MARCAN: 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.
MARCAN
Largest movements
- Cash +€256,948
up €256,948 (+75.7%), from €339,592 to €596,540
mainly Net result for the year (+€329,751) and Other debts (+€293,091)
- Receivables within one year +€202,907
up €202,907 (+9.8%), from €2.1m to €2.3m
of which Trade receivables: +€169,312
- Tangible fixed assets -€30,067
down €30,067 (-18.4%), from €163,809 to €133,743
of which Furniture and vehicles: -€27,392
- Other debts +€293,091
up €293,091 (+41.8%), from €701,425 to €994,516
- Reserves +€107,751
up €107,751 (+10.1%), from €1.1m to €1.2m
of which Distributable reserves: +€107,751
- Gross operating margin +€35,023
up €35,023 (+4.0%), from €885,593 to €920,615
- Staff costs +€24,524
up €24,524 (+6.9%), from €356,697 to €381,221
- Depreciation -€9,405
down €9,405 (-22.3%), from €42,140 to €32,735
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 | €2,566,452 | €2,998,434 | +€431,982 | +16.8% |
| Fixed assets | 21/28 | €163,809 | €133,743 | -€30,067 | -18.4% |
| Tangible fixed assets | 22/27 | €163,809 | €133,743 | -€30,067 | -18.4% |
| Land and buildings | 22 | €5,766 | €3,091 | -€2,675 | -46.4% |
| Furniture and vehicles | 24 | €158,043 | €130,651 | -€27,392 | -17.3% |
| Current assets | 29/58 | €2,402,642 | €2,864,691 | +€462,049 | +19.2% |
| Amounts receivable within one year | 40/41 | €2,063,050 | €2,265,957 | +€202,907 | +9.8% |
| Trade receivables | 40 | €901,837 | €1,071,149 | +€169,312 | +18.8% |
| Other amounts receivable | 41 | €1,161,213 | €1,194,808 | +€33,595 | +2.9% |
| Cash at bank and in hand | 54/58 | €339,592 | €596,540 | +€256,948 | +75.7% |
| Deferred charges and accrued income | 490/1 | - | €2,194 | +€2,194 | |
| Total equity and liabilities | 10/49 | €2,566,452 | €2,998,434 | +€431,982 | +16.8% |
| Equity | 10/15 | €1,622,104 | €1,729,855 | +€107,751 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,070,095 | €1,177,846 | +€107,751 | +10.1% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,051,345 | €1,159,096 | +€107,751 | +10.2% |
| Profit (loss) carried forward | 14 | €533,409 | €533,409 | = | 0.0% |
| Amounts payable | 17/49 | €944,348 | €1,268,579 | +€324,231 | +34.3% |
| Amounts payable within one year | 42/48 | €944,348 | €1,266,779 | +€322,431 | +34.1% |
| Financial debts | 43 | €53,705 | €45,705 | -€8,000 | -14.9% |
| Credit institutions | 430/8 | €53,705 | €45,705 | -€8,000 | -14.9% |
| Trade debts | 44 | €2,408 | €14,250 | +€11,842 | +492% |
| Suppliers | 440/4 | €2,408 | €14,250 | +€11,842 | +492% |
| Taxes, remuneration and social security | 45 | €186,810 | €212,309 | +€25,499 | +13.6% |
| Taxes | 450/3 | €114,983 | €110,379 | -€4,604 | -4.0% |
| Remuneration and social security | 454/9 | €71,828 | €101,930 | +€30,103 | +41.9% |
| Other amounts payable | 47/48 | €701,425 | €994,516 | +€293,091 | +41.8% |
| Accrued charges and deferred income | 492/3 | - | €1,800 | +€1,800 | |
| Remuneration, social security and pensions | 62 | €356,697 | €381,221 | +€24,524 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,140 | €32,735 | -€9,405 | -22.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,650 | - | -€2,650 | |
| Other operating charges | 640/8 | €2,990 | €1,118 | -€1,871 | -62.6% |
| Gross operating margin | 9900 | €885,593 | €920,615 | +€35,023 | +4.0% |
| Operating profit (loss) | 9901 | €481,116 | €505,542 | +€24,426 | +5.1% |
| Financial income | 75/76B | €36,362 | €35,814 | -€548 | -1.5% |
| Recurring financial income | 75 | €36,362 | €35,814 | -€548 | -1.5% |
| Financial charges | 65/66B | €53,769 | €53,298 | -€471 | -0.9% |
| Recurring financial charges | 65 | €53,769 | €53,298 | -€471 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €463,709 | €488,058 | +€24,348 | +5.3% |
| Income taxes | 67/77 | €150,143 | €158,307 | +€8,163 | +5.4% |
| Profit (loss) for the period | 9904 | €313,566 | €329,751 | +€16,185 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €313,566 | €329,751 | +€16,185 | +5.2% |
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 18 October 2026 via checked.be.