MARCHAND THIBAUT MANAGEMENT: what changed
MARCHAND THIBAUT MANAGEMENT
Largest movements
- Cash -€5,567
down €5,567 (-60.7%), from €9,177 to €3,610
mainly Net result for the year (-€6,981) and Receivables within one year (-€3,180)
- Receivables within one year +€3,180
up €3,180 (+78.5%), from €4,050 to €7,230
of which Other amounts receivable: +€3,260
- Tangible fixed assets -€2,204
down €2,204 (-31.6%), from €6,972 to €4,769
- Profit (loss) carried forward -€6,981
down €6,981, from €5,277 to -€1,704
- Other debts +€3,066
up €3,066 (+438%), from €701 to €3,767
- Tax, wage and social debts +€2,275
up €2,275 (+114%), from €1,991 to €4,266
of which Taxes: +€2,568
- Debts after one year -€2,083
down €2,083 (-40.1%), from €5,194 to €3,111
- Trade debts -€945
down €945 (-42.6%), from €2,216 to €1,272
- Gross operating margin -€13,374
down €13,374, from €9,209 to -€4,165
- Taxes -€1,698
no longer reported in 2025 (was €1,698)
- Other operating charges +€390
up €390 (+563%), from €69 to €459
- Depreciation +€361
up €361 (+19.6%), from €1,842 to €2,204
- Financial income +€110
up €110 (+644%), from €17 to €127
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,199 | €15,608 | -€4,591 | -22.7% |
| Fixed assets | 21/28 | €6,972 | €4,769 | -€2,204 | -31.6% |
| Tangible fixed assets | 22/27 | €6,972 | €4,769 | -€2,204 | -31.6% |
| Leasing and similar rights | 25 | €6,972 | €4,769 | -€2,204 | -31.6% |
| Current assets | 29/58 | €13,227 | €10,839 | -€2,387 | -18.0% |
| Amounts receivable within one year | 40/41 | €4,050 | €7,230 | +€3,180 | +78.5% |
| Trade receivables | 40 | €3,260 | €3,180 | -€80 | -2.5% |
| Other amounts receivable | 41 | €790 | €4,050 | +€3,260 | +413% |
| Cash at bank and in hand | 54/58 | €9,177 | €3,610 | -€5,567 | -60.7% |
| Total equity and liabilities | 10/49 | €20,199 | €15,608 | -€4,591 | -22.7% |
| Equity | 10/15 | €8,277 | €1,296 | -€6,981 | -84.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,277 | -€1,704 | -€6,981 | |
| Amounts payable | 17/49 | €11,922 | €14,312 | +€2,390 | +20.0% |
| Amounts payable after more than one year | 17 | €5,194 | €3,111 | -€2,083 | -40.1% |
| Financial debts | 170/4 | €5,194 | €3,111 | -€2,083 | -40.1% |
| Amounts payable within one year | 42/48 | €6,728 | €11,201 | +€4,474 | +66.5% |
| Current portion of amounts payable after more than one year | 42 | €1,820 | €1,897 | +€77 | +4.3% |
| Trade debts | 44 | €2,216 | €1,272 | -€945 | -42.6% |
| Suppliers | 440/4 | €2,216 | €1,272 | -€945 | -42.6% |
| Taxes, remuneration and social security | 45 | €1,991 | €4,266 | +€2,275 | +114% |
| Taxes | 450/3 | €1,698 | €4,266 | +€2,568 | +151% |
| Remuneration and social security | 454/9 | €293 | - | -€293 | |
| Other amounts payable | 47/48 | €701 | €3,767 | +€3,066 | +438% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,842 | €2,204 | +€361 | +19.6% |
| Other operating charges | 640/8 | €69 | €459 | +€390 | +563% |
| Gross operating margin | 9900 | €9,209 | -€4,165 | -€13,374 | |
| Operating profit (loss) | 9901 | €7,297 | -€6,828 | -€14,125 | |
| Financial income | 75/76B | €17 | €127 | +€110 | +644% |
| Recurring financial income | 75 | €17 | €127 | +€110 | +644% |
| Financial charges | 65/66B | €339 | €280 | -€59 | -17.4% |
| Recurring financial charges | 65 | €339 | €280 | -€59 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €6,975 | -€6,981 | -€13,956 | |
| Income taxes | 67/77 | €1,698 | - | -€1,698 | |
| Profit (loss) for the period | 9904 | €5,277 | -€6,981 | -€12,258 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,277 | -€6,981 | -€12,258 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.