MARCKELBACH: 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.
MARCKELBACH
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Tangible fixed assets -€41,016
down €41,016 (-2.9%), from €1.4m to €1.4m
of which Land and buildings: -€51,401
- Stocks and contracts -€28,650
down €28,650 (-6.8%), from €419,593 to €390,943
- Cash -€22,137
down €22,137 (-44.1%), from €50,230 to €28,092
mainly Current investments (-€200,000) and Investment in fixed assets (net) (-€49,997)
- Investment grants +€175,821
new in 2025: €175,821
- Debts after one year -€48,636
down €48,636 (-4.2%), from €1.2m to €1.1m
- Profit (loss) carried forward -€46,797
down €46,797 (-137.5%), from -€34,030 to -€80,827
- Trade debts +€22,482
up €22,482 (+19.4%), from €115,957 to €138,440
- Financial charges +€29,335
up €29,335 (+126.1%), from €23,261 to €52,596
- Gross operating margin +€24,339
up €24,339 (+38.4%), from €63,354 to €87,693
- Depreciation +€13,923
up €13,923 (+18.7%), from €74,635 to €88,558
- Financial income +€7,769
up €7,769 (+374.7%), from €2,073 to €9,842
- Other operating charges +€2,104
up €2,104 (+134.8%), from €1,561 to €3,666
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 | €1,932,288 | €2,043,431 | +€111,144 | +5.8% |
| Fixed assets | 21/28 | €1,423,286 | €1,384,725 | -€38,561 | -2.7% |
| Intangible fixed assets | 21 | - | €2,456 | +€2,456 | |
| Tangible fixed assets | 22/27 | €1,423,286 | €1,382,269 | -€41,016 | -2.9% |
| Land and buildings | 22 | €1,298,363 | €1,246,962 | -€51,401 | -4.0% |
| Plant, machinery and equipment | 23 | €124,923 | €135,307 | +€10,384 | +8.3% |
| Current assets | 29/58 | €509,002 | €658,706 | +€149,704 | +29.4% |
| Stocks and contracts in progress | 3 | €419,593 | €390,943 | -€28,650 | -6.8% |
| Stocks | 30/36 | €419,593 | €390,943 | -€28,650 | -6.8% |
| Amounts receivable within one year | 40/41 | €35,940 | €36,627 | +€687 | +1.9% |
| Trade receivables | 40 | €16,455 | €36,413 | +€19,958 | +121.3% |
| Other amounts receivable | 41 | €19,485 | €214 | -€19,271 | -98.9% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €50,230 | €28,092 | -€22,137 | -44.1% |
| Deferred charges and accrued income | 490/1 | €3,239 | €3,044 | -€195 | -6.0% |
| Total equity and liabilities | 10/49 | €1,932,288 | €2,043,431 | +€111,144 | +5.8% |
| Equity | 10/15 | €319,070 | €448,094 | +€129,024 | +40.4% |
| Contributions | 10/11 | €353,100 | €353,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,030 | -€80,827 | -€46,797 | -137.5% |
| Investment grants | 15 | - | €175,821 | +€175,821 | |
| Provisions and deferred taxes | 16 | - | €9,254 | +€9,254 | |
| Deferred taxes | 168 | - | €9,254 | +€9,254 | |
| Amounts payable | 17/49 | €1,613,218 | €1,586,084 | -€27,134 | -1.7% |
| Amounts payable after more than one year | 17 | €1,152,175 | €1,103,539 | -€48,636 | -4.2% |
| Financial debts | 170/4 | €1,152,175 | €1,103,539 | -€48,636 | -4.2% |
| Amounts payable within one year | 42/48 | €459,908 | €482,544 | +€22,636 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €46,516 | €48,636 | +€2,120 | +4.6% |
| Financial debts | 43 | €275,000 | €275,000 | = | 0.0% |
| Credit institutions | 430/8 | €275,000 | €275,000 | = | 0.0% |
| Trade debts | 44 | €115,957 | €138,440 | +€22,482 | +19.4% |
| Suppliers | 440/4 | €115,957 | €138,440 | +€22,482 | +19.4% |
| Other amounts payable | 47/48 | €22,435 | €20,469 | -€1,967 | -8.8% |
| Accrued charges and deferred income | 492/3 | €1,134 | €0 | -€1,134 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,635 | €88,558 | +€13,923 | +18.7% |
| Other operating charges | 640/8 | €1,561 | €3,666 | +€2,104 | +134.8% |
| Gross operating margin | 9900 | €63,354 | €87,693 | +€24,339 | +38.4% |
| Operating profit (loss) | 9901 | -€12,842 | -€4,530 | +€8,312 | +64.7% |
| Financial income | 75/76B | €2,073 | €9,842 | +€7,769 | +374.7% |
| Recurring financial income | 75 | €2,073 | €9,842 | +€7,769 | +374.7% |
| Financial charges | 65/66B | €23,261 | €52,596 | +€29,335 | +126.1% |
| Recurring financial charges | 65 | €23,261 | €52,596 | +€29,335 | +126.1% |
| Profit (loss) for the period before taxes | 9903 | -€34,030 | -€47,284 | -€13,254 | -38.9% |
| Transfer from deferred taxes | 780 | - | €487 | +€487 | |
| Profit (loss) for the period | 9904 | -€34,030 | -€46,797 | -€12,767 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,030 | -€46,797 | -€12,767 | -37.5% |
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 8 October 2026 via checked.be.