Marshall Corp.: 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.
Marshall Corp.
Largest movements
- Stocks and contracts +€93,002
up €93,002 (+44.7%), from €208,224 to €301,226
- Receivables within one year +€62,340
up €62,340 (+40.9%), from €152,498 to €214,838
of which Trade receivables: +€58,502
- Cash -€55,973
down €55,973 (-93.5%), from €59,855 to €3,882
mainly Stocks and contracts (-€93,002) and Receivables within one year (-€62,340)
- Tangible fixed assets -€10,200
down €10,200 (-59.8%), from €17,063 to €6,863
of which Furniture and vehicles: -€6,631
- Short-term financial debts +€125,393
up €125,393 (+83.6%), from €150,000 to €275,393
of which Credit institutions: +€200,000
- Debts after one year -€42,427
down €42,427 (-61.7%), from €68,760 to €26,333
- Trade debts +€16,268
up €16,268 (+30.2%), from €53,956 to €70,224
- Tax, wage and social debts -€10,378
down €10,378 (-28.5%), from €36,422 to €26,044
of which Taxes: -€10,426
- Reserves +€5,861
up €5,861 (+10.2%), from €57,662 to €63,523
- Other operating charges +€12,348
up €12,348 (+13.8%), from €89,290 to €101,638
- Financial charges -€8,534
down €8,534 (-34.6%), from €24,699 to €16,165
- Staff costs +€6,374
up €6,374 (+6.4%), from €99,935 to €106,309
- Gross operating margin +€4,313
up €4,313 (+1.8%), from €244,566 to €248,879
- Taxes +€3,496
up €3,496 (+72.2%), from €4,842 to €8,338
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 | €442,967 | €536,044 | +€93,077 | +21.0% |
| Fixed assets | 21/28 | €17,063 | €7,613 | -€9,450 | -55.4% |
| Tangible fixed assets | 22/27 | €17,063 | €6,863 | -€10,200 | -59.8% |
| Plant, machinery and equipment | 23 | €4,579 | €1,010 | -€3,569 | -77.9% |
| Furniture and vehicles | 24 | €12,484 | €5,853 | -€6,631 | -53.1% |
| Financial fixed assets | 28 | - | €750 | +€750 | |
| Current assets | 29/58 | €425,904 | €528,431 | +€102,527 | +24.1% |
| Stocks and contracts in progress | 3 | €208,224 | €301,226 | +€93,002 | +44.7% |
| Stocks | 30/36 | €208,224 | €301,226 | +€93,002 | +44.7% |
| Amounts receivable within one year | 40/41 | €152,498 | €214,838 | +€62,340 | +40.9% |
| Trade receivables | 40 | €148,797 | €207,299 | +€58,502 | +39.3% |
| Other amounts receivable | 41 | €3,701 | €7,539 | +€3,838 | +103.7% |
| Cash at bank and in hand | 54/58 | €59,855 | €3,882 | -€55,973 | -93.5% |
| Deferred charges and accrued income | 490/1 | €5,327 | €8,485 | +€3,158 | +59.3% |
| Total equity and liabilities | 10/49 | €442,967 | €536,044 | +€93,077 | +21.0% |
| Equity | 10/15 | €84,858 | €90,719 | +€5,861 | +6.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €57,662 | €63,523 | +€5,861 | +10.2% |
| Distributable reserves | 133 | €57,662 | €63,523 | +€5,861 | +10.2% |
| Profit (loss) carried forward | 14 | €6,736 | €6,736 | = | 0.0% |
| Amounts payable | 17/49 | €358,109 | €445,325 | +€87,216 | +24.4% |
| Amounts payable after more than one year | 17 | €68,760 | €26,333 | -€42,427 | -61.7% |
| Financial debts | 170/4 | €68,760 | €26,333 | -€42,427 | -61.7% |
| Amounts payable within one year | 42/48 | €288,966 | €418,992 | +€130,026 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | €47,885 | €47,130 | -€755 | -1.6% |
| Financial debts | 43 | €150,000 | €275,393 | +€125,393 | +83.6% |
| Credit institutions | 430/8 | - | €200,000 | +€200,000 | |
| Other loans | 439 | €150,000 | €75,393 | -€74,607 | -49.7% |
| Trade debts | 44 | €53,956 | €70,224 | +€16,268 | +30.2% |
| Suppliers | 440/4 | €53,956 | €70,224 | +€16,268 | +30.2% |
| Advances received on contracts in progress | 46 | - | €105 | +€105 | |
| Taxes, remuneration and social security | 45 | €36,422 | €26,044 | -€10,378 | -28.5% |
| Taxes | 450/3 | €19,297 | €8,871 | -€10,426 | -54.0% |
| Remuneration and social security | 454/9 | €17,125 | €17,173 | +€48 | +0.3% |
| Other amounts payable | 47/48 | €703 | €96 | -€607 | -86.3% |
| Accrued charges and deferred income | 492/3 | €383 | - | -€383 | |
| Remuneration, social security and pensions | 62 | €99,935 | €106,309 | +€6,374 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,603 | €11,000 | -€2,603 | -19.1% |
| Other operating charges | 640/8 | €89,290 | €101,638 | +€12,348 | +13.8% |
| Gross operating margin | 9900 | €244,566 | €248,879 | +€4,313 | +1.8% |
| Operating profit (loss) | 9901 | €41,738 | €29,932 | -€11,806 | -28.3% |
| Financial income | 75/76B | €268 | €432 | +€164 | +61.2% |
| Recurring financial income | 75 | €268 | €432 | +€164 | +61.2% |
| Financial charges | 65/66B | €24,699 | €16,165 | -€8,534 | -34.6% |
| Recurring financial charges | 65 | €24,699 | €16,165 | -€8,534 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €17,307 | €14,199 | -€3,108 | -18.0% |
| Income taxes | 67/77 | €4,842 | €8,338 | +€3,496 | +72.2% |
| Profit (loss) for the period | 9904 | €12,465 | €5,861 | -€6,604 | -53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,465 | €5,861 | -€6,604 | -53.0% |
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 7 October 2026 via checked.be.