MARSHAL ELECTRIC: 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 ELECTRIC
Largest movements
- Financial fixed assets -€571,798
down €571,798 (-71.5%), from €799,439 to €227,641
- Tangible fixed assets +€34,863
up €34,863 (+42.3%), from €82,474 to €117,337
of which Land and buildings: +€36,036
- Current investments -€25,195
down €25,195 (-7.3%), from €343,124 to €317,929
- Contributions -€1.0m
down €1.0m (-76.9%), from €1.3m to €300,000
- Reserves +€208,729
new in 2025: €208,729
of which Distributable reserves: +€178,729
- Other debts +€164,628
up €164,628 (+2,956%), from €5,569 to €170,197
- Profit (loss) carried forward +€52,595
no longer reported in 2025 (was -€52,595)
- Financial income +€246,025
up €246,025 (+557%), from €44,193 to €290,219
- Financial charges -€80,304
down €80,304 (-95.4%), from €84,206 to €3,903
of which Non-recurring financial charges: -€73,497
- Taxes +€14,013
new in 2025: €14,013
- Gross operating margin +€1,550
up €1,550 (+24.2%), from -€6,397 to -€4,848
- Other operating charges -€765
down €765 (-45.8%), from €1,671 to €906
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 | €1,253,507 | €679,925 | -€573,583 | -45.8% |
| Fixed assets | 21/28 | €881,912 | €344,978 | -€536,935 | -60.9% |
| Tangible fixed assets | 22/27 | €82,474 | €117,337 | +€34,863 | +42.3% |
| Land and buildings | 22 | €81,301 | €117,337 | +€36,036 | +44.3% |
| Furniture and vehicles | 24 | €1,172 | €0 | -€1,172 | -100.0% |
| Financial fixed assets | 28 | €799,439 | €227,641 | -€571,798 | -71.5% |
| Current assets | 29/58 | €371,595 | €334,947 | -€36,648 | -9.9% |
| Amounts receivable within one year | 40/41 | €15,931 | €9,447 | -€6,484 | -40.7% |
| Other amounts receivable | 41 | €15,931 | €9,447 | -€6,484 | -40.7% |
| Current investments | 50/53 | €343,124 | €317,929 | -€25,195 | -7.3% |
| Cash at bank and in hand | 54/58 | €12,540 | €7,571 | -€4,969 | -39.6% |
| Total equity and liabilities | 10/49 | €1,253,507 | €679,925 | -€573,583 | -45.8% |
| Equity | 10/15 | €1,247,405 | €508,729 | -€738,677 | -59.2% |
| Contributions | 10/11 | €1,300,000 | €300,000 | -€1.0m | -76.9% |
| Capital | 10 | €1,300,000 | €300,000 | -€1.0m | -76.9% |
| Issued capital | 100 | €1,300,000 | €300,000 | -€1.0m | -76.9% |
| Reserves | 13 | - | €208,729 | +€208,729 | |
| Non-distributable reserves | 130/1 | - | €30,000 | +€30,000 | |
| Legal reserve | 130 | - | €30,000 | +€30,000 | |
| Distributable reserves | 133 | - | €178,729 | +€178,729 | |
| Profit (loss) carried forward | 14 | -€52,595 | - | +€52,595 | |
| Amounts payable | 17/49 | €6,102 | €171,196 | +€165,094 | +2,706% |
| Amounts payable within one year | 42/48 | €6,102 | €171,196 | +€165,094 | +2,706% |
| Trade debts | 44 | €532 | €998 | +€466 | +87.5% |
| Suppliers | 440/4 | €532 | €998 | +€466 | +87.5% |
| Other amounts payable | 47/48 | €5,569 | €170,197 | +€164,628 | +2,956% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,513 | €5,227 | +€713 | +15.8% |
| Other operating charges | 640/8 | €1,671 | €906 | -€765 | -45.8% |
| Gross operating margin | 9900 | -€6,397 | -€4,848 | +€1,550 | +24.2% |
| Operating profit (loss) | 9901 | -€12,582 | -€10,980 | +€1,602 | +12.7% |
| Financial income | 75/76B | €44,193 | €290,219 | +€246,025 | +557% |
| Recurring financial income | 75 | €44,193 | €290,219 | +€246,025 | +557% |
| Financial charges | 65/66B | €84,206 | €3,903 | -€80,304 | -95.4% |
| Recurring financial charges | 65 | €10,709 | €3,903 | -€6,806 | -63.6% |
| Non-recurring financial charges | 66B | €73,497 | - | -€73,497 | |
| Profit (loss) for the period before taxes | 9903 | -€52,595 | €275,336 | +€327,931 | |
| Income taxes | 67/77 | - | €14,013 | +€14,013 | |
| Profit (loss) for the period | 9904 | -€52,595 | €261,323 | +€313,918 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,595 | €261,323 | +€313,918 |
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 19 October 2026 via checked.be.