MARCEL DEGENEFFE: 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.
What changed
MARCEL DEGENEFFE
NACE 47.770, Retail sale of watches and jewellery
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€12,738
2024 · €22,682-€9,944
Equity
€229,869
2024 · €217,131+€12,738
Cash
-
2024 · €2,459-€2,459
Balance sheet total
€431,442
2024 · €403,724+€27,718
Largest movements
Assets
- Receivables within one year +€28,195
up €28,195 (+317%), from €8,907 to €37,102
of which Trade receivables: +€27,682
Equity and liabilities
- Trade debts +€86,653
up €86,653 (+202%), from €42,959 to €129,613
- Other debts -€38,058
down €38,058 (-93.0%), from €40,929 to €2,871
- Debts after one year -€18,928
down €18,928 (-82.2%), from €23,027 to €4,098
- Current portion of long-term debt -€14,203
down €14,203 (-42.9%), from €33,132 to €18,928
- Profit (loss) carried forward +€12,101
up €12,101 (+31.3%), from €38,603 to €50,705
Income statement
- Gross operating margin -€12,446
down €12,446 (-13.8%), from €90,025 to €77,580
- Taxes -€2,831
down €2,831 (-30.1%), from €9,409 to €6,578
- Depreciation +€1,182
up €1,182 (+11.1%), from €10,623 to €11,805
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.
Result 2024
€22,682
Gross operating margin
-€12,446
Staff costs
-€776
Depreciation
-€1,182
Other operating charges
+€80
Other operating items
+€996
Financial charges
+€553
Taxes
+€2,831
Result 2025
€12,738
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€32,074
Investment
-€13,200
Financing
-€21,334
Cash 2024
€2,459
From operations (derived)
+€32,074
Net result for the year
+€12,738
Depreciation
+€11,805
Stocks and contracts
-€769
Receivables within one year
-€28,195
Deferred charges and accrued income
+€183
Trade debts
+€86,653
Tax, wage and social debts
-€9,061
Advances received
-€1,356
Other debts
-€38,058
Accrued charges and deferred income
-€1,865
Investment (derived)
-€13,200
Investment in fixed assets (net)
-€13,200
Financing
-€21,334
Debts after one year
-€18,928
Current portion of long-term debt
-€14,203
Short-term financial debts
+€11,798
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €403,724 | €431,442 | +€27,718 | +6.9% |
| Fixed assets | 21/28 | €31,192 | €32,587 | +€1,395 | +4.5% |
| Tangible fixed assets | 22/27 | €25,717 | €27,112 | +€1,395 | +5.4% |
| Plant, machinery and equipment | 23 | €2,943 | €1,659 | -€1,284 | -43.6% |
| Furniture and vehicles | 24 | €22,774 | €13,274 | -€9,500 | -41.7% |
| Other tangible fixed assets | 26 | - | €12,179 | +€12,179 | |
| Financial fixed assets | 28 | €5,475 | €5,475 | = | 0.0% |
| Current assets | 29/58 | €372,532 | €398,855 | +€26,323 | +7.1% |
| Stocks and contracts in progress | 3 | €359,912 | €360,681 | +€769 | +0.2% |
| Stocks | 30/36 | €359,912 | €360,681 | +€769 | +0.2% |
| Amounts receivable within one year | 40/41 | €8,907 | €37,102 | +€28,195 | +317% |
| Trade receivables | 40 | €8,907 | €36,588 | +€27,682 | +311% |
| Other amounts receivable | 41 | - | €514 | +€514 | |
| Cash at bank and in hand | 54/58 | €2,459 | - | -€2,459 | |
| Deferred charges and accrued income | 490/1 | €1,255 | €1,072 | -€183 | -14.6% |
| Total equity and liabilities | 10/49 | €403,724 | €431,442 | +€27,718 | +6.9% |
| Equity | 10/15 | €217,131 | €229,869 | +€12,738 | +5.9% |
| Contributions | 10/11 | €142,000 | €142,000 | = | 0.0% |
| Capital | 10 | €142,000 | €142,000 | = | 0.0% |
| Issued capital | 100 | €142,000 | €142,000 | = | 0.0% |
| Reserves | 13 | €36,527 | €37,164 | +€637 | +1.7% |
| Non-distributable reserves | 130/1 | €3,662 | €4,299 | +€637 | +17.4% |
| Legal reserve | 130 | €3,662 | €4,299 | +€637 | +17.4% |
| Distributable reserves | 133 | €32,865 | €32,865 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,603 | €50,705 | +€12,101 | +31.3% |
| Amounts payable | 17/49 | €186,593 | €201,573 | +€14,980 | +8.0% |
| Amounts payable after more than one year | 17 | €23,027 | €4,098 | -€18,928 | -82.2% |
| Financial debts | 170/4 | €23,027 | €4,098 | -€18,928 | -82.2% |
| Amounts payable within one year | 42/48 | €155,053 | €190,827 | +€35,773 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | €33,132 | €18,928 | -€14,203 | -42.9% |
| Financial debts | 43 | - | €11,798 | +€11,798 | |
| Credit institutions | 430/8 | - | €11,798 | +€11,798 | |
| Trade debts | 44 | €42,959 | €129,613 | +€86,653 | +202% |
| Suppliers | 440/4 | €42,959 | €129,613 | +€86,653 | +202% |
| Advances received on contracts in progress | 46 | €1,356 | - | -€1,356 | |
| Taxes, remuneration and social security | 45 | €36,678 | €27,617 | -€9,061 | -24.7% |
| Taxes | 450/3 | €27,307 | €17,918 | -€9,389 | -34.4% |
| Remuneration and social security | 454/9 | €9,370 | €9,699 | +€328 | +3.5% |
| Other amounts payable | 47/48 | €40,929 | €2,871 | -€38,058 | -93.0% |
| Accrued charges and deferred income | 492/3 | €8,513 | €6,648 | -€1,865 | -21.9% |
| Remuneration, social security and pensions | 62 | €40,550 | €41,325 | +€776 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,623 | €11,805 | +€1,182 | +11.1% |
| Other operating charges | 640/8 | €822 | €742 | -€80 | -9.7% |
| Non-recurring operating charges | 66A | €1,245 | €248 | -€996 | -80.0% |
| Gross operating margin | 9900 | €90,025 | €77,580 | -€12,446 | -13.8% |
| Operating profit (loss) | 9901 | €36,786 | €23,459 | -€13,327 | -36.2% |
| Financial charges | 65/66B | €4,696 | €4,143 | -€553 | -11.8% |
| Recurring financial charges | 65 | €4,696 | €4,143 | -€553 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €32,090 | €19,316 | -€12,775 | -39.8% |
| Income taxes | 67/77 | €9,409 | €6,578 | -€2,831 | -30.1% |
| Profit (loss) for the period | 9904 | €22,682 | €12,738 | -€9,944 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,682 | €12,738 | -€9,944 | -43.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.