MARCINO TARGET: what changed
MARCINO TARGET
Largest movements
- Cash +€71,581
up €71,581 (+34.4%), from €208,229 to €279,810
mainly Net result for the year (+€110,806) and Depreciation (+€20,445)
- Tangible fixed assets -€20,445
down €20,445 (-15.6%), from €130,938 to €110,493
of which Land and buildings: -€10,325
- Receivables within one year -€16,646
down €16,646 (-5.5%), from €304,913 to €288,266
of which Trade receivables: -€41,664
- Reserves +€110,000
up €110,000 (+12.0%), from €918,460 to €1.0m
of which Distributable reserves: +€124,460
- Tax, wage and social debts -€31,572
down €31,572 (-62.4%), from €50,604 to €19,032
of which Taxes: -€31,572
- Other debts -€26,809
down €26,809 (-100%), from €26,809 to €0
- Trade debts -€18,209
down €18,209 (-17.0%), from €106,824 to €88,615
- Gross operating margin -€31,959
down €31,959 (-14.1%), from €226,420 to €194,461
- Taxes -€5,545
down €5,545 (-9.0%), from €61,682 to €56,137
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,144,753 | €1,179,781 | +€35,028 | +3.1% |
| Fixed assets | 21/28 | €130,963 | €110,518 | -€20,445 | -15.6% |
| Tangible fixed assets | 22/27 | €130,938 | €110,493 | -€20,445 | -15.6% |
| Land and buildings | 22 | €115,829 | €105,505 | -€10,325 | -8.9% |
| Plant, machinery and equipment | 23 | €51 | €0 | -€51 | -100% |
| Furniture and vehicles | 24 | €15,058 | €4,989 | -€10,069 | -66.9% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €1,013,790 | €1,069,262 | +€55,473 | +5.5% |
| Amounts receivable within one year | 40/41 | €304,913 | €288,266 | -€16,646 | -5.5% |
| Trade receivables | 40 | €258,824 | €217,160 | -€41,664 | -16.1% |
| Other amounts receivable | 41 | €46,089 | €71,107 | +€25,018 | +54.3% |
| Current investments | 50/53 | €497,276 | €497,276 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €208,229 | €279,810 | +€71,581 | +34.4% |
| Deferred charges and accrued income | 490/1 | €3,372 | €3,910 | +€538 | +16.0% |
| Total equity and liabilities | 10/49 | €1,144,753 | €1,179,781 | +€35,028 | +3.1% |
| Equity | 10/15 | €960,516 | €1,071,322 | +€110,806 | +11.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €918,460 | €1,028,460 | +€110,000 | +12.0% |
| Non-distributable reserves | 130/1 | €14,460 | €0 | -€14,460 | -100% |
| Reserves not available under the articles | 1311 | €14,460 | €0 | -€14,460 | -100% |
| Distributable reserves | 133 | €904,000 | €1,028,460 | +€124,460 | +13.8% |
| Profit (loss) carried forward | 14 | €23,456 | €24,262 | +€806 | +3.4% |
| Amounts payable | 17/49 | €184,237 | €108,459 | -€75,779 | -41.1% |
| Amounts payable within one year | 42/48 | €184,237 | €107,647 | -€76,590 | -41.6% |
| Trade debts | 44 | €106,824 | €88,615 | -€18,209 | -17.0% |
| Suppliers | 440/4 | €106,824 | €88,615 | -€18,209 | -17.0% |
| Taxes, remuneration and social security | 45 | €50,604 | €19,032 | -€31,572 | -62.4% |
| Taxes | 450/3 | €50,604 | €19,032 | -€31,572 | -62.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €26,809 | €0 | -€26,809 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €812 | +€812 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,926 | €20,445 | -€481 | -2.3% |
| Other operating charges | 640/8 | €5,534 | €7,592 | +€2,058 | +37.2% |
| Gross operating margin | 9900 | €226,420 | €194,461 | -€31,959 | -14.1% |
| Operating profit (loss) | 9901 | €199,960 | €166,425 | -€33,535 | -16.8% |
| Financial income | 75/76B | €0 | €834 | +€834 | +2,779,367% |
| Recurring financial income | 75 | €0 | €834 | +€834 | +2,779,367% |
| Financial charges | 65/66B | €163 | €315 | +€153 | +94.1% |
| Recurring financial charges | 65 | €163 | €315 | +€153 | +94.1% |
| Profit (loss) for the period before taxes | 9903 | €199,797 | €166,943 | -€32,854 | -16.4% |
| Income taxes | 67/77 | €61,682 | €56,137 | -€5,545 | -9.0% |
| Profit (loss) for the period | 9904 | €138,116 | €110,806 | -€27,310 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €138,116 | €110,806 | -€27,310 | -19.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.