MARCO & BAETEN: 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 & BAETEN
Largest movements
- Receivables within one year +€54,857
up €54,857 (+137%), from €39,962 to €94,819
of which Trade receivables: +€71,338
- Cash +€54,729
up €54,729 (+90.4%), from €60,546 to €115,275
mainly Other debts (+€108,248) and Trade debts (+€50,789)
- Tangible fixed assets -€35,006
down €35,006 (-24.2%), from €144,394 to €109,388
of which Land and buildings: -€22,727
- Reserves -€115,312
down €115,312 (-60.8%), from €189,748 to €74,436
of which Distributable reserves: -€115,312
- Other debts +€108,248
up €108,248 (+1,466%), from €7,385 to €115,632
- Trade debts +€50,789
up €50,789 (+8,976%), from €566 to €51,354
- Profit (loss) carried forward +€23,872
up €23,872 (+75.5%), from -€31,627 to -€7,755
- Tax, wage and social debts +€6,121
up €6,121 (+34.1%), from €17,973 to €24,095
- Gross operating margin -€39,882
down €39,882 (-34.2%), from €116,616 to €76,734
- Taxes -€10,690
down €10,690 (-55.6%), from €19,235 to €8,544
- Depreciation +€2,041
up €2,041 (+6.2%), from €32,965 to €35,006
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 | €246,045 | €319,762 | +€73,717 | +30.0% |
| Fixed assets | 21/28 | €144,394 | €109,388 | -€35,006 | -24.2% |
| Tangible fixed assets | 22/27 | €144,394 | €109,388 | -€35,006 | -24.2% |
| Land and buildings | 22 | €107,571 | €84,844 | -€22,727 | -21.1% |
| Plant, machinery and equipment | 23 | €8,933 | €8,031 | -€902 | -10.1% |
| Furniture and vehicles | 24 | €27,890 | €16,513 | -€11,377 | -40.8% |
| Current assets | 29/58 | €101,650 | €210,374 | +€108,723 | +107% |
| Amounts receivable within one year | 40/41 | €39,962 | €94,819 | +€54,857 | +137% |
| Trade receivables | 40 | €22,916 | €94,255 | +€71,338 | +311% |
| Other amounts receivable | 41 | €17,045 | €564 | -€16,481 | -96.7% |
| Cash at bank and in hand | 54/58 | €60,546 | €115,275 | +€54,729 | +90.4% |
| Deferred charges and accrued income | 490/1 | €1,142 | €280 | -€863 | -75.5% |
| Total equity and liabilities | 10/49 | €246,045 | €319,762 | +€73,717 | +30.0% |
| Equity | 10/15 | €220,121 | €128,681 | -€91,440 | -41.5% |
| 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 | €189,748 | €74,436 | -€115,312 | -60.8% |
| Non-distributable reserves | 130/1 | €2,727 | €2,727 | = | 0.0% |
| Legal reserve | 130 | €2,727 | €2,727 | = | 0.0% |
| Tax-exempt reserves | 132 | €54,140 | €54,140 | = | 0.0% |
| Distributable reserves | 133 | €132,881 | €17,569 | -€115,312 | -86.8% |
| Profit (loss) carried forward | 14 | -€31,627 | -€7,755 | +€23,872 | +75.5% |
| Amounts payable | 17/49 | €25,924 | €191,081 | +€165,157 | +637% |
| Amounts payable within one year | 42/48 | €25,924 | €191,081 | +€165,157 | +637% |
| Trade debts | 44 | €566 | €51,354 | +€50,789 | +8,976% |
| Suppliers | 440/4 | €566 | €51,354 | +€50,789 | +8,976% |
| Taxes, remuneration and social security | 45 | €17,973 | €24,095 | +€6,121 | +34.1% |
| Taxes | 450/3 | €17,973 | €24,095 | +€6,121 | +34.1% |
| Other amounts payable | 47/48 | €7,385 | €115,632 | +€108,248 | +1,466% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,965 | €35,006 | +€2,041 | +6.2% |
| Other operating charges | 640/8 | €9,570 | €8,978 | -€592 | -6.2% |
| Gross operating margin | 9900 | €116,616 | €76,734 | -€39,882 | -34.2% |
| Operating profit (loss) | 9901 | €74,081 | €32,750 | -€41,331 | -55.8% |
| Financial income | 75/76B | €378 | €263 | -€115 | -30.4% |
| Recurring financial income | 75 | €378 | €263 | -€115 | -30.4% |
| Financial charges | 65/66B | €195 | €596 | +€401 | +206% |
| Recurring financial charges | 65 | €195 | €596 | +€401 | +206% |
| Profit (loss) for the period before taxes | 9903 | €74,264 | €32,416 | -€41,847 | -56.3% |
| Income taxes | 67/77 | €19,235 | €8,544 | -€10,690 | -55.6% |
| Profit (loss) for the period | 9904 | €55,029 | €23,872 | -€31,157 | -56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,029 | €23,872 | -€31,157 | -56.6% |
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 30 October 2026 via checked.be.