MARCHAL: what changed
What changed
MARCHAL
NACE 42.212, Civil engineering
filed annual accounts (NBB)
Net result for the year
€186,778
2024 · €49,200+€137,579
Equity
€854,819
2024 · €729,785+€125,034
Cash
€377,400
2024 · €299,068+€78,331
Balance sheet total
€1.6m
2024 · €1.6m+€32,445
Largest movements
Assets
- Cash +€78,331
up €78,331 (+26.2%), from €299,068 to €377,400
mainly Net result for the year (+€186,778) and Depreciation (+€96,770)
- Tangible fixed assets -€78,093
down €78,093 (-6.7%), from €1.2m to €1.1m
- Receivables within one year +€34,594
up €34,594 (+150%), from €23,109 to €57,703
of which Trade receivables: +€34,594
Equity and liabilities
- Reserves +€125,034
up €125,034 (+18.7%), from €668,285 to €793,319
of which Distributable reserves: +€125,034
- Other debts -€91,704
down €91,704 (-21.5%), from €427,174 to €335,470
- Debts after one year -€38,457
down €38,457 (-12.8%), from €301,138 to €262,681
of which Financial debts: -€38,457
- Tax, wage and social debts +€34,179
up €34,179 (+75.2%), from €45,442 to €79,621
of which Taxes: +€32,971
Income statement
- Gross operating margin +€213,051
up €213,051 (+38.8%), from €549,405 to €762,455
- Taxes +€64,963
up €64,963 (+259%), from €25,063 to €90,026
- Staff costs +€14,041
up €14,041 (+4.0%), from €348,880 to €362,921
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€49,200
Gross operating margin
+€213,051
Staff costs
-€14,041
Depreciation
+€3,623
Write-downs
-€3,000
Other operating charges
+€503
Financial income
+€1,483
Financial charges
+€924
Taxes
-€64,963
Result 2025
€186,778
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€196,581
Investment
-€19,029
Financing
-€99,221
Cash 2024
€299,068
From operations (derived)
+€196,581
Net result for the year
+€186,778
Depreciation
+€96,770
Stocks and contracts
+€5,348
Receivables within one year
-€34,594
Deferred charges and accrued income
-€2,608
Trade debts
+€3,746
Tax, wage and social debts
+€34,179
Advances received
-€968
Other debts
-€91,704
Accrued charges and deferred income
-€365
Investment (derived)
-€19,029
Investment in fixed assets (net)
-€18,676
Current investments
-€352
Financing
-€99,221
Debts after one year
-€38,457
Current portion of long-term debt
+€980
Contributions, distributions and other
-€61,744
Cash 2025
€377,400
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,567,316 | €1,599,761 | +€32,445 | +2.1% |
| Fixed assets | 21/28 | €1,175,688 | €1,097,595 | -€78,093 | -6.6% |
| Tangible fixed assets | 22/27 | €1,172,648 | €1,094,555 | -€78,093 | -6.7% |
| Land and buildings | 22 | €1,061,524 | €1,022,781 | -€38,743 | -3.6% |
| Plant, machinery and equipment | 23 | €70,071 | €44,082 | -€25,989 | -37.1% |
| Furniture and vehicles | 24 | €40,808 | €27,692 | -€13,116 | -32.1% |
| Other tangible fixed assets | 26 | €246 | - | -€246 | |
| Financial fixed assets | 28 | €3,040 | €3,040 | = | 0.0% |
| Current assets | 29/58 | €391,628 | €502,166 | +€110,538 | +28.2% |
| Stocks and contracts in progress | 3 | €12,028 | €6,680 | -€5,348 | -44.5% |
| Stocks | 30/36 | €12,028 | €6,680 | -€5,348 | -44.5% |
| Amounts receivable within one year | 40/41 | €23,109 | €57,703 | +€34,594 | +150% |
| Trade receivables | 40 | €14,205 | €48,799 | +€34,594 | +244% |
| Other amounts receivable | 41 | €8,904 | €8,904 | = | 0.0% |
| Current investments | 50/53 | €52,802 | €53,154 | +€352 | +0.7% |
| Cash at bank and in hand | 54/58 | €299,068 | €377,400 | +€78,331 | +26.2% |
| Deferred charges and accrued income | 490/1 | €4,621 | €7,230 | +€2,608 | +56.4% |
| Total equity and liabilities | 10/49 | €1,567,316 | €1,599,761 | +€32,445 | +2.1% |
| Equity | 10/15 | €729,785 | €854,819 | +€125,034 | +17.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €668,285 | €793,319 | +€125,034 | +18.7% |
| Non-distributable reserves | 130/1 | €45,500 | €45,500 | = | 0.0% |
| Legal reserve | 130 | €45,500 | €45,500 | = | 0.0% |
| Distributable reserves | 133 | €622,785 | €747,819 | +€125,034 | +20.1% |
| Amounts payable | 17/49 | €837,532 | €744,942 | -€92,589 | -11.1% |
| Amounts payable after more than one year | 17 | €301,138 | €262,681 | -€38,457 | -12.8% |
| Financial debts | 170/4 | €287,488 | €249,031 | -€38,457 | -13.4% |
| Other amounts payable | 178/9 | €13,650 | €13,650 | = | 0.0% |
| Amounts payable within one year | 42/48 | €529,426 | €475,659 | -€53,767 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €37,477 | €38,457 | +€980 | +2.6% |
| Trade debts | 44 | €11,771 | €15,516 | +€3,746 | +31.8% |
| Suppliers | 440/4 | €11,771 | €15,516 | +€3,746 | +31.8% |
| Advances received on contracts in progress | 46 | €7,563 | €6,595 | -€968 | -12.8% |
| Taxes, remuneration and social security | 45 | €45,442 | €79,621 | +€34,179 | +75.2% |
| Taxes | 450/3 | €11,053 | €44,024 | +€32,971 | +298% |
| Remuneration and social security | 454/9 | €34,389 | €35,597 | +€1,208 | +3.5% |
| Other amounts payable | 47/48 | €427,174 | €335,470 | -€91,704 | -21.5% |
| Accrued charges and deferred income | 492/3 | €6,968 | €6,603 | -€365 | -5.2% |
| Non-recurring operating income | 76A | - | €18,668 | +€18,668 | |
| Remuneration, social security and pensions | 62 | €348,880 | €362,921 | +€14,041 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,393 | €96,770 | -€3,623 | -3.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,000 | - | +€3,000 | |
| Other operating charges | 640/8 | €21,323 | €20,820 | -€503 | -2.4% |
| Gross operating margin | 9900 | €549,405 | €762,455 | +€213,051 | +38.8% |
| Operating profit (loss) | 9901 | €81,809 | €281,944 | +€200,135 | +245% |
| Financial income | 75/76B | €2,032 | €3,515 | +€1,483 | +73.0% |
| Recurring financial income | 75 | €2,032 | €3,515 | +€1,483 | +73.0% |
| Financial charges | 65/66B | €9,579 | €8,655 | -€924 | -9.6% |
| Recurring financial charges | 65 | €9,579 | €8,655 | -€924 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €74,263 | €276,805 | +€202,542 | +273% |
| Income taxes | 67/77 | €25,063 | €90,026 | +€64,963 | +259% |
| Profit (loss) for the period | 9904 | €49,200 | €186,778 | +€137,579 | +280% |
| Profit (loss) for the period to be appropriated | 9905 | €49,200 | €186,778 | +€137,579 | +280% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.