MARCHAL ELEC: 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 ELEC
Largest movements
- Tangible fixed assets +€206,295
up €206,295 (+257%), from €80,144 to €286,438
of which Land and buildings: +€208,174
- Receivables within one year +€24,228
up €24,228 (+268%), from €9,034 to €33,261
of which Trade receivables: +€15,429
- Cash -€19,910
down €19,910 (-68.3%), from €29,160 to €9,250
mainly Investment in fixed assets (net) (-€224,874) and Receivables within one year (-€24,228)
- Deferred charges and accrued income +€9,433
up €9,433 (+438%), from €2,156 to €11,590
- Debts after one year +€167,365
up €167,365 (+872%), from €19,185 to €186,551
- Trade debts +€29,466
up €29,466 (+1,527%), from €1,930 to €31,396
- Current portion of long-term debt +€12,518
up €12,518 (+268%), from €4,674 to €17,192
- Reserves +€5,500
up €5,500 (+6.7%), from €82,154 to €87,654
- Gross operating margin +€24,291
up €24,291 (+168%), from €14,452 to €38,742
- Depreciation +€11,510
up €11,510 (+160%), from €7,191 to €18,702
- Staff costs +€9,213
new in 2025: €9,213
- Financial charges +€2,355
up €2,355 (+567%), from €416 to €2,771
- Taxes +€682
up €682 (+56.0%), from €1,216 to €1,898
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 | €120,615 | €340,539 | +€219,924 | +182% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €80,265 | €286,438 | +€206,173 | +257% |
| Intangible fixed assets | 21 | €122 | - | -€122 | |
| Tangible fixed assets | 22/27 | €80,144 | €286,438 | +€206,295 | +257% |
| Land and buildings | 22 | €30,370 | €238,544 | +€208,174 | +685% |
| Plant, machinery and equipment | 23 | €6,193 | €3,610 | -€2,584 | -41.7% |
| Furniture and vehicles | 24 | €43,580 | €44,285 | +€704 | +1.6% |
| Current assets | 29/58 | €40,350 | €54,101 | +€13,751 | +34.1% |
| Amounts receivable within one year | 40/41 | €9,034 | €33,261 | +€24,228 | +268% |
| Trade receivables | 40 | €4,046 | €19,475 | +€15,429 | +381% |
| Other amounts receivable | 41 | €4,988 | €13,786 | +€8,799 | +176% |
| Cash at bank and in hand | 54/58 | €29,160 | €9,250 | -€19,910 | -68.3% |
| Deferred charges and accrued income | 490/1 | €2,156 | €11,590 | +€9,433 | +438% |
| Total equity and liabilities | 10/49 | €120,615 | €340,539 | +€219,924 | +182% |
| Equity | 10/15 | €88,378 | €94,301 | +€5,923 | +6.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €82,154 | €87,654 | +€5,500 | +6.7% |
| Distributable reserves | 133 | €82,154 | €87,654 | +€5,500 | +6.7% |
| Profit (loss) carried forward | 14 | €3,723 | €4,147 | +€423 | +11.4% |
| Amounts payable | 17/49 | €32,237 | €246,238 | +€214,001 | +664% |
| Amounts payable after more than one year | 17 | €19,185 | €186,551 | +€167,365 | +872% |
| Financial debts | 170/4 | €19,185 | €186,551 | +€167,365 | +872% |
| Amounts payable within one year | 42/48 | €13,052 | €59,487 | +€46,435 | +356% |
| Current portion of amounts payable after more than one year | 42 | €4,674 | €17,192 | +€12,518 | +268% |
| Trade debts | 44 | €1,930 | €31,396 | +€29,466 | +1,527% |
| Suppliers | 440/4 | €1,930 | €31,396 | +€29,466 | +1,527% |
| Taxes, remuneration and social security | 45 | €4,141 | €6,156 | +€2,016 | +48.7% |
| Taxes | 450/3 | €4,141 | €328 | -€3,813 | -92.1% |
| Remuneration and social security | 454/9 | - | €5,828 | +€5,828 | |
| Other amounts payable | 47/48 | €2,308 | €4,743 | +€2,435 | +106% |
| Accrued charges and deferred income | 492/3 | - | €200 | +€200 | |
| Remuneration, social security and pensions | 62 | - | €9,213 | +€9,213 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,191 | €18,702 | +€11,510 | +160% |
| Other operating charges | 640/8 | €64 | €235 | +€170 | +265% |
| Non-recurring operating charges | 66A | €1,841 | - | -€1,841 | |
| Gross operating margin | 9900 | €14,452 | €38,742 | +€24,291 | +168% |
| Operating profit (loss) | 9901 | €5,355 | €10,593 | +€5,237 | +97.8% |
| Financial charges | 65/66B | €416 | €2,771 | +€2,355 | +567% |
| Recurring financial charges | 65 | €416 | €2,771 | +€2,355 | +567% |
| Profit (loss) for the period before taxes | 9903 | €4,940 | €7,821 | +€2,882 | +58.3% |
| Income taxes | 67/77 | €1,216 | €1,898 | +€682 | +56.0% |
| Profit (loss) for the period | 9904 | €3,723 | €5,923 | +€2,200 | +59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,723 | €5,923 | +€2,200 | +59.1% |
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 30 October 2026 via checked.be.