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
- Receivables within one year -€9,234
down €9,234 (-22.3%), from €41,412 to €32,178
of which Trade receivables: -€10,099
- Deferred charges and accrued income -€8,452
down €8,452 (-78.0%), from €10,838 to €2,385
- Cash -€5,880
down €5,880 (-20.6%), from €28,549 to €22,669
mainly Trade debts (-€26,694) and Current portion of long-term debt (-€18,956)
- Tangible fixed assets -€3,236
down €3,236 (-13.3%), from €24,302 to €21,065
of which Other tangible fixed assets: -€2,961
- Intangible fixed assets -€1,158
down €1,158 (-30.0%), from €3,861 to €2,703
- Trade debts -€26,694
down €26,694 (-90.2%), from €29,592 to €2,898
- Current portion of long-term debt -€18,956
down €18,956 (-53.7%), from €35,323 to €16,366
- Profit (loss) carried forward +€18,769
up €18,769 (+122%), from €15,408 to €34,178
- Debts after one year +€2,290
up €2,290 (+19.7%), from €11,602 to €13,893
- Tax, wage and social debts -€2,052
down €2,052 (-26.6%), from €7,719 to €5,667
of which Remuneration and social security: -€4,501
- Gross operating margin +€37,099
up €37,099 (+276%), from €13,434 to €50,533
- Staff costs -€17,458
down €17,458 (-44.5%), from €39,213 to €21,755
- Depreciation +€3,977
up €3,977 (+128%), from €3,107 to €7,084
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 | €108,962 | €81,002 | -€27,960 | -25.7% |
| Fixed assets | 21/28 | €28,162 | €23,768 | -€4,394 | -15.6% |
| Intangible fixed assets | 21 | €3,861 | €2,703 | -€1,158 | -30.0% |
| Tangible fixed assets | 22/27 | €24,302 | €21,065 | -€3,236 | -13.3% |
| Plant, machinery and equipment | 23 | €281 | €5 | -€275 | -98.1% |
| Other tangible fixed assets | 26 | €24,021 | €21,060 | -€2,961 | -12.3% |
| Current assets | 29/58 | €80,799 | €57,233 | -€23,566 | -29.2% |
| Amounts receivable within one year | 40/41 | €41,412 | €32,178 | -€9,234 | -22.3% |
| Trade receivables | 40 | €15,968 | €5,870 | -€10,099 | -63.2% |
| Other amounts receivable | 41 | €25,444 | €26,309 | +€865 | +3.4% |
| Cash at bank and in hand | 54/58 | €28,549 | €22,669 | -€5,880 | -20.6% |
| Deferred charges and accrued income | 490/1 | €10,838 | €2,385 | -€8,452 | -78.0% |
| Total equity and liabilities | 10/49 | €108,962 | €81,002 | -€27,960 | -25.7% |
| Equity | 10/15 | €23,408 | €42,178 | +€18,769 | +80.2% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,408 | €34,178 | +€18,769 | +122% |
| Amounts payable | 17/49 | €85,554 | €38,824 | -€46,730 | -54.6% |
| Amounts payable after more than one year | 17 | €11,602 | €13,893 | +€2,290 | +19.7% |
| Financial debts | 170/4 | €11,602 | €13,893 | +€2,290 | +19.7% |
| Amounts payable within one year | 42/48 | €73,951 | €24,931 | -€49,020 | -66.3% |
| Current portion of amounts payable after more than one year | 42 | €35,323 | €16,366 | -€18,956 | -53.7% |
| Trade debts | 44 | €29,592 | €2,898 | -€26,694 | -90.2% |
| Suppliers | 440/4 | €29,592 | €2,898 | -€26,694 | -90.2% |
| Taxes, remuneration and social security | 45 | €7,719 | €5,667 | -€2,052 | -26.6% |
| Taxes | 450/3 | €3,218 | €5,667 | +€2,449 | +76.1% |
| Remuneration and social security | 454/9 | €4,501 | - | -€4,501 | |
| Other amounts payable | 47/48 | €1,317 | - | -€1,317 | |
| Remuneration, social security and pensions | 62 | €39,213 | €21,755 | -€17,458 | -44.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,107 | €7,084 | +€3,977 | +128% |
| Other operating charges | 640/8 | €1,062 | €932 | -€131 | -12.3% |
| Non-recurring operating charges | 66A | - | €169 | +€169 | |
| Gross operating margin | 9900 | €13,434 | €50,533 | +€37,099 | +276% |
| Operating profit (loss) | 9901 | -€29,949 | €20,592 | +€50,542 | |
| Financial income | 75/76B | €1 | €1 | -€1 | -50.9% |
| Recurring financial income | 75 | €1 | €1 | -€1 | -50.9% |
| Financial charges | 65/66B | €773 | €1,238 | +€465 | +60.2% |
| Recurring financial charges | 65 | €773 | €1,238 | +€465 | +60.2% |
| Profit (loss) for the period before taxes | 9903 | -€30,721 | €19,355 | +€50,076 | |
| Income taxes | 67/77 | - | €141 | +€141 | |
| Profit (loss) for the period | 9904 | -€30,721 | €19,214 | +€49,935 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,721 | €19,214 | +€49,935 |
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 16 October 2026 via checked.be.