MARSHALL FOOD: 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.
MARSHALL FOOD
Largest movements
- Receivables within one year +€31,271
up €31,271 (+451%), from €6,931 to €38,202
- Stocks and contracts +€9,645
up €9,645 (+43.8%), from €22,024 to €31,669
- Tangible fixed assets -€3,308
down €3,308 (-28.8%), from €11,477 to €8,169
- Deferred charges and accrued income +€1,742
up €1,742 (+62.8%), from €2,775 to €4,517
- Reserves +€27,504
new in 2025: €27,504
- Profit (loss) carried forward +€11,816
no longer reported in 2025 (was -€11,816)
- Debts after one year -€5,919
no longer reported in 2025 (was €5,919)
- Tax, wage and social debts +€4,300
up €4,300 (+39.9%), from €10,788 to €15,088
of which Taxes: +€5,175
- Trade debts +€2,566
up €2,566 (+10.6%), from €24,222 to €26,788
- Gross operating margin +€26,249
up €26,249 (+32.6%), from €80,469 to €106,718
- Staff costs -€13,494
down €13,494 (-18.6%), from €72,457 to €58,963
- Taxes +€3,300
new in 2025: €3,300
- Financial income +€1,088
up €1,088 (+5,440%), from €20 to €1,108
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €43,207 | €82,557 | +€39,350 | +91.1% |
| Fixed assets | 21/28 | €11,477 | €8,169 | -€3,308 | -28.8% |
| Tangible fixed assets | 22/27 | €11,477 | €8,169 | -€3,308 | -28.8% |
| Plant, machinery and equipment | 23 | €11,477 | €8,169 | -€3,308 | -28.8% |
| Current assets | 29/58 | €31,730 | €74,388 | +€42,658 | +134% |
| Stocks and contracts in progress | 3 | €22,024 | €31,669 | +€9,645 | +43.8% |
| Stocks | 30/36 | €22,024 | €31,669 | +€9,645 | +43.8% |
| Amounts receivable within one year | 40/41 | €6,931 | €38,202 | +€31,271 | +451% |
| Trade receivables | 40 | €6,931 | €38,202 | +€31,271 | +451% |
| Deferred charges and accrued income | 490/1 | €2,775 | €4,517 | +€1,742 | +62.8% |
| Total equity and liabilities | 10/49 | €43,207 | €82,557 | +€39,350 | +91.1% |
| Equity | 10/15 | -€8,816 | €30,504 | +€39,320 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €27,504 | +€27,504 | |
| Distributable reserves | 133 | - | €27,504 | +€27,504 | |
| Profit (loss) carried forward | 14 | -€11,816 | - | +€11,816 | |
| Amounts payable | 17/49 | €52,023 | €52,053 | +€30 | +0.1% |
| Amounts payable after more than one year | 17 | €5,919 | - | -€5,919 | |
| Financial debts | 170/4 | €5,919 | - | -€5,919 | |
| Amounts payable within one year | 42/48 | €46,104 | €52,053 | +€5,949 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €6,725 | €5,920 | -€805 | -12.0% |
| Financial debts | 43 | €3,698 | €3,585 | -€113 | -3.1% |
| Other loans | 439 | €3,698 | €3,585 | -€113 | -3.1% |
| Trade debts | 44 | €24,222 | €26,788 | +€2,566 | +10.6% |
| Suppliers | 440/4 | €24,222 | €26,788 | +€2,566 | +10.6% |
| Taxes, remuneration and social security | 45 | €10,788 | €15,088 | +€4,300 | +39.9% |
| Taxes | 450/3 | €810 | €5,985 | +€5,175 | +639% |
| Remuneration and social security | 454/9 | €9,978 | €9,103 | -€875 | -8.8% |
| Other amounts payable | 47/48 | €671 | €672 | +€1 | +0.1% |
| Remuneration, social security and pensions | 62 | €72,457 | €58,963 | -€13,494 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,728 | €3,308 | +€580 | +21.3% |
| Other operating charges | 640/8 | €635 | €501 | -€134 | -21.1% |
| Gross operating margin | 9900 | €80,469 | €106,718 | +€26,249 | +32.6% |
| Operating profit (loss) | 9901 | €4,649 | €43,946 | +€39,297 | +845% |
| Financial income | 75/76B | €20 | €1,108 | +€1,088 | +5,440% |
| Recurring financial income | 75 | €20 | €1,108 | +€1,088 | +5,440% |
| Financial charges | 65/66B | €1,577 | €2,434 | +€857 | +54.3% |
| Recurring financial charges | 65 | €1,577 | €2,434 | +€857 | +54.3% |
| Profit (loss) for the period before taxes | 9903 | €3,092 | €42,620 | +€39,528 | +1,278% |
| Income taxes | 67/77 | - | €3,300 | +€3,300 | |
| Profit (loss) for the period | 9904 | €3,092 | €39,320 | +€36,228 | +1,172% |
| Profit (loss) for the period to be appropriated | 9905 | €3,092 | €39,320 | +€36,228 | +1,172% |
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 26 October 2026 via checked.be.