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 +€710,850
up €710,850 (+96.9%), from €733,879 to €1.4m
- Current investments -€536,699
down €536,699 (-55.7%), from €963,123 to €426,424
- Receivables after one year -€100,000
down €100,000 (-100%), from €100,000 to €0
- Stocks and contracts -€53,698
down €53,698 (-9.3%), from €579,813 to €526,116
- Receivables within one year -€36,127
down €36,127 (-21.9%), from €165,242 to €129,115
of which Other amounts receivable: -€87,412
- Reserves +€551,000
up €551,000 (+39.5%), from €1.4m to €1.9m
of which Distributable reserves: +€551,000
- Other debts -€300,759
down €300,759 (-99.5%), from €302,386 to €1,627
- Trade debts -€218,966
down €218,966 (-23.1%), from €949,004 to €730,038
- Tax, wage and social debts -€56,880
down €56,880 (-38.0%), from €149,867 to €92,987
of which Taxes: -€47,390
- Gross operating margin -€140,283
down €140,283 (-8.3%), from €1.7m to €1.5m
- Depreciation +€126,038
up €126,038 (+185%), from €68,309 to €194,348
- Taxes -€43,613
down €43,613 (-16.0%), from €272,092 to €228,479
- Staff costs -€40,351
down €40,351 (-6.6%), from €609,700 to €569,349
- Other operating charges -€25,619
down €25,619 (-78.4%), from €32,664 to €7,046
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 | €2,953,200 | €2,907,159 | -€46,041 | -1.6% |
| Fixed assets | 21/28 | €741,275 | €1,452,125 | +€710,850 | +95.9% |
| Tangible fixed assets | 22/27 | €733,879 | €1,444,730 | +€710,850 | +96.9% |
| Plant, machinery and equipment | 23 | €482,965 | €682,950 | +€199,984 | +41.4% |
| Furniture and vehicles | 24 | €17,002 | €270,238 | +€253,237 | +1,489% |
| Other tangible fixed assets | 26 | €233,912 | €491,541 | +€257,629 | +110% |
| Financial fixed assets | 28 | €7,396 | €7,396 | = | 0.0% |
| Current assets | 29/58 | €2,211,926 | €1,455,034 | -€756,891 | -34.2% |
| Amounts receivable after more than one year | 29 | €100,000 | €0 | -€100,000 | -100% |
| Other amounts receivable | 291 | €100,000 | €0 | -€100,000 | -100% |
| Stocks and contracts in progress | 3 | €579,813 | €526,116 | -€53,698 | -9.3% |
| Stocks | 30/36 | €579,813 | €526,116 | -€53,698 | -9.3% |
| Amounts receivable within one year | 40/41 | €165,242 | €129,115 | -€36,127 | -21.9% |
| Trade receivables | 40 | €51,968 | €103,252 | +€51,285 | +98.7% |
| Other amounts receivable | 41 | €113,275 | €25,863 | -€87,412 | -77.2% |
| Current investments | 50/53 | €963,123 | €426,424 | -€536,699 | -55.7% |
| Cash at bank and in hand | 54/58 | €395,087 | €360,956 | -€34,131 | -8.6% |
| Deferred charges and accrued income | 490/1 | €8,660 | €12,424 | +€3,764 | +43.5% |
| Total equity and liabilities | 10/49 | €2,953,200 | €2,907,159 | -€46,041 | -1.6% |
| Equity | 10/15 | €1,419,873 | €1,971,656 | +€551,783 | +38.9% |
| Contributions | 10/11 | €18,650 | €18,650 | = | 0.0% |
| Reserves | 13 | €1,393,870 | €1,944,870 | +€551,000 | +39.5% |
| Non-distributable reserves | 130/1 | €1,870 | €1,870 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,870 | €1,870 | = | 0.0% |
| Distributable reserves | 133 | €1,392,000 | €1,943,000 | +€551,000 | +39.6% |
| Profit (loss) carried forward | 14 | €7,352 | €8,136 | +€783 | +10.7% |
| Amounts payable | 17/49 | €1,533,328 | €935,503 | -€597,824 | -39.0% |
| Amounts payable within one year | 42/48 | €1,401,257 | €824,651 | -€576,606 | -41.1% |
| Trade debts | 44 | €949,004 | €730,038 | -€218,966 | -23.1% |
| Suppliers | 440/4 | €949,004 | €730,038 | -€218,966 | -23.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €149,867 | €92,987 | -€56,880 | -38.0% |
| Taxes | 450/3 | €75,469 | €28,080 | -€47,390 | -62.8% |
| Remuneration and social security | 454/9 | €74,398 | €64,907 | -€9,491 | -12.8% |
| Other amounts payable | 47/48 | €302,386 | €1,627 | -€300,759 | -99.5% |
| Accrued charges and deferred income | 492/3 | €132,071 | €110,852 | -€21,219 | -16.1% |
| Non-recurring operating income | 76A | €0 | €10,050 | +€10,050 | |
| Remuneration, social security and pensions | 62 | €609,700 | €569,349 | -€40,351 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,309 | €194,348 | +€126,038 | +185% |
| Other operating charges | 640/8 | €32,664 | €7,046 | -€25,619 | -78.4% |
| Gross operating margin | 9900 | €1,688,626 | €1,548,344 | -€140,283 | -8.3% |
| Operating profit (loss) | 9901 | €977,953 | €777,601 | -€200,352 | -20.5% |
| Financial income | 75/76B | €26,938 | €33,174 | +€6,236 | +23.2% |
| Recurring financial income | 75 | €26,938 | €33,174 | +€6,236 | +23.2% |
| Financial charges | 65/66B | €26,453 | €30,513 | +€4,060 | +15.3% |
| Recurring financial charges | 65 | €26,453 | €30,513 | +€4,060 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €978,438 | €780,262 | -€198,176 | -20.3% |
| Income taxes | 67/77 | €272,092 | €228,479 | -€43,613 | -16.0% |
| Profit (loss) for the period | 9904 | €706,346 | €551,783 | -€154,563 | -21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €706,346 | €551,783 | -€154,563 | -21.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.