MARCHAND: 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.
MARCHAND
Largest movements
- Current investments +€26,550
up €26,550 (+40.9%), from €64,940 to €91,490
- Cash +€9,858
up €9,858 (+6.7%), from €147,913 to €157,771
mainly Net result for the year (+€28,405) and Tax, wage and social debts (+€8,772)
- Tangible fixed assets -€3,627
down €3,627 (-13.5%), from €26,805 to €23,178
of which Other tangible fixed assets: -€1,821
- Reserves +€28,000
up €28,000 (+22.5%), from €124,346 to €152,346
of which Distributable reserves: +€28,000
- Tax, wage and social debts +€8,772
up €8,772 (+39.5%), from €22,192 to €30,964
of which Taxes: +€8,641
- Gross operating margin +€9,098
up €9,098 (+12.5%), from €72,635 to €81,733
- Financial income -€3,721
down €3,721 (-40.7%), from €9,138 to €5,417
- Taxes +€1,760
up €1,760 (+20.3%), from €8,676 to €10,436
- Financial charges +€1,726
up €1,726 (+101.0%), from €1,709 to €3,435
- Depreciation +€1,286
up €1,286 (+20.9%), from €6,162 to €7,447
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 | €288,789 | €321,440 | +€32,651 | +11.3% |
| Fixed assets | 21/28 | €36,160 | €30,452 | -€5,707 | -15.8% |
| Intangible fixed assets | 21 | €9,254 | €7,274 | -€1,980 | -21.4% |
| Tangible fixed assets | 22/27 | €26,805 | €23,178 | -€3,627 | -13.5% |
| Furniture and vehicles | 24 | €3,497 | €1,691 | -€1,807 | -51.7% |
| Other tangible fixed assets | 26 | €23,308 | €21,487 | -€1,821 | -7.8% |
| Financial fixed assets | 28 | €100 | - | -€100 | |
| Current assets | 29/58 | €252,629 | €290,987 | +€38,358 | +15.2% |
| Stocks and contracts in progress | 3 | €35,884 | €36,320 | +€436 | +1.2% |
| Stocks | 30/36 | €35,884 | €36,320 | +€436 | +1.2% |
| Amounts receivable within one year | 40/41 | €2,428 | €3,895 | +€1,467 | +60.4% |
| Trade receivables | 40 | €2,056 | €3,523 | +€1,467 | +71.4% |
| Other amounts receivable | 41 | €372 | €372 | = | 0.0% |
| Current investments | 50/53 | €64,940 | €91,490 | +€26,550 | +40.9% |
| Cash at bank and in hand | 54/58 | €147,913 | €157,771 | +€9,858 | +6.7% |
| Deferred charges and accrued income | 490/1 | €1,464 | €1,512 | +€47 | +3.2% |
| Total equity and liabilities | 10/49 | €288,789 | €321,440 | +€32,651 | +11.3% |
| Equity | 10/15 | €258,773 | €287,178 | +€28,405 | +11.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €124,346 | €152,346 | +€28,000 | +22.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €118,148 | €146,148 | +€28,000 | +23.7% |
| Profit (loss) carried forward | 14 | €72,454 | €72,859 | +€405 | +0.6% |
| Amounts payable | 17/49 | €30,016 | €34,262 | +€4,246 | +14.1% |
| Amounts payable within one year | 42/48 | €30,016 | €34,262 | +€4,246 | +14.1% |
| Trade debts | 44 | €4,086 | €1,246 | -€2,840 | -69.5% |
| Suppliers | 440/4 | €4,086 | €1,246 | -€2,840 | -69.5% |
| Taxes, remuneration and social security | 45 | €22,192 | €30,964 | +€8,772 | +39.5% |
| Taxes | 450/3 | €15,234 | €23,876 | +€8,641 | +56.7% |
| Remuneration and social security | 454/9 | €6,958 | €7,089 | +€131 | +1.9% |
| Other amounts payable | 47/48 | €3,738 | €2,052 | -€1,687 | -45.1% |
| Remuneration, social security and pensions | 62 | €36,494 | €35,865 | -€629 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,162 | €7,447 | +€1,286 | +20.9% |
| Other operating charges | 640/8 | €862 | €1,562 | +€700 | +81.3% |
| Gross operating margin | 9900 | €72,635 | €81,733 | +€9,098 | +12.5% |
| Operating profit (loss) | 9901 | €29,118 | €36,859 | +€7,741 | +26.6% |
| Financial income | 75/76B | €9,138 | €5,417 | -€3,721 | -40.7% |
| Recurring financial income | 75 | €9,138 | €5,417 | -€3,721 | -40.7% |
| Financial charges | 65/66B | €1,709 | €3,435 | +€1,726 | +101.0% |
| Recurring financial charges | 65 | €1,709 | €3,435 | +€1,726 | +101.0% |
| Profit (loss) for the period before taxes | 9903 | €36,547 | €38,840 | +€2,294 | +6.3% |
| Income taxes | 67/77 | €8,676 | €10,436 | +€1,760 | +20.3% |
| Profit (loss) for the period | 9904 | €27,871 | €28,405 | +€534 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,871 | €28,405 | +€534 | +1.9% |
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 5 October 2026 via checked.be.