MARECHAL: what changed
MARECHAL
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Tangible fixed assets -€85,993
down €85,993 (-25.5%), from €337,002 to €251,009
of which Land and buildings: -€83,310
- Cash -€32,341
down €32,341 (-51.1%), from €63,349 to €31,008
mainly Current investments (-€200,000) and Contributions, distributions and other (-€160,000)
- Receivables within one year -€26,867
down €26,867 (-99.1%), from €27,099 to €232
- Other debts +€157,643
up €157,643 (+6,165%), from €2,557 to €160,200
- Profit (loss) carried forward -€115,492
down €115,492 (-99.7%), from €115,805 to €313
- Debts after one year -€32,426
down €32,426 (-14.3%), from €225,979 to €193,553
of which Financial debts: -€30,701
- Reserves +€26,717
up €26,717 (+56.7%), from €47,143 to €73,860
of which Distributable reserves: +€26,717
- Tax, wage and social debts +€19,700
new in 2025: €19,700
- Gross operating margin +€115,507
up €115,507, from -€193 to €115,313
- Taxes +€19,793
new in 2025: €19,793
- Depreciation +€2,494
up €2,494 (+17.8%), from €14,019 to €16,513
- Financial income -€1,651
down €1,651 (-84.3%), from €1,959 to €308
- Other operating charges -€1,283
down €1,283 (-37.5%), from €3,425 to €2,141
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 | €427,496 | €482,249 | +€54,753 | +12.8% |
| Fixed assets | 21/28 | €337,002 | €251,009 | -€85,993 | -25.5% |
| Tangible fixed assets | 22/27 | €337,002 | €251,009 | -€85,993 | -25.5% |
| Land and buildings | 22 | €331,410 | €248,100 | -€83,310 | -25.1% |
| Furniture and vehicles | 24 | €3,580 | €1,859 | -€1,721 | -48.1% |
| Other tangible fixed assets | 26 | €2,012 | €1,050 | -€963 | -47.8% |
| Current assets | 29/58 | €90,494 | €231,240 | +€140,746 | +156% |
| Amounts receivable within one year | 40/41 | €27,099 | €232 | -€26,867 | -99.1% |
| Other amounts receivable | 41 | €27,099 | €232 | -€26,867 | -99.1% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €63,349 | €31,008 | -€32,341 | -51.1% |
| Deferred charges and accrued income | 490/1 | €46 | - | -€46 | |
| Total equity and liabilities | 10/49 | €427,496 | €482,249 | +€54,753 | +12.8% |
| Equity | 10/15 | €181,548 | €92,773 | -€88,775 | -48.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,143 | €73,860 | +€26,717 | +56.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €45,283 | €72,000 | +€26,717 | +59.0% |
| Profit (loss) carried forward | 14 | €115,805 | €313 | -€115,492 | -99.7% |
| Amounts payable | 17/49 | €245,948 | €389,476 | +€143,528 | +58.4% |
| Amounts payable after more than one year | 17 | €225,979 | €193,553 | -€32,426 | -14.3% |
| Financial debts | 170/4 | €224,254 | €193,553 | -€30,701 | -13.7% |
| Other amounts payable | 178/9 | €1,725 | - | -€1,725 | |
| Amounts payable within one year | 42/48 | €19,969 | €195,923 | +€175,954 | +881% |
| Current portion of amounts payable after more than one year | 42 | €16,039 | €11,293 | -€4,745 | -29.6% |
| Trade debts | 44 | €1,373 | €4,730 | +€3,357 | +244% |
| Suppliers | 440/4 | €1,373 | €4,730 | +€3,357 | +244% |
| Taxes, remuneration and social security | 45 | - | €19,700 | +€19,700 | |
| Taxes | 450/3 | - | €19,700 | +€19,700 | |
| Other amounts payable | 47/48 | €2,557 | €160,200 | +€157,643 | +6,165% |
| Non-recurring operating income | 76A | - | €113,328 | +€113,328 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,019 | €16,513 | +€2,494 | +17.8% |
| Other operating charges | 640/8 | €3,425 | €2,141 | -€1,283 | -37.5% |
| Gross operating margin | 9900 | -€193 | €115,313 | +€115,507 | |
| Operating profit (loss) | 9901 | -€17,637 | €96,659 | +€114,296 | |
| Financial income | 75/76B | €1,959 | €308 | -€1,651 | -84.3% |
| Recurring financial income | 75 | €1,959 | €308 | -€1,651 | -84.3% |
| Financial charges | 65/66B | €5,717 | €5,950 | +€233 | +4.1% |
| Recurring financial charges | 65 | €5,717 | €5,950 | +€233 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | -€21,394 | €91,017 | +€112,412 | |
| Income taxes | 67/77 | - | €19,793 | +€19,793 | |
| Profit (loss) for the period | 9904 | -€21,394 | €71,225 | +€92,619 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,394 | €71,225 | +€92,619 |
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 2 November 2026 via checked.be.