MARCHAL FRERES: what changed
What changed
MARCHAL FRERES
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
-€4,283
2024 · -€16,811+€12,528
Equity
€24,293
2024 · €28,576-€4,283
Cash
€20,742
2024 · €32,783-€12,041
Balance sheet total
€155,373
2024 · €182,900-€27,527
Largest movements
Assets
- Tangible fixed assets -€15,868
down €15,868 (-26.0%), from €60,945 to €45,078
- Cash -€12,041
down €12,041 (-36.7%), from €32,783 to €20,742
mainly Debts after one year (-€21,507) and Other debts (-€19,536)
- Stocks and contracts +€4,457
up €4,457 (+11.1%), from €40,195 to €44,652
- Deferred charges and accrued income -€2,185
down €2,185 (-45.5%), from €4,799 to €2,614
- Receivables within one year -€1,890
down €1,890 (-4.5%), from €42,328 to €40,438
of which Trade receivables: -€3,957
Equity and liabilities
- Accrued charges and deferred income +€48,166
up €48,166 (+35,811%), from €135 to €48,300
- Debts after one year -€21,507
down €21,507 (-73.2%), from €29,369 to €7,861
- Other debts -€19,536
down €19,536 (-75.6%), from €25,827 to €6,291
- Trade debts -€14,460
down €14,460 (-35.2%), from €41,084 to €26,624
- Short-term financial debts -€14,000
down €14,000 (-46.7%), from €30,000 to €16,000
Income statement
- Gross operating margin +€30,110
up €30,110 (+68.2%), from €44,141 to €74,251
- Staff costs +€25,319
up €25,319 (+102%), from €24,836 to €50,154
- Write-downs -€10,004
down €10,004, from €5,002 to -€5,002
- Other operating charges +€4,039
up €4,039 (+78.8%), from €5,128 to €9,167
- Financial income +€3,135
up €3,135 (+432%), from €726 to €3,860
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
-€16,811
Gross operating margin
+€30,110
Staff costs
-€25,319
Depreciation
+€52
Write-downs
+€10,004
Other operating charges
-€4,039
Financial income
+€3,135
Financial charges
-€1,267
Taxes
-€148
Result 2025
-€4,283
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
+€24,672
Investment
-€2,115
Financing
-€34,598
Cash 2024
€32,783
From operations (derived)
+€24,672
Net result for the year
-€4,283
Depreciation
+€17,983
Stocks and contracts
-€4,457
Receivables within one year
+€1,890
Deferred charges and accrued income
+€2,185
Trade debts
-€14,460
Tax, wage and social debts
-€2,815
Other debts
-€19,536
Accrued charges and deferred income
+€48,166
Investment (derived)
-€2,115
Investment in fixed assets (net)
-€2,115
Financing
-€34,598
Debts after one year
-€21,507
Current portion of long-term debt
+€909
Short-term financial debts
-€14,000
Cash 2025
€20,742
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €182,900 | €155,373 | -€27,527 | -15.1% |
| Fixed assets | 21/28 | €62,793 | €46,926 | -€15,868 | -25.3% |
| Tangible fixed assets | 22/27 | €60,945 | €45,078 | -€15,868 | -26.0% |
| Land and buildings | 22 | €27,683 | €23,390 | -€4,292 | -15.5% |
| Plant, machinery and equipment | 23 | - | €977 | +€977 | |
| Furniture and vehicles | 24 | €21,008 | €14,584 | -€6,424 | -30.6% |
| Leasing and similar rights | 25 | €12,255 | €6,127 | -€6,127 | -50.0% |
| Financial fixed assets | 28 | €1,848 | €1,848 | = | 0.0% |
| Current assets | 29/58 | €120,106 | €108,447 | -€11,659 | -9.7% |
| Stocks and contracts in progress | 3 | €40,195 | €44,652 | +€4,457 | +11.1% |
| Stocks | 30/36 | €40,195 | €44,652 | +€4,457 | +11.1% |
| Amounts receivable within one year | 40/41 | €42,328 | €40,438 | -€1,890 | -4.5% |
| Trade receivables | 40 | €34,533 | €30,577 | -€3,957 | -11.5% |
| Other amounts receivable | 41 | €7,795 | €9,862 | +€2,067 | +26.5% |
| Cash at bank and in hand | 54/58 | €32,783 | €20,742 | -€12,041 | -36.7% |
| Deferred charges and accrued income | 490/1 | €4,799 | €2,614 | -€2,185 | -45.5% |
| Total equity and liabilities | 10/49 | €182,900 | €155,373 | -€27,527 | -15.1% |
| Equity | 10/15 | €28,576 | €24,293 | -€4,283 | -15.0% |
| Contributions | 10/11 | €56,000 | €56,000 | = | 0.0% |
| Reserves | 13 | €78,288 | €78,288 | = | 0.0% |
| Distributable reserves | 133 | €78,288 | €78,288 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,712 | -€109,995 | -€4,283 | -4.1% |
| Amounts payable | 17/49 | €154,324 | €131,080 | -€23,244 | -15.1% |
| Amounts payable after more than one year | 17 | €29,369 | €7,861 | -€21,507 | -73.2% |
| Financial debts | 170/4 | €29,369 | €7,861 | -€21,507 | -73.2% |
| Amounts payable within one year | 42/48 | €124,821 | €74,919 | -€49,902 | -40.0% |
| Current portion of amounts payable after more than one year | 42 | €20,598 | €21,507 | +€909 | +4.4% |
| Financial debts | 43 | €30,000 | €16,000 | -€14,000 | -46.7% |
| Credit institutions | 430/8 | €30,000 | €16,000 | -€14,000 | -46.7% |
| Trade debts | 44 | €41,084 | €26,624 | -€14,460 | -35.2% |
| Suppliers | 440/4 | €41,084 | €26,624 | -€14,460 | -35.2% |
| Taxes, remuneration and social security | 45 | €7,311 | €4,497 | -€2,815 | -38.5% |
| Taxes | 450/3 | €5,001 | €456 | -€4,545 | -90.9% |
| Remuneration and social security | 454/9 | €2,311 | €4,040 | +€1,730 | +74.9% |
| Other amounts payable | 47/48 | €25,827 | €6,291 | -€19,536 | -75.6% |
| Accrued charges and deferred income | 492/3 | €135 | €48,300 | +€48,166 | +35,811% |
| Non-recurring operating income | 76A | €9,361 | €0 | -€9,361 | -100% |
| Remuneration, social security and pensions | 62 | €24,836 | €50,154 | +€25,319 | +102% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,034 | €17,983 | -€52 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,002 | -€5,002 | -€10,004 | |
| Other operating charges | 640/8 | €5,128 | €9,167 | +€4,039 | +78.8% |
| Gross operating margin | 9900 | €44,141 | €74,251 | +€30,110 | +68.2% |
| Operating profit (loss) | 9901 | -€8,859 | €1,949 | +€10,808 | |
| Financial income | 75/76B | €726 | €3,860 | +€3,135 | +432% |
| Recurring financial income | 75 | €726 | €3,860 | +€3,135 | +432% |
| Financial charges | 65/66B | €8,369 | €9,636 | +€1,267 | +15.1% |
| Recurring financial charges | 65 | €8,369 | €9,636 | +€1,267 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | -€16,502 | -€3,827 | +€12,676 | +76.8% |
| Income taxes | 67/77 | €308 | €456 | +€148 | +47.9% |
| Profit (loss) for the period | 9904 | -€16,811 | -€4,283 | +€12,528 | +74.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,811 | -€4,283 | +€12,528 | +74.5% |
Next steps
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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 4 November 2026 via checked.be.