MARCEL LAMBERT: 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 LAMBERT
Largest movements
- Tangible fixed assets -€117,031
down €117,031 (-38.0%), from €308,314 to €191,282
of which Plant, machinery and equipment: -€103,216
- Cash +€22,277
up €22,277 (+45.3%), from €49,158 to €71,435
mainly Depreciation (+€74,669) and Investment in fixed assets (net) (+€42,363)
- Debts after one year -€80,268
down €80,268 (-53.0%), from €151,539 to €71,271
- Tax, wage and social debts +€23,865
up €23,865 (+470.6%), from €5,071 to €28,937
- Current portion of long-term debt -€22,659
down €22,659 (-30.8%), from €73,673 to €51,014
- Trade debts -€11,486
down €11,486 (-38.7%), from €29,684 to €18,197
- Provisions -€6,310
down €6,310 (-60.0%), from €10,520 to €4,210
- Gross operating margin -€54,015
down €54,015 (-31.2%), from €173,095 to €119,080
- Depreciation -€23,083
down €23,083 (-23.6%), from €97,751 to €74,669
- Taxes +€6,338
up €6,338 (+38.6%), from €16,424 to €22,762
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 | €449,133 | €351,650 | -€97,482 | -21.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €308,494 | €191,462 | -€117,031 | -37.9% |
| Tangible fixed assets | 22/27 | €308,314 | €191,282 | -€117,031 | -38.0% |
| Plant, machinery and equipment | 23 | €272,513 | €169,297 | -€103,216 | -37.9% |
| Furniture and vehicles | 24 | €35,502 | €21,836 | -€13,666 | -38.5% |
| Other tangible fixed assets | 26 | €299 | €150 | -€150 | -50.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €140,639 | €160,188 | +€19,549 | +13.9% |
| Amounts receivable within one year | 40/41 | €85,347 | €82,370 | -€2,977 | -3.5% |
| Trade receivables | 40 | €59,078 | €61,350 | +€2,272 | +3.8% |
| Other amounts receivable | 41 | €26,269 | €21,020 | -€5,249 | -20.0% |
| Cash at bank and in hand | 54/58 | €49,158 | €71,435 | +€22,277 | +45.3% |
| Deferred charges and accrued income | 490/1 | €6,134 | €6,383 | +€249 | +4.1% |
| Total equity and liabilities | 10/49 | €449,133 | €351,650 | -€97,482 | -21.7% |
| Equity | 10/15 | €156,140 | €149,930 | -€6,210 | -4.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €143,740 | €137,530 | -€6,210 | -4.3% |
| Tax-exempt reserves | 132 | €42,079 | €16,840 | -€25,240 | -60.0% |
| Distributable reserves | 133 | €101,661 | €120,691 | +€19,030 | +18.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €10,520 | €4,210 | -€6,310 | -60.0% |
| Deferred taxes | 168 | €10,520 | €4,210 | -€6,310 | -60.0% |
| Amounts payable | 17/49 | €282,473 | €197,510 | -€84,963 | -30.1% |
| Amounts payable after more than one year | 17 | €151,539 | €71,271 | -€80,268 | -53.0% |
| Financial debts | 170/4 | €151,539 | €71,271 | -€80,268 | -53.0% |
| Amounts payable within one year | 42/48 | €130,928 | €126,134 | -€4,794 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €73,673 | €51,014 | -€22,659 | -30.8% |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Trade debts | 44 | €29,684 | €18,197 | -€11,486 | -38.7% |
| Suppliers | 440/4 | €29,684 | €18,197 | -€11,486 | -38.7% |
| Taxes, remuneration and social security | 45 | €5,071 | €28,937 | +€23,865 | +470.6% |
| Taxes | 450/3 | €5,071 | €28,937 | +€23,865 | +470.6% |
| Other amounts payable | 47/48 | €22,500 | €27,986 | +€5,486 | +24.4% |
| Accrued charges and deferred income | 492/3 | €5 | €105 | +€99 | +1890.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,751 | €74,669 | -€23,083 | -23.6% |
| Other operating charges | 640/8 | €297 | €377 | +€80 | +26.9% |
| Gross operating margin | 9900 | €173,095 | €119,080 | -€54,015 | -31.2% |
| Operating profit (loss) | 9901 | €75,046 | €44,034 | -€31,012 | -41.3% |
| Financial income | 75/76B | €29 | €3 | -€25 | -88.4% |
| Recurring financial income | 75 | €29 | €3 | -€25 | -88.4% |
| Financial charges | 65/66B | €6,450 | €5,808 | -€642 | -10.0% |
| Recurring financial charges | 65 | €6,450 | €5,808 | -€642 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €68,624 | €38,229 | -€30,395 | -44.3% |
| Transfer from deferred taxes | 780 | €2,994 | €6,310 | +€3,316 | +110.8% |
| Transfer to deferred taxes | 680 | €7,400 | - | -€7,400 | |
| Income taxes | 67/77 | €16,424 | €22,762 | +€6,338 | +38.6% |
| Profit (loss) for the period | 9904 | €47,794 | €21,777 | -€26,017 | -54.4% |
| Transfer from tax-exempt reserves | 789 | €11,975 | €25,240 | +€13,264 | +110.8% |
| Transfer to tax-exempt reserves | 689 | €29,600 | - | -€29,600 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,169 | €47,016 | +€16,847 | +55.8% |
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 8 October 2026 via checked.be.