MARCHAL Raphaël: 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 Raphaël
Largest movements
- Cash -€29,943
down €29,943 (-41.5%), from €72,174 to €42,231
mainly Debts after one year (-€14,723) and Trade debts (-€14,611)
- Tangible fixed assets -€8,684
down €8,684 (-10.6%), from €82,261 to €73,577
of which Furniture and vehicles: -€9,424
- Receivables within one year -€3,946
down €3,946 (-21.6%), from €18,258 to €14,312
of which Other amounts receivable: -€7,062
- Debts after one year -€14,723
down €14,723 (-32.5%), from €45,292 to €30,570
- Trade debts -€14,611
down €14,611 (-94.1%), from €15,534 to €923
- Tax, wage and social debts -€12,939
down €12,939 (-94.8%), from €13,654 to €715
- Other debts -€2,372
down €2,372 (-18.7%), from €12,657 to €10,285
- Gross operating margin -€30,545
down €30,545 (-42.1%), from €72,556 to €42,011
- Taxes -€12,652
down €12,652 (-72.4%), from €17,475 to €4,823
- Depreciation +€11,195
up €11,195 (+95.7%), from €11,695 to €22,890
- Financial charges +€754
up €754 (+59.5%), from €1,268 to €2,022
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 | €175,106 | €131,342 | -€43,764 | -25.0% |
| Fixed assets | 21/28 | €82,349 | €73,664 | -€8,685 | -10.5% |
| Tangible fixed assets | 22/27 | €82,261 | €73,577 | -€8,684 | -10.6% |
| Plant, machinery and equipment | 23 | €6,368 | €7,108 | +€740 | +11.6% |
| Furniture and vehicles | 24 | €75,893 | €66,469 | -€9,424 | -12.4% |
| Financial fixed assets | 28 | €88 | €88 | -€0 | -0.5% |
| Current assets | 29/58 | €92,757 | €57,678 | -€35,079 | -37.8% |
| Amounts receivable within one year | 40/41 | €18,258 | €14,312 | -€3,946 | -21.6% |
| Trade receivables | 40 | €1,008 | €4,125 | +€3,117 | +309% |
| Other amounts receivable | 41 | €17,250 | €10,188 | -€7,062 | -40.9% |
| Cash at bank and in hand | 54/58 | €72,174 | €42,231 | -€29,943 | -41.5% |
| Deferred charges and accrued income | 490/1 | €2,325 | €1,135 | -€1,190 | -51.2% |
| Total equity and liabilities | 10/49 | €175,106 | €131,342 | -€43,764 | -25.0% |
| Equity | 10/15 | €74,759 | €74,634 | -€125 | -0.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €68,559 | €68,434 | -€125 | -0.2% |
| Distributable reserves | 133 | €68,559 | €68,434 | -€125 | -0.2% |
| Amounts payable | 17/49 | €100,347 | €56,708 | -€43,639 | -43.5% |
| Amounts payable after more than one year | 17 | €45,292 | €30,570 | -€14,723 | -32.5% |
| Financial debts | 170/4 | €45,292 | €30,570 | -€14,723 | -32.5% |
| Amounts payable within one year | 42/48 | €55,055 | €26,139 | -€28,916 | -52.5% |
| Current portion of amounts payable after more than one year | 42 | €13,172 | €14,167 | +€995 | +7.6% |
| Financial debts | 43 | €38 | €49 | +€11 | +28.4% |
| Credit institutions | 430/8 | €38 | €49 | +€11 | +28.4% |
| Trade debts | 44 | €15,534 | €923 | -€14,611 | -94.1% |
| Suppliers | 440/4 | €15,534 | €923 | -€14,611 | -94.1% |
| Taxes, remuneration and social security | 45 | €13,654 | €715 | -€12,939 | -94.8% |
| Taxes | 450/3 | €13,654 | €715 | -€12,939 | -94.8% |
| Other amounts payable | 47/48 | €12,657 | €10,285 | -€2,372 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,695 | €22,890 | +€11,195 | +95.7% |
| Other operating charges | 640/8 | €1,374 | €1,413 | +€39 | +2.8% |
| Gross operating margin | 9900 | €72,556 | €42,011 | -€30,545 | -42.1% |
| Operating profit (loss) | 9901 | €59,487 | €17,709 | -€41,778 | -70.2% |
| Financial income | 75/76B | €1 | €12 | +€11 | +1,076% |
| Recurring financial income | 75 | €1 | €12 | +€11 | +1,076% |
| Financial charges | 65/66B | €1,268 | €2,022 | +€754 | +59.5% |
| Recurring financial charges | 65 | €1,268 | €2,022 | +€754 | +59.5% |
| Profit (loss) for the period before taxes | 9903 | €58,220 | €15,698 | -€42,522 | -73.0% |
| Income taxes | 67/77 | €17,475 | €4,823 | -€12,652 | -72.4% |
| Profit (loss) for the period | 9904 | €40,745 | €10,875 | -€29,870 | -73.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,745 | €10,875 | -€29,870 | -73.3% |
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 19 October 2026 via checked.be.