MARCANDO: 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.
MARCANDO
Largest movements
- Intangible fixed assets +€280,769
up €280,769 (+54.8%), from €512,355 to €793,124
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Receivables within one year +€66,054
up €66,054 (+53.9%), from €122,508 to €188,562
- Cash -€31,378
down €31,378 (-44.0%), from €71,344 to €39,966
mainly Investment in fixed assets (net) (-€336,551) and Receivables within one year (-€66,054)
- Debts after one year +€167,235
up €167,235 (+29.4%), from €568,115 to €735,351
- Current portion of long-term debt +€49,343
up €49,343 (+154.8%), from €31,885 to €81,227
- Profit (loss) carried forward -€17,890
down €17,890 (-2.3%), from -€788,243 to -€806,133
- Tax, wage and social debts +€11,070
up €11,070 (+13.0%), from €85,092 to €96,162
of which Taxes: +€18,581
- Gross operating margin +€195,836
up €195,836 (+58.1%), from €337,200 to €533,036
- Staff costs -€84,530
down €84,530 (-15.6%), from €541,899 to €457,369
- Depreciation +€28,930
up €28,930 (+98.6%), from €29,337 to €58,267
- Financial charges +€10,629
up €10,629 (+50.1%), from €21,196 to €31,825
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 | €826,667 | €1,037,174 | +€210,508 | +25.5% |
| Fixed assets | 21/28 | €523,947 | €802,231 | +€278,284 | +53.1% |
| Intangible fixed assets | 21 | €512,355 | €793,124 | +€280,769 | +54.8% |
| Tangible fixed assets | 22/27 | €11,592 | €8,897 | -€2,695 | -23.2% |
| Furniture and vehicles | 24 | €11,592 | €8,897 | -€2,695 | -23.2% |
| Financial fixed assets | 28 | - | €210 | +€210 | |
| Current assets | 29/58 | €302,720 | €234,944 | -€67,776 | -22.4% |
| Amounts receivable within one year | 40/41 | €122,508 | €188,562 | +€66,054 | +53.9% |
| Trade receivables | 40 | €122,508 | €188,562 | +€66,054 | +53.9% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €71,344 | €39,966 | -€31,378 | -44.0% |
| Deferred charges and accrued income | 490/1 | €8,868 | €6,415 | -€2,452 | -27.7% |
| Total equity and liabilities | 10/49 | €826,667 | €1,037,174 | +€210,508 | +25.5% |
| Equity | 10/15 | €27,444 | €9,554 | -€17,890 | -65.2% |
| Contributions | 10/11 | €805,624 | €805,624 | = | 0.0% |
| Reserves | 13 | €10,063 | €10,063 | = | 0.0% |
| Distributable reserves | 133 | €10,063 | €10,063 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€788,243 | -€806,133 | -€17,890 | -2.3% |
| Amounts payable | 17/49 | €799,223 | €1,027,620 | +€228,397 | +28.6% |
| Amounts payable after more than one year | 17 | €568,115 | €735,351 | +€167,235 | +29.4% |
| Financial debts | 170/4 | €568,115 | €735,351 | +€167,235 | +29.4% |
| Amounts payable within one year | 42/48 | €231,108 | €292,270 | +€61,162 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €31,885 | €81,227 | +€49,343 | +154.8% |
| Trade debts | 44 | €114,131 | €114,880 | +€750 | +0.7% |
| Suppliers | 440/4 | €114,131 | €114,880 | +€750 | +0.7% |
| Taxes, remuneration and social security | 45 | €85,092 | €96,162 | +€11,070 | +13.0% |
| Taxes | 450/3 | €4,189 | €22,771 | +€18,581 | +443.5% |
| Remuneration and social security | 454/9 | €80,903 | €73,392 | -€7,511 | -9.3% |
| Non-recurring operating income | 76A | - | €5,920 | +€5,920 | |
| Remuneration, social security and pensions | 62 | €541,899 | €457,369 | -€84,530 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,337 | €58,267 | +€28,930 | +98.6% |
| Other operating charges | 640/8 | €594 | €612 | +€17 | +2.9% |
| Non-recurring operating charges | 66A | €643 | €3,222 | +€2,579 | +400.8% |
| Gross operating margin | 9900 | €337,200 | €533,036 | +€195,836 | +58.1% |
| Operating profit (loss) | 9901 | -€235,273 | €13,567 | +€248,840 | |
| Financial income | 75/76B | €371 | €523 | +€152 | +41.1% |
| Recurring financial income | 75 | €371 | €523 | +€152 | +41.1% |
| Financial charges | 65/66B | €21,196 | €31,825 | +€10,629 | +50.1% |
| Recurring financial charges | 65 | €21,196 | €31,825 | +€10,629 | +50.1% |
| Profit (loss) for the period before taxes | 9903 | -€256,098 | -€17,735 | +€238,363 | +93.1% |
| Income taxes | 67/77 | €635 | €155 | -€480 | -75.6% |
| Profit (loss) for the period | 9904 | -€256,733 | -€17,890 | +€238,843 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€256,733 | -€17,890 | +€238,843 | +93.0% |
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 5 October 2026 via checked.be.