PIERRE MARÉCHAL: 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.
PIERRE MARÉCHAL
Largest movements
- Cash +€225,578
up €225,578 (+144%), from €156,429 to €382,007
mainly Net result for the year (+€225,027) and Depreciation (+€69,215)
- Intangible fixed assets -€50,000
down €50,000 (-12.5%), from €400,000 to €350,000
- Tangible fixed assets -€26,776
down €26,776 (-9.1%), from €292,906 to €266,130
of which Land and buildings: -€13,996
- Deferred charges and accrued income +€14,657
up €14,657 (+53.4%), from €27,445 to €42,102
- Profit (loss) carried forward +€116,424
up €116,424 (+107%), from €108,603 to €225,027
- Reserves +€108,603
up €108,603 (+227%), from €47,914 to €156,517
- Debts after one year -€64,959
down €64,959 (-10.6%), from €610,611 to €545,652
- Tax, wage and social debts +€16,832
up €16,832 (+65.3%), from €25,765 to €42,597
of which Taxes: +€20,530
- Other debts -€11,769
no longer reported in 2025 (was €11,769)
- Gross operating margin +€126,277
up €126,277 (+39.2%), from €322,544 to €448,821
- Taxes +€38,154
up €38,154 (+102%), from €37,412 to €75,566
- Staff costs -€8,522
down €8,522 (-12.9%), from €66,156 to €57,634
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 | €880,288 | €1,040,439 | +€160,151 | +18.2% |
| Fixed assets | 21/28 | €692,906 | €616,130 | -€76,776 | -11.1% |
| Intangible fixed assets | 21 | €400,000 | €350,000 | -€50,000 | -12.5% |
| Tangible fixed assets | 22/27 | €292,906 | €266,130 | -€26,776 | -9.1% |
| Land and buildings | 22 | €266,043 | €252,047 | -€13,996 | -5.3% |
| Plant, machinery and equipment | 23 | €7,499 | €8,339 | +€840 | +11.2% |
| Furniture and vehicles | 24 | €19,364 | €5,744 | -€13,620 | -70.3% |
| Current assets | 29/58 | €187,382 | €424,309 | +€236,927 | +126% |
| Amounts receivable within one year | 40/41 | €3,508 | €200 | -€3,308 | -94.3% |
| Trade receivables | 40 | €170 | €170 | = | 0.0% |
| Other amounts receivable | 41 | €3,338 | €30 | -€3,308 | -99.1% |
| Cash at bank and in hand | 54/58 | €156,429 | €382,007 | +€225,578 | +144% |
| Deferred charges and accrued income | 490/1 | €27,445 | €42,102 | +€14,657 | +53.4% |
| Total equity and liabilities | 10/49 | €880,288 | €1,040,439 | +€160,151 | +18.2% |
| Equity | 10/15 | €166,517 | €391,544 | +€225,027 | +135% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €47,914 | €156,517 | +€108,603 | +227% |
| Distributable reserves | 133 | €47,914 | €156,517 | +€108,603 | +227% |
| Profit (loss) carried forward | 14 | €108,603 | €225,027 | +€116,424 | +107% |
| Amounts payable | 17/49 | €713,771 | €648,895 | -€64,876 | -9.1% |
| Amounts payable after more than one year | 17 | €610,611 | €545,652 | -€64,959 | -10.6% |
| Financial debts | 170/4 | €610,611 | €545,652 | -€64,959 | -10.6% |
| Amounts payable within one year | 42/48 | €103,160 | €103,243 | +€83 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €62,022 | €59,270 | -€2,752 | -4.4% |
| Trade debts | 44 | €3,604 | €1,376 | -€2,228 | -61.8% |
| Suppliers | 440/4 | €3,604 | €1,376 | -€2,228 | -61.8% |
| Taxes, remuneration and social security | 45 | €25,765 | €42,597 | +€16,832 | +65.3% |
| Taxes | 450/3 | €15,740 | €36,270 | +€20,530 | +130% |
| Remuneration and social security | 454/9 | €10,025 | €6,327 | -€3,698 | -36.9% |
| Other amounts payable | 47/48 | €11,769 | - | -€11,769 | |
| Remuneration, social security and pensions | 62 | €66,156 | €57,634 | -€8,522 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,455 | €69,215 | -€4,240 | -5.8% |
| Other operating charges | 640/8 | €5,260 | €4,562 | -€698 | -13.3% |
| Gross operating margin | 9900 | €322,544 | €448,821 | +€126,277 | +39.2% |
| Operating profit (loss) | 9901 | €177,673 | €317,410 | +€139,737 | +78.6% |
| Financial income | 75/76B | €142 | €956 | +€814 | +573% |
| Recurring financial income | 75 | €142 | €956 | +€814 | +573% |
| Financial charges | 65/66B | €20,100 | €17,773 | -€2,327 | -11.6% |
| Recurring financial charges | 65 | €20,100 | €17,773 | -€2,327 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €157,715 | €300,593 | +€142,878 | +90.6% |
| Income taxes | 67/77 | €37,412 | €75,566 | +€38,154 | +102% |
| Profit (loss) for the period | 9904 | €120,303 | €225,027 | +€104,724 | +87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €120,303 | €225,027 | +€104,724 | +87.1% |
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 15 October 2026 via checked.be.