MARCHAL: 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.
MARCHAL
Largest movements
- Receivables within one year +€585,641
up €585,641 (+176.4%), from €332,069 to €917,709
of which Trade receivables: +€577,155
- Stocks and contracts +€321,792
up €321,792 (+72.0%), from €447,144 to €768,936
- Cash +€253,001
up €253,001 (+14.7%), from €1.7m to €2.0m
mainly Trade debts (+€538,269) and Net result for the year (+€490,287)
- Tangible fixed assets -€72,102
down €72,102 (-16.4%), from €440,467 to €368,365
of which Land and buildings: -€49,874
- Trade debts +€538,269
up €538,269 (+329.0%), from €163,595 to €701,865
- Reserves +€490,287
up €490,287 (+21.2%), from €2.3m to €2.8m
of which Distributable reserves: +€490,287
- Tax, wage and social debts +€131,361
up €131,361 (+386.8%), from €33,964 to €165,324
- Current portion of long-term debt -€59,843
no longer reported in 2025 (was €59,843)
- Gross operating margin +€305,010
up €305,010 (+53.1%), from €574,006 to €879,016
- Taxes +€95,069
up €95,069 (+92.2%), from €103,100 to €198,169
- Depreciation -€15,923
down €15,923 (-16.2%), from €98,025 to €82,102
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 | €2,964,973 | €4,051,222 | +€1.1m | +36.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €468,629 | €394,445 | -€74,185 | -15.8% |
| Tangible fixed assets | 22/27 | €440,467 | €368,365 | -€72,102 | -16.4% |
| Land and buildings | 22 | €350,724 | €300,850 | -€49,874 | -14.2% |
| Plant, machinery and equipment | 23 | €44,232 | €36,044 | -€8,187 | -18.5% |
| Furniture and vehicles | 24 | €41,173 | €29,218 | -€11,955 | -29.0% |
| Other tangible fixed assets | 26 | €4,338 | €2,253 | -€2,086 | -48.1% |
| Financial fixed assets | 28 | €28,163 | €26,080 | -€2,083 | -7.4% |
| Current assets | 29/58 | €2,496,343 | €3,656,777 | +€1.2m | +46.5% |
| Stocks and contracts in progress | 3 | €447,144 | €768,936 | +€321,792 | +72.0% |
| Stocks | 30/36 | €447,144 | €768,936 | +€321,792 | +72.0% |
| Amounts receivable within one year | 40/41 | €332,069 | €917,709 | +€585,641 | +176.4% |
| Trade receivables | 40 | €328,195 | €905,350 | +€577,155 | +175.9% |
| Other amounts receivable | 41 | €3,874 | €12,359 | +€8,485 | +219.0% |
| Cash at bank and in hand | 54/58 | €1,717,131 | €1,970,132 | +€253,001 | +14.7% |
| Total equity and liabilities | 10/49 | €2,964,973 | €4,051,222 | +€1.1m | +36.6% |
| Equity | 10/15 | €2,687,661 | €3,177,948 | +€490,287 | +18.2% |
| Contributions | 10/11 | €377,594 | €377,594 | = | 0.0% |
| Reserves | 13 | €2,310,066 | €2,800,353 | +€490,287 | +21.2% |
| Non-distributable reserves | 130/1 | €36,470 | €36,470 | = | 0.0% |
| Reserves not available under the articles | 1311 | €36,470 | €36,470 | = | 0.0% |
| Distributable reserves | 133 | €2,273,596 | €2,763,883 | +€490,287 | +21.6% |
| Amounts payable | 17/49 | €277,312 | €873,274 | +€595,962 | +214.9% |
| Amounts payable after more than one year | 17 | €815 | - | -€815 | |
| Financial debts | 170/4 | €815 | - | -€815 | |
| Amounts payable within one year | 42/48 | €260,471 | €873,274 | +€612,803 | +235.3% |
| Current portion of amounts payable after more than one year | 42 | €59,843 | - | -€59,843 | |
| Trade debts | 44 | €163,595 | €701,865 | +€538,269 | +329.0% |
| Suppliers | 440/4 | €163,595 | €701,865 | +€538,269 | +329.0% |
| Taxes, remuneration and social security | 45 | €33,964 | €165,324 | +€131,361 | +386.8% |
| Taxes | 450/3 | €33,964 | €165,324 | +€131,361 | +386.8% |
| Other amounts payable | 47/48 | €3,069 | €6,085 | +€3,016 | +98.2% |
| Accrued charges and deferred income | 492/3 | €16,026 | - | -€16,026 | |
| Remuneration, social security and pensions | 62 | €84,982 | €84,899 | -€83 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,025 | €82,102 | -€15,923 | -16.2% |
| Other operating charges | 640/8 | €10,408 | €10,313 | -€95 | -0.9% |
| Non-recurring operating charges | 66A | - | €10,083 | +€10,083 | |
| Gross operating margin | 9900 | €574,006 | €879,016 | +€305,010 | +53.1% |
| Operating profit (loss) | 9901 | €380,591 | €691,620 | +€311,029 | +81.7% |
| Financial income | 75/76B | €4,866 | €88 | -€4,778 | -98.2% |
| Recurring financial income | 75 | €4,866 | €88 | -€4,778 | -98.2% |
| Financial charges | 65/66B | €8,290 | €3,252 | -€5,038 | -60.8% |
| Recurring financial charges | 65 | €8,290 | €3,252 | -€5,038 | -60.8% |
| Profit (loss) for the period before taxes | 9903 | €377,167 | €688,456 | +€311,289 | +82.5% |
| Income taxes | 67/77 | €103,100 | €198,169 | +€95,069 | +92.2% |
| Profit (loss) for the period | 9904 | €274,067 | €490,287 | +€216,220 | +78.9% |
| Profit (loss) for the period to be appropriated | 9905 | €274,067 | €490,287 | +€216,220 | +78.9% |
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 12 October 2026 via checked.be.