ValérieMarichal: 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.
ValérieMarichal
Largest movements
- Tangible fixed assets +€9,986
up €9,986 (+82.4%), from €12,125 to €22,111
of which Plant, machinery and equipment: +€7,017
- Stocks and contracts -€6,109
down €6,109 (-38.4%), from €15,919 to €9,810
- Cash -€4,728
down €4,728 (-34.9%), from €13,533 to €8,805
mainly Investment in fixed assets (net) (-€17,372) and Tax, wage and social debts (-€4,430)
- Receivables within one year +€1,422
up €1,422 (+39.2%), from €3,626 to €5,049
of which Trade receivables: +€1,362
- Reserves +€7,401
up €7,401 (+324%), from €2,284 to €9,684
- Tax, wage and social debts -€4,430
down €4,430 (-36.7%), from €12,056 to €7,626
of which Remuneration and social security: -€4,518
- Trade debts -€1,500
down €1,500 (-59.5%), from €2,520 to €1,020
- Other debts -€982
down €982 (-4.1%), from €23,855 to €22,872
- Gross operating margin +€8,356
up €8,356 (+29.4%), from €28,384 to €36,740
- Depreciation +€3,933
up €3,933 (+112%), from €3,502 to €7,435
- Staff costs -€1,419
down €1,419 (-8.0%), from €17,756 to €16,336
- Taxes +€1,365
up €1,365 (+52.8%), from €2,586 to €3,951
- Other operating charges -€825
down €825 (-41.2%), from €2,003 to €1,178
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 | €46,001 | €46,202 | +€201 | +0.4% |
| Fixed assets | 21/28 | €12,174 | €22,111 | +€9,937 | +81.6% |
| Tangible fixed assets | 22/27 | €12,125 | €22,111 | +€9,986 | +82.4% |
| Land and buildings | 22 | €2,129 | €1,019 | -€1,110 | -52.1% |
| Plant, machinery and equipment | 23 | €9,892 | €16,910 | +€7,017 | +70.9% |
| Furniture and vehicles | 24 | €104 | €4,182 | +€4,078 | +3,928% |
| Financial fixed assets | 28 | €49 | - | -€49 | |
| Current assets | 29/58 | €33,826 | €24,091 | -€9,735 | -28.8% |
| Stocks and contracts in progress | 3 | €15,919 | €9,810 | -€6,109 | -38.4% |
| Stocks | 30/36 | €15,919 | €9,810 | -€6,109 | -38.4% |
| Amounts receivable within one year | 40/41 | €3,626 | €5,049 | +€1,422 | +39.2% |
| Trade receivables | 40 | €3,626 | €4,988 | +€1,362 | +37.6% |
| Other amounts receivable | 41 | - | €61 | +€61 | |
| Cash at bank and in hand | 54/58 | €13,533 | €8,805 | -€4,728 | -34.9% |
| Deferred charges and accrued income | 490/1 | €748 | €427 | -€321 | -42.9% |
| Total equity and liabilities | 10/49 | €46,001 | €46,202 | +€201 | +0.4% |
| Equity | 10/15 | €7,284 | €14,684 | +€7,401 | +102% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €2,284 | €9,684 | +€7,401 | +324% |
| Distributable reserves | 133 | €2,284 | €9,684 | +€7,401 | +324% |
| Amounts payable | 17/49 | €38,717 | €31,518 | -€7,200 | -18.6% |
| Amounts payable within one year | 42/48 | €38,530 | €31,518 | -€7,013 | -18.2% |
| Trade debts | 44 | €2,520 | €1,020 | -€1,500 | -59.5% |
| Suppliers | 440/4 | €2,520 | €1,020 | -€1,500 | -59.5% |
| Advances received on contracts in progress | 46 | €100 | - | -€100 | |
| Taxes, remuneration and social security | 45 | €12,056 | €7,626 | -€4,430 | -36.7% |
| Taxes | 450/3 | €6,100 | €6,188 | +€87 | +1.4% |
| Remuneration and social security | 454/9 | €5,956 | €1,438 | -€4,518 | -75.9% |
| Other amounts payable | 47/48 | €23,855 | €22,872 | -€982 | -4.1% |
| Accrued charges and deferred income | 492/3 | €187 | - | -€187 | |
| Remuneration, social security and pensions | 62 | €17,756 | €16,336 | -€1,419 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,502 | €7,435 | +€3,933 | +112% |
| Other operating charges | 640/8 | €2,003 | €1,178 | -€825 | -41.2% |
| Gross operating margin | 9900 | €28,384 | €36,740 | +€8,356 | +29.4% |
| Operating profit (loss) | 9901 | €5,123 | €11,791 | +€6,668 | +130% |
| Financial income | 75/76B | €16 | - | -€16 | |
| Recurring financial income | 75 | €16 | - | -€16 | |
| Financial charges | 65/66B | €269 | €439 | +€170 | +63.1% |
| Recurring financial charges | 65 | €269 | €439 | +€170 | +63.1% |
| Profit (loss) for the period before taxes | 9903 | €4,870 | €11,352 | +€6,482 | +133% |
| Income taxes | 67/77 | €2,586 | €3,951 | +€1,365 | +52.8% |
| Profit (loss) for the period | 9904 | €2,284 | €7,401 | +€5,117 | +224% |
| Profit (loss) for the period to be appropriated | 9905 | €2,284 | €7,401 | +€5,117 | +224% |
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 31 October 2026 via checked.be.