MARECHAL - TECH: 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 - TECH
Largest movements
- Cash +€63,293
up €63,293 (+39.9%), from €158,780 to €222,073
mainly Net result for the year (+€126,213) and Current investments (+€20,000)
- Receivables within one year +€26,864
up €26,864 (+27.3%), from €98,261 to €125,125
of which Other amounts receivable: +€20,116
- Current investments -€20,000
no longer reported in 2025 (was €20,000)
- Financial fixed assets +€15,000
up €15,000 (+14124.3%), from €106 to €15,106
- Deferred charges and accrued income -€8,488
down €8,488 (-97.6%), from €8,695 to €207
- Profit (loss) carried forward +€76,213
up €76,213 (+81.6%), from €93,383 to €169,596
- Provisions -€20,000
no longer reported in 2025 (was €20,000)
- Other debts +€17,000
up €17,000 (+66.7%), from €25,500 to €42,500
- Tax, wage and social debts +€14,168
up €14,168 (+160.7%), from €8,816 to €22,983
- Advances received -€6,990
no longer reported in 2025 (was €6,990)
- Gross operating margin +€51,612
up €51,612 (+39.4%), from €130,927 to €182,539
- Provisions -€20,000
new in 2025: -€20,000
- Staff costs +€19,859
up €19,859 (+907.3%), from €2,189 to €22,048
- Taxes +€15,621
up €15,621 (+57.0%), from €27,429 to €43,051
- Depreciation +€4,716
up €4,716 (+142.9%), from €3,301 to €8,017
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 | €325,341 | €408,561 | +€83,220 | +25.6% |
| Fixed assets | 21/28 | €36,455 | €58,757 | +€22,301 | +61.2% |
| Tangible fixed assets | 22/27 | €36,349 | €43,650 | +€7,301 | +20.1% |
| Plant, machinery and equipment | 23 | €10,736 | €9,118 | -€1,618 | -15.1% |
| Furniture and vehicles | 24 | €25,613 | €34,532 | +€8,920 | +34.8% |
| Financial fixed assets | 28 | €106 | €15,106 | +€15,000 | +14124.3% |
| Current assets | 29/58 | €288,886 | €349,804 | +€60,918 | +21.1% |
| Stocks and contracts in progress | 3 | €3,150 | €2,400 | -€750 | -23.8% |
| Stocks | 30/36 | €3,150 | €2,400 | -€750 | -23.8% |
| Amounts receivable within one year | 40/41 | €98,261 | €125,125 | +€26,864 | +27.3% |
| Trade receivables | 40 | €73,785 | €80,533 | +€6,748 | +9.1% |
| Other amounts receivable | 41 | €24,476 | €44,592 | +€20,116 | +82.2% |
| Current investments | 50/53 | €20,000 | - | -€20,000 | |
| Cash at bank and in hand | 54/58 | €158,780 | €222,073 | +€63,293 | +39.9% |
| Deferred charges and accrued income | 490/1 | €8,695 | €207 | -€8,488 | -97.6% |
| Total equity and liabilities | 10/49 | €325,341 | €408,561 | +€83,220 | +25.6% |
| Equity | 10/15 | €249,657 | €329,748 | +€80,091 | +32.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €155,274 | €159,152 | +€3,878 | +2.5% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €92,024 | €95,902 | +€3,878 | +4.2% |
| Profit (loss) carried forward | 14 | €93,383 | €169,596 | +€76,213 | +81.6% |
| Provisions and deferred taxes | 16 | €20,000 | - | -€20,000 | |
| Provisions for liabilities and charges | 160/5 | €20,000 | - | -€20,000 | |
| Other liabilities and charges | 164/5 | €20,000 | - | -€20,000 | |
| Amounts payable | 17/49 | €55,684 | €78,813 | +€23,129 | +41.5% |
| Amounts payable within one year | 42/48 | €55,684 | €78,813 | +€23,129 | +41.5% |
| Financial debts | 43 | €118 | €405 | +€287 | +244.1% |
| Credit institutions | 430/8 | €118 | €405 | +€287 | +244.1% |
| Trade debts | 44 | €14,261 | €12,925 | -€1,336 | -9.4% |
| Suppliers | 440/4 | €14,261 | €12,925 | -€1,336 | -9.4% |
| Advances received on contracts in progress | 46 | €6,990 | - | -€6,990 | |
| Taxes, remuneration and social security | 45 | €8,816 | €22,983 | +€14,168 | +160.7% |
| Taxes | 450/3 | €8,816 | €22,983 | +€14,168 | +160.7% |
| Other amounts payable | 47/48 | €25,500 | €42,500 | +€17,000 | +66.7% |
| Remuneration, social security and pensions | 62 | €2,189 | €22,048 | +€19,859 | +907.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,301 | €8,017 | +€4,716 | +142.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€20,000 | -€20,000 | |
| Other operating charges | 640/8 | €826 | €3,290 | +€2,464 | +298.5% |
| Gross operating margin | 9900 | €130,927 | €182,539 | +€51,612 | +39.4% |
| Operating profit (loss) | 9901 | €124,612 | €169,183 | +€44,572 | +35.8% |
| Financial income | 75/76B | €0 | €200 | +€200 | +64441.9% |
| Recurring financial income | 75 | €0 | €200 | +€200 | +64441.9% |
| Financial charges | 65/66B | €132 | €120 | -€12 | -9.1% |
| Recurring financial charges | 65 | €132 | €120 | -€12 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €124,480 | €169,263 | +€44,784 | +36.0% |
| Income taxes | 67/77 | €27,429 | €43,051 | +€15,621 | +57.0% |
| Profit (loss) for the period | 9904 | €97,051 | €126,213 | +€29,162 | +30.0% |
| Transfer to tax-exempt reserves | 689 | €63,150 | - | -€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,901 | €126,213 | +€92,312 | +272.3% |
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 28 September 2026 via checked.be.