MARC: 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.
MARC
Largest movements
- Stocks and contracts -€55,882
down €55,882 (-12.9%), from €432,854 to €376,972
- Receivables within one year -€44,732
down €44,732 (-4.2%), from €1.1m to €1.0m
of which Trade receivables: -€98,986
- Profit (loss) carried forward -€52,738
down €52,738 (-40.6%), from -€129,986 to -€182,724
- Trade debts -€35,733
down €35,733 (-5.8%), from €613,850 to €578,117
- Write-downs -€36,698
down €36,698 (-48.2%), from €76,186 to €39,487
- Gross operating margin +€9,640
up €9,640 (+4.9%), from €195,254 to €204,894
- Staff costs +€5,998
up €5,998 (+3.9%), from €152,963 to €158,962
- Financial charges -€4,719
down €4,719 (-22.7%), from €20,806 to €16,087
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 | €1,513,764 | €1,421,510 | -€92,254 | -6.1% |
| Fixed assets | 21/28 | €324 | €228 | -€96 | -29.7% |
| Tangible fixed assets | 22/27 | €96 | €0 | -€96 | -100.0% |
| Furniture and vehicles | 24 | €96 | €0 | -€96 | -100.0% |
| Financial fixed assets | 28 | €228 | €228 | = | 0.0% |
| Current assets | 29/58 | €1,513,439 | €1,421,282 | -€92,158 | -6.1% |
| Stocks and contracts in progress | 3 | €432,854 | €376,972 | -€55,882 | -12.9% |
| Stocks | 30/36 | €432,854 | €376,972 | -€55,882 | -12.9% |
| Amounts receivable within one year | 40/41 | €1,063,137 | €1,018,406 | -€44,732 | -4.2% |
| Trade receivables | 40 | €1,056,236 | €957,250 | -€98,986 | -9.4% |
| Other amounts receivable | 41 | €6,902 | €61,156 | +€54,254 | +786.1% |
| Cash at bank and in hand | 54/58 | €9,359 | €17,611 | +€8,252 | +88.2% |
| Deferred charges and accrued income | 490/1 | €8,088 | €8,292 | +€204 | +2.5% |
| Total equity and liabilities | 10/49 | €1,513,764 | €1,421,510 | -€92,254 | -6.1% |
| Equity | 10/15 | €405,014 | €352,276 | -€52,738 | -13.0% |
| Contributions | 10/11 | €535,000 | €535,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€129,986 | -€182,724 | -€52,738 | -40.6% |
| Amounts payable | 17/49 | €1,108,750 | €1,069,234 | -€39,516 | -3.6% |
| Amounts payable after more than one year | 17 | €110,000 | €110,000 | = | 0.0% |
| Other amounts payable | 178/9 | €110,000 | €110,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €996,811 | €957,846 | -€38,965 | -3.9% |
| Financial debts | 43 | €350,000 | €350,000 | = | 0.0% |
| Credit institutions | 430/8 | €350,000 | €350,000 | = | 0.0% |
| Trade debts | 44 | €613,850 | €578,117 | -€35,733 | -5.8% |
| Suppliers | 440/4 | €613,850 | €578,117 | -€35,733 | -5.8% |
| Taxes, remuneration and social security | 45 | €22,181 | €22,829 | +€649 | +2.9% |
| Taxes | 450/3 | €5,415 | €5,644 | +€228 | +4.2% |
| Remuneration and social security | 454/9 | €16,766 | €17,186 | +€420 | +2.5% |
| Other amounts payable | 47/48 | €10,780 | €6,900 | -€3,880 | -36.0% |
| Accrued charges and deferred income | 492/3 | €1,939 | €1,387 | -€551 | -28.4% |
| Non-recurring operating income | 76A | €155 | €60 | -€95 | -61.4% |
| Remuneration, social security and pensions | 62 | €152,963 | €158,962 | +€5,998 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €800 | €96 | -€704 | -88.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €76,186 | €39,487 | -€36,698 | -48.2% |
| Other operating charges | 640/8 | €2,414 | €1,562 | -€852 | -35.3% |
| Non-recurring operating charges | 66A | €45,698 | €43,064 | -€2,634 | -5.8% |
| Gross operating margin | 9900 | €195,254 | €204,894 | +€9,640 | +4.9% |
| Operating profit (loss) | 9901 | -€82,807 | -€38,276 | +€44,531 | +53.8% |
| Financial income | 75/76B | €1,430 | €1,625 | +€195 | +13.6% |
| Recurring financial income | 75 | €1,430 | €1,625 | +€195 | +13.6% |
| Financial charges | 65/66B | €20,806 | €16,087 | -€4,719 | -22.7% |
| Recurring financial charges | 65 | €20,806 | €16,087 | -€4,719 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | -€102,182 | -€52,738 | +€49,445 | +48.4% |
| Profit (loss) for the period | 9904 | -€102,182 | -€52,738 | +€49,445 | +48.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€102,182 | -€52,738 | +€49,445 | +48.4% |
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 12 October 2026 via checked.be.