MARCAN: 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.
MARCAN
Largest movements
- Tangible fixed assets +€109,312
up €109,312 (+15.7%), from €696,283 to €805,595
of which Assets under construction and advance payments: +€121,846
- Debts after one year +€151,335
up €151,335 (+127.2%), from €118,940 to €270,275
of which Financial debts: +€128,835
- Profit (loss) carried forward -€17,811
down €17,811 (-82.0%), from -€21,720 to -€39,531
- Reserves -€15,413
down €15,413 (-7.0%), from €219,072 to €203,659
of which Tax-exempt reserves: -€15,413
- Depreciation +€8,451
up €8,451 (+20.2%), from €41,896 to €50,346
- Gross operating margin -€662
down €662 (-4.2%), from €15,603 to €14,941
- Other operating charges -€529
down €529 (-23.0%), from €2,300 to €1,771
- Financial charges +€496
up €496 (+72.0%), from €689 to €1,185
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 | €697,039 | €809,485 | +€112,446 | +16.1% |
| Fixed assets | 21/28 | €696,283 | €805,595 | +€109,312 | +15.7% |
| Tangible fixed assets | 22/27 | €696,283 | €805,595 | +€109,312 | +15.7% |
| Land and buildings | 22 | €629,160 | €616,625 | -€12,534 | -2.0% |
| Other tangible fixed assets | 26 | €67,124 | €67,124 | = | 0.0% |
| Assets under construction and advance payments | 27 | - | €121,846 | +€121,846 | |
| Current assets | 29/58 | €756 | €3,890 | +€3,134 | +414.8% |
| Amounts receivable within one year | 40/41 | - | €1,705 | +€1,705 | |
| Trade receivables | 40 | - | €1,705 | +€1,705 | |
| Cash at bank and in hand | 54/58 | €18 | €1,407 | +€1,389 | +7611.0% |
| Deferred charges and accrued income | 490/1 | €737 | €778 | +€40 | +5.5% |
| Total equity and liabilities | 10/49 | €697,039 | €809,485 | +€112,446 | +16.1% |
| Equity | 10/15 | €447,352 | €414,128 | -€33,224 | -7.4% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €219,072 | €203,659 | -€15,413 | -7.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Legal reserve | 130 | €100 | €100 | = | 0.0% |
| Tax-exempt reserves | 132 | €218,972 | €203,559 | -€15,413 | -7.0% |
| Profit (loss) carried forward | 14 | -€21,720 | -€39,531 | -€17,811 | -82.0% |
| Provisions and deferred taxes | 16 | €72,991 | €67,853 | -€5,138 | -7.0% |
| Deferred taxes | 168 | €72,991 | €67,853 | -€5,138 | -7.0% |
| Amounts payable | 17/49 | €176,696 | €327,504 | +€150,808 | +85.3% |
| Amounts payable after more than one year | 17 | €118,940 | €270,275 | +€151,335 | +127.2% |
| Financial debts | 170/4 | - | €128,835 | +€128,835 | |
| Other amounts payable | 178/9 | €118,940 | €141,440 | +€22,500 | +18.9% |
| Amounts payable within one year | 42/48 | €56,646 | €55,627 | -€1,018 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €16,032 | €9,270 | -€6,762 | -42.2% |
| Trade debts | 44 | €217 | €285 | +€68 | +31.6% |
| Suppliers | 440/4 | €217 | €285 | +€68 | +31.6% |
| Other amounts payable | 47/48 | €40,397 | €46,072 | +€5,675 | +14.0% |
| Accrued charges and deferred income | 492/3 | €1,111 | €1,602 | +€491 | +44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,896 | €50,346 | +€8,451 | +20.2% |
| Other operating charges | 640/8 | €2,300 | €1,771 | -€529 | -23.0% |
| Gross operating margin | 9900 | €15,603 | €14,941 | -€662 | -4.2% |
| Operating profit (loss) | 9901 | -€28,593 | -€37,177 | -€8,584 | -30.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €689 | €1,185 | +€496 | +72.0% |
| Recurring financial charges | 65 | €689 | €1,185 | +€496 | +72.0% |
| Profit (loss) for the period before taxes | 9903 | -€29,282 | -€38,362 | -€9,080 | -31.0% |
| Transfer from deferred taxes | 780 | €5,138 | €5,138 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€24,144 | -€33,224 | -€9,080 | -37.6% |
| Transfer from tax-exempt reserves | 789 | €15,413 | €15,413 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,731 | -€17,811 | -€9,080 | -104.0% |
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 6 October 2026 via checked.be.