Marshal: 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.
Marshal
Largest movements
- Cash -€40,864
down €40,864 (-32.7%), from €124,781 to €83,917
mainly Trade debts (-€78,977) and Net result for the year (-€16,098)
- Receivables within one year -€29,148
down €29,148 (-9.8%), from €298,696 to €269,548
of which Other amounts receivable: -€42,211
- Tangible fixed assets -€8,395
down €8,395 (-66.5%), from €12,628 to €4,233
of which Furniture and vehicles: -€6,709
- Deferred charges and accrued income -€4,928
down €4,928 (-26.4%), from €18,663 to €13,735
- Trade debts -€78,977
down €78,977 (-24.3%), from €325,337 to €246,360
- Current portion of long-term debt +€18,362
up €18,362 (+139%), from €13,242 to €31,605
- Profit (loss) carried forward -€16,098
down €16,098 (-26.5%), from -€60,770 to -€76,868
- Tax, wage and social debts -€13,093
down €13,093 (-10.0%), from €131,541 to €118,448
of which Taxes: -€7,394
- Other debts +€7,774
up €7,774 (+54.6%), from €14,237 to €22,011
- Gross operating margin -€348,677
down €348,677 (-44.2%), from €789,214 to €440,537
- Staff costs -€302,871
down €302,871 (-41.2%), from €734,931 to €432,060
- Other operating charges -€8,664
down €8,664 (-67.4%), from €12,847 to €4,183
- Depreciation -€8,565
down €8,565 (-74.5%), from €11,502 to €2,937
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 | €454,767 | €371,432 | -€83,335 | -18.3% |
| Fixed assets | 21/28 | €12,628 | €4,233 | -€8,395 | -66.5% |
| Tangible fixed assets | 22/27 | €12,628 | €4,233 | -€8,395 | -66.5% |
| Plant, machinery and equipment | 23 | €4,025 | €2,339 | -€1,687 | -41.9% |
| Furniture and vehicles | 24 | €8,603 | €1,894 | -€6,709 | -78.0% |
| Current assets | 29/58 | €442,139 | €367,199 | -€74,940 | -16.9% |
| Amounts receivable within one year | 40/41 | €298,696 | €269,548 | -€29,148 | -9.8% |
| Trade receivables | 40 | €240,479 | €253,542 | +€13,063 | +5.4% |
| Other amounts receivable | 41 | €58,217 | €16,006 | -€42,211 | -72.5% |
| Cash at bank and in hand | 54/58 | €124,781 | €83,917 | -€40,864 | -32.7% |
| Deferred charges and accrued income | 490/1 | €18,663 | €13,735 | -€4,928 | -26.4% |
| Total equity and liabilities | 10/49 | €454,767 | €371,432 | -€83,335 | -18.3% |
| Equity | 10/15 | -€31,570 | -€47,668 | -€16,098 | -51.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €28,199 | €28,199 | = | 0.0% |
| Distributable reserves | 133 | €28,199 | €28,199 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,770 | -€76,868 | -€16,098 | -26.5% |
| Amounts payable | 17/49 | €486,338 | €419,100 | -€67,237 | -13.8% |
| Amounts payable after more than one year | 17 | €1,981 | €0 | -€1,981 | -100% |
| Financial debts | 170/4 | €1,981 | €0 | -€1,981 | -100% |
| Amounts payable within one year | 42/48 | €484,357 | €419,100 | -€65,257 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €13,242 | €31,605 | +€18,362 | +139% |
| Financial debts | 43 | - | €676 | +€676 | |
| Credit institutions | 430/8 | - | €676 | +€676 | |
| Trade debts | 44 | €325,337 | €246,360 | -€78,977 | -24.3% |
| Suppliers | 440/4 | €325,337 | €246,360 | -€78,977 | -24.3% |
| Taxes, remuneration and social security | 45 | €131,541 | €118,448 | -€13,093 | -10.0% |
| Taxes | 450/3 | €66,269 | €58,874 | -€7,394 | -11.2% |
| Remuneration and social security | 454/9 | €65,272 | €59,574 | -€5,698 | -8.7% |
| Other amounts payable | 47/48 | €14,237 | €22,011 | +€7,774 | +54.6% |
| Non-recurring operating income | 76A | €48,500 | €8,364 | -€40,136 | -82.8% |
| Remuneration, social security and pensions | 62 | €734,931 | €432,060 | -€302,871 | -41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,502 | €2,937 | -€8,565 | -74.5% |
| Other operating charges | 640/8 | €12,847 | €4,183 | -€8,664 | -67.4% |
| Non-recurring operating charges | 66A | €1,511 | €0 | -€1,511 | -100% |
| Gross operating margin | 9900 | €789,214 | €440,537 | -€348,677 | -44.2% |
| Operating profit (loss) | 9901 | €28,423 | €1,357 | -€27,066 | -95.2% |
| Financial income | 75/76B | €33 | €249 | +€216 | +645% |
| Recurring financial income | 75 | €33 | €249 | +€216 | +645% |
| Financial charges | 65/66B | €4,543 | €2,669 | -€1,874 | -41.3% |
| Recurring financial charges | 65 | €4,543 | €2,669 | -€1,874 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €23,913 | -€1,063 | -€24,976 | |
| Income taxes | 67/77 | €18,418 | €15,035 | -€3,383 | -18.4% |
| Profit (loss) for the period | 9904 | €5,495 | -€16,098 | -€21,593 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,495 | -€16,098 | -€21,593 |
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 17 October 2026 via checked.be.