MARCEL BAUDOUX: what changed
Two fiscal 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.
MARCEL BAUDOUX
Largest movements
- Cash +€14,817
up €14,817 (+551.5%), from €2,686 to €17,503
mainly Receivables within one year (+€14,398) and Depreciation (+€6,222)
- Receivables within one year -€14,398
down €14,398 (-53.9%), from €26,728 to €12,330
of which Other amounts receivable: -€8,605
- Tangible fixed assets -€6,222
no longer reported in 2025 (was €6,222)
- Trade debts -€5,498
down €5,498 (-95.0%), from €5,788 to €290
- Current portion of long-term debt -€2,069
no longer reported in 2025 (was €2,069)
- Profit (loss) carried forward +€1,775
up €1,775 (+78.1%), from €2,273 to €4,048
- Gross operating margin +€6,738
up €6,738 (+501.7%), from €1,343 to €8,081
- Other operating charges +€787
up €787 (+617.3%), from €128 to €915
- Write-downs +€427
no longer reported in 2025 (was -€427)
- Depreciation -€418
down €418 (-6.3%), from €6,640 to €6,222
- Financial income -€308
down €308 (-26.4%), from €1,166 to €859
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.
Cash bridge derived
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 | €37,398 | €31,561 | -€5,837 | -15.6% |
| Fixed assets | 21/28 | €6,222 | - | -€6,222 | |
| Tangible fixed assets | 22/27 | €6,222 | - | -€6,222 | |
| Furniture and vehicles | 24 | €6,222 | - | -€6,222 | |
| Current assets | 29/58 | €31,176 | €31,561 | +€384 | +1.2% |
| Amounts receivable within one year | 40/41 | €26,728 | €12,330 | -€14,398 | -53.9% |
| Trade receivables | 40 | €5,815 | €22 | -€5,794 | -99.6% |
| Other amounts receivable | 41 | €20,913 | €12,308 | -€8,605 | -41.1% |
| Cash at bank and in hand | 54/58 | €2,686 | €17,503 | +€14,817 | +551.5% |
| Deferred charges and accrued income | 490/1 | €1,762 | €1,728 | -€34 | -1.9% |
| Total equity and liabilities | 10/49 | €37,398 | €31,561 | -€5,837 | -15.6% |
| Equity | 10/15 | €29,541 | €31,267 | +€1,725 | +5.8% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,479 | €2,429 | -€50 | -2.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,429 | -€50 | -2.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,429 | -€50 | -2.0% |
| Profit (loss) carried forward | 14 | €2,273 | €4,048 | +€1,775 | +78.1% |
| Amounts payable | 17/49 | €7,857 | €294 | -€7,563 | -96.3% |
| Amounts payable within one year | 42/48 | €7,857 | €294 | -€7,563 | -96.3% |
| Current portion of amounts payable after more than one year | 42 | €2,069 | - | -€2,069 | |
| Trade debts | 44 | €5,788 | €290 | -€5,498 | -95.0% |
| Suppliers | 440/4 | €5,788 | €290 | -€5,498 | -95.0% |
| Taxes, remuneration and social security | 45 | - | €4 | +€4 | |
| Taxes | 450/3 | - | €4 | +€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,640 | €6,222 | -€418 | -6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€427 | - | +€427 | |
| Other operating charges | 640/8 | €128 | €915 | +€787 | +617.3% |
| Non-recurring operating charges | 66A | €3 | €1 | -€1 | -56.6% |
| Gross operating margin | 9900 | €1,343 | €8,081 | +€6,738 | +501.7% |
| Operating profit (loss) | 9901 | -€5,000 | €944 | +€5,944 | |
| Financial income | 75/76B | €1,166 | €859 | -€308 | -26.4% |
| Recurring financial income | 75 | €1,166 | €859 | -€308 | -26.4% |
| Financial charges | 65/66B | €305 | €77 | -€228 | -74.7% |
| Recurring financial charges | 65 | €98 | €77 | -€20 | -20.9% |
| Non-recurring financial charges | 66B | €207 | - | -€207 | |
| Profit (loss) for the period before taxes | 9903 | -€4,139 | €1,725 | +€5,864 | |
| Profit (loss) for the period | 9904 | -€4,139 | €1,725 | +€5,864 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,139 | €1,725 | +€5,864 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.