MARICHAL: 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.
MARICHAL
Largest movements
- Tangible fixed assets -€113,695
down €113,695 (-15.5%), from €731,826 to €618,131
- Receivables within one year +€64,366
up €64,366 (+20.6%), from €312,659 to €377,025
of which Trade receivables: +€36,247
- Cash +€63,657
up €63,657 (+131%), from €48,518 to €112,176
mainly Depreciation (+€110,538) and Net result for the year (+€84,580)
- Debts after one year -€110,605
down €110,605 (-38.7%), from €285,878 to €175,273
- Reserves +€84,580
up €84,580 (+15.6%), from €540,831 to €625,411
of which Distributable reserves: +€84,835
- Advances received +€55,000
new in 2025: €55,000
- Trade debts -€15,362
down €15,362 (-38.2%), from €40,208 to €24,847
- Gross operating margin +€75,910
up €75,910 (+29.7%), from €255,178 to €331,088
- Taxes +€22,759
up €22,759 (+182%), from €12,527 to €35,286
- Staff costs -€12,477
down €12,477 (-17.2%), from €72,747 to €60,271
- Depreciation -€5,210
down €5,210 (-4.5%), from €115,748 to €110,538
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 | €1,137,376 | €1,151,073 | +€13,697 | +1.2% |
| Fixed assets | 21/28 | €768,826 | €655,131 | -€113,695 | -14.8% |
| Tangible fixed assets | 22/27 | €731,826 | €618,131 | -€113,695 | -15.5% |
| Land and buildings | 22 | €464,253 | €413,461 | -€50,792 | -10.9% |
| Plant, machinery and equipment | 23 | €218,152 | €182,108 | -€36,044 | -16.5% |
| Furniture and vehicles | 24 | €49,421 | €22,562 | -€26,859 | -54.3% |
| Financial fixed assets | 28 | €37,000 | €37,000 | = | 0.0% |
| Current assets | 29/58 | €368,550 | €495,942 | +€127,392 | +34.6% |
| Amounts receivable within one year | 40/41 | €312,659 | €377,025 | +€64,366 | +20.6% |
| Trade receivables | 40 | €304,645 | €340,892 | +€36,247 | +11.9% |
| Other amounts receivable | 41 | €8,014 | €36,133 | +€28,119 | +351% |
| Cash at bank and in hand | 54/58 | €48,518 | €112,176 | +€63,657 | +131% |
| Deferred charges and accrued income | 490/1 | €7,374 | €6,742 | -€632 | -8.6% |
| Total equity and liabilities | 10/49 | €1,137,376 | €1,151,073 | +€13,697 | +1.2% |
| Equity | 10/15 | €643,231 | €727,011 | +€83,780 | +13.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €540,831 | €625,411 | +€84,580 | +15.6% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €510 | €255 | -€255 | -50.0% |
| Distributable reserves | 133 | €530,321 | €615,156 | +€84,835 | +16.0% |
| Investment grants | 15 | €2,400 | €1,600 | -€800 | -33.3% |
| Provisions and deferred taxes | 16 | €170 | €85 | -€85 | -50.0% |
| Deferred taxes | 168 | €170 | €85 | -€85 | -50.0% |
| Amounts payable | 17/49 | €493,975 | €423,977 | -€69,998 | -14.2% |
| Amounts payable after more than one year | 17 | €285,878 | €175,273 | -€110,605 | -38.7% |
| Financial debts | 170/4 | €285,878 | €175,273 | -€110,605 | -38.7% |
| Amounts payable within one year | 42/48 | €208,097 | €248,638 | +€40,541 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €107,976 | €110,605 | +€2,629 | +2.4% |
| Trade debts | 44 | €40,208 | €24,847 | -€15,362 | -38.2% |
| Suppliers | 440/4 | €40,208 | €24,847 | -€15,362 | -38.2% |
| Advances received on contracts in progress | 46 | - | €55,000 | +€55,000 | |
| Taxes, remuneration and social security | 45 | €38,761 | €37,035 | -€1,726 | -4.5% |
| Taxes | 450/3 | €27,219 | €29,220 | +€2,001 | +7.4% |
| Remuneration and social security | 454/9 | €11,542 | €7,815 | -€3,727 | -32.3% |
| Other amounts payable | 47/48 | €21,151 | €21,151 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €66 | +€66 | |
| Remuneration, social security and pensions | 62 | €72,747 | €60,271 | -€12,477 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,748 | €110,538 | -€5,210 | -4.5% |
| Other operating charges | 640/8 | €6,537 | €6,195 | -€343 | -5.2% |
| Non-recurring operating charges | 66A | - | €24,982 | +€24,982 | |
| Gross operating margin | 9900 | €255,178 | €331,088 | +€75,910 | +29.7% |
| Operating profit (loss) | 9901 | €60,145 | €129,103 | +€68,958 | +115% |
| Financial income | 75/76B | €832 | €1,244 | +€412 | +49.5% |
| Recurring financial income | 75 | €832 | €1,244 | +€412 | +49.5% |
| Financial charges | 65/66B | €11,984 | €10,566 | -€1,418 | -11.8% |
| Recurring financial charges | 65 | €11,984 | €10,566 | -€1,418 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €48,993 | €119,781 | +€70,788 | +144% |
| Transfer from deferred taxes | 780 | €85 | €85 | = | 0.0% |
| Income taxes | 67/77 | €12,527 | €35,286 | +€22,759 | +182% |
| Profit (loss) for the period | 9904 | €36,551 | €84,580 | +€48,029 | +131% |
| Transfer from tax-exempt reserves | 789 | €255 | €255 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,806 | €84,835 | +€48,029 | +130% |
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 31 October 2026 via checked.be.