MARCEC: 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.
MARCEC
Largest movements
- Tangible fixed assets +€285,714
up €285,714 (+100%), from €284,298 to €570,011
of which Plant, machinery and equipment: +€319,173
- Receivables within one year -€192,907
down €192,907 (-41.2%), from €468,213 to €275,306
of which Trade receivables: -€192,907
- Cash +€62,818
up €62,818 (+183%), from €34,382 to €97,200
mainly Debts after one year (+€230,005) and Receivables within one year (+€192,907)
- Stocks and contracts -€44,026
down €44,026 (-39.4%), from €111,644 to €67,618
- Debts after one year +€230,005
up €230,005 (+211%), from €108,854 to €338,858
- Trade debts -€115,746
down €115,746 (-36.5%), from €317,008 to €201,262
- Other debts -€54,976
down €54,976 (-32.2%), from €170,778 to €115,802
- Current portion of long-term debt +€32,415
up €32,415 (+97.5%), from €33,250 to €65,665
- Short-term financial debts +€25,000
up €25,000 (+33.3%), from €75,000 to €100,000
- Taxes -€7,051
down €7,051, from €5,874 to -€1,177
- Financial charges +€7,030
up €7,030 (+86.1%), from €8,160 to €15,190
- Depreciation +€4,256
up €4,256 (+6.4%), from €66,190 to €70,445
- Gross operating margin -€3,510
down €3,510 (-3.7%), from €94,024 to €90,515
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 | €899,419 | €1,010,784 | +€111,365 | +12.4% |
| Fixed assets | 21/28 | €284,298 | €570,011 | +€285,714 | +100% |
| Tangible fixed assets | 22/27 | €284,298 | €570,011 | +€285,714 | +100% |
| Land and buildings | 22 | €169,500 | €155,000 | -€14,500 | -8.6% |
| Plant, machinery and equipment | 23 | €75,804 | €394,977 | +€319,173 | +421% |
| Furniture and vehicles | 24 | €38,994 | €20,035 | -€18,959 | -48.6% |
| Current assets | 29/58 | €615,121 | €440,772 | -€174,349 | -28.3% |
| Stocks and contracts in progress | 3 | €111,644 | €67,618 | -€44,026 | -39.4% |
| Stocks | 30/36 | €111,644 | €67,618 | -€44,026 | -39.4% |
| Amounts receivable within one year | 40/41 | €468,213 | €275,306 | -€192,907 | -41.2% |
| Trade receivables | 40 | €468,213 | €275,306 | -€192,907 | -41.2% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €34,382 | €97,200 | +€62,818 | +183% |
| Deferred charges and accrued income | 490/1 | €882 | €648 | -€235 | -26.6% |
| Total equity and liabilities | 10/49 | €899,419 | €1,010,784 | +€111,365 | +12.4% |
| Equity | 10/15 | €164,755 | €170,003 | +€5,249 | +3.2% |
| Contributions | 10/11 | €28,000 | €28,000 | = | 0.0% |
| Reserves | 13 | €117,411 | €117,411 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,800 | €2,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,800 | €2,800 | = | 0.0% |
| Distributable reserves | 133 | €114,611 | €114,611 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,343 | €24,592 | +€5,249 | +27.1% |
| Amounts payable | 17/49 | €734,664 | €840,780 | +€106,116 | +14.4% |
| Amounts payable after more than one year | 17 | €108,854 | €338,858 | +€230,005 | +211% |
| Financial debts | 170/4 | €108,854 | €338,858 | +€230,005 | +211% |
| Amounts payable within one year | 42/48 | €625,810 | €501,922 | -€123,888 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €33,250 | €65,665 | +€32,415 | +97.5% |
| Financial debts | 43 | €75,000 | €100,000 | +€25,000 | +33.3% |
| Credit institutions | 430/8 | €75,000 | €100,000 | +€25,000 | +33.3% |
| Trade debts | 44 | €317,008 | €201,262 | -€115,746 | -36.5% |
| Suppliers | 440/4 | €317,008 | €201,262 | -€115,746 | -36.5% |
| Taxes, remuneration and social security | 45 | €29,774 | €19,192 | -€10,581 | -35.5% |
| Remuneration and social security | 454/9 | €29,774 | €19,192 | -€10,581 | -35.5% |
| Other amounts payable | 47/48 | €170,778 | €115,802 | -€54,976 | -32.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,190 | €70,445 | +€4,256 | +6.4% |
| Other operating charges | 640/8 | €725 | €811 | +€86 | +11.8% |
| Gross operating margin | 9900 | €94,024 | €90,515 | -€3,510 | -3.7% |
| Operating profit (loss) | 9901 | €27,110 | €19,259 | -€7,851 | -29.0% |
| Financial income | 75/76B | €19 | €3 | -€16 | -85.5% |
| Recurring financial income | 75 | €19 | €3 | -€16 | -85.5% |
| Financial charges | 65/66B | €8,160 | €15,190 | +€7,030 | +86.1% |
| Recurring financial charges | 65 | €8,160 | €15,190 | +€7,030 | +86.1% |
| Profit (loss) for the period before taxes | 9903 | €18,968 | €4,072 | -€14,897 | -78.5% |
| Income taxes | 67/77 | €5,874 | -€1,177 | -€7,051 | |
| Profit (loss) for the period | 9904 | €13,094 | €5,249 | -€7,846 | -59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,094 | €5,249 | -€7,846 | -59.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.