Marcaro: 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.
Marcaro
Largest movements
- Receivables within one year +€181,442
up €181,442 (+212.0%), from €85,599 to €267,040
of which Trade receivables: +€186,092
- Tangible fixed assets +€77,727
up €77,727 (+18.8%), from €412,660 to €490,387
of which Other tangible fixed assets: +€44,867
- Cash +€25,902
up €25,902 (+321.5%), from €8,057 to €33,959
mainly Other debts (+€201,795) and Trade debts (+€131,619)
- Other debts +€201,795
up €201,795 (+27.0%), from €748,259 to €950,054
- Trade debts +€131,619
up €131,619 (+274.8%), from €47,905 to €179,524
- Profit (loss) carried forward -€51,417
down €51,417 (-16.6%), from -€310,065 to -€361,482
- Gross operating margin +€167,641
up €167,641, from -€49,795 to €117,845
- Staff costs +€71,671
up €71,671 (+1117.5%), from €6,414 to €78,084
- Depreciation +€31,210
up €31,210 (+54.0%), from €57,757 to €88,967
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 | €507,378 | €792,511 | +€285,133 | +56.2% |
| Fixed assets | 21/28 | €412,660 | €490,387 | +€77,727 | +18.8% |
| Tangible fixed assets | 22/27 | €412,660 | €490,387 | +€77,727 | +18.8% |
| Plant, machinery and equipment | 23 | €109,157 | €146,287 | +€37,130 | +34.0% |
| Furniture and vehicles | 24 | €30,380 | €26,110 | -€4,270 | -14.1% |
| Other tangible fixed assets | 26 | €273,124 | €317,991 | +€44,867 | +16.4% |
| Current assets | 29/58 | €94,717 | €302,123 | +€207,406 | +219.0% |
| Amounts receivable within one year | 40/41 | €85,599 | €267,040 | +€181,442 | +212.0% |
| Trade receivables | 40 | €7,332 | €193,424 | +€186,092 | +2537.9% |
| Other amounts receivable | 41 | €78,266 | €73,616 | -€4,650 | -5.9% |
| Cash at bank and in hand | 54/58 | €8,057 | €33,959 | +€25,902 | +321.5% |
| Deferred charges and accrued income | 490/1 | €1,062 | €1,124 | +€62 | +5.8% |
| Total equity and liabilities | 10/49 | €507,378 | €792,511 | +€285,133 | +56.2% |
| Equity | 10/15 | -€291,465 | -€342,882 | -€51,417 | -17.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€310,065 | -€361,482 | -€51,417 | -16.6% |
| Amounts payable | 17/49 | €798,843 | €1,135,393 | +€336,550 | +42.1% |
| Amounts payable within one year | 42/48 | €798,843 | €1,135,293 | +€336,450 | +42.1% |
| Trade debts | 44 | €47,905 | €179,524 | +€131,619 | +274.8% |
| Suppliers | 440/4 | €47,905 | €179,524 | +€131,619 | +274.8% |
| Taxes, remuneration and social security | 45 | €2,679 | €5,715 | +€3,036 | +113.3% |
| Taxes | 450/3 | €367 | €348 | -€19 | -5.2% |
| Remuneration and social security | 454/9 | €2,312 | €5,366 | +€3,055 | +132.2% |
| Other amounts payable | 47/48 | €748,259 | €950,054 | +€201,795 | +27.0% |
| Accrued charges and deferred income | 492/3 | - | €100 | +€100 | |
| Remuneration, social security and pensions | 62 | €6,414 | €78,084 | +€71,671 | +1117.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,757 | €88,967 | +€31,210 | +54.0% |
| Other operating charges | 640/8 | €93 | €1,136 | +€1,044 | +1127.0% |
| Gross operating margin | 9900 | -€49,795 | €117,845 | +€167,641 | |
| Operating profit (loss) | 9901 | -€114,059 | -€50,342 | +€63,717 | +55.9% |
| Financial income | 75/76B | €17 | €256 | +€238 | +1369.5% |
| Recurring financial income | 75 | €17 | €256 | +€238 | +1369.5% |
| Financial charges | 65/66B | €1,278 | €1,331 | +€52 | +4.1% |
| Recurring financial charges | 65 | €1,278 | €1,331 | +€52 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | -€115,320 | -€51,417 | +€63,902 | +55.4% |
| Profit (loss) for the period | 9904 | -€115,320 | -€51,417 | +€63,902 | +55.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€115,320 | -€51,417 | +€63,902 | +55.4% |
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 9 October 2026 via checked.be.