Marcade: 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.
Marcade
Largest movements
- Cash -€901,905
down €901,905 (-58.3%), from €1.5m to €645,843
mainly Investment in fixed assets (net) (-€874,497) and Current investments (-€750,000)
- Current investments +€750,000
new in 2025: €750,000
- Receivables within one year -€310,266
down €310,266 (-57.7%), from €537,506 to €227,240
of which Other amounts receivable: -€310,255
- Tangible fixed assets +€203,652
up €203,652 (+2.5%), from €8.1m to €8.3m
of which Assets under construction and advance payments: +€874,497
- Debts after one year -€443,555
down €443,555 (-15.5%), from €2.9m to €2.4m
of which Financial debts: -€343,555
- Debts within one year +€243,801
up €243,801 (+43.9%), from €555,633 to €799,434
of which Trade debts: +€346,717
- Gross operating margin -€314,096
down €314,096 (-22.5%), from €1.4m to €1.1m
- Turnover -€120,280
down €120,280 (-9.7%), from €1.2m to €1.1m
- Purchases and services -€50,031
no longer reported in 2025 (was €50,031)
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 | €10,232,574 | €9,995,602 | -€236,972 | -2.3% |
| Fixed assets | 21/28 | €8,145,490 | €8,349,142 | +€203,652 | +2.5% |
| Tangible fixed assets | 22/27 | €8,145,490 | €8,349,142 | +€203,652 | +2.5% |
| Land and buildings | 22 | €7,765,002 | €7,094,157 | -€670,845 | -8.6% |
| Assets under construction and advance payments | 27 | €380,488 | €1,254,985 | +€874,497 | +230% |
| Current assets | 29/58 | €2,087,084 | €1,646,460 | -€440,624 | -21.1% |
| Amounts receivable within one year | 40/41 | €537,506 | €227,240 | -€310,266 | -57.7% |
| Trade receivables | 40 | €11 | - | -€11 | |
| Other amounts receivable | 41 | €537,495 | €227,240 | -€310,255 | -57.7% |
| Current investments | 50/53 | - | €750,000 | +€750,000 | |
| Cash at bank and in hand | 54/58 | €1,547,748 | €645,843 | -€901,905 | -58.3% |
| Deferred charges and accrued income | 490/1 | €1,830 | €23,377 | +€21,547 | +1,177% |
| Total equity and liabilities | 10/49 | €10,232,574 | €9,995,602 | -€236,972 | -2.3% |
| Equity | 10/15 | €6,418,067 | €6,381,031 | -€37,036 | -0.6% |
| Contributions | 10/11 | €4,045,953 | €4,045,953 | = | 0.0% |
| Capital | 10 | €4,045,953 | €4,045,953 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,054,440 | €2,052,701 | -€1,739 | -0.1% |
| Investment grants | 15 | €317,674 | €282,377 | -€35,297 | -11.1% |
| Provisions and deferred taxes | 16 | €404,324 | €404,324 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €404,324 | €404,324 | = | 0.0% |
| Major repairs and maintenance | 162 | €404,324 | €404,324 | = | 0.0% |
| Amounts payable | 17/49 | €3,410,183 | €3,210,247 | -€199,936 | -5.9% |
| Amounts payable after more than one year | 17 | €2,854,368 | €2,410,813 | -€443,555 | -15.5% |
| Financial debts | 170/4 | €2,754,368 | €2,410,813 | -€343,555 | -12.5% |
| Other amounts payable | 178/9 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €555,633 | €799,434 | +€243,801 | +43.9% |
| Current portion of amounts payable after more than one year | 42 | €546,205 | €443,555 | -€102,650 | -18.8% |
| Trade debts | 44 | €8,750 | €355,467 | +€346,717 | +3,962% |
| Suppliers | 440/4 | €8,750 | €355,467 | +€346,717 | +3,962% |
| Accrued charges and deferred income | 492/3 | €182 | - | -€182 | |
| Turnover | 70 | €1,245,931 | €1,125,651 | -€120,280 | -9.7% |
| Membership fees, donations, legacies and grants | 73 | €35,297 | €35,297 | = | 0.0% |
| Non-recurring operating income | 76A | €156,837 | - | -€156,837 | |
| Goods, raw materials, services and sundry goods | 60/61 | €50,031 | - | -€50,031 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €681,648 | €670,845 | -€10,803 | -1.6% |
| Other operating charges | 640/8 | €22,409 | €27,707 | +€5,298 | +23.6% |
| Non-recurring operating charges | 66A | - | €310,255 | +€310,255 | |
| Gross operating margin | 9900 | €1,398,057 | €1,083,961 | -€314,096 | -22.5% |
| Operating profit (loss) | 9901 | €694,000 | €75,154 | -€618,846 | -89.2% |
| Financial income | 75/76B | €23,189 | €14,304 | -€8,885 | -38.3% |
| Recurring financial income | 75 | €23,189 | €14,304 | -€8,885 | -38.3% |
| Financial charges | 65/66B | €102,280 | €91,197 | -€11,083 | -10.8% |
| Recurring financial charges | 65 | €102,280 | €91,197 | -€11,083 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €614,909 | -€1,739 | -€616,648 | |
| Profit (loss) for the period | 9904 | €614,909 | -€1,739 | -€616,648 | |
| Profit (loss) for the period to be appropriated | 9905 | €614,909 | -€1,739 | -€616,648 |
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 21 October 2026 via checked.be.