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 +€174,392
new in 2025: €174,392
- Cash -€65,505
down €65,505 (-22.3%), from €293,257 to €227,752
mainly Current investments (-€174,392) and Contributions, distributions and other (-€11,787)
- Receivables within one year -€18,787
down €18,787 (-93.0%), from €20,211 to €1,424
of which Trade receivables: -€19,703
- Reserves +€90,014
up €90,014 (+34.6%), from €260,408 to €350,422
- Other debts +€10,932
up €10,932 (+1,278%), from €855 to €11,787
- Profit (loss) carried forward -€10,437
no longer reported in 2025 (was €10,437)
- Gross operating margin -€34,760
down €34,760 (-20.6%), from €169,105 to €134,345
- Taxes -€10,811
down €10,811 (-19.8%), from €54,526 to €43,714
- Financial income +€3,763
up €3,763 (+1,028%), from €366 to €4,129
- Financial charges +€2,591
up €2,591 (+758%), from €342 to €2,933
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 | €315,544 | €405,802 | +€90,258 | +28.6% |
| Current assets | 29/58 | €315,544 | €405,802 | +€90,258 | +28.6% |
| Amounts receivable within one year | 40/41 | €20,211 | €1,424 | -€18,787 | -93.0% |
| Trade receivables | 40 | €20,211 | €508 | -€19,703 | -97.5% |
| Other amounts receivable | 41 | - | €917 | +€917 | |
| Current investments | 50/53 | - | €174,392 | +€174,392 | |
| Cash at bank and in hand | 54/58 | €293,257 | €227,752 | -€65,505 | -22.3% |
| Deferred charges and accrued income | 490/1 | €2,076 | €2,233 | +€158 | +7.6% |
| Total equity and liabilities | 10/49 | €315,544 | €405,802 | +€90,258 | +28.6% |
| Equity | 10/15 | €289,445 | €369,022 | +€79,577 | +27.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €260,408 | €350,422 | +€90,014 | +34.6% |
| Distributable reserves | 133 | €260,408 | €350,422 | +€90,014 | +34.6% |
| Profit (loss) carried forward | 14 | €10,437 | - | -€10,437 | |
| Amounts payable | 17/49 | €26,098 | €36,779 | +€10,681 | +40.9% |
| Amounts payable within one year | 42/48 | €26,098 | €36,779 | +€10,681 | +40.9% |
| Trade debts | 44 | €1,562 | €528 | -€1,034 | -66.2% |
| Suppliers | 440/4 | €1,562 | €528 | -€1,034 | -66.2% |
| Taxes, remuneration and social security | 45 | €23,681 | €24,464 | +€783 | +3.3% |
| Taxes | 450/3 | €23,681 | €24,464 | +€783 | +3.3% |
| Other amounts payable | 47/48 | €855 | €11,787 | +€10,932 | +1,278% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233 | - | -€233 | |
| Other operating charges | 640/8 | €565 | €462 | -€104 | -18.3% |
| Gross operating margin | 9900 | €169,105 | €134,345 | -€34,760 | -20.6% |
| Operating profit (loss) | 9901 | €168,307 | €133,883 | -€34,423 | -20.5% |
| Financial income | 75/76B | €366 | €4,129 | +€3,763 | +1,028% |
| Recurring financial income | 75 | €366 | €4,129 | +€3,763 | +1,028% |
| Financial charges | 65/66B | €342 | €2,933 | +€2,591 | +758% |
| Recurring financial charges | 65 | €342 | €2,933 | +€2,591 | +758% |
| Profit (loss) for the period before taxes | 9903 | €168,331 | €135,079 | -€33,252 | -19.8% |
| Income taxes | 67/77 | €54,526 | €43,714 | -€10,811 | -19.8% |
| Profit (loss) for the period | 9904 | €113,805 | €91,364 | -€22,440 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €113,805 | €91,364 | -€22,440 | -19.7% |
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 13 October 2026 via checked.be.