MARCHAND: 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.
MARCHAND
Largest movements
- Tangible fixed assets +€102,368
up €102,368 (+26.3%), from €388,797 to €491,165
of which Plant, machinery and equipment: +€76,088
- Cash +€30,789
up €30,789 (+22.9%), from €134,436 to €165,225
mainly Net result for the year (+€116,117) and Depreciation (+€77,415)
- Receivables within one year +€24,794
up €24,794 (+61.1%), from €40,570 to €65,364
of which Other amounts receivable: +€24,924
- Stocks and contracts -€10,275
down €10,275 (-57.7%), from €17,798 to €7,523
of which Contracts in progress: -€11,490
- Reserves +€101,958
up €101,958 (+32.6%), from €312,709 to €414,667
- Trade debts +€50,745
up €50,745 (+91.0%), from €55,739 to €106,484
- Debts after one year -€13,307
down €13,307 (-7.3%), from €182,535 to €169,229
- Gross operating margin +€97,307
up €97,307 (+43.1%), from €225,543 to €322,851
- Staff costs -€32,112
down €32,112 (-34.5%), from €93,008 to €60,896
- Taxes +€30,614
up €30,614 (+155%), from €19,802 to €50,417
- Depreciation +€7,649
up €7,649 (+11.0%), from €69,766 to €77,415
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 | €606,236 | €753,412 | +€147,176 | +24.3% |
| Fixed assets | 21/28 | €390,932 | €492,800 | +€101,868 | +26.1% |
| Intangible fixed assets | 21 | €2,000 | €1,500 | -€500 | -25.0% |
| Tangible fixed assets | 22/27 | €388,797 | €491,165 | +€102,368 | +26.3% |
| Plant, machinery and equipment | 23 | €73,186 | €149,275 | +€76,088 | +104% |
| Furniture and vehicles | 24 | €315,610 | €341,890 | +€26,280 | +8.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €215,304 | €260,612 | +€45,308 | +21.0% |
| Amounts receivable after more than one year | 29 | €22,500 | €22,500 | = | 0.0% |
| Trade receivables | 290 | €22,500 | €22,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €17,798 | €7,523 | -€10,275 | -57.7% |
| Stocks | 30/36 | €3,128 | €4,343 | +€1,215 | +38.8% |
| Contracts in progress | 37 | €14,670 | €3,180 | -€11,490 | -78.3% |
| Amounts receivable within one year | 40/41 | €40,570 | €65,364 | +€24,794 | +61.1% |
| Trade receivables | 40 | €35,033 | €34,903 | -€130 | -0.4% |
| Other amounts receivable | 41 | €5,537 | €30,461 | +€24,924 | +450% |
| Cash at bank and in hand | 54/58 | €134,436 | €165,225 | +€30,789 | +22.9% |
| Total equity and liabilities | 10/49 | €606,236 | €753,412 | +€147,176 | +24.3% |
| Equity | 10/15 | €318,909 | €420,867 | +€101,958 | +32.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €312,709 | €414,667 | +€101,958 | +32.6% |
| Distributable reserves | 133 | €312,709 | €414,667 | +€101,958 | +32.6% |
| Amounts payable | 17/49 | €287,327 | €332,545 | +€45,219 | +15.7% |
| Amounts payable after more than one year | 17 | €182,535 | €169,229 | -€13,307 | -7.3% |
| Financial debts | 170/4 | €182,535 | €169,229 | -€13,307 | -7.3% |
| Amounts payable within one year | 42/48 | €104,791 | €163,316 | +€58,525 | +55.8% |
| Current portion of amounts payable after more than one year | 42 | €45,138 | €49,422 | +€4,284 | +9.5% |
| Trade debts | 44 | €55,739 | €106,484 | +€50,745 | +91.0% |
| Suppliers | 440/4 | €55,739 | €106,484 | +€50,745 | +91.0% |
| Taxes, remuneration and social security | 45 | €3,914 | €7,314 | +€3,399 | +86.8% |
| Taxes | 450/3 | €467 | €5,417 | +€4,949 | +1,059% |
| Remuneration and social security | 454/9 | €3,447 | €1,897 | -€1,550 | -45.0% |
| Other amounts payable | 47/48 | - | €96 | +€96 | |
| Non-recurring operating income | 76A | - | €4,132 | +€4,132 | |
| Remuneration, social security and pensions | 62 | €93,008 | €60,896 | -€32,112 | -34.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,766 | €77,415 | +€7,649 | +11.0% |
| Other operating charges | 640/8 | €5,815 | €7,282 | +€1,467 | +25.2% |
| Non-recurring operating charges | 66A | - | €7,174 | +€7,174 | |
| Gross operating margin | 9900 | €225,543 | €322,851 | +€97,307 | +43.1% |
| Operating profit (loss) | 9901 | €56,954 | €170,084 | +€113,130 | +199% |
| Financial income | 75/76B | €10,876 | €8,265 | -€2,611 | -24.0% |
| Recurring financial income | 75 | €6,457 | €8,265 | +€1,808 | +28.0% |
| Non-recurring financial income | 76B | €4,419 | - | -€4,419 | |
| Financial charges | 65/66B | €13,659 | €11,815 | -€1,844 | -13.5% |
| Recurring financial charges | 65 | €13,659 | €11,815 | -€1,844 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €54,171 | €166,534 | +€112,363 | +207% |
| Income taxes | 67/77 | €19,802 | €50,417 | +€30,614 | +155% |
| Profit (loss) for the period | 9904 | €34,369 | €116,117 | +€81,748 | +238% |
| Profit (loss) for the period to be appropriated | 9905 | €34,369 | €116,117 | +€81,748 | +238% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.