LE MARCO POLO: 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.
LE MARCO POLO
Largest movements
- Tangible fixed assets +€9,939
up €9,939 (+26.8%), from €37,057 to €46,997
of which Plant, machinery and equipment: +€14,452
- Cash -€8,902
down €8,902 (-35.7%), from €24,957 to €16,055
mainly Investment in fixed assets (net) (-€20,099) and Tax, wage and social debts (-€14,282)
- Receivables within one year +€6,726
up €6,726 (+43.8%), from €15,354 to €22,080
of which Other amounts receivable: +€10,608
- Financial fixed assets +€3,000
up €3,000 (+231%), from €1,301 to €4,301
- Trade debts +€15,612
up €15,612 (+37.3%), from €41,814 to €57,426
- Tax, wage and social debts -€14,282
down €14,282 (-69.2%), from €20,625 to €6,342
of which Remuneration and social security: -€14,683
- Debts after one year +€6,305
new in 2025: €6,305
- Profit (loss) carried forward +€4,658
up €4,658 (+17.7%), from -€26,353 to -€21,695
- Other debts -€4,653
no longer reported in 2025 (was €4,653)
- Staff costs -€22,415
down €22,415 (-17.4%), from €129,156 to €106,741
- Other operating charges +€14,607
up €14,607 (+308%), from €4,738 to €19,345
- Gross operating margin +€2,889
up €2,889 (+2.1%), from €136,829 to €139,719
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 | €86,668 | €98,233 | +€11,566 | +13.3% |
| Fixed assets | 21/28 | €38,358 | €51,297 | +€12,939 | +33.7% |
| Tangible fixed assets | 22/27 | €37,057 | €46,997 | +€9,939 | +26.8% |
| Land and buildings | 22 | €24,059 | €21,225 | -€2,834 | -11.8% |
| Plant, machinery and equipment | 23 | €6,130 | €20,582 | +€14,452 | +236% |
| Furniture and vehicles | 24 | €6,868 | €5,190 | -€1,678 | -24.4% |
| Financial fixed assets | 28 | €1,301 | €4,301 | +€3,000 | +231% |
| Current assets | 29/58 | €48,310 | €46,936 | -€1,374 | -2.8% |
| Stocks and contracts in progress | 3 | €6,897 | €7,851 | +€954 | +13.8% |
| Stocks | 30/36 | €6,897 | €7,851 | +€954 | +13.8% |
| Amounts receivable within one year | 40/41 | €15,354 | €22,080 | +€6,726 | +43.8% |
| Trade receivables | 40 | €9,396 | €5,514 | -€3,882 | -41.3% |
| Other amounts receivable | 41 | €5,958 | €16,566 | +€10,608 | +178% |
| Cash at bank and in hand | 54/58 | €24,957 | €16,055 | -€8,902 | -35.7% |
| Deferred charges and accrued income | 490/1 | €1,101 | €950 | -€151 | -13.7% |
| Total equity and liabilities | 10/49 | €86,668 | €98,233 | +€11,566 | +13.3% |
| Equity | 10/15 | €15,296 | €19,954 | +€4,658 | +30.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €23,057 | €23,057 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,685 | €4,685 | = | 0.0% |
| Legal reserve | 130 | €4,685 | €4,685 | = | 0.0% |
| Distributable reserves | 133 | €18,372 | €18,372 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,353 | -€21,695 | +€4,658 | +17.7% |
| Amounts payable | 17/49 | €71,372 | €78,279 | +€6,907 | +9.7% |
| Amounts payable after more than one year | 17 | - | €6,305 | +€6,305 | |
| Financial debts | 170/4 | - | €6,305 | +€6,305 | |
| Amounts payable within one year | 42/48 | €71,372 | €71,975 | +€603 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | - | €3,290 | +€3,290 | |
| Financial debts | 43 | €4,147 | €3,870 | -€277 | -6.7% |
| Credit institutions | 430/8 | €4,147 | - | -€4,147 | |
| Other loans | 439 | - | €3,870 | +€3,870 | |
| Trade debts | 44 | €41,814 | €57,426 | +€15,612 | +37.3% |
| Suppliers | 440/4 | €41,814 | €57,426 | +€15,612 | +37.3% |
| Advances received on contracts in progress | 46 | €134 | €1,047 | +€913 | +684% |
| Taxes, remuneration and social security | 45 | €20,625 | €6,342 | -€14,282 | -69.2% |
| Taxes | 450/3 | €239 | €639 | +€400 | +167% |
| Remuneration and social security | 454/9 | €20,386 | €5,703 | -€14,683 | -72.0% |
| Other amounts payable | 47/48 | €4,653 | - | -€4,653 | |
| Remuneration, social security and pensions | 62 | €129,156 | €106,741 | -€22,415 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,490 | €7,160 | +€670 | +10.3% |
| Other operating charges | 640/8 | €4,738 | €19,345 | +€14,607 | +308% |
| Non-recurring operating charges | 66A | €167 | - | -€167 | |
| Gross operating margin | 9900 | €136,829 | €139,719 | +€2,889 | +2.1% |
| Operating profit (loss) | 9901 | -€3,722 | €6,473 | +€10,195 | |
| Financial income | 75/76B | €292 | €1,197 | +€905 | +310% |
| Recurring financial income | 75 | €292 | €1,197 | +€905 | +310% |
| Financial charges | 65/66B | €3,230 | €2,865 | -€366 | -11.3% |
| Recurring financial charges | 65 | €3,230 | €2,865 | -€366 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,660 | €4,805 | +€11,466 | |
| Income taxes | 67/77 | €229 | €147 | -€82 | -35.8% |
| Profit (loss) for the period | 9904 | -€6,890 | €4,658 | +€11,548 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,890 | €4,658 | +€11,548 |
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.