MARCO: 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.
MARCO
Largest movements
- Cash -€135,158
down €135,158 (-64.4%), from €209,989 to €74,831
mainly Other debts (-€99,393) and Trade debts (-€58,474)
- Stocks and contracts -€30,179
down €30,179 (-3.1%), from €975,387 to €945,208
- Tangible fixed assets -€25,109
down €25,109 (-15.7%), from €159,456 to €134,347
of which Plant, machinery and equipment: -€18,563
- Other debts -€99,393
down €99,393 (-95.9%), from €103,689 to €4,296
- Trade debts -€58,474
down €58,474 (-41.2%), from €141,801 to €83,327
- Profit (loss) carried forward -€21,115
down €21,115 (-2.5%), from €828,854 to €807,739
- Staff costs +€78,052
up €78,052 (+32.5%), from €239,873 to €317,924
- Taxes -€16,347
down €16,347 (-100.0%), from €16,347 to €0
- Other operating charges +€8,441
up €8,441 (+312.9%), from €2,698 to €11,139
- Financial charges -€7,277
down €7,277 (-70.8%), from €10,276 to €2,998
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 | €1,497,595 | €1,309,794 | -€187,801 | -12.5% |
| Fixed assets | 21/28 | €164,650 | €134,347 | -€30,303 | -18.4% |
| Tangible fixed assets | 22/27 | €159,456 | €134,347 | -€25,109 | -15.7% |
| Land and buildings | 22 | €11,880 | €9,544 | -€2,337 | -19.7% |
| Plant, machinery and equipment | 23 | €120,851 | €102,288 | -€18,563 | -15.4% |
| Furniture and vehicles | 24 | €26,725 | €22,515 | -€4,209 | -15.8% |
| Financial fixed assets | 28 | €5,194 | €0 | -€5,194 | -100.0% |
| Current assets | 29/58 | €1,332,945 | €1,175,447 | -€157,498 | -11.8% |
| Stocks and contracts in progress | 3 | €975,387 | €945,208 | -€30,179 | -3.1% |
| Stocks | 30/36 | €975,387 | €945,208 | -€30,179 | -3.1% |
| Amounts receivable within one year | 40/41 | €141,857 | €150,699 | +€8,842 | +6.2% |
| Trade receivables | 40 | €122,792 | €100,751 | -€22,041 | -17.9% |
| Other amounts receivable | 41 | €19,066 | €49,948 | +€30,883 | +162.0% |
| Current investments | 50/53 | €3,367 | €3,367 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €209,989 | €74,831 | -€135,158 | -64.4% |
| Deferred charges and accrued income | 490/1 | €2,345 | €1,342 | -€1,003 | -42.8% |
| Total equity and liabilities | 10/49 | €1,497,595 | €1,309,794 | -€187,801 | -12.5% |
| Equity | 10/15 | €1,205,363 | €1,184,248 | -€21,115 | -1.8% |
| Contributions | 10/11 | €186,000 | €186,000 | = | 0.0% |
| Capital | 10 | €186,000 | €186,000 | = | 0.0% |
| Issued capital | 100 | €186,000 | €186,000 | = | 0.0% |
| Reserves | 13 | €190,509 | €190,509 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,617 | €18,617 | = | 0.0% |
| Legal reserve | 130 | €18,617 | €18,617 | = | 0.0% |
| Distributable reserves | 133 | €171,892 | €171,892 | = | 0.0% |
| Profit (loss) carried forward | 14 | €828,854 | €807,739 | -€21,115 | -2.5% |
| Amounts payable | 17/49 | €292,231 | €125,546 | -€166,686 | -57.0% |
| Amounts payable within one year | 42/48 | €287,191 | €125,546 | -€161,646 | -56.3% |
| Trade debts | 44 | €141,801 | €83,327 | -€58,474 | -41.2% |
| Suppliers | 440/4 | €141,801 | €83,327 | -€58,474 | -41.2% |
| Taxes, remuneration and social security | 45 | €41,702 | €37,923 | -€3,778 | -9.1% |
| Taxes | 450/3 | €14,374 | €1,542 | -€12,832 | -89.3% |
| Remuneration and social security | 454/9 | €27,327 | €36,381 | +€9,053 | +33.1% |
| Other amounts payable | 47/48 | €103,689 | €4,296 | -€99,393 | -95.9% |
| Accrued charges and deferred income | 492/3 | €5,040 | €0 | -€5,040 | -100.0% |
| Remuneration, social security and pensions | 62 | €239,873 | €317,924 | +€78,052 | +32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,862 | €48,562 | +€700 | +1.5% |
| Other operating charges | 640/8 | €2,698 | €11,139 | +€8,441 | +312.9% |
| Gross operating margin | 9900 | €351,793 | €351,561 | -€232 | -0.1% |
| Operating profit (loss) | 9901 | €61,360 | -€26,064 | -€87,424 | |
| Financial income | 75/76B | €6,622 | €7,947 | +€1,325 | +20.0% |
| Recurring financial income | 75 | €6,622 | €7,947 | +€1,325 | +20.0% |
| Financial charges | 65/66B | €10,276 | €2,998 | -€7,277 | -70.8% |
| Recurring financial charges | 65 | €10,276 | €2,998 | -€7,277 | -70.8% |
| Profit (loss) for the period before taxes | 9903 | €57,706 | -€21,115 | -€78,821 | |
| Income taxes | 67/77 | €16,347 | €0 | -€16,347 | -100.0% |
| Profit (loss) for the period | 9904 | €41,360 | -€21,115 | -€62,474 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,360 | -€21,115 | -€62,474 |
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 5 October 2026 via checked.be.