MARECHAL & BAUDINET: 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.
MARECHAL & BAUDINET
Largest movements
- Receivables within one year -€55,823
down €55,823 (-54.5%), from €102,442 to €46,619
of which Trade receivables: -€49,581
- Tangible fixed assets +€42,400
up €42,400 (+20.0%), from €211,755 to €254,155
of which Land and buildings: +€32,660
- Cash -€14,040
down €14,040 (-4.0%), from €347,754 to €333,714
mainly Contributions, distributions and other (-€242,217) and Investment in fixed assets (net) (-€66,962)
- Intangible fixed assets -€9,268
down €9,268 (-81.3%), from €11,396 to €2,128
- Reserves -€69,764
down €69,764 (-11.3%), from €618,183 to €548,419
- Tax, wage and social debts +€39,083
up €39,083 (+110.4%), from €35,411 to €74,494
of which Taxes: +€29,380
- Gross operating margin +€40,173
up €40,173 (+11.4%), from €351,231 to €391,404
- Taxes +€11,914
up €11,914 (+18.3%), from €65,258 to €77,172
- Staff costs +€4,138
up €4,138 (+4.2%), from €99,094 to €103,232
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 | €685,280 | €649,688 | -€35,592 | -5.2% |
| Fixed assets | 21/28 | €223,151 | €256,283 | +€33,132 | +14.8% |
| Intangible fixed assets | 21 | €11,396 | €2,128 | -€9,268 | -81.3% |
| Tangible fixed assets | 22/27 | €211,755 | €254,155 | +€42,400 | +20.0% |
| Land and buildings | 22 | €180,440 | €213,100 | +€32,660 | +18.1% |
| Plant, machinery and equipment | 23 | €5,637 | €3,072 | -€2,565 | -45.5% |
| Furniture and vehicles | 24 | €25,678 | €37,983 | +€12,305 | +47.9% |
| Current assets | 29/58 | €462,129 | €393,405 | -€68,724 | -14.9% |
| Amounts receivable within one year | 40/41 | €102,442 | €46,619 | -€55,823 | -54.5% |
| Trade receivables | 40 | €96,200 | €46,619 | -€49,581 | -51.5% |
| Other amounts receivable | 41 | €6,242 | - | -€6,242 | |
| Cash at bank and in hand | 54/58 | €347,754 | €333,714 | -€14,040 | -4.0% |
| Deferred charges and accrued income | 490/1 | €11,933 | €13,072 | +€1,139 | +9.5% |
| Total equity and liabilities | 10/49 | €685,280 | €649,688 | -€35,592 | -5.2% |
| Equity | 10/15 | €624,817 | €555,307 | -€69,510 | -11.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €618,183 | €548,419 | -€69,764 | -11.3% |
| Distributable reserves | 133 | €618,183 | €548,419 | -€69,764 | -11.3% |
| Profit (loss) carried forward | 14 | €434 | €688 | +€254 | +58.5% |
| Amounts payable | 17/49 | €60,463 | €94,381 | +€33,918 | +56.1% |
| Amounts payable within one year | 42/48 | €60,463 | €94,381 | +€33,918 | +56.1% |
| Trade debts | 44 | €20,528 | €15,128 | -€5,400 | -26.3% |
| Suppliers | 440/4 | €20,528 | €15,128 | -€5,400 | -26.3% |
| Taxes, remuneration and social security | 45 | €35,411 | €74,494 | +€39,083 | +110.4% |
| Taxes | 450/3 | €23,927 | €53,307 | +€29,380 | +122.8% |
| Remuneration and social security | 454/9 | €11,484 | €21,187 | +€9,703 | +84.5% |
| Other amounts payable | 47/48 | €4,524 | €4,759 | +€235 | +5.2% |
| Remuneration, social security and pensions | 62 | €99,094 | €103,232 | +€4,138 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,588 | €33,830 | -€758 | -2.2% |
| Other operating charges | 640/8 | €3,483 | €3,868 | +€385 | +11.1% |
| Gross operating margin | 9900 | €351,231 | €391,404 | +€40,173 | +11.4% |
| Operating profit (loss) | 9901 | €214,066 | €250,474 | +€36,408 | +17.0% |
| Financial income | 75/76B | €1,196 | - | -€1,196 | |
| Recurring financial income | 75 | €1,196 | - | -€1,196 | |
| Financial charges | 65/66B | €982 | €595 | -€387 | -39.4% |
| Recurring financial charges | 65 | €982 | €595 | -€387 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €214,280 | €249,879 | +€35,599 | +16.6% |
| Income taxes | 67/77 | €65,258 | €77,172 | +€11,914 | +18.3% |
| Profit (loss) for the period | 9904 | €149,022 | €172,707 | +€23,685 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €149,022 | €172,707 | +€23,685 | +15.9% |
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 29 September 2026 via checked.be.