MARCEAU: 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.
MARCEAU
Largest movements
- Receivables within one year -€432,116
down €432,116 (-37.4%), from €1.2m to €723,881
of which Other amounts receivable: -€498,633
- Cash +€135,511
up €135,511 (+610%), from €22,202 to €157,713
mainly Receivables within one year (+€432,116) and Net result for the year (+€214,356)
- Tangible fixed assets -€50,143
down €50,143 (-17.4%), from €287,587 to €237,443
of which Land and buildings: -€52,675
- Reserves -€338,059
down €338,059 (-22.2%), from €1.5m to €1.2m
of which Distributable reserves: -€338,059
- Short-term financial debts +€59,580
up €59,580 (+13,012%), from €458 to €60,038
- Current portion of long-term debt -€59,402
down €59,402 (-100%), from €59,402 to €0
- Other debts -€20,775
down €20,775 (-69.3%), from €30,000 to €9,225
- Gross operating margin +€240,747
up €240,747 (+121%), from €198,447 to €439,194
- Taxes +€100,192
up €100,192 (+445%), from €22,504 to €122,696
- Financial income +€7,615
up €7,615 (+23.2%), from €32,864 to €40,479
- Staff costs +€6,949
up €6,949 (+10.8%), from €64,221 to €71,170
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 | €1,698,250 | €1,347,097 | -€351,154 | -20.7% |
| Fixed assets | 21/28 | €495,252 | €445,108 | -€50,143 | -10.1% |
| Tangible fixed assets | 22/27 | €287,587 | €237,443 | -€50,143 | -17.4% |
| Land and buildings | 22 | €285,938 | €233,263 | -€52,675 | -18.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,649 | €4,181 | +€2,532 | +154% |
| Financial fixed assets | 28 | €207,665 | €207,665 | = | 0.0% |
| Current assets | 29/58 | €1,202,999 | €901,988 | -€301,011 | -25.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €19,406 | €17,397 | -€2,009 | -10.4% |
| Stocks | 30/36 | €19,406 | €17,397 | -€2,009 | -10.4% |
| Amounts receivable within one year | 40/41 | €1,155,997 | €723,881 | -€432,116 | -37.4% |
| Trade receivables | 40 | €21,226 | €87,743 | +€66,517 | +313% |
| Other amounts receivable | 41 | €1,134,772 | €636,139 | -€498,633 | -43.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €22,202 | €157,713 | +€135,511 | +610% |
| Deferred charges and accrued income | 490/1 | €5,393 | €2,996 | -€2,396 | -44.4% |
| Total equity and liabilities | 10/49 | €1,698,250 | €1,347,097 | -€351,154 | -20.7% |
| Equity | 10/15 | €1,542,855 | €1,204,796 | -€338,059 | -21.9% |
| Contributions | 10/11 | €18,521 | €18,521 | = | 0.0% |
| Reserves | 13 | €1,524,334 | €1,186,275 | -€338,059 | -22.2% |
| Non-distributable reserves | 130/1 | €248 | €248 | = | 0.0% |
| Reserves not available under the articles | 1311 | €248 | €248 | = | 0.0% |
| Distributable reserves | 133 | €1,524,086 | €1,186,027 | -€338,059 | -22.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €155,395 | €142,301 | -€13,094 | -8.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €155,395 | €142,301 | -€13,094 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €59,402 | €0 | -€59,402 | -100% |
| Financial debts | 43 | €458 | €60,038 | +€59,580 | +13,012% |
| Credit institutions | 430/8 | €458 | €60,038 | +€59,580 | +13,012% |
| Trade debts | 44 | €36,737 | €48,716 | +€11,979 | +32.6% |
| Suppliers | 440/4 | €36,737 | €48,716 | +€11,979 | +32.6% |
| Taxes, remuneration and social security | 45 | €28,798 | €24,322 | -€4,477 | -15.5% |
| Taxes | 450/3 | €23,148 | €18,192 | -€4,955 | -21.4% |
| Remuneration and social security | 454/9 | €5,651 | €6,129 | +€479 | +8.5% |
| Other amounts payable | 47/48 | €30,000 | €9,225 | -€20,775 | -69.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €64,221 | €71,170 | +€6,949 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,128 | €53,976 | -€153 | -0.3% |
| Other operating charges | 640/8 | €14,430 | €14,738 | +€308 | +2.1% |
| Gross operating margin | 9900 | €198,447 | €439,194 | +€240,747 | +121% |
| Operating profit (loss) | 9901 | €65,668 | €299,311 | +€233,643 | +356% |
| Financial income | 75/76B | €32,864 | €40,479 | +€7,615 | +23.2% |
| Recurring financial income | 75 | €32,864 | €40,479 | +€7,615 | +23.2% |
| Financial charges | 65/66B | €5,261 | €2,738 | -€2,523 | -48.0% |
| Recurring financial charges | 65 | €5,261 | €2,738 | -€2,523 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €93,270 | €337,052 | +€243,781 | +261% |
| Income taxes | 67/77 | €22,504 | €122,696 | +€100,192 | +445% |
| Profit (loss) for the period | 9904 | €70,766 | €214,356 | +€143,590 | +203% |
| Profit (loss) for the period to be appropriated | 9905 | €70,766 | €214,356 | +€143,590 | +203% |
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 13 October 2026 via checked.be.