336 | +€29,336 | |
| Plant, machinery and equipment | 23 | €1,242 | €828 | -€414 | -33.3% |
| Furniture and vehicles | 24 | €7,094 | €4,793 | -€2,301 | -32.4% |
| Current assets | 29/58 | €292,775 | €274,290 | -€18,486 | -6.3% |
| Amounts receivable after more than one year | 29 | €24,365 | €56,829 | +€32,464 | +133% |
| Other amounts receivable | 291 | €24,365 | €56,829 | +€32,464 | +133% |
| Amounts receivable within one year | 40/41 | €91,207 | €145,041 | +€53,833 | +59.0% |
| Trade receivables | 40 | €88,693 | €134,426 | +€45,733 | +51.6% |
| Other amounts receivable | 41 | €2,515 | €10,615 | +€8,100 | +322% |
| Current investments | 50/53 | €107,928 | €2,201 | -€105,727 | -98.0% |
| Cash at bank and in hand | 54/58 | €66,932 | €61,338 | -€5,594 | -8.4% |
| Deferred charges and accrued income | 490/1 | €2,343 | €8,881 | +€6,538 | +279% |
| Total equity and liabilities | 10/49 | €301,112 | €309,247 | +€8,136 | +2.7% |
| Equity | 10/15 | €169,941 | €170,363 | +€422 | +0.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €158,961 | €158,961 | = | 0.0% |
| Distributable reserves | 133 | €158,961 | €158,961 | = | 0.0% |
| Profit (loss) carried forward | 14 | €980 | €1,402 | +€422 | +43.1% |
| Amounts payable | 17/49 | €131,171 | €138,884 | +€7,714 | +5.9% |
| Amounts payable within one year | 42/48 | €124,363 | €137,441 | +€13,078 | +10.5% |
| Trade debts | 44 | €839 | €8,588 | +€7,748 | +923% |
| Suppliers | 440/4 | €839 | €8,588 | +€7,748 | +923% |
| Taxes, remuneration and social security | 45 | €8,366 | €0 | -€8,366 | -100% |
| Taxes | 450/3 | €8,366 | €0 | -€8,366 | -100% |
| Other amounts payable | 47/48 | €115,158 | €128,853 | +€13,696 | +11.9% |
| Accrued charges and deferred income | 492/3 | €6,808 | €1,444 | -€5,364 | -78.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,195 | €4,370 | +€175 | +4.2% |
| Other operating charges | 640/8 | €968 | €1,204 | +€235 | +24.3% |
| Gross operating margin | 9900 | €128,930 | €183,065 | +€54,135 | +42.0% |
| Operating profit (loss) | 9901 | €123,767 | €177,492 | +€53,725 | +43.4% |
| Financial income | 75/76B | €21,226 | €363 | -€20,862 | -98.3% |
| Recurring financial income | 75 | €8,442 | €363 | -€8,078 | -95.7% |
| Non-recurring financial income | 76B | €12,784 | €0 | -€12,784 | -100% |
| Financial charges | 65/66B | €1,593 | €7,425 | +€5,832 | +366% |
| Recurring financial charges | 65 | €1,593 | €7,425 | +€5,832 | +366% |
| Profit (loss) for the period before taxes | 9903 | €143,400 | €170,430 | +€27,030 | +18.8% |
| Income taxes | 67/77 | €30,392 | €43,008 | +€12,616 | +41.5% |
| Profit (loss) for the period | 9904 | €113,007 | €127,422 | +€14,415 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €113,007 | €127,422 | +€14,415 | +12.8% |
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 27 October 2026 via checked.be.