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
- Current investments +€52,200
up €52,200 (+109%), from €47,800 to €100,000
- Cash +€27,974
up €27,974 (+46.4%), from €60,312 to €88,286
mainly Net result for the year (+€82,698) and Receivables within one year (+€7,785)
- Receivables within one year -€7,785
down €7,785 (-46.4%), from €16,794 to €9,009
of which Trade receivables: -€10,202
- Reserves +€82,650
up €82,650 (+79.3%), from €104,200 to €186,850
- Tax, wage and social debts -€7,715
down €7,715 (-75.9%), from €10,160 to €2,445
- Trade debts -€1,997
down €1,997 (-76.6%), from €2,607 to €610
- Gross operating margin +€35,808
up €35,808 (+45.4%), from €78,794 to €114,602
- Taxes +€11,075
up €11,075 (+50.8%), from €21,814 to €32,890
- Financial income +€1,576
up €1,576 (+15,755,100%), from €0 to €1,576
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 | €124,907 | €198,370 | +€73,463 | +58.8% |
| Current assets | 29/58 | €124,907 | €198,370 | +€73,463 | +58.8% |
| Amounts receivable within one year | 40/41 | €16,794 | €9,009 | -€7,785 | -46.4% |
| Trade receivables | 40 | €13,608 | €3,406 | -€10,202 | -75.0% |
| Other amounts receivable | 41 | €3,186 | €5,603 | +€2,417 | +75.9% |
| Current investments | 50/53 | €47,800 | €100,000 | +€52,200 | +109% |
| Cash at bank and in hand | 54/58 | €60,312 | €88,286 | +€27,974 | +46.4% |
| Deferred charges and accrued income | 490/1 | - | €1,074 | +€1,074 | |
| Total equity and liabilities | 10/49 | €124,907 | €198,370 | +€73,463 | +58.8% |
| Equity | 10/15 | €111,382 | €194,080 | +€82,698 | +74.2% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €104,200 | €186,850 | +€82,650 | +79.3% |
| Distributable reserves | 133 | €104,200 | €186,850 | +€82,650 | +79.3% |
| Profit (loss) carried forward | 14 | €182 | €230 | +€48 | +26.3% |
| Amounts payable | 17/49 | €13,524 | €4,290 | -€9,234 | -68.3% |
| Amounts payable within one year | 42/48 | €13,117 | €3,365 | -€9,752 | -74.3% |
| Trade debts | 44 | €2,607 | €610 | -€1,997 | -76.6% |
| Suppliers | 440/4 | €2,607 | €610 | -€1,997 | -76.6% |
| Taxes, remuneration and social security | 45 | €10,160 | €2,445 | -€7,715 | -75.9% |
| Taxes | 450/3 | €10,160 | €2,445 | -€7,715 | -75.9% |
| Other amounts payable | 47/48 | €350 | €310 | -€39 | -11.2% |
| Accrued charges and deferred income | 492/3 | €408 | €925 | +€517 | +127% |
| Other operating charges | 640/8 | €421 | €400 | -€22 | -5.1% |
| Gross operating margin | 9900 | €78,794 | €114,602 | +€35,808 | +45.4% |
| Operating profit (loss) | 9901 | €78,373 | €114,202 | +€35,829 | +45.7% |
| Financial income | 75/76B | €0 | €1,576 | +€1,576 | +15,755,100% |
| Recurring financial income | 75 | €0 | €1,576 | +€1,576 | +15,755,100% |
| Financial charges | 65/66B | €17 | €190 | +€173 | +1,008% |
| Recurring financial charges | 65 | €17 | €190 | +€173 | +1,008% |
| Profit (loss) for the period before taxes | 9903 | €78,356 | €115,587 | +€37,232 | +47.5% |
| Income taxes | 67/77 | €21,814 | €32,890 | +€11,075 | +50.8% |
| Profit (loss) for the period | 9904 | €56,541 | €82,698 | +€26,157 | +46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €56,541 | €82,698 | +€26,157 | +46.3% |
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 28 October 2026 via checked.be.