MARECHAL ET MERCKX: 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 ET MERCKX
Largest movements
- Receivables within one year +€47,846
up €47,846 (+101%), from €47,433 to €95,279
of which Other amounts receivable: +€42,059
- Tangible fixed assets -€23,818
down €23,818 (-7.2%), from €328,598 to €304,780
of which Furniture and vehicles: -€12,494
- Other debts +€99,178
up €99,178 (+322%), from €30,822 to €130,000
- Profit (loss) carried forward -€71,010
down €71,010 (-23.9%), from €297,640 to €226,630
- Debts after one year -€15,441
down €15,441 (-62.2%), from €24,805 to €9,364
- Trade debts +€5,641
up €5,641 (+51.8%), from €10,881 to €16,522
- Tax, wage and social debts +€5,114
up €5,114 (+35.9%), from €14,249 to €19,363
of which Taxes: +€4,950
- Gross operating margin -€22,494
down €22,494 (-13.8%), from €162,881 to €140,387
- Taxes -€6,474
down €6,474 (-20.3%), from €31,816 to €25,342
- Depreciation +€5,835
up €5,835 (+29.0%), from €20,148 to €25,983
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 | €424,939 | €447,771 | +€22,832 | +5.4% |
| Fixed assets | 21/28 | €329,039 | €305,221 | -€23,818 | -7.2% |
| Tangible fixed assets | 22/27 | €328,598 | €304,780 | -€23,818 | -7.2% |
| Land and buildings | 22 | €276,921 | €265,750 | -€11,171 | -4.0% |
| Furniture and vehicles | 24 | €50,641 | €38,147 | -€12,494 | -24.7% |
| Other tangible fixed assets | 26 | €1,036 | €883 | -€153 | -14.8% |
| Financial fixed assets | 28 | €441 | €441 | = | 0.0% |
| Current assets | 29/58 | €95,900 | €142,550 | +€46,650 | +48.6% |
| Amounts receivable within one year | 40/41 | €47,433 | €95,279 | +€47,846 | +101% |
| Trade receivables | 40 | €26,617 | €32,404 | +€5,787 | +21.7% |
| Other amounts receivable | 41 | €20,816 | €62,875 | +€42,059 | +202% |
| Cash at bank and in hand | 54/58 | €44,965 | €43,067 | -€1,898 | -4.2% |
| Deferred charges and accrued income | 490/1 | €3,502 | €4,204 | +€702 | +20.0% |
| Total equity and liabilities | 10/49 | €424,939 | €447,771 | +€22,832 | +5.4% |
| Equity | 10/15 | €328,091 | €257,081 | -€71,010 | -21.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €11,859 | €11,859 | = | 0.0% |
| Distributable reserves | 133 | €11,859 | €11,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €297,640 | €226,630 | -€71,010 | -23.9% |
| Amounts payable | 17/49 | €96,848 | €190,690 | +€93,842 | +96.9% |
| Amounts payable after more than one year | 17 | €24,805 | €9,364 | -€15,441 | -62.2% |
| Financial debts | 170/4 | €24,805 | €9,364 | -€15,441 | -62.2% |
| Amounts payable within one year | 42/48 | €72,043 | €181,326 | +€109,283 | +152% |
| Current portion of amounts payable after more than one year | 42 | €16,091 | €15,441 | -€650 | -4.0% |
| Trade debts | 44 | €10,881 | €16,522 | +€5,641 | +51.8% |
| Suppliers | 440/4 | €10,881 | €16,522 | +€5,641 | +51.8% |
| Taxes, remuneration and social security | 45 | €14,249 | €19,363 | +€5,114 | +35.9% |
| Taxes | 450/3 | €9,683 | €14,633 | +€4,950 | +51.1% |
| Remuneration and social security | 454/9 | €4,566 | €4,730 | +€164 | +3.6% |
| Other amounts payable | 47/48 | €30,822 | €130,000 | +€99,178 | +322% |
| Remuneration, social security and pensions | 62 | €23,823 | €24,151 | +€328 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,148 | €25,983 | +€5,835 | +29.0% |
| Other operating charges | 640/8 | €5,042 | €4,868 | -€174 | -3.5% |
| Gross operating margin | 9900 | €162,881 | €140,387 | -€22,494 | -13.8% |
| Operating profit (loss) | 9901 | €113,868 | €85,385 | -€28,483 | -25.0% |
| Financial income | 75/76B | €202 | €156 | -€46 | -22.8% |
| Recurring financial income | 75 | €202 | €156 | -€46 | -22.8% |
| Financial charges | 65/66B | €835 | €1,209 | +€374 | +44.8% |
| Recurring financial charges | 65 | €835 | €1,209 | +€374 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €113,235 | €84,332 | -€28,903 | -25.5% |
| Income taxes | 67/77 | €31,816 | €25,342 | -€6,474 | -20.3% |
| Profit (loss) for the period | 9904 | €81,419 | €58,990 | -€22,429 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €81,419 | €58,990 | -€22,429 | -27.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.