MARCHEM: 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.
MARCHEM
Largest movements
- Financial fixed assets +€872,564
up €872,564 (+43.0%), from €2.0m to €2.9m
- Cash -€156,293
down €156,293 (-70.7%), from €221,043 to €64,749
mainly Investment in fixed assets (net) (-€1.0m) and Provisions (-€446,878)
- Receivables within one year +€82,186
up €82,186 (+51.9%), from €158,439 to €240,625
of which Trade receivables: +€81,766
- Current investments +€79,994
up €79,994 (+9966.9%), from €803 to €80,796
- Tangible fixed assets +€78,754
up €78,754 (+10.2%), from €771,166 to €849,920
of which Assets under construction and advance payments: +€162,203
- Profit (loss) carried forward +€1.3m
up €1.3m, from -€364,906 to €909,362
- Provisions -€446,878
down €446,878 (-19.3%), from €2.3m to €1.9m
- Trade debts +€106,753
up €106,753 (+440.0%), from €24,261 to €131,013
- Tax, wage and social debts +€85,251
up €85,251 (+1950.9%), from €4,370 to €89,620
- Debts after one year -€61,286
down €61,286 (-92.3%), from €66,424 to €5,138
- Financial income +€792,690
up €792,690 (+13714357.6%), from €6 to €792,696
- Provisions -€367,871
down €367,871 (-465.6%), from -€79,007 to -€446,878
- Taxes +€93,314
up €93,314 (+5655409.7%), from €2 to €93,316
- Gross operating margin +€66,045
up €66,045 (+36.9%), from €178,873 to €244,918
- Depreciation -€33,623
down €33,623 (-28.7%), from €117,072 to €83,449
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 | €3,189,399 | €4,148,185 | +€958,786 | +30.1% |
| Fixed assets | 21/28 | €2,800,141 | €3,751,458 | +€951,317 | +34.0% |
| Tangible fixed assets | 22/27 | €771,166 | €849,920 | +€78,754 | +10.2% |
| Land and buildings | 22 | €745,873 | €675,006 | -€70,867 | -9.5% |
| Plant, machinery and equipment | 23 | €25,293 | €12,711 | -€12,582 | -49.7% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | - | €162,203 | +€162,203 | |
| Financial fixed assets | 28 | €2,028,974 | €2,901,538 | +€872,564 | +43.0% |
| Current assets | 29/58 | €389,258 | €396,727 | +€7,469 | +1.9% |
| Amounts receivable within one year | 40/41 | €158,439 | €240,625 | +€82,186 | +51.9% |
| Trade receivables | 40 | €158,439 | €240,205 | +€81,766 | +51.6% |
| Other amounts receivable | 41 | - | €420 | +€420 | |
| Current investments | 50/53 | €803 | €80,796 | +€79,994 | +9966.9% |
| Cash at bank and in hand | 54/58 | €221,043 | €64,749 | -€156,293 | -70.7% |
| Deferred charges and accrued income | 490/1 | €8,974 | €10,556 | +€1,582 | +17.6% |
| Total equity and liabilities | 10/49 | €3,189,399 | €4,148,185 | +€958,786 | +30.1% |
| Equity | 10/15 | €723,045 | €1,997,313 | +€1.3m | +176.2% |
| Contributions | 10/11 | €989,000 | €989,000 | = | 0.0% |
| Capital | 10 | €989,000 | €989,000 | = | 0.0% |
| Issued capital | 100 | €989,000 | €989,000 | = | 0.0% |
| Reserves | 13 | €98,951 | €98,951 | = | 0.0% |
| Non-distributable reserves | 130/1 | €98,951 | €98,951 | = | 0.0% |
| Legal reserve | 130 | €98,951 | €98,951 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€364,906 | €909,362 | +€1.3m | |
| Provisions and deferred taxes | 16 | €2,310,692 | €1,863,814 | -€446,878 | -19.3% |
| Provisions for liabilities and charges | 160/5 | €2,310,692 | €1,863,814 | -€446,878 | -19.3% |
| Environmental obligations | 163 | €2,310,692 | €1,863,814 | -€446,878 | -19.3% |
| Amounts payable | 17/49 | €155,662 | €287,058 | +€131,396 | +84.4% |
| Amounts payable after more than one year | 17 | €66,424 | €5,138 | -€61,286 | -92.3% |
| Financial debts | 170/4 | €66,424 | €5,138 | -€61,286 | -92.3% |
| Amounts payable within one year | 42/48 | €89,238 | €281,920 | +€192,681 | +215.9% |
| Current portion of amounts payable after more than one year | 42 | €60,608 | €61,286 | +€678 | +1.1% |
| Trade debts | 44 | €24,261 | €131,013 | +€106,753 | +440.0% |
| Suppliers | 440/4 | €24,261 | €131,013 | +€106,753 | +440.0% |
| Taxes, remuneration and social security | 45 | €4,370 | €89,620 | +€85,251 | +1950.9% |
| Taxes | 450/3 | €4,370 | €89,620 | +€85,251 | +1950.9% |
| Remuneration, social security and pensions | 62 | €14,677 | - | -€14,677 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,072 | €83,449 | -€33,623 | -28.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€79,007 | -€446,878 | -€367,871 | -465.6% |
| Other operating charges | 640/8 | €31,983 | €32,152 | +€168 | +0.5% |
| Gross operating margin | 9900 | €178,873 | €244,918 | +€66,045 | +36.9% |
| Operating profit (loss) | 9901 | €94,147 | €576,195 | +€482,048 | +512.0% |
| Financial income | 75/76B | €6 | €792,696 | +€792,690 | +13714357.6% |
| Recurring financial income | 75 | €6 | €792,696 | +€792,690 | +13714357.6% |
| Financial charges | 65/66B | €1,719 | €1,307 | -€412 | -24.0% |
| Recurring financial charges | 65 | €1,719 | €1,307 | -€412 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €92,434 | €1,367,584 | +€1.3m | +1379.5% |
| Income taxes | 67/77 | €2 | €93,316 | +€93,314 | +5655409.7% |
| Profit (loss) for the period | 9904 | €92,433 | €1,274,268 | +€1.2m | +1278.6% |
| Profit (loss) for the period to be appropriated | 9905 | €92,433 | €1,274,268 | +€1.2m | +1278.6% |
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 8 October 2026 via checked.be.