Marchal Vastgoed: what changed
What changed
Marchal Vastgoed
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
-€26,974
2024 · -€71,162+€44,188
Equity
€218,436
2024 · €245,409-€26,974
Cash
€16,015
2024 · €23,966-€7,952
Balance sheet total
€1.4m
2024 · €941,174+€418,662
Largest movements
Assets
- Stocks and contracts +€332,440
up €332,440 (+186%), from €178,638 to €511,078
- Tangible fixed assets +€106,810
up €106,810 (+14.8%), from €723,463 to €830,273
Equity and liabilities
- Debts after one year +€286,937
up €286,937 (+73.9%), from €388,488 to €675,425
- Other debts +€160,000
up €160,000 (+60.6%), from €264,000 to €424,000
- Profit (loss) carried forward -€26,974
down €26,974 (-23.5%), from -€114,591 to -€141,564
- Trade debts -€14,162
down €14,162 (-59.6%), from €23,765 to €9,603
Income statement
- Depreciation -€38,890
down €38,890 (-63.4%), from €61,341 to €22,450
- Gross operating margin +€13,702
up €13,702, from -€1,458 to €12,245
- Financial charges +€8,346
up €8,346 (+106%), from €7,878 to €16,224
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
-€71,162
Gross operating margin
+€13,702
Depreciation
+€38,890
Other operating charges
-€59
Financial income
-€0
Financial charges
-€8,346
Result 2025
-€26,974
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
-€178,747
Investment
-€129,260
Financing
+€300,055
Cash 2024
€23,966
From operations (derived)
-€178,747
Net result for the year
-€26,974
Depreciation
+€22,450
Stocks and contracts
-€332,440
Receivables within one year
+€12,746
Smaller working-capital items
-€367
Trade debts
-€14,162
Other debts
+€160,000
Investment (derived)
-€129,260
Investment in fixed assets (net)
-€129,260
Financing
+€300,055
Debts after one year
+€286,937
Current portion of long-term debt
+€13,118
Cash 2025
€16,015
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €941,174 | €1,359,836 | +€418,662 | +44.5% |
| Fixed assets | 21/28 | €723,463 | €830,273 | +€106,810 | +14.8% |
| Tangible fixed assets | 22/27 | €723,463 | €830,273 | +€106,810 | +14.8% |
| Land and buildings | 22 | €723,463 | €830,273 | +€106,810 | +14.8% |
| Current assets | 29/58 | €217,712 | €529,563 | +€311,852 | +143% |
| Stocks and contracts in progress | 3 | €178,638 | €511,078 | +€332,440 | +186% |
| Stocks | 30/36 | €178,638 | €511,078 | +€332,440 | +186% |
| Amounts receivable within one year | 40/41 | €13,746 | €1,000 | -€12,746 | -92.7% |
| Trade receivables | 40 | €13,746 | €1,000 | -€12,746 | -92.7% |
| Cash at bank and in hand | 54/58 | €23,966 | €16,015 | -€7,952 | -33.2% |
| Deferred charges and accrued income | 490/1 | €1,361 | €1,470 | +€109 | +8.0% |
| Total equity and liabilities | 10/49 | €941,174 | €1,359,836 | +€418,662 | +44.5% |
| Equity | 10/15 | €245,409 | €218,436 | -€26,974 | -11.0% |
| Contributions | 10/11 | €360,000 | €360,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,591 | -€141,564 | -€26,974 | -23.5% |
| Amounts payable | 17/49 | €695,765 | €1,141,400 | +€445,635 | +64.0% |
| Amounts payable after more than one year | 17 | €388,488 | €675,425 | +€286,937 | +73.9% |
| Financial debts | 170/4 | €388,488 | €675,425 | +€286,937 | +73.9% |
| Amounts payable within one year | 42/48 | €302,969 | €461,925 | +€158,956 | +52.5% |
| Current portion of amounts payable after more than one year | 42 | €15,204 | €28,322 | +€13,118 | +86.3% |
| Trade debts | 44 | €23,765 | €9,603 | -€14,162 | -59.6% |
| Suppliers | 440/4 | €23,765 | €9,603 | -€14,162 | -59.6% |
| Other amounts payable | 47/48 | €264,000 | €424,000 | +€160,000 | +60.6% |
| Accrued charges and deferred income | 492/3 | €4,308 | €4,050 | -€258 | -6.0% |
| Non-recurring operating income | 76A | €3,788 | - | -€3,788 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,341 | €22,450 | -€38,890 | -63.4% |
| Other operating charges | 640/8 | €485 | €544 | +€59 | +12.1% |
| Gross operating margin | 9900 | -€1,458 | €12,245 | +€13,702 | |
| Operating profit (loss) | 9901 | -€63,284 | -€10,749 | +€52,534 | +83.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -66.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -66.7% |
| Financial charges | 65/66B | €7,878 | €16,224 | +€8,346 | +106% |
| Recurring financial charges | 65 | €7,878 | €16,224 | +€8,346 | +106% |
| Profit (loss) for the period before taxes | 9903 | -€71,162 | -€26,974 | +€44,188 | +62.1% |
| Profit (loss) for the period | 9904 | -€71,162 | -€26,974 | +€44,188 | +62.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€71,162 | -€26,974 | +€44,188 | +62.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.