MARCH CONSEIL: 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.
MARCH CONSEIL
Largest movements
- Tangible fixed assets +€442,308
up €442,308 (+65.2%), from €678,426 to €1.1m
of which Plant, machinery and equipment: +€459,150
- Receivables within one year -€34,705
down €34,705 (-89.2%), from €38,899 to €4,194
of which Trade receivables: -€33,921
- Short-term financial debts +€509,247
up €509,247 (+78.7%), from €647,181 to €1.2m
- Debts after one year +€235,568
new in 2024: €235,568
- Profit (loss) carried forward -€178,570
down €178,570 (-85.0%), from -€210,115 to -€388,685
- Other debts -€132,670
down €132,670 (-62.5%), from €212,170 to €79,500
- Trade debts -€26,150
down €26,150 (-58.5%), from €44,673 to €18,523
- Gross operating margin -€64,932
down €64,932, from €12,475 to -€52,457
- Depreciation +€25,442
up €25,442 (+151%), from €16,841 to €42,283
- Other operating charges +€16,700
up €16,700 (+114%), from €14,669 to €31,369
- Financial charges +€6,644
up €6,644 (+14.4%), from €46,024 to €52,668
- Staff costs -€4,241
down €4,241, from €4,033 to -€208
From the 2023 result to the 2024 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €717,838 | €1,125,068 | +€407,231 | +56.7% |
| Fixed assets | 21/28 | €678,566 | €1,120,874 | +€442,308 | +65.2% |
| Tangible fixed assets | 22/27 | €678,426 | €1,120,734 | +€442,308 | +65.2% |
| Land and buildings | 22 | €553,381 | €536,539 | -€16,841 | -3.0% |
| Plant, machinery and equipment | 23 | €125,045 | €584,195 | +€459,150 | +367% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €39,272 | €4,194 | -€35,078 | -89.3% |
| Amounts receivable within one year | 40/41 | €38,899 | €4,194 | -€34,705 | -89.2% |
| Trade receivables | 40 | €38,115 | €4,194 | -€33,921 | -89.0% |
| Other amounts receivable | 41 | €784 | - | -€784 | |
| Deferred charges and accrued income | 490/1 | €373 | - | -€373 | |
| Total equity and liabilities | 10/49 | €717,838 | €1,125,068 | +€407,231 | +56.7% |
| Equity | 10/15 | -€191,415 | -€369,985 | -€178,570 | -93.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€210,115 | -€388,685 | -€178,570 | -85.0% |
| Amounts payable | 17/49 | €909,253 | €1,495,053 | +€585,800 | +64.4% |
| Amounts payable after more than one year | 17 | - | €235,568 | +€235,568 | |
| Other amounts payable | 178/9 | - | €235,568 | +€235,568 | |
| Amounts payable within one year | 42/48 | €909,253 | €1,259,147 | +€349,894 | +38.5% |
| Financial debts | 43 | €647,181 | €1,156,428 | +€509,247 | +78.7% |
| Credit institutions | 430/8 | €647,181 | €1,156,428 | +€509,247 | +78.7% |
| Trade debts | 44 | €44,673 | €18,523 | -€26,150 | -58.5% |
| Suppliers | 440/4 | €44,673 | €18,523 | -€26,150 | -58.5% |
| Taxes, remuneration and social security | 45 | €5,230 | €4,696 | -€534 | -10.2% |
| Taxes | 450/3 | €1,903 | €4,696 | +€2,793 | +147% |
| Remuneration and social security | 454/9 | €3,326 | - | -€3,326 | |
| Other amounts payable | 47/48 | €212,170 | €79,500 | -€132,670 | -62.5% |
| Accrued charges and deferred income | 492/3 | - | €338 | +€338 | |
| Remuneration, social security and pensions | 62 | €4,033 | -€208 | -€4,241 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,841 | €42,283 | +€25,442 | +151% |
| Other operating charges | 640/8 | €14,669 | €31,369 | +€16,700 | +114% |
| Gross operating margin | 9900 | €12,475 | -€52,457 | -€64,932 | |
| Operating profit (loss) | 9901 | -€23,069 | -€125,902 | -€102,832 | -446% |
| Financial income | 75/76B | €3,659 | €1 | -€3,659 | -100.0% |
| Recurring financial income | 75 | €3,659 | €1 | -€3,659 | -100.0% |
| Financial charges | 65/66B | €46,024 | €52,668 | +€6,644 | +14.4% |
| Recurring financial charges | 65 | €46,024 | €52,668 | +€6,644 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | -€65,434 | -€178,570 | -€113,135 | -173% |
| Profit (loss) for the period | 9904 | -€65,434 | -€178,570 | -€113,135 | -173% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,434 | -€178,570 | -€113,135 | -173% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.