MARECHAL JOHAN: 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.
What changed
MARECHAL JOHAN
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2,633
2024 · €282+€2,352
Equity
€139,634
2024 · €137,000+€2,633
Cash
€29,905
2024 · €35,395-€5,490
Balance sheet total
€1.0m
2024 · €1.1m-€114,144
Largest movements
Assets
- Receivables within one year -€163,184
down €163,184 (-31.1%), from €525,366 to €362,182
of which Trade receivables: -€170,360
- Stocks and contracts +€65,480
up €65,480 (+17.3%), from €377,797 to €443,277
of which Contracts in progress: +€60,000
Equity and liabilities
- Trade debts -€112,600
down €112,600 (-26.2%), from €430,524 to €317,924
Income statement
- Financial charges -€11,769
down €11,769 (-24.2%), from €48,614 to €36,844
- Staff costs +€8,054
up €8,054 (+4.3%), from €187,845 to €195,899
- Gross operating margin +€7,822
up €7,822 (+2.9%), from €268,603 to €276,425
- Depreciation +€5,165
up €5,165 (+19.9%), from €26,003 to €31,167
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.
Result 2024
€282
Gross operating margin
+€7,822
Staff costs
-€8,054
Depreciation
-€5,165
Other operating charges
-€1,783
Financial income
-€1,872
Financial charges
+€11,769
Taxes
-€365
Result 2025
€2,633
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.
From operations
+€19,261
Investment
-€20,088
Financing
-€4,663
Cash 2024
€35,395
From operations (derived)
+€19,261
Net result for the year
+€2,633
Depreciation
+€31,167
Stocks and contracts
-€65,480
Receivables within one year
+€163,184
Deferred charges and accrued income
-€130
Trade debts
-€112,600
Tax, wage and social debts
+€8,181
Other debts
-€5,986
Accrued charges and deferred income
-€1,710
Investment (derived)
-€20,088
Investment in fixed assets (net)
-€20,088
Financing
-€4,663
Debts after one year
-€7,582
Current portion of long-term debt
+€2,157
Short-term financial debts
+€763
Cash 2025
€29,905
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,148,300 | €1,034,156 | -€114,144 | -9.9% |
| Fixed assets | 21/28 | €205,593 | €194,513 | -€11,080 | -5.4% |
| Tangible fixed assets | 22/27 | €205,593 | €194,513 | -€11,080 | -5.4% |
| Plant, machinery and equipment | 23 | €8,095 | €6,636 | -€1,458 | -18.0% |
| Furniture and vehicles | 24 | €5,707 | €20,046 | +€14,339 | +251.2% |
| Leasing and similar rights | 25 | €175,000 | €155,556 | -€19,444 | -11.1% |
| Other tangible fixed assets | 26 | €16,791 | €12,275 | -€4,515 | -26.9% |
| Current assets | 29/58 | €942,707 | €839,643 | -€103,064 | -10.9% |
| Stocks and contracts in progress | 3 | €377,797 | €443,277 | +€65,480 | +17.3% |
| Stocks | 30/36 | €43,846 | €49,326 | +€5,480 | +12.5% |
| Contracts in progress | 37 | €333,951 | €393,951 | +€60,000 | +18.0% |
| Amounts receivable within one year | 40/41 | €525,366 | €362,182 | -€163,184 | -31.1% |
| Trade receivables | 40 | €515,017 | €344,657 | -€170,360 | -33.1% |
| Other amounts receivable | 41 | €10,349 | €17,525 | +€7,176 | +69.3% |
| Cash at bank and in hand | 54/58 | €35,395 | €29,905 | -€5,490 | -15.5% |
| Deferred charges and accrued income | 490/1 | €4,150 | €4,280 | +€130 | +3.1% |
| Total equity and liabilities | 10/49 | €1,148,300 | €1,034,156 | -€114,144 | -9.9% |
| Equity | 10/15 | €137,000 | €139,634 | +€2,633 | +1.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €118,450 | €121,084 | +€2,633 | +2.2% |
| Distributable reserves | 133 | €118,450 | €121,084 | +€2,633 | +2.2% |
| Amounts payable | 17/49 | €1,011,299 | €894,522 | -€116,777 | -11.5% |
| Amounts payable after more than one year | 17 | €203,057 | €195,474 | -€7,582 | -3.7% |
| Financial debts | 170/4 | €203,057 | €195,474 | -€7,582 | -3.7% |
| Amounts payable within one year | 42/48 | €803,107 | €695,623 | -€107,484 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €22,815 | €24,973 | +€2,157 | +9.5% |
| Financial debts | 43 | €173,076 | €173,838 | +€763 | +0.4% |
| Credit institutions | 430/8 | €173,076 | €173,838 | +€763 | +0.4% |
| Trade debts | 44 | €430,524 | €317,924 | -€112,600 | -26.2% |
| Suppliers | 440/4 | €430,524 | €317,924 | -€112,600 | -26.2% |
| Taxes, remuneration and social security | 45 | €45,898 | €54,079 | +€8,181 | +17.8% |
| Taxes | 450/3 | €8,457 | €8,721 | +€264 | +3.1% |
| Remuneration and social security | 454/9 | €37,441 | €45,358 | +€7,917 | +21.1% |
| Other amounts payable | 47/48 | €130,794 | €124,809 | -€5,986 | -4.6% |
| Accrued charges and deferred income | 492/3 | €5,136 | €3,425 | -€1,710 | -33.3% |
| Remuneration, social security and pensions | 62 | €187,845 | €195,899 | +€8,054 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,003 | €31,167 | +€5,165 | +19.9% |
| Other operating charges | 640/8 | €6,744 | €8,527 | +€1,783 | +26.4% |
| Gross operating margin | 9900 | €268,603 | €276,425 | +€7,822 | +2.9% |
| Operating profit (loss) | 9901 | €48,012 | €40,832 | -€7,180 | -15.0% |
| Financial income | 75/76B | €2,573 | €701 | -€1,872 | -72.8% |
| Recurring financial income | 75 | €2,573 | €701 | -€1,872 | -72.8% |
| Financial charges | 65/66B | €48,614 | €36,844 | -€11,769 | -24.2% |
| Recurring financial charges | 65 | €48,614 | €36,844 | -€11,769 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €1,972 | €4,688 | +€2,717 | +137.8% |
| Income taxes | 67/77 | €1,690 | €2,055 | +€365 | +21.6% |
| Profit (loss) for the period | 9904 | €282 | €2,633 | +€2,352 | +834.6% |
| Profit (loss) for the period to be appropriated | 9905 | €282 | €2,633 | +€2,352 | +834.6% |
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 30 September 2026 via checked.be.