MARCHAND DIRK: 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 DIRK
Largest movements
- Receivables within one year +€118,914
up €118,914 (+10.7%), from €1.1m to €1.2m
of which Trade receivables: +€68,339
- Tangible fixed assets -€74,053
down €74,053 (-12.6%), from €587,615 to €513,562
of which Leasing and similar rights: -€44,554
- Cash -€52,009
down €52,009 (-70.7%), from €73,602 to €21,593
mainly Receivables within one year (-€118,914) and Net result for the year (-€81,246)
- Trade debts +€160,252
up €160,252 (+293%), from €54,626 to €214,878
- Profit (loss) carried forward -€81,246
down €81,246 (-5.8%), from €1.4m to €1.3m
- Short-term financial debts +€73,720
new in 2025: €73,720
- Debts after one year -€68,026
down €68,026 (-52.3%), from €130,060 to €62,034
- Current portion of long-term debt -€60,730
down €60,730 (-47.2%), from €128,756 to €68,026
- Write-downs +€156,503
new in 2025: €156,503
- Staff costs +€142,913
up €142,913 (+38.6%), from €370,010 to €512,924
- Depreciation -€35,531
down €35,531 (-22.8%), from €155,906 to €120,375
- Gross operating margin -€23,369
down €23,369 (-3.0%), from €776,259 to €752,890
- Financial charges -€13,751
down €13,751 (-42.2%), from €32,618 to €18,867
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 | €1,795,627 | €1,788,713 | -€6,914 | -0.4% |
| Fixed assets | 21/28 | €587,615 | €513,562 | -€74,053 | -12.6% |
| Tangible fixed assets | 22/27 | €587,615 | €513,562 | -€74,053 | -12.6% |
| Land and buildings | 22 | €281,713 | €289,711 | +€7,998 | +2.8% |
| Plant, machinery and equipment | 23 | €11,107 | €12,038 | +€931 | +8.4% |
| Furniture and vehicles | 24 | €146,595 | €108,168 | -€38,427 | -26.2% |
| Leasing and similar rights | 25 | €148,200 | €103,646 | -€44,554 | -30.1% |
| Current assets | 29/58 | €1,208,012 | €1,275,150 | +€67,139 | +5.6% |
| Amounts receivable within one year | 40/41 | €1,110,846 | €1,229,760 | +€118,914 | +10.7% |
| Trade receivables | 40 | €755,563 | €823,902 | +€68,339 | +9.0% |
| Other amounts receivable | 41 | €355,283 | €405,858 | +€50,575 | +14.2% |
| Cash at bank and in hand | 54/58 | €73,602 | €21,593 | -€52,009 | -70.7% |
| Deferred charges and accrued income | 490/1 | €23,563 | €23,797 | +€234 | +1.0% |
| Total equity and liabilities | 10/49 | €1,795,627 | €1,788,713 | -€6,914 | -0.4% |
| Equity | 10/15 | €1,397,420 | €1,316,174 | -€81,246 | -5.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Share premium | 1100/10 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,389,360 | €1,308,114 | -€81,246 | -5.8% |
| Amounts payable | 17/49 | €398,207 | €472,538 | +€74,332 | +18.7% |
| Amounts payable after more than one year | 17 | €130,060 | €62,034 | -€68,026 | -52.3% |
| Financial debts | 170/4 | €130,060 | €62,034 | -€68,026 | -52.3% |
| Amounts payable within one year | 42/48 | €231,919 | €390,168 | +€158,249 | +68.2% |
| Current portion of amounts payable after more than one year | 42 | €128,756 | €68,026 | -€60,730 | -47.2% |
| Financial debts | 43 | - | €73,720 | +€73,720 | |
| Other loans | 439 | - | €73,720 | +€73,720 | |
| Trade debts | 44 | €54,626 | €214,878 | +€160,252 | +293% |
| Suppliers | 440/4 | €54,626 | €214,878 | +€160,252 | +293% |
| Taxes, remuneration and social security | 45 | €48,538 | €33,545 | -€14,993 | -30.9% |
| Taxes | 450/3 | €23,756 | €7,339 | -€16,418 | -69.1% |
| Remuneration and social security | 454/9 | €24,781 | €26,206 | +€1,424 | +5.7% |
| Accrued charges and deferred income | 492/3 | €36,227 | €20,336 | -€15,892 | -43.9% |
| Non-recurring operating income | 76A | €6,220 | - | -€6,220 | |
| Remuneration, social security and pensions | 62 | €370,010 | €512,924 | +€142,913 | +38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,906 | €120,375 | -€35,531 | -22.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €156,503 | +€156,503 | |
| Other operating charges | 640/8 | €33,572 | €25,966 | -€7,606 | -22.7% |
| Non-recurring operating charges | 66A | €12,494 | - | -€12,494 | |
| Gross operating margin | 9900 | €776,259 | €752,890 | -€23,369 | -3.0% |
| Operating profit (loss) | 9901 | €204,277 | -€62,877 | -€267,154 | |
| Financial income | 75/76B | - | €1,285 | +€1,285 | |
| Recurring financial income | 75 | - | €1,285 | +€1,285 | |
| Financial charges | 65/66B | €32,618 | €18,867 | -€13,751 | -42.2% |
| Recurring financial charges | 65 | €32,618 | €18,867 | -€13,751 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €171,659 | -€80,459 | -€252,117 | |
| Income taxes | 67/77 | €3,498 | €787 | -€2,711 | -77.5% |
| Profit (loss) for the period | 9904 | €168,160 | -€81,246 | -€249,406 | |
| Profit (loss) for the period to be appropriated | 9905 | €168,160 | -€81,246 | -€249,406 |
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 14 October 2026 via checked.be.