MARECHAL: 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.
MARECHAL
Largest movements
- Tangible fixed assets +€3,939
up €3,939 (+128%), from €3,085 to €7,024
of which Furniture and vehicles: +€4,681
- Receivables within one year +€3,000
new in 2025: €3,000
- Other debts +€8,176
up €8,176 (+70.7%), from €11,563 to €19,739
- Profit (loss) carried forward -€2,571
down €2,571 (-24.3%), from €10,595 to €8,024
- Trade debts +€755
up €755 (+186%), from €406 to €1,161
- Gross operating margin +€7,949
up €7,949, from -€7,631 to €318
- Depreciation +€331
up €331 (+28.5%), from €1,163 to €1,495
- Financial charges -€110
down €110 (-29.5%), from €372 to €262
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,831 | €37,418 | +€6,587 | +21.4% |
| Fixed assets | 21/28 | €3,085 | €7,024 | +€3,939 | +128% |
| Tangible fixed assets | 22/27 | €3,085 | €7,024 | +€3,939 | +128% |
| Furniture and vehicles | 24 | €914 | €5,594 | +€4,681 | +512% |
| Other tangible fixed assets | 26 | €2,171 | €1,429 | -€742 | -34.2% |
| Current assets | 29/58 | €27,746 | €30,394 | +€2,648 | +9.5% |
| Stocks and contracts in progress | 3 | €26,346 | €26,346 | = | 0.0% |
| Stocks | 30/36 | €26,346 | €26,346 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €3,000 | +€3,000 | |
| Trade receivables | 40 | - | €3,000 | +€3,000 | |
| Deferred charges and accrued income | 490/1 | €1,400 | €1,048 | -€352 | -25.1% |
| Total equity and liabilities | 10/49 | €30,831 | €37,418 | +€6,587 | +21.4% |
| Equity | 10/15 | €16,795 | €14,224 | -€2,571 | -15.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,595 | €8,024 | -€2,571 | -24.3% |
| Amounts payable | 17/49 | €14,036 | €23,194 | +€9,158 | +65.2% |
| Amounts payable within one year | 42/48 | €14,036 | €23,194 | +€9,158 | +65.2% |
| Financial debts | 43 | €1,003 | €939 | -€64 | -6.4% |
| Credit institutions | 430/8 | €1,003 | €939 | -€64 | -6.4% |
| Trade debts | 44 | €406 | €1,161 | +€755 | +186% |
| Suppliers | 440/4 | €406 | €1,161 | +€755 | +186% |
| Taxes, remuneration and social security | 45 | €1,064 | €1,355 | +€291 | +27.4% |
| Taxes | 450/3 | €1,064 | €1,355 | +€291 | +27.4% |
| Other amounts payable | 47/48 | €11,563 | €19,739 | +€8,176 | +70.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,163 | €1,495 | +€331 | +28.5% |
| Other operating charges | 640/8 | €897 | €900 | +€3 | +0.3% |
| Gross operating margin | 9900 | -€7,631 | €318 | +€7,949 | |
| Operating profit (loss) | 9901 | -€9,691 | -€2,077 | +€7,615 | +78.6% |
| Financial charges | 65/66B | €372 | €262 | -€110 | -29.5% |
| Recurring financial charges | 65 | €372 | €262 | -€110 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,064 | -€2,339 | +€7,724 | +76.8% |
| Income taxes | 67/77 | €233 | €232 | -€1 | -0.5% |
| Profit (loss) for the period | 9904 | -€10,296 | -€2,571 | +€7,725 | +75.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,296 | -€2,571 | +€7,725 | +75.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.