MATTHIEU MARECHAL: 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.
MATTHIEU MARECHAL
Largest movements
- Receivables within one year -€50,547
no longer reported in 2025 (was €50,547)
of which Other amounts receivable: -€34,796
- Tangible fixed assets -€7,558
down €7,558 (-77.5%), from €9,758 to €2,200
- Cash +€724
up €724 (+904.2%), from €80 to €804
mainly Receivables within one year (+€50,547) and Trade debts (+€14,594)
- Other debts -€58,936
no longer reported in 2025 (was €58,936)
- Trade debts +€14,594
new in 2025: €14,594
- Current portion of long-term debt -€7,649
no longer reported in 2025 (was €7,649)
- Profit (loss) carried forward -€5,390
down €5,390 (-20.2%), from -€26,660 to -€32,050
- Other operating charges +€3,763
up €3,763 (+971.6%), from €387 to €4,151
- Gross operating margin +€3,591
up €3,591 (+127.8%), from €2,809 to €6,400
- Depreciation -€2,233
down €2,233 (-22.8%), from €9,791 to €7,558
- Financial charges -€91
down €91 (-52.9%), from €172 to €81
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 | €60,385 | €3,004 | -€57,381 | -95.0% |
| Fixed assets | 21/28 | €9,758 | €2,200 | -€7,558 | -77.5% |
| Tangible fixed assets | 22/27 | €9,758 | €2,200 | -€7,558 | -77.5% |
| Furniture and vehicles | 24 | €9,758 | €2,200 | -€7,558 | -77.5% |
| Current assets | 29/58 | €50,627 | €804 | -€49,823 | -98.4% |
| Amounts receivable within one year | 40/41 | €50,547 | - | -€50,547 | |
| Trade receivables | 40 | €15,751 | - | -€15,751 | |
| Other amounts receivable | 41 | €34,796 | - | -€34,796 | |
| Cash at bank and in hand | 54/58 | €80 | €804 | +€724 | +904.2% |
| Total equity and liabilities | 10/49 | €60,385 | €3,004 | -€57,381 | -95.0% |
| Equity | 10/15 | -€6,200 | -€11,590 | -€5,390 | -86.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,660 | -€32,050 | -€5,390 | -20.2% |
| Amounts payable | 17/49 | €66,585 | €14,594 | -€51,991 | -78.1% |
| Amounts payable within one year | 42/48 | €66,585 | €14,594 | -€51,991 | -78.1% |
| Current portion of amounts payable after more than one year | 42 | €7,649 | - | -€7,649 | |
| Trade debts | 44 | - | €14,594 | +€14,594 | |
| Suppliers | 440/4 | - | €14,594 | +€14,594 | |
| Other amounts payable | 47/48 | €58,936 | - | -€58,936 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,791 | €7,558 | -€2,233 | -22.8% |
| Other operating charges | 640/8 | €387 | €4,151 | +€3,763 | +971.6% |
| Gross operating margin | 9900 | €2,809 | €6,400 | +€3,591 | +127.8% |
| Operating profit (loss) | 9901 | -€7,369 | -€5,308 | +€2,061 | +28.0% |
| Financial charges | 65/66B | €172 | €81 | -€91 | -52.9% |
| Recurring financial charges | 65 | €172 | €81 | -€91 | -52.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,542 | -€5,390 | +€2,152 | +28.5% |
| Profit (loss) for the period | 9904 | -€7,542 | -€5,390 | +€2,152 | +28.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,542 | -€5,390 | +€2,152 | +28.5% |
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 4 October 2026 via checked.be.