MARECHAL B.: 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 B.
Largest movements
- Cash -€52,619
down €52,619 (-57.8%), from €90,970 to €38,352
mainly Investment in fixed assets (net) (-€76,395) and Other debts (-€47,999)
- Tangible fixed assets +€46,850
up €46,850 (+19.7%), from €237,343 to €284,193
of which Land and buildings: +€51,046
- Other debts -€47,999
down €47,999 (-22.3%), from €215,553 to €167,554
- Reserves +€33,190
up €33,190 (+17.8%), from €186,191 to €219,381
of which Distributable reserves: +€33,190
- Tax, wage and social debts +€8,728
up €8,728 (+177%), from €4,934 to €13,662
of which Taxes: +€5,944
- Gross operating margin +€16,298
up €16,298 (+20.0%), from €81,319 to €97,617
- Depreciation +€9,730
up €9,730 (+49.1%), from €19,815 to €29,545
- Financial income -€2,411
down €2,411 (-93.1%), from €2,589 to €178
- Taxes +€1,752
up €1,752 (+18.8%), from €9,304 to €11,056
- Other operating charges -€1,624
down €1,624 (-14.9%), from €10,906 to €9,281
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 | €558,385 | €554,293 | -€4,093 | -0.7% |
| Fixed assets | 21/28 | €460,510 | €507,359 | +€46,850 | +10.2% |
| Tangible fixed assets | 22/27 | €237,343 | €284,193 | +€46,850 | +19.7% |
| Land and buildings | 22 | €233,148 | €284,193 | +€51,046 | +21.9% |
| Plant, machinery and equipment | 23 | €281 | €0 | -€281 | -100% |
| Assets under construction and advance payments | 27 | €3,914 | €0 | -€3,914 | -100% |
| Financial fixed assets | 28 | €223,166 | €223,166 | = | 0.0% |
| Current assets | 29/58 | €97,876 | €46,933 | -€50,942 | -52.0% |
| Amounts receivable within one year | 40/41 | €4,699 | €4,609 | -€89 | -1.9% |
| Trade receivables | 40 | €3,364 | €4,609 | +€1,246 | +37.0% |
| Other amounts receivable | 41 | €1,335 | €0 | -€1,335 | -100% |
| Cash at bank and in hand | 54/58 | €90,970 | €38,352 | -€52,619 | -57.8% |
| Deferred charges and accrued income | 490/1 | €2,207 | €3,972 | +€1,766 | +80.0% |
| Total equity and liabilities | 10/49 | €558,385 | €554,293 | -€4,093 | -0.7% |
| Equity | 10/15 | €313,093 | €343,424 | +€30,331 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €186,191 | €219,381 | +€33,190 | +17.8% |
| Non-distributable reserves | 130/1 | €1,400 | €1,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,400 | €1,400 | = | 0.0% |
| Distributable reserves | 133 | €184,791 | €217,981 | +€33,190 | +18.0% |
| Profit (loss) carried forward | 14 | €108,301 | €105,442 | -€2,859 | -2.6% |
| Amounts payable | 17/49 | €245,293 | €210,869 | -€34,424 | -14.0% |
| Amounts payable after more than one year | 17 | €7,140 | €8,680 | +€1,540 | +21.6% |
| Other amounts payable | 178/9 | €7,140 | €8,680 | +€1,540 | +21.6% |
| Amounts payable within one year | 42/48 | €227,493 | €190,515 | -€36,978 | -16.3% |
| Trade debts | 44 | €7,006 | €9,299 | +€2,293 | +32.7% |
| Suppliers | 440/4 | €7,006 | €9,299 | +€2,293 | +32.7% |
| Taxes, remuneration and social security | 45 | €4,934 | €13,662 | +€8,728 | +177% |
| Taxes | 450/3 | €2,347 | €8,291 | +€5,944 | +253% |
| Remuneration and social security | 454/9 | €2,587 | €5,371 | +€2,784 | +108% |
| Other amounts payable | 47/48 | €215,553 | €167,554 | -€47,999 | -22.3% |
| Accrued charges and deferred income | 492/3 | €10,660 | €11,674 | +€1,014 | +9.5% |
| Non-recurring operating income | 76A | €2,013 | €13,334 | +€11,320 | +562% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,815 | €29,545 | +€9,730 | +49.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €10,906 | €9,281 | -€1,624 | -14.9% |
| Non-recurring operating charges | 66A | €3,201 | €12,285 | +€9,084 | +284% |
| Gross operating margin | 9900 | €81,319 | €97,617 | +€16,298 | +20.0% |
| Operating profit (loss) | 9901 | €47,397 | €46,505 | -€892 | -1.9% |
| Financial income | 75/76B | €2,589 | €178 | -€2,411 | -93.1% |
| Recurring financial income | 75 | €2,589 | €178 | -€2,411 | -93.1% |
| Financial charges | 65/66B | €2,330 | €2,437 | +€107 | +4.6% |
| Recurring financial charges | 65 | €2,330 | €2,437 | +€107 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €47,656 | €44,246 | -€3,409 | -7.2% |
| Income taxes | 67/77 | €9,304 | €11,056 | +€1,752 | +18.8% |
| Profit (loss) for the period | 9904 | €38,351 | €33,190 | -€5,161 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €38,351 | €33,190 | -€5,161 | -13.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.