Nicolas 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.
Nicolas MARECHAL
Largest movements
- Cash -€26,085
down €26,085 (-63.8%), from €40,891 to €14,806
mainly Net result for the year (-€38,307) and Debts after one year (-€6,339)
- Tangible fixed assets -€17,055
down €17,055 (-51.1%), from €33,345 to €16,290
of which Plant, machinery and equipment: -€8,706
- Receivables within one year -€8,114
down €8,114 (-51.5%), from €15,747 to €7,634
of which Trade receivables: -€8,114
- Profit (loss) carried forward -€38,307
down €38,307, from €31,606 to -€6,701
- Debts after one year -€6,339
no longer reported in 2025 (was €6,339)
- Other debts -€3,953
down €3,953 (-9.5%), from €41,827 to €37,874
- Tax, wage and social debts -€1,820
down €1,820 (-22.5%), from €8,098 to €6,278
of which Taxes: -€1,820
- Gross operating margin -€26,887
down €26,887, from €6,015 to -€20,871
- Financial charges -€930
down €930 (-70.9%), from €1,311 to €381
- Depreciation -€249
down €249 (-1.4%), from €17,304 to €17,055
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 | €97,028 | €45,852 | -€51,176 | -52.7% |
| Fixed assets | 21/28 | €33,345 | €16,290 | -€17,055 | -51.1% |
| Tangible fixed assets | 22/27 | €33,345 | €16,290 | -€17,055 | -51.1% |
| Plant, machinery and equipment | 23 | €16,729 | €8,023 | -€8,706 | -52.0% |
| Furniture and vehicles | 24 | €16,616 | €8,267 | -€8,349 | -50.2% |
| Current assets | 29/58 | €63,684 | €29,563 | -€34,121 | -53.6% |
| Amounts receivable after more than one year | 29 | €5,400 | €5,400 | = | 0.0% |
| Other amounts receivable | 291 | €5,400 | €5,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,747 | €7,634 | -€8,114 | -51.5% |
| Trade receivables | 40 | €14,880 | €6,766 | -€8,114 | -54.5% |
| Other amounts receivable | 41 | €868 | €868 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €40,891 | €14,806 | -€26,085 | -63.8% |
| Deferred charges and accrued income | 490/1 | €1,645 | €1,723 | +€78 | +4.7% |
| Total equity and liabilities | 10/49 | €97,028 | €45,852 | -€51,176 | -52.7% |
| Equity | 10/15 | €33,606 | -€4,701 | -€38,307 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,606 | -€6,701 | -€38,307 | |
| Amounts payable | 17/49 | €63,422 | €50,554 | -€12,868 | -20.3% |
| Amounts payable after more than one year | 17 | €6,339 | - | -€6,339 | |
| Financial debts | 170/4 | €6,339 | - | -€6,339 | |
| Amounts payable within one year | 42/48 | €56,192 | €50,554 | -€5,639 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €6,266 | €6,339 | +€73 | +1.2% |
| Trade debts | 44 | €1 | €62 | +€61 | +5031.4% |
| Suppliers | 440/4 | €1 | €62 | +€61 | +5031.4% |
| Taxes, remuneration and social security | 45 | €8,098 | €6,278 | -€1,820 | -22.5% |
| Taxes | 450/3 | €6,148 | €4,328 | -€1,820 | -29.6% |
| Remuneration and social security | 454/9 | €1,950 | €1,950 | = | 0.0% |
| Other amounts payable | 47/48 | €41,827 | €37,874 | -€3,953 | -9.5% |
| Accrued charges and deferred income | 492/3 | €891 | - | -€891 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,304 | €17,055 | -€249 | -1.4% |
| Gross operating margin | 9900 | €6,015 | -€20,871 | -€26,887 | |
| Operating profit (loss) | 9901 | -€11,289 | -€37,926 | -€26,637 | -236.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -97.4% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -97.4% |
| Financial charges | 65/66B | €1,311 | €381 | -€930 | -70.9% |
| Recurring financial charges | 65 | €1,311 | €381 | -€930 | -70.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,599 | -€38,307 | -€25,708 | -204.0% |
| Profit (loss) for the period | 9904 | -€12,599 | -€38,307 | -€25,708 | -204.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,599 | -€38,307 | -€25,708 | -204.0% |
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 5 October 2026 via checked.be.