VINCENT 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.
VINCENT MARECHAL
Largest movements
- Cash -€129,038
down €129,038 (-28.2%), from €458,362 to €329,324
mainly Other debts (-€218,594) and Contributions, distributions and other (-€7,200)
- Tangible fixed assets -€7,432
down €7,432 (-21.7%), from €34,292 to €26,860
- Other debts -€218,594
down €218,594 (-86.7%), from €252,185 to €33,592
- Reserves +€86,800
up €86,800 (+49.9%), from €173,800 to €260,600
- Accrued charges and deferred income -€5,711
down €5,711 (-41.9%), from €13,643 to €7,932
- Financial charges -€59,694
down €59,694 (-87.5%), from €68,204 to €8,510
- Gross operating margin +€42,074
up €42,074 (+37.3%), from €112,732 to €154,806
- Taxes +€33,068
up €33,068 (+260.9%), from €12,674 to €45,742
- Depreciation +€5,099
up €5,099 (+218.6%), from €2,333 to €7,432
- Financial income -€3,109
down €3,109 (-53.2%), from €5,845 to €2,736
of which Non-recurring financial income: -€5,000
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 | €516,341 | €378,816 | -€137,526 | -26.6% |
| Fixed assets | 21/28 | €34,292 | €26,860 | -€7,432 | -21.7% |
| Tangible fixed assets | 22/27 | €34,292 | €26,860 | -€7,432 | -21.7% |
| Furniture and vehicles | 24 | €34,292 | €26,860 | -€7,432 | -21.7% |
| Current assets | 29/58 | €482,050 | €351,956 | -€130,094 | -27.0% |
| Amounts receivable within one year | 40/41 | - | €79 | +€79 | |
| Other amounts receivable | 41 | - | €79 | +€79 | |
| Cash at bank and in hand | 54/58 | €458,362 | €329,324 | -€129,038 | -28.2% |
| Deferred charges and accrued income | 490/1 | €23,687 | €22,553 | -€1,134 | -4.8% |
| Total equity and liabilities | 10/49 | €516,341 | €378,816 | -€137,526 | -26.6% |
| Equity | 10/15 | €244,966 | €332,488 | +€87,522 | +35.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €173,800 | €260,600 | +€86,800 | +49.9% |
| Distributable reserves | 133 | €173,800 | €260,600 | +€86,800 | +49.9% |
| Profit (loss) carried forward | 14 | €51,166 | €51,888 | +€722 | +1.4% |
| Amounts payable | 17/49 | €271,376 | €46,328 | -€225,048 | -82.9% |
| Amounts payable within one year | 42/48 | €257,733 | €38,396 | -€219,336 | -85.1% |
| Trade debts | 44 | €1,627 | €4,805 | +€3,178 | +195.4% |
| Suppliers | 440/4 | €1,627 | €4,805 | +€3,178 | +195.4% |
| Taxes, remuneration and social security | 45 | €3,921 | €0 | -€3,921 | -100.0% |
| Taxes | 450/3 | €3,921 | €0 | -€3,921 | -100.0% |
| Other amounts payable | 47/48 | €252,185 | €33,592 | -€218,594 | -86.7% |
| Accrued charges and deferred income | 492/3 | €13,643 | €7,932 | -€5,711 | -41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,333 | €7,432 | +€5,099 | +218.6% |
| Other operating charges | 640/8 | €2,355 | €1,136 | -€1,219 | -51.8% |
| Gross operating margin | 9900 | €112,732 | €154,806 | +€42,074 | +37.3% |
| Operating profit (loss) | 9901 | €108,045 | €146,238 | +€38,193 | +35.3% |
| Financial income | 75/76B | €5,845 | €2,736 | -€3,109 | -53.2% |
| Recurring financial income | 75 | €845 | €2,736 | +€1,891 | +223.8% |
| Non-recurring financial income | 76B | €5,000 | €0 | -€5,000 | -100.0% |
| Financial charges | 65/66B | €68,204 | €8,510 | -€59,694 | -87.5% |
| Recurring financial charges | 65 | €68,204 | €8,510 | -€59,694 | -87.5% |
| Profit (loss) for the period before taxes | 9903 | €45,686 | €140,464 | +€94,778 | +207.5% |
| Income taxes | 67/77 | €12,674 | €45,742 | +€33,068 | +260.9% |
| Profit (loss) for the period | 9904 | €33,012 | €94,722 | +€61,710 | +186.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,012 | €94,722 | +€61,710 | +186.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.