MARCHAL PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Tangible fixed assets +€127,315
up €127,315 (+15.6%), from €815,729 to €943,044
of which Land and buildings: +€132,202
- Debts after one year +€127,950
up €127,950 (+23.0%), from €555,709 to €683,660
- Other debts -€66,467
down €66,467 (-42.5%), from €156,565 to €90,099
- Current portion of long-term debt +€22,208
up €22,208 (+33.8%), from €65,780 to €87,988
- Tax, wage and social debts +€16,619
up €16,619 (+2345.7%), from €709 to €17,328
- Short-term financial debts +€13,024
new in 2025: €13,024
- Taxes +€15,911
up €15,911 (+2245.7%), from €709 to €16,619
- Gross operating margin +€8,100
up €8,100 (+6.3%), from €129,185 to €137,285
- Staff costs +€7,700
new in 2025: €7,700
- Financial charges -€4,059
down €4,059 (-10.6%), from €38,174 to €34,115
- Other operating charges -€1,584
down €1,584 (-30.3%), from €5,236 to €3,652
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 | €845,498 | €972,762 | +€127,264 | +15.1% |
| Fixed assets | 21/28 | €815,729 | €943,044 | +€127,315 | +15.6% |
| Tangible fixed assets | 22/27 | €815,729 | €943,044 | +€127,315 | +15.6% |
| Land and buildings | 22 | €779,969 | €912,171 | +€132,202 | +16.9% |
| Plant, machinery and equipment | 23 | €23,826 | €16,406 | -€7,420 | -31.1% |
| Furniture and vehicles | 24 | €11,934 | €14,466 | +€2,532 | +21.2% |
| Current assets | 29/58 | €29,769 | €29,718 | -€51 | -0.2% |
| Cash at bank and in hand | 54/58 | €151 | - | -€151 | |
| Deferred charges and accrued income | 490/1 | €29,618 | €29,718 | +€100 | +0.3% |
| Total equity and liabilities | 10/49 | €845,498 | €972,762 | +€127,264 | +15.1% |
| Equity | 10/15 | €59,596 | €79,395 | +€19,799 | +33.2% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | - | €10,795 | +€10,795 | |
| Distributable reserves | 133 | - | €10,795 | +€10,795 | |
| Profit (loss) carried forward | 14 | -€9,004 | - | +€9,004 | |
| Amounts payable | 17/49 | €785,902 | €893,367 | +€107,465 | +13.7% |
| Amounts payable after more than one year | 17 | €555,709 | €683,660 | +€127,950 | +23.0% |
| Financial debts | 170/4 | €555,709 | €683,660 | +€127,950 | +23.0% |
| Amounts payable within one year | 42/48 | €230,192 | €209,707 | -€20,485 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €65,780 | €87,988 | +€22,208 | +33.8% |
| Financial debts | 43 | - | €13,024 | +€13,024 | |
| Credit institutions | 430/8 | - | €13,024 | +€13,024 | |
| Trade debts | 44 | €7,139 | €1,268 | -€5,870 | -82.2% |
| Suppliers | 440/4 | €7,139 | €1,268 | -€5,870 | -82.2% |
| Taxes, remuneration and social security | 45 | €709 | €17,328 | +€16,619 | +2345.7% |
| Taxes | 450/3 | €709 | €17,328 | +€16,619 | +2345.7% |
| Other amounts payable | 47/48 | €156,565 | €90,099 | -€66,467 | -42.5% |
| Remuneration, social security and pensions | 62 | - | €7,700 | +€7,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,617 | €55,400 | -€217 | -0.4% |
| Other operating charges | 640/8 | €5,236 | €3,652 | -€1,584 | -30.3% |
| Non-recurring operating charges | 66A | €5,630 | - | -€5,630 | |
| Gross operating margin | 9900 | €129,185 | €137,285 | +€8,100 | +6.3% |
| Operating profit (loss) | 9901 | €62,703 | €70,534 | +€7,831 | +12.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €38,174 | €34,115 | -€4,059 | -10.6% |
| Recurring financial charges | 65 | €38,174 | €34,115 | -€4,059 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €24,529 | €36,418 | +€11,889 | +48.5% |
| Income taxes | 67/77 | €709 | €16,619 | +€15,911 | +2245.7% |
| Profit (loss) for the period | 9904 | €23,820 | €19,799 | -€4,022 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,820 | €19,799 | -€4,022 | -16.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.