MAR-CO: 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.
MAR-CO
Largest movements
- Current investments +€24,700
new in 2025: €24,700
- Receivables within one year -€23,908
down €23,908 (-45.2%), from €52,923 to €29,015
of which Other amounts receivable: -€23,684
- Cash -€14,049
down €14,049 (-19.8%), from €70,909 to €56,860
mainly Contributions, distributions and other (-€38,320) and Current investments (-€24,700)
- Reserves -€15,500
down €15,500 (-14.6%), from €106,360 to €90,860
- Gross operating margin +€17,857
up €17,857 (+75.7%), from €23,585 to €41,442
- Taxes +€7,574
up €7,574 (+212%), from €3,566 to €11,140
- Depreciation -€1,924
down €1,924 (-45.8%), from €4,197 to €2,273
- Financial income -€583
down €583 (-64.5%), from €904 to €321
- Financial charges -€540
down €540 (-13.6%), from €3,968 to €3,428
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 | €134,675 | €121,310 | -€13,365 | -9.9% |
| Fixed assets | 21/28 | €6,434 | €6,153 | -€281 | -4.4% |
| Tangible fixed assets | 22/27 | €6,424 | €6,143 | -€281 | -4.4% |
| Furniture and vehicles | 24 | €6,424 | €6,143 | -€281 | -4.4% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €128,241 | €115,157 | -€13,084 | -10.2% |
| Amounts receivable within one year | 40/41 | €52,923 | €29,015 | -€23,908 | -45.2% |
| Trade receivables | 40 | €12,251 | €12,027 | -€224 | -1.8% |
| Other amounts receivable | 41 | €40,672 | €16,988 | -€23,684 | -58.2% |
| Current investments | 50/53 | - | €24,700 | +€24,700 | |
| Cash at bank and in hand | 54/58 | €70,909 | €56,860 | -€14,049 | -19.8% |
| Deferred charges and accrued income | 490/1 | €4,409 | €4,582 | +€173 | +3.9% |
| Total equity and liabilities | 10/49 | €134,675 | €121,310 | -€13,365 | -9.9% |
| Equity | 10/15 | €125,956 | €111,310 | -€14,646 | -11.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €106,360 | €90,860 | -€15,500 | -14.6% |
| Distributable reserves | 133 | €106,360 | €90,860 | -€15,500 | -14.6% |
| Profit (loss) carried forward | 14 | €7,196 | €8,050 | +€854 | +11.9% |
| Amounts payable | 17/49 | €8,719 | €10,000 | +€1,281 | +14.7% |
| Amounts payable within one year | 42/48 | €8,719 | €10,000 | +€1,281 | +14.7% |
| Trade debts | 44 | €6,328 | €7,158 | +€830 | +13.1% |
| Suppliers | 440/4 | €6,328 | €7,158 | +€830 | +13.1% |
| Taxes, remuneration and social security | 45 | €2,391 | €2,842 | +€451 | +18.9% |
| Taxes | 450/3 | €2,391 | €2,842 | +€451 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,197 | €2,273 | -€1,924 | -45.8% |
| Other operating charges | 640/8 | €565 | €940 | +€375 | +66.4% |
| Non-recurring operating charges | 66A | €12,430 | €308 | -€12,122 | -97.5% |
| Gross operating margin | 9900 | €23,585 | €41,442 | +€17,857 | +75.7% |
| Operating profit (loss) | 9901 | €6,393 | €37,921 | +€31,528 | +493% |
| Financial income | 75/76B | €904 | €321 | -€583 | -64.5% |
| Recurring financial income | 75 | €904 | €321 | -€583 | -64.5% |
| Financial charges | 65/66B | €3,968 | €3,428 | -€540 | -13.6% |
| Recurring financial charges | 65 | €3,968 | €3,428 | -€540 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €3,329 | €34,814 | +€31,485 | +946% |
| Income taxes | 67/77 | €3,566 | €11,140 | +€7,574 | +212% |
| Profit (loss) for the period | 9904 | -€237 | €23,674 | +€23,911 | |
| Profit (loss) for the period to be appropriated | 9905 | -€237 | €23,674 | +€23,911 |
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 17 October 2026 via checked.be.