MARCEL MOREAU: 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.
MARCEL MOREAU
Largest movements
- Cash -€3,198
down €3,198 (-6.0%), from €53,732 to €50,534
mainly Net result for the year (-€2,669) and Receivables within one year (-€2,266)
- Stocks and contracts -€2,896
down €2,896 (-9.7%), from €29,852 to €26,956
- Receivables within one year +€2,266
up €2,266 (+40.7%), from €5,561 to €7,826
of which Trade receivables: +€2,415
- Profit (loss) carried forward -€2,669
down €2,669 (-7.6%), from €35,019 to €32,350
- Gross operating margin -€1,802
down €1,802, from €215 to -€1,587
- Other operating charges -€388
down €388 (-32.2%), from €1,205 to €817
- Financial income +€20
up €20 (+8.2%), from €243 to €263
- Taxes +€17
up €17 (+4.7%), from €357 to €374
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 | €92,366 | €89,063 | -€3,303 | -3.6% |
| Current assets | 29/58 | €92,366 | €89,063 | -€3,303 | -3.6% |
| Stocks and contracts in progress | 3 | €29,852 | €26,956 | -€2,896 | -9.7% |
| Stocks | 30/36 | €29,852 | €26,956 | -€2,896 | -9.7% |
| Amounts receivable within one year | 40/41 | €5,561 | €7,826 | +€2,266 | +40.7% |
| Trade receivables | 40 | €4,516 | €6,931 | +€2,415 | +53.5% |
| Other amounts receivable | 41 | €1,045 | €895 | -€150 | -14.3% |
| Cash at bank and in hand | 54/58 | €53,732 | €50,534 | -€3,198 | -6.0% |
| Deferred charges and accrued income | 490/1 | €3,220 | €3,745 | +€525 | +16.3% |
| Total equity and liabilities | 10/49 | €92,366 | €89,063 | -€3,303 | -3.6% |
| Equity | 10/15 | €84,358 | €81,689 | -€2,669 | -3.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €36,939 | €36,939 | = | 0.0% |
| Distributable reserves | 133 | €36,939 | €36,939 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,019 | €32,350 | -€2,669 | -7.6% |
| Amounts payable | 17/49 | €8,007 | €7,373 | -€634 | -7.9% |
| Amounts payable within one year | 42/48 | €8,007 | €7,373 | -€634 | -7.9% |
| Trade debts | 44 | €1,476 | €1,002 | -€475 | -32.1% |
| Suppliers | 440/4 | €1,476 | €1,002 | -€475 | -32.1% |
| Taxes, remuneration and social security | 45 | €0 | €437 | +€437 | |
| Taxes | 450/3 | €0 | €437 | +€437 | |
| Other amounts payable | 47/48 | €6,531 | €5,935 | -€596 | -9.1% |
| Other operating charges | 640/8 | €1,205 | €817 | -€388 | -32.2% |
| Gross operating margin | 9900 | €215 | -€1,587 | -€1,802 | |
| Operating profit (loss) | 9901 | -€989 | -€2,404 | -€1,414 | -143% |
| Financial income | 75/76B | €243 | €263 | +€20 | +8.2% |
| Recurring financial income | 75 | €243 | €263 | +€20 | +8.2% |
| Financial charges | 65/66B | €161 | €154 | -€7 | -4.5% |
| Recurring financial charges | 65 | €161 | €154 | -€7 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | -€908 | -€2,295 | -€1,387 | -153% |
| Income taxes | 67/77 | €357 | €374 | +€17 | +4.7% |
| Profit (loss) for the period | 9904 | -€1,265 | -€2,669 | -€1,404 | -111% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,265 | -€2,669 | -€1,404 | -111% |
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 17 October 2026 via checked.be.