Marchal & Co: 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 & Co
Largest movements
- Cash +€79,125
up €79,125 (+157%), from €50,500 to €129,625
mainly Receivables within one year (+€74,679) and Depreciation (+€45,699)
- Receivables within one year -€74,679
down €74,679 (-30.7%), from €243,072 to €168,393
of which Trade receivables: -€98,488
- Tangible fixed assets +€13,413
up €13,413 (+17.0%), from €78,959 to €92,372
of which Leasing and similar rights: +€12,129
- Profit (loss) carried forward -€37,318
down €37,318, from €14,223 to -€23,096
- Trade debts +€21,115
up €21,115 (+38.6%), from €54,767 to €75,882
- Accrued charges and deferred income +€10,783
up €10,783 (+10,209%), from €106 to €10,888
- Other debts +€9,241
up €9,241 (+5.5%), from €167,817 to €177,057
- Current portion of long-term debt +€5,542
up €5,542 (+35.9%), from €15,440 to €20,982
- Depreciation -€25,639
down €25,639 (-35.9%), from €71,338 to €45,699
- Write-downs +€19,021
up €19,021 (+146%), from €13,066 to €32,087
- Gross operating margin -€17,343
down €17,343 (-23.2%), from €74,757 to €57,414
- Financial charges +€12,794
up €12,794 (+743%), from €1,721 to €14,516
- Financial income -€2,225
down €2,225 (-88.7%), from €2,508 to €284
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 | €388,316 | €400,899 | +€12,584 | +3.2% |
| Fixed assets | 21/28 | €80,882 | €93,565 | +€12,683 | +15.7% |
| Intangible fixed assets | 21 | €832 | €102 | -€730 | -87.7% |
| Tangible fixed assets | 22/27 | €78,959 | €92,372 | +€13,413 | +17.0% |
| Plant, machinery and equipment | 23 | €29,392 | €31,165 | +€1,773 | +6.0% |
| Furniture and vehicles | 24 | €13,527 | €13,038 | -€490 | -3.6% |
| Leasing and similar rights | 25 | €36,039 | €48,169 | +€12,129 | +33.7% |
| Financial fixed assets | 28 | €1,091 | €1,091 | = | 0.0% |
| Current assets | 29/58 | €307,434 | €307,335 | -€99 | 0.0% |
| Stocks and contracts in progress | 3 | €5,971 | €2,588 | -€3,384 | -56.7% |
| Stocks | 30/36 | €5,971 | €2,588 | -€3,384 | -56.7% |
| Amounts receivable within one year | 40/41 | €243,072 | €168,393 | -€74,679 | -30.7% |
| Trade receivables | 40 | €231,003 | €132,515 | -€98,488 | -42.6% |
| Other amounts receivable | 41 | €12,069 | €35,878 | +€23,809 | +197% |
| Cash at bank and in hand | 54/58 | €50,500 | €129,625 | +€79,125 | +157% |
| Deferred charges and accrued income | 490/1 | €7,891 | €6,729 | -€1,161 | -14.7% |
| Total equity and liabilities | 10/49 | €388,316 | €400,899 | +€12,584 | +3.2% |
| Equity | 10/15 | €127,423 | €90,104 | -€37,318 | -29.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €51,200 | €51,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,223 | -€23,096 | -€37,318 | |
| Amounts payable | 17/49 | €260,893 | €310,795 | +€49,902 | +19.1% |
| Amounts payable after more than one year | 17 | €21,571 | €25,986 | +€4,415 | +20.5% |
| Financial debts | 170/4 | €21,571 | €25,986 | +€4,415 | +20.5% |
| Amounts payable within one year | 42/48 | €239,217 | €273,921 | +€34,704 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €15,440 | €20,982 | +€5,542 | +35.9% |
| Trade debts | 44 | €54,767 | €75,882 | +€21,115 | +38.6% |
| Suppliers | 440/4 | €54,767 | €75,882 | +€21,115 | +38.6% |
| Taxes, remuneration and social security | 45 | €1,194 | €0 | -€1,194 | -100% |
| Taxes | 450/3 | €922 | €0 | -€922 | -100% |
| Remuneration and social security | 454/9 | €272 | €0 | -€272 | -100% |
| Other amounts payable | 47/48 | €167,817 | €177,057 | +€9,241 | +5.5% |
| Accrued charges and deferred income | 492/3 | €106 | €10,888 | +€10,783 | +10,209% |
| Remuneration, social security and pensions | 62 | €537 | €233 | -€304 | -56.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,338 | €45,699 | -€25,639 | -35.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,066 | €32,087 | +€19,021 | +146% |
| Other operating charges | 640/8 | €4,361 | €2,482 | -€1,879 | -43.1% |
| Gross operating margin | 9900 | €74,757 | €57,414 | -€17,343 | -23.2% |
| Operating profit (loss) | 9901 | -€14,545 | -€23,087 | -€8,541 | -58.7% |
| Financial income | 75/76B | €2,508 | €284 | -€2,225 | -88.7% |
| Recurring financial income | 75 | €2,508 | €284 | -€2,225 | -88.7% |
| Financial charges | 65/66B | €1,721 | €14,516 | +€12,794 | +743% |
| Recurring financial charges | 65 | €1,721 | €14,516 | +€12,794 | +743% |
| Profit (loss) for the period before taxes | 9903 | -€13,758 | -€37,318 | -€23,560 | -171% |
| Profit (loss) for the period | 9904 | -€13,758 | -€37,318 | -€23,560 | -171% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,758 | -€37,318 | -€23,560 | -171% |
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 28 October 2026 via checked.be.