MARC: what changed
Two fiscal 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.
MARC
Largest movements
- Tangible fixed assets -€51,787
down €51,787 (-15.7%), from €329,272 to €277,485
of which Furniture and vehicles: -€49,760
- Cash -€14,912
down €14,912 (-54.3%), from €27,481 to €12,569
mainly Debts after one year (-€68,426) and Net result for the year (-€38,493)
- Debts after one year -€68,426
down €68,426 (-26.7%), from €255,853 to €187,427
- Profit (loss) carried forward -€38,493
down €38,493 (-195.8%), from -€19,660 to -€58,152
- Short-term financial debts +€12,795
new in 2025: €12,795
- Tax, wage and social debts +€12,744
up €12,744 (+24.7%), from €51,512 to €64,257
of which Remuneration and social security: +€9,982
- Trade debts +€9,148
up €9,148 (+26.0%), from €35,204 to €44,353
- Gross operating margin +€70,990
up €70,990 (+16.8%), from €422,511 to €493,501
- Staff costs +€61,871
up €61,871 (+16.9%), from €366,400 to €428,271
- Depreciation +€26,977
up €26,977 (+51.6%), from €52,327 to €79,304
- Other operating charges -€7,089
down €7,089 (-36.7%), from €19,336 to €12,247
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.
Cash bridge derived
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 | €426,169 | €359,300 | -€66,869 | -15.7% |
| Fixed assets | 21/28 | €329,272 | €277,485 | -€51,787 | -15.7% |
| Tangible fixed assets | 22/27 | €329,272 | €277,485 | -€51,787 | -15.7% |
| Plant, machinery and equipment | 23 | €8,928 | €6,901 | -€2,027 | -22.7% |
| Furniture and vehicles | 24 | €320,344 | €270,584 | -€49,760 | -15.5% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €96,897 | €81,815 | -€15,082 | -15.6% |
| Amounts receivable within one year | 40/41 | €63,058 | €66,366 | +€3,309 | +5.2% |
| Trade receivables | 40 | €4,279 | €46,146 | +€41,867 | +978.5% |
| Other amounts receivable | 41 | €58,779 | €20,221 | -€38,559 | -65.6% |
| Cash at bank and in hand | 54/58 | €27,481 | €12,569 | -€14,912 | -54.3% |
| Deferred charges and accrued income | 490/1 | €6,358 | €2,880 | -€3,478 | -54.7% |
| Total equity and liabilities | 10/49 | €426,169 | €359,300 | -€66,869 | -15.7% |
| Equity | 10/15 | €20,309 | -€18,184 | -€38,493 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,368 | €21,368 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €12,368 | €12,368 | = | 0.0% |
| Distributable reserves | 133 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,660 | -€58,152 | -€38,493 | -195.8% |
| Amounts payable | 17/49 | €405,861 | €377,485 | -€28,376 | -7.0% |
| Amounts payable after more than one year | 17 | €255,853 | €187,427 | -€68,426 | -26.7% |
| Financial debts | 170/4 | €255,853 | €187,427 | -€68,426 | -26.7% |
| Amounts payable within one year | 42/48 | €150,008 | €190,058 | +€40,050 | +26.7% |
| Current portion of amounts payable after more than one year | 42 | €63,291 | €68,426 | +€5,135 | +8.1% |
| Financial debts | 43 | - | €12,795 | +€12,795 | |
| Credit institutions | 430/8 | - | €12,795 | +€12,795 | |
| Trade debts | 44 | €35,204 | €44,353 | +€9,148 | +26.0% |
| Suppliers | 440/4 | €35,204 | €44,353 | +€9,148 | +26.0% |
| Taxes, remuneration and social security | 45 | €51,512 | €64,257 | +€12,744 | +24.7% |
| Taxes | 450/3 | €1,911 | €4,673 | +€2,762 | +144.5% |
| Remuneration and social security | 454/9 | €49,601 | €59,583 | +€9,982 | +20.1% |
| Other amounts payable | 47/48 | €0 | €228 | +€228 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €5,187 | €0 | -€5,187 | -100.0% |
| Remuneration, social security and pensions | 62 | €366,400 | €428,271 | +€61,871 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,327 | €79,304 | +€26,977 | +51.6% |
| Other operating charges | 640/8 | €19,336 | €12,247 | -€7,089 | -36.7% |
| Non-recurring operating charges | 66A | €3,861 | €0 | -€3,861 | -100.0% |
| Gross operating margin | 9900 | €422,511 | €493,501 | +€70,990 | +16.8% |
| Operating profit (loss) | 9901 | -€19,413 | -€26,322 | -€6,909 | -35.6% |
| Financial income | 75/76B | €85 | €105 | +€20 | +23.4% |
| Recurring financial income | 75 | €85 | €105 | +€20 | +23.4% |
| Financial charges | 65/66B | €8,708 | €11,924 | +€3,217 | +36.9% |
| Recurring financial charges | 65 | €8,708 | €11,924 | +€3,217 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | -€28,035 | -€38,141 | -€10,105 | -36.0% |
| Income taxes | 67/77 | €320 | €352 | +€32 | +10.1% |
| Profit (loss) for the period | 9904 | -€28,355 | -€38,493 | -€10,138 | -35.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,355 | -€38,493 | -€10,138 | -35.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.