MARCO: 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.
MARCO
Largest movements
- Cash +€159,166
up €159,166 (+87.1%), from €182,650 to €341,816
mainly Other debts (+€599,982) and Depreciation (+€87,168)
- Tangible fixed assets +€78,438
up €78,438 (+8.2%), from €958,544 to €1.0m
of which Land and buildings: +€140,000
- Receivables within one year +€75,060
up €75,060 (+45.5%), from €164,995 to €240,055
of which Trade receivables: +€54,024
- Other debts +€599,982
up €599,982 (+299%), from €200,997 to €800,979
- Debts after one year -€238,580
down €238,580 (-18.6%), from €1.3m to €1.0m
- Short-term financial debts -€125,000
down €125,000 (-20.2%), from €620,000 to €495,000
- Staff costs +€48,639
up €48,639 (+7.7%), from €631,024 to €679,662
- Gross operating margin +€26,659
up €26,659 (+3.2%), from €838,397 to €865,056
- Financial charges -€23,173
down €23,173 (-20.1%), from €115,483 to €92,311
of which Financial charges: -€23,124
- Depreciation +€21,192
up €21,192 (+32.1%), from €65,976 to €87,168
- Other operating charges -€14,562
down €14,562 (-35.5%), from €41,075 to €26,513
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 | €5,282,427 | €5,567,204 | +€284,776 | +5.4% |
| Fixed assets | 21/28 | €3,508,567 | €3,587,005 | +€78,438 | +2.2% |
| Tangible fixed assets | 22/27 | €958,544 | €1,036,983 | +€78,438 | +8.2% |
| Land and buildings | 22 | €671,295 | €811,295 | +€140,000 | +20.9% |
| Plant, machinery and equipment | 23 | €63,494 | €50,192 | -€13,302 | -20.9% |
| Furniture and vehicles | 24 | €33,593 | €27,424 | -€6,169 | -18.4% |
| Leasing and similar rights | 25 | €190,162 | €148,071 | -€42,091 | -22.1% |
| Financial fixed assets | 28 | €2,550,022 | €2,550,022 | = | 0.0% |
| Current assets | 29/58 | €1,773,860 | €1,980,199 | +€206,338 | +11.6% |
| Stocks and contracts in progress | 3 | €1,419,227 | €1,398,115 | -€21,112 | -1.5% |
| Stocks | 30/36 | €1,419,227 | €1,398,115 | -€21,112 | -1.5% |
| Amounts receivable within one year | 40/41 | €164,995 | €240,055 | +€75,060 | +45.5% |
| Trade receivables | 40 | €148,626 | €202,650 | +€54,024 | +36.3% |
| Other amounts receivable | 41 | €16,369 | €37,406 | +€21,037 | +129% |
| Cash at bank and in hand | 54/58 | €182,650 | €341,816 | +€159,166 | +87.1% |
| Deferred charges and accrued income | 490/1 | €6,988 | €212 | -€6,775 | -97.0% |
| Total equity and liabilities | 10/49 | €5,282,427 | €5,567,204 | +€284,776 | +5.4% |
| Equity | 10/15 | €2,355,708 | €2,346,983 | -€8,725 | -0.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €2,171,500 | €2,171,500 | = | 0.0% |
| Distributable reserves | 133 | €2,171,500 | €2,171,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €165,208 | €156,483 | -€8,725 | -5.3% |
| Amounts payable | 17/49 | €2,926,719 | €3,220,221 | +€293,502 | +10.0% |
| Amounts payable after more than one year | 17 | €1,285,529 | €1,046,950 | -€238,580 | -18.6% |
| Financial debts | 170/4 | €1,285,529 | €1,046,950 | -€238,580 | -18.6% |
| Amounts payable within one year | 42/48 | €1,641,190 | €2,172,590 | +€531,400 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | €298,885 | €301,265 | +€2,380 | +0.8% |
| Financial debts | 43 | €620,000 | €495,000 | -€125,000 | -20.2% |
| Credit institutions | 430/8 | €620,000 | €495,000 | -€125,000 | -20.2% |
| Trade debts | 44 | €405,786 | €451,727 | +€45,941 | +11.3% |
| Suppliers | 440/4 | €405,786 | €451,727 | +€45,941 | +11.3% |
| Taxes, remuneration and social security | 45 | €115,522 | €123,620 | +€8,098 | +7.0% |
| Taxes | 450/3 | €37,348 | €42,857 | +€5,508 | +14.7% |
| Remuneration and social security | 454/9 | €78,174 | €80,763 | +€2,589 | +3.3% |
| Other amounts payable | 47/48 | €200,997 | €800,979 | +€599,982 | +299% |
| Accrued charges and deferred income | 492/3 | - | €681 | +€681 | |
| Non-recurring operating income | 76A | €6,905 | €4,654 | -€2,251 | -32.6% |
| Remuneration, social security and pensions | 62 | €631,024 | €679,662 | +€48,639 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,976 | €87,168 | +€21,192 | +32.1% |
| Other operating charges | 640/8 | €41,075 | €26,513 | -€14,562 | -35.5% |
| Non-recurring operating charges | 66A | €500 | €3,315 | +€2,815 | +563% |
| Gross operating margin | 9900 | €838,397 | €865,056 | +€26,659 | +3.2% |
| Operating profit (loss) | 9901 | €99,822 | €68,397 | -€31,425 | -31.5% |
| Financial income | 75/76B | €27,822 | €18,995 | -€8,826 | -31.7% |
| Recurring financial income | 75 | €27,822 | €18,995 | -€8,826 | -31.7% |
| Financial charges | 65/66B | €115,483 | €92,311 | -€23,173 | -20.1% |
| Recurring financial charges | 65 | €115,435 | €92,311 | -€23,124 | -20.0% |
| Non-recurring financial charges | 66B | €49 | - | -€49 | |
| Profit (loss) for the period before taxes | 9903 | €12,161 | -€4,918 | -€17,079 | |
| Income taxes | 67/77 | €10,038 | €3,807 | -€6,231 | -62.1% |
| Profit (loss) for the period | 9904 | €2,123 | -€8,725 | -€10,848 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,123 | -€8,725 | -€10,848 |
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 14 October 2026 via checked.be.