MARESCHAL: 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.
MARESCHAL
Largest movements
- Cash -€132,414
down €132,414 (-99.4%), from €133,171 to €757
mainly Other debts (-€112,000) and Net result for the year (-€37,530)
- Tangible fixed assets -€10,990
down €10,990 (-4.1%), from €265,146 to €254,155
- Other debts -€112,000
down €112,000 (-11.7%), from €961,052 to €849,052
- Profit (loss) carried forward -€37,530
down €37,530 (-3.6%), from -€1.0m to -€1.1m
- Gross operating margin -€147,258
down €147,258, from €128,284 to -€18,975
- Financial charges -€8,698
down €8,698 (-96.5%), from €9,012 to €313
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 | €415,529 | €269,681 | -€145,848 | -35.1% |
| Fixed assets | 21/28 | €265,146 | €254,155 | -€10,990 | -4.1% |
| Tangible fixed assets | 22/27 | €265,146 | €254,155 | -€10,990 | -4.1% |
| Land and buildings | 22 | €265,146 | €254,155 | -€10,990 | -4.1% |
| Current assets | 29/58 | €150,383 | €15,526 | -€134,857 | -89.7% |
| Amounts receivable within one year | 40/41 | €16,913 | €14,769 | -€2,143 | -12.7% |
| Trade receivables | 40 | €14,178 | €14,029 | -€149 | -1.1% |
| Other amounts receivable | 41 | €2,735 | €741 | -€1,994 | -72.9% |
| Cash at bank and in hand | 54/58 | €133,171 | €757 | -€132,414 | -99.4% |
| Deferred charges and accrued income | 490/1 | €300 | - | -€300 | |
| Total equity and liabilities | 10/49 | €415,529 | €269,681 | -€145,848 | -35.1% |
| Equity | 10/15 | -€684,216 | -€721,746 | -€37,530 | -5.5% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,036,716 | -€1,074,246 | -€37,530 | -3.6% |
| Amounts payable | 17/49 | €1,099,745 | €991,427 | -€108,318 | -9.8% |
| Amounts payable within one year | 42/48 | €1,099,715 | €989,165 | -€110,550 | -10.1% |
| Trade debts | 44 | €138,663 | €138,885 | +€222 | +0.2% |
| Suppliers | 440/4 | €138,663 | €138,885 | +€222 | +0.2% |
| Taxes, remuneration and social security | 45 | - | €1,228 | +€1,228 | |
| Taxes | 450/3 | - | €1,228 | +€1,228 | |
| Other amounts payable | 47/48 | €961,052 | €849,052 | -€112,000 | -11.7% |
| Accrued charges and deferred income | 492/3 | €30 | €2,262 | +€2,232 | +7458.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,990 | €10,990 | = | 0.0% |
| Other operating charges | 640/8 | €7,059 | €7,253 | +€194 | +2.7% |
| Gross operating margin | 9900 | €128,284 | -€18,975 | -€147,258 | |
| Operating profit (loss) | 9901 | €110,235 | -€37,218 | -€147,452 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €9,012 | €313 | -€8,698 | -96.5% |
| Recurring financial charges | 65 | €9,012 | €313 | -€8,698 | -96.5% |
| Profit (loss) for the period before taxes | 9903 | €101,223 | -€37,530 | -€138,753 | |
| Profit (loss) for the period | 9904 | €101,223 | -€37,530 | -€138,753 | |
| Profit (loss) for the period to be appropriated | 9905 | €101,223 | -€37,530 | -€138,753 |
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 3 October 2026 via checked.be.