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
- Tangible fixed assets +€13,596
up €13,596 (+57.1%), from €23,819 to €37,415
- Receivables within one year +€7,040
up €7,040 (+117%), from €6,000 to €13,040
of which Other amounts receivable: +€7,040
- Cash +€5,756
up €5,756 (+14.1%), from €40,921 to €46,677
mainly Tax, wage and social debts (+€17,455) and Trade debts (+€12,315)
- Tax, wage and social debts +€17,455
up €17,455 (+90.4%), from €19,303 to €36,758
of which Remuneration and social security: +€21,667
- Trade debts +€12,315
up €12,315 (+72.5%), from €16,975 to €29,290
- Debts after one year -€10,390
down €10,390 (-24.4%), from €42,536 to €32,146
- Profit (loss) carried forward +€9,272
up €9,272 (+8.7%), from -€106,178 to -€96,905
- Other debts -€2,879
down €2,879 (-16.0%), from €17,979 to €15,100
- Staff costs +€35,160
up €35,160 (+9.0%), from €392,214 to €427,375
- Gross operating margin +€8,238
up €8,238 (+1.9%), from €438,722 to €446,961
- Financial income -€6,134
no longer reported in 2025 (was €6,134)
of which Financial income: -€6,134
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 | €77,358 | €103,130 | +€25,772 | +33.3% |
| Fixed assets | 21/28 | €23,819 | €37,415 | +€13,596 | +57.1% |
| Tangible fixed assets | 22/27 | €23,819 | €37,415 | +€13,596 | +57.1% |
| Plant, machinery and equipment | 23 | €23,819 | €37,415 | +€13,596 | +57.1% |
| Current assets | 29/58 | €53,539 | €65,716 | +€12,177 | +22.7% |
| Stocks and contracts in progress | 3 | €3,872 | €3,254 | -€619 | -16.0% |
| Stocks | 30/36 | €3,872 | €3,254 | -€619 | -16.0% |
| Amounts receivable within one year | 40/41 | €6,000 | €13,040 | +€7,040 | +117% |
| Trade receivables | 40 | €6,000 | €6,000 | = | 0.0% |
| Other amounts receivable | 41 | - | €7,040 | +€7,040 | |
| Cash at bank and in hand | 54/58 | €40,921 | €46,677 | +€5,756 | +14.1% |
| Deferred charges and accrued income | 490/1 | €2,745 | €2,745 | = | 0.0% |
| Total equity and liabilities | 10/49 | €77,358 | €103,130 | +€25,772 | +33.3% |
| Equity | 10/15 | -€19,887 | -€10,615 | +€9,272 | +46.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €24,290 | €24,290 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €18,090 | €18,090 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,178 | -€96,905 | +€9,272 | +8.7% |
| Amounts payable | 17/49 | €97,245 | €113,745 | +€16,500 | +17.0% |
| Amounts payable after more than one year | 17 | €42,536 | €32,146 | -€10,390 | -24.4% |
| Financial debts | 170/4 | €42,536 | €32,146 | -€10,390 | -24.4% |
| Amounts payable within one year | 42/48 | €54,258 | €81,148 | +€26,890 | +49.6% |
| Trade debts | 44 | €16,975 | €29,290 | +€12,315 | +72.5% |
| Suppliers | 440/4 | €16,975 | €29,290 | +€12,315 | +72.5% |
| Taxes, remuneration and social security | 45 | €19,303 | €36,758 | +€17,455 | +90.4% |
| Taxes | 450/3 | €7,409 | €3,197 | -€4,212 | -56.8% |
| Remuneration and social security | 454/9 | €11,894 | €33,561 | +€21,667 | +182% |
| Other amounts payable | 47/48 | €17,979 | €15,100 | -€2,879 | -16.0% |
| Accrued charges and deferred income | 492/3 | €452 | €452 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €392,214 | €427,375 | +€35,160 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,361 | €9,294 | -€67 | -0.7% |
| Other operating charges | 640/8 | - | €50 | +€50 | |
| Non-recurring operating charges | 66A | €133 | - | -€133 | |
| Gross operating margin | 9900 | €438,722 | €446,961 | +€8,238 | +1.9% |
| Operating profit (loss) | 9901 | €37,013 | €10,242 | -€26,772 | -72.3% |
| Financial income | 75/76B | €6,134 | - | -€6,134 | |
| Recurring financial income | 75 | €6,134 | - | -€6,134 | |
| Non-recurring financial income | 76B | €6,134 | - | -€6,134 | |
| Financial charges | 65/66B | €229 | €969 | +€740 | +323% |
| Recurring financial charges | 65 | €229 | €969 | +€740 | +323% |
| Profit (loss) for the period before taxes | 9903 | €42,918 | €9,272 | -€33,646 | -78.4% |
| Profit (loss) for the period | 9904 | €42,918 | €9,272 | -€33,646 | -78.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,918 | €9,272 | -€33,646 | -78.4% |
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 22 October 2026 via checked.be.