MARCA PROJECT: 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.
MARCA PROJECT
Largest movements
- Tangible fixed assets -€18,430
down €18,430 (-1.6%), from €1.1m to €1.1m
of which Land and buildings: -€17,415
- Profit (loss) carried forward -€25,863
down €25,863 (-42.1%), from -€61,479 to -€87,342
- Depreciation -€11,112
down €11,112 (-37.6%), from €29,542 to €18,430
- Financial charges +€4,562
up €4,562 (+44.3%), from €10,291 to €14,853
- Gross operating margin -€2,286
down €2,286 (-13.8%), from €16,551 to €14,265
- Taxes +€184
up €184 (+197.6%), from €93 to €278
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 | €1,639,235 | €1,625,184 | -€14,051 | -0.9% |
| Fixed assets | 21/28 | €1,620,900 | €1,602,471 | -€18,430 | -1.1% |
| Tangible fixed assets | 22/27 | €1,127,298 | €1,108,869 | -€18,430 | -1.6% |
| Land and buildings | 22 | €1,122,661 | €1,105,246 | -€17,415 | -1.6% |
| Plant, machinery and equipment | 23 | €4,637 | €3,622 | -€1,015 | -21.9% |
| Financial fixed assets | 28 | €493,602 | €493,602 | = | 0.0% |
| Current assets | 29/58 | €18,335 | €22,714 | +€4,379 | +23.9% |
| Amounts receivable within one year | 40/41 | €114 | €114 | = | 0.0% |
| Other amounts receivable | 41 | €114 | €114 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,034 | €12,778 | +€6,744 | +111.8% |
| Deferred charges and accrued income | 490/1 | €12,187 | €9,822 | -€2,365 | -19.4% |
| Total equity and liabilities | 10/49 | €1,639,235 | €1,625,184 | -€14,051 | -0.9% |
| Equity | 10/15 | €755,158 | €729,295 | -€25,863 | -3.4% |
| Contributions | 10/11 | €418,000 | €418,000 | = | 0.0% |
| Revaluation surpluses | 12 | €279,954 | €279,954 | = | 0.0% |
| Reserves | 13 | €118,683 | €118,683 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,672 | €6,672 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,519 | €6,519 | = | 0.0% |
| Other | 1319 | €154 | €154 | = | 0.0% |
| Distributable reserves | 133 | €112,011 | €112,011 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,479 | -€87,342 | -€25,863 | -42.1% |
| Amounts payable | 17/49 | €884,077 | €895,889 | +€11,812 | +1.3% |
| Amounts payable within one year | 42/48 | €883,523 | €895,287 | +€11,764 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,974 | €1,899 | -€74 | -3.8% |
| Suppliers | 440/4 | €1,974 | €1,899 | -€74 | -3.8% |
| Taxes, remuneration and social security | 45 | €93 | €271 | +€178 | +190.9% |
| Taxes | 450/3 | €93 | €271 | +€178 | +190.9% |
| Other amounts payable | 47/48 | €881,456 | €893,116 | +€11,660 | +1.3% |
| Accrued charges and deferred income | 492/3 | €554 | €602 | +€48 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,542 | €18,430 | -€11,112 | -37.6% |
| Other operating charges | 640/8 | €6,449 | €6,594 | +€146 | +2.3% |
| Gross operating margin | 9900 | €16,551 | €14,265 | -€2,286 | -13.8% |
| Operating profit (loss) | 9901 | -€19,439 | -€10,759 | +€8,680 | +44.7% |
| Financial income | 75/76B | €0 | €27 | +€27 | +273100.0% |
| Recurring financial income | 75 | €0 | €27 | +€27 | +273100.0% |
| Financial charges | 65/66B | €10,291 | €14,853 | +€4,562 | +44.3% |
| Recurring financial charges | 65 | €10,291 | €14,853 | +€4,562 | +44.3% |
| Profit (loss) for the period before taxes | 9903 | -€29,730 | -€25,585 | +€4,145 | +13.9% |
| Income taxes | 67/77 | €93 | €278 | +€184 | +197.6% |
| Profit (loss) for the period | 9904 | -€29,824 | -€25,863 | +€3,961 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,824 | -€25,863 | +€3,961 | +13.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.