MARCANTIQUE: 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.
MARCANTIQUE
Largest movements
- Tangible fixed assets +€119,343
up €119,343 (+88.6%), from €134,640 to €253,983
of which Other tangible fixed assets: +€135,245
- Stocks and contracts +€70,917
up €70,917 (+288%), from €24,658 to €95,575
- Receivables within one year +€11,206
up €11,206 (+32.4%), from €34,609 to €45,815
of which Trade receivables: +€26,115
- Cash +€5,366
up €5,366 (+31,565%), from €17 to €5,383
mainly Net result for the year (+€80,762) and Debts after one year (+€60,394)
- Reserves +€70,000
up €70,000 (+105%), from €66,560 to €136,560
of which Distributable reserves: +€70,000
- Debts after one year +€60,394
up €60,394 (+85.2%), from €70,888 to €131,282
- Trade debts +€36,986
up €36,986 (+2,821%), from €1,311 to €38,297
- Current portion of long-term debt +€20,762
up €20,762 (+160%), from €12,988 to €33,750
- Profit (loss) carried forward +€10,762
new in 2025: €10,762
- Turnover +€214,706
up €214,706 (+67.6%), from €317,470 to €532,176
- Purchases and services +€184,934
up €184,934 (+222%), from €83,188 to €268,122
- Gross operating margin +€132,998
up €132,998 (+101%), from €131,056 to €264,054
- Staff costs +€66,876
up €66,876 (+778%), from €8,596 to €75,472
- Depreciation +€21,688
up €21,688 (+124%), from €17,443 to €39,131
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 | €193,924 | €402,365 | +€208,441 | +107% |
| Fixed assets | 21/28 | €134,640 | €255,333 | +€120,693 | +89.6% |
| Tangible fixed assets | 22/27 | €134,640 | €253,983 | +€119,343 | +88.6% |
| Plant, machinery and equipment | 23 | €13,312 | €14,783 | +€1,471 | +11.1% |
| Furniture and vehicles | 24 | €121,328 | €103,955 | -€17,373 | -14.3% |
| Other tangible fixed assets | 26 | - | €135,245 | +€135,245 | |
| Financial fixed assets | 28 | - | €1,350 | +€1,350 | |
| Current assets | 29/58 | €59,284 | €147,032 | +€87,748 | +148% |
| Stocks and contracts in progress | 3 | €24,658 | €95,575 | +€70,917 | +288% |
| Stocks | 30/36 | €24,658 | €95,575 | +€70,917 | +288% |
| Amounts receivable within one year | 40/41 | €34,609 | €45,815 | +€11,206 | +32.4% |
| Trade receivables | 40 | €15,963 | €42,078 | +€26,115 | +164% |
| Other amounts receivable | 41 | €18,646 | €3,737 | -€14,909 | -80.0% |
| Cash at bank and in hand | 54/58 | €17 | €5,383 | +€5,366 | +31,565% |
| Deferred charges and accrued income | 490/1 | - | €259 | +€259 | |
| Total equity and liabilities | 10/49 | €193,924 | €402,365 | +€208,441 | +107% |
| Equity | 10/15 | €71,560 | €152,322 | +€80,762 | +113% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €66,560 | €136,560 | +€70,000 | +105% |
| Non-distributable reserves | 130/1 | €3,328 | €3,328 | = | 0.0% |
| Other | 1319 | €3,328 | €3,328 | = | 0.0% |
| Distributable reserves | 133 | €63,232 | €133,232 | +€70,000 | +111% |
| Profit (loss) carried forward | 14 | - | €10,762 | +€10,762 | |
| Amounts payable | 17/49 | €122,364 | €250,043 | +€127,679 | +104% |
| Amounts payable after more than one year | 17 | €70,888 | €131,282 | +€60,394 | +85.2% |
| Financial debts | 170/4 | €70,888 | €131,282 | +€60,394 | +85.2% |
| Amounts payable within one year | 42/48 | €50,635 | €114,059 | +€63,424 | +125% |
| Current portion of amounts payable after more than one year | 42 | €12,988 | €33,750 | +€20,762 | +160% |
| Trade debts | 44 | €1,311 | €38,297 | +€36,986 | +2,821% |
| Suppliers | 440/4 | €1,311 | €38,297 | +€36,986 | +2,821% |
| Taxes, remuneration and social security | 45 | €32,743 | €42,012 | +€9,269 | +28.3% |
| Taxes | 450/3 | €32,743 | €35,848 | +€3,105 | +9.5% |
| Remuneration and social security | 454/9 | - | €6,164 | +€6,164 | |
| Other amounts payable | 47/48 | €3,593 | - | -€3,593 | |
| Accrued charges and deferred income | 492/3 | €841 | €4,702 | +€3,861 | +459% |
| Turnover | 70 | €317,470 | €532,176 | +€214,706 | +67.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €83,188 | €268,122 | +€184,934 | +222% |
| Remuneration, social security and pensions | 62 | €8,596 | €75,472 | +€66,876 | +778% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,443 | €39,131 | +€21,688 | +124% |
| Other operating charges | 640/8 | €3,701 | €7,639 | +€3,938 | +106% |
| Gross operating margin | 9900 | €131,056 | €264,054 | +€132,998 | +101% |
| Operating profit (loss) | 9901 | €101,316 | €141,812 | +€40,496 | +40.0% |
| Financial income | 75/76B | €416 | €36 | -€380 | -91.3% |
| Recurring financial income | 75 | €416 | €36 | -€380 | -91.3% |
| Financial charges | 65/66B | €2,430 | €9,237 | +€6,807 | +280% |
| Recurring financial charges | 65 | €2,430 | €9,237 | +€6,807 | +280% |
| Profit (loss) for the period before taxes | 9903 | €99,302 | €132,611 | +€33,309 | +33.5% |
| Income taxes | 67/77 | €32,742 | €51,849 | +€19,107 | +58.4% |
| Profit (loss) for the period | 9904 | €66,560 | €80,762 | +€14,202 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,560 | €80,762 | +€14,202 | +21.3% |
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 13 October 2026 via checked.be.