MARCAM: 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.
MARCAM
Largest movements
- Tangible fixed assets -€537,415
down €537,415 (-25.6%), from €2.1m to €1.6m
of which Land and buildings: -€532,500
- Stocks and contracts +€147,980
up €147,980 (+10.9%), from €1.4m to €1.5m
- Cash +€81,301
up €81,301 (+93.5%), from €86,943 to €168,244
mainly Investment in fixed assets (net) (+€457,936) and Depreciation (+€70,868)
- Debts after one year -€296,029
down €296,029 (-9.6%), from €3.1m to €2.8m
of which Financial debts: -€228,604
- Tax, wage and social debts +€43,197
up €43,197 (+418.4%), from €10,325 to €53,521
of which Taxes: +€45,043
- Accrued charges and deferred income +€39,908
up €39,908 (+6515.2%), from €613 to €40,520
- Trade debts -€38,139
down €38,139 (-75.3%), from €50,646 to €12,507
- Gross operating margin +€59,668
up €59,668 (+28.1%), from €212,522 to €272,190
- Staff costs -€23,672
down €23,672 (-35.5%), from €66,707 to €43,035
- Financial charges +€22,654
up €22,654 (+36.2%), from €62,569 to €85,223
- Depreciation +€22,283
up €22,283 (+45.9%), from €48,585 to €70,868
- Financial income -€10,980
down €10,980 (-87.4%), from €12,561 to €1,581
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 | €3,776,974 | €3,501,936 | -€275,038 | -7.3% |
| Fixed assets | 21/28 | €2,112,976 | €1,584,172 | -€528,804 | -25.0% |
| Intangible fixed assets | 21 | €10,839 | €19,858 | +€9,019 | +83.2% |
| Tangible fixed assets | 22/27 | €2,101,648 | €1,564,234 | -€537,415 | -25.6% |
| Land and buildings | 22 | €2,077,159 | €1,544,659 | -€532,500 | -25.6% |
| Plant, machinery and equipment | 23 | €2,997 | €2,485 | -€512 | -17.1% |
| Furniture and vehicles | 24 | €14,408 | €13,246 | -€1,162 | -8.1% |
| Leasing and similar rights | 25 | €7,085 | €3,844 | -€3,240 | -45.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €489 | €80 | -€409 | -83.6% |
| Current assets | 29/58 | €1,663,998 | €1,917,765 | +€253,767 | +15.3% |
| Stocks and contracts in progress | 3 | €1,351,428 | €1,499,407 | +€147,980 | +10.9% |
| Stocks | 30/36 | €1,351,428 | €1,499,407 | +€147,980 | +10.9% |
| Amounts receivable within one year | 40/41 | €220,494 | €241,352 | +€20,858 | +9.5% |
| Trade receivables | 40 | €197,008 | €241,352 | +€44,344 | +22.5% |
| Other amounts receivable | 41 | €23,486 | €0 | -€23,486 | -100.0% |
| Cash at bank and in hand | 54/58 | €86,943 | €168,244 | +€81,301 | +93.5% |
| Deferred charges and accrued income | 490/1 | €5,134 | €8,762 | +€3,628 | +70.7% |
| Total equity and liabilities | 10/49 | €3,776,974 | €3,501,936 | -€275,038 | -7.3% |
| Equity | 10/15 | €340,436 | €365,370 | +€24,934 | +7.3% |
| Contributions | 10/11 | €646,100 | €646,100 | = | 0.0% |
| Revaluation surpluses | 12 | €57,953 | €46,928 | -€11,025 | -19.0% |
| Reserves | 13 | €3,257 | €3,257 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,257 | €3,257 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,257 | €3,257 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€366,874 | -€330,915 | +€35,959 | +9.8% |
| Amounts payable | 17/49 | €3,436,538 | €3,136,567 | -€299,972 | -8.7% |
| Amounts payable after more than one year | 17 | €3,072,414 | €2,776,385 | -€296,029 | -9.6% |
| Financial debts | 170/4 | €1,063,463 | €834,859 | -€228,604 | -21.5% |
| Other amounts payable | 178/9 | €2,008,951 | €1,941,526 | -€67,424 | -3.4% |
| Amounts payable within one year | 42/48 | €363,512 | €319,661 | -€43,851 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €106,153 | €78,632 | -€27,521 | -25.9% |
| Financial debts | 43 | €175,000 | €175,000 | = | 0.0% |
| Credit institutions | 430/8 | €175,000 | €175,000 | = | 0.0% |
| Trade debts | 44 | €50,646 | €12,507 | -€38,139 | -75.3% |
| Suppliers | 440/4 | €50,646 | €12,507 | -€38,139 | -75.3% |
| Advances received on contracts in progress | 46 | €970 | €0 | -€970 | -100.0% |
| Taxes, remuneration and social security | 45 | €10,325 | €53,521 | +€43,197 | +418.4% |
| Taxes | 450/3 | €3,803 | €48,846 | +€45,043 | +1184.3% |
| Remuneration and social security | 454/9 | €6,521 | €4,675 | -€1,846 | -28.3% |
| Other amounts payable | 47/48 | €20,418 | €0 | -€20,418 | -100.0% |
| Accrued charges and deferred income | 492/3 | €613 | €40,520 | +€39,908 | +6515.2% |
| Non-recurring operating income | 76A | €5,800 | €97,899 | +€92,099 | +1587.9% |
| Remuneration, social security and pensions | 62 | €66,707 | €43,035 | -€23,672 | -35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,585 | €70,868 | +€22,283 | +45.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,457 | €0 | -€3,457 | -100.0% |
| Other operating charges | 640/8 | €16,767 | €15,491 | -€1,276 | -7.6% |
| Non-recurring operating charges | 66A | - | €22,056 | +€22,056 | |
| Gross operating margin | 9900 | €212,522 | €272,190 | +€59,668 | +28.1% |
| Operating profit (loss) | 9901 | €77,006 | €120,739 | +€43,733 | +56.8% |
| Financial income | 75/76B | €12,561 | €1,581 | -€10,980 | -87.4% |
| Recurring financial income | 75 | €12,561 | €1,581 | -€10,980 | -87.4% |
| Financial charges | 65/66B | €62,569 | €85,223 | +€22,654 | +36.2% |
| Recurring financial charges | 65 | €62,569 | €85,223 | +€22,654 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | €26,998 | €37,097 | +€10,099 | +37.4% |
| Income taxes | 67/77 | €1,002 | €1,138 | +€136 | +13.6% |
| Profit (loss) for the period | 9904 | €25,996 | €35,959 | +€9,963 | +38.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,996 | €35,959 | +€9,963 | +38.3% |
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 3 October 2026 via checked.be.