M.A.R.C.: 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.
M.A.R.C.
Largest movements
- Receivables within one year +€142,551
up €142,551 (+104%), from €136,846 to €279,397
of which Other amounts receivable: +€125,805
- Cash -€67,260
down €67,260 (-75.2%), from €89,475 to €22,215
mainly Contributions, distributions and other (-€312,290) and Receivables within one year (-€142,551)
- Intangible fixed assets -€23,935
down €23,935 (-23.4%), from €102,449 to €78,514
- Reserves -€315,000
down €315,000 (-99.9%), from €315,250 to €250
of which Distributable reserves: -€315,000
- Profit (loss) carried forward +€214,456
up €214,456 (+251%), from €85,405 to €299,861
- Other debts +€190,000
up €190,000 (+152%), from €125,000 to €315,000
- Current portion of long-term debt -€28,238
down €28,238 (-76.8%), from €36,787 to €8,549
- Tax, wage and social debts -€13,999
down €13,999 (-29.8%), from €47,000 to €33,001
- Gross operating margin +€17,571
up €17,571 (+6.2%), from €282,168 to €299,739
- Taxes -€12,027
down €12,027 (-14.0%), from €85,742 to €73,715
- Depreciation -€5,504
down €5,504 (-18.0%), from €30,577 to €25,072
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 | €641,205 | €694,217 | +€53,012 | +8.3% |
| Fixed assets | 21/28 | €103,759 | €82,386 | -€21,372 | -20.6% |
| Intangible fixed assets | 21 | €102,449 | €78,514 | -€23,935 | -23.4% |
| Tangible fixed assets | 22/27 | €1,310 | €173 | -€1,137 | -86.8% |
| Plant, machinery and equipment | 23 | €243 | €45 | -€199 | -81.7% |
| Furniture and vehicles | 24 | €1,067 | €128 | -€939 | -88.0% |
| Financial fixed assets | 28 | - | €3,700 | +€3,700 | |
| Current assets | 29/58 | €537,447 | €611,831 | +€74,384 | +13.8% |
| Amounts receivable after more than one year | 29 | €160,000 | €160,000 | = | 0.0% |
| Other amounts receivable | 291 | €160,000 | €160,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €136,846 | €279,397 | +€142,551 | +104% |
| Trade receivables | 40 | €14,818 | €31,564 | +€16,746 | +113% |
| Other amounts receivable | 41 | €122,028 | €247,833 | +€125,805 | +103% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €89,475 | €22,215 | -€67,260 | -75.2% |
| Deferred charges and accrued income | 490/1 | €1,125 | €218 | -€907 | -80.6% |
| Total equity and liabilities | 10/49 | €641,205 | €694,217 | +€53,012 | +8.3% |
| Equity | 10/15 | €425,655 | €325,111 | -€100,544 | -23.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €315,250 | €250 | -€315,000 | -99.9% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €250 | €250 | = | 0.0% |
| Distributable reserves | 133 | €315,000 | - | -€315,000 | |
| Profit (loss) carried forward | 14 | €85,405 | €299,861 | +€214,456 | +251% |
| Amounts payable | 17/49 | €215,550 | €369,106 | +€153,556 | +71.2% |
| Amounts payable after more than one year | 17 | €5,702 | - | -€5,702 | |
| Financial debts | 170/4 | €5,702 | - | -€5,702 | |
| Amounts payable within one year | 42/48 | €209,848 | €368,991 | +€159,142 | +75.8% |
| Current portion of amounts payable after more than one year | 42 | €36,787 | €8,549 | -€28,238 | -76.8% |
| Trade debts | 44 | €1,062 | €12,441 | +€11,379 | +1,072% |
| Suppliers | 440/4 | €1,062 | €12,441 | +€11,379 | +1,072% |
| Taxes, remuneration and social security | 45 | €47,000 | €33,001 | -€13,999 | -29.8% |
| Taxes | 450/3 | €47,000 | €33,001 | -€13,999 | -29.8% |
| Other amounts payable | 47/48 | €125,000 | €315,000 | +€190,000 | +152% |
| Accrued charges and deferred income | 492/3 | - | €115 | +€115 | |
| Remuneration, social security and pensions | 62 | - | €1,517 | +€1,517 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,577 | €25,072 | -€5,504 | -18.0% |
| Other operating charges | 640/8 | €738 | €589 | -€149 | -20.2% |
| Gross operating margin | 9900 | €282,168 | €299,739 | +€17,571 | +6.2% |
| Operating profit (loss) | 9901 | €250,853 | €272,561 | +€21,708 | +8.7% |
| Financial income | 75/76B | €14,494 | €14,157 | -€337 | -2.3% |
| Recurring financial income | 75 | €14,494 | €14,157 | -€337 | -2.3% |
| Financial charges | 65/66B | €1,366 | €1,257 | -€109 | -8.0% |
| Recurring financial charges | 65 | €829 | €519 | -€310 | -37.4% |
| Non-recurring financial charges | 66B | €537 | €739 | +€202 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €263,980 | €285,461 | +€21,480 | +8.1% |
| Income taxes | 67/77 | €85,742 | €73,715 | -€12,027 | -14.0% |
| Profit (loss) for the period | 9904 | €178,239 | €211,746 | +€33,507 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €178,239 | €211,746 | +€33,507 | +18.8% |
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 25 October 2026 via checked.be.