Vincent Marchal: what changed
Vincent Marchal
Largest movements
- Cash +€38,265
up €38,265 (+54.7%), from €69,979 to €108,244
mainly Debts after one year (+€24,374) and Depreciation (+€17,122)
- Tangible fixed assets +€31,544
up €31,544 (+43.4%), from €72,653 to €104,197
of which Furniture and vehicles: +€35,928
- Receivables within one year -€12,992
down €12,992 (-45.4%), from €28,615 to €15,623
of which Trade receivables: -€6,999
- Debts after one year +€24,374
up €24,374 (+122%), from €19,906 to €44,280
- Trade debts +€11,444
up €11,444 (+8,288%), from €138 to €11,582
- Current portion of long-term debt +€8,103
up €8,103 (+62.1%), from €13,038 to €21,140
- Other debts +€6,338
up €6,338 (+111%), from €5,708 to €12,046
- Tax, wage and social debts +€4,846
new in 2025: €4,846
- Gross operating margin -€25,648
down €25,648 (-51.2%), from €50,135 to €24,487
- Taxes -€5,386
down €5,386 (-78.8%), from €6,836 to €1,450
- Depreciation +€1,756
up €1,756 (+11.4%), from €15,366 to €17,122
- Financial charges -€703
down €703 (-14.0%), from €5,032 to €4,328
- Financial income +€632
new in 2025: €632
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €171,246 | €228,064 | +€56,818 | +33.2% |
| Fixed assets | 21/28 | €72,653 | €104,197 | +€31,544 | +43.4% |
| Tangible fixed assets | 22/27 | €72,653 | €104,197 | +€31,544 | +43.4% |
| Land and buildings | 22 | €27,161 | €25,937 | -€1,224 | -4.5% |
| Plant, machinery and equipment | 23 | €4,469 | €2,518 | -€1,951 | -43.7% |
| Furniture and vehicles | 24 | €31,273 | €67,201 | +€35,928 | +115% |
| Other tangible fixed assets | 26 | €9,749 | €8,541 | -€1,208 | -12.4% |
| Current assets | 29/58 | €98,594 | €123,867 | +€25,274 | +25.6% |
| Amounts receivable within one year | 40/41 | €28,615 | €15,623 | -€12,992 | -45.4% |
| Trade receivables | 40 | €15,058 | €8,058 | -€6,999 | -46.5% |
| Other amounts receivable | 41 | €13,557 | €7,565 | -€5,992 | -44.2% |
| Cash at bank and in hand | 54/58 | €69,979 | €108,244 | +€38,265 | +54.7% |
| Total equity and liabilities | 10/49 | €171,246 | €228,064 | +€56,818 | +33.2% |
| Equity | 10/15 | €132,457 | €134,170 | +€1,713 | +1.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €126,257 | €127,970 | +€1,713 | +1.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €124,397 | €126,110 | +€1,713 | +1.4% |
| Amounts payable | 17/49 | €38,789 | €93,894 | +€55,105 | +142% |
| Amounts payable after more than one year | 17 | €19,906 | €44,280 | +€24,374 | +122% |
| Financial debts | 170/4 | €19,906 | €44,280 | +€24,374 | +122% |
| Amounts payable within one year | 42/48 | €18,884 | €49,614 | +€30,731 | +163% |
| Current portion of amounts payable after more than one year | 42 | €13,038 | €21,140 | +€8,103 | +62.1% |
| Trade debts | 44 | €138 | €11,582 | +€11,444 | +8,288% |
| Suppliers | 440/4 | €138 | €11,582 | +€11,444 | +8,288% |
| Taxes, remuneration and social security | 45 | - | €4,846 | +€4,846 | |
| Taxes | 450/3 | - | €4,846 | +€4,846 | |
| Other amounts payable | 47/48 | €5,708 | €12,046 | +€6,338 | +111% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,366 | €17,122 | +€1,756 | +11.4% |
| Other operating charges | 640/8 | €476 | €506 | +€30 | +6.3% |
| Gross operating margin | 9900 | €50,135 | €24,487 | -€25,648 | -51.2% |
| Operating profit (loss) | 9901 | €34,293 | €6,860 | -€27,434 | -80.0% |
| Financial income | 75/76B | - | €632 | +€632 | |
| Recurring financial income | 75 | - | €632 | +€632 | |
| Financial charges | 65/66B | €5,032 | €4,328 | -€703 | -14.0% |
| Recurring financial charges | 65 | €5,032 | €4,328 | -€703 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €29,262 | €3,163 | -€26,099 | -89.2% |
| Income taxes | 67/77 | €6,836 | €1,450 | -€5,386 | -78.8% |
| Profit (loss) for the period | 9904 | €22,426 | €1,713 | -€20,713 | -92.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,426 | €1,713 | -€20,713 | -92.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.