MARCO & VESPUCCI: what changed
MARCO & VESPUCCI
Largest movements
- Cash +€3,209
up €3,209 (+179%), from €1,790 to €4,999
mainly Net result for the year (+€2,900) and Receivables within one year (+€2,304)
- Receivables within one year -€2,304
down €2,304 (-19.0%), from €12,136 to €9,832
of which Trade receivables: -€2,284
- Tangible fixed assets +€1,262
new in 2025: €1,262
- Profit (loss) carried forward +€2,900
up €2,900 (+24.7%), from -€11,719 to -€8,819
- Trade debts -€916
down €916 (-63.1%), from €1,450 to €535
- Short-term financial debts +€701
up €701 (+113%), from €623 to €1,324
- Tax, wage and social debts -€518
down €518 (-27.1%), from €1,911 to €1,394
- Gross operating margin -€5,605
down €5,605 (-65.8%), from €8,525 to €2,920
- Financial charges -€411
down €411 (-77.7%), from €529 to €118
- Financial income +€225
up €225 (+69.2%), from €325 to €551
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,125 | €16,293 | +€2,167 | +15.3% |
| Fixed assets | 21/28 | €200 | €1,462 | +€1,262 | +631% |
| Tangible fixed assets | 22/27 | - | €1,262 | +€1,262 | |
| Furniture and vehicles | 24 | - | €1,262 | +€1,262 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €13,925 | €14,831 | +€906 | +6.5% |
| Amounts receivable within one year | 40/41 | €12,136 | €9,832 | -€2,304 | -19.0% |
| Trade receivables | 40 | €4,711 | €2,427 | -€2,284 | -48.5% |
| Other amounts receivable | 41 | €7,425 | €7,405 | -€20 | -0.3% |
| Cash at bank and in hand | 54/58 | €1,790 | €4,999 | +€3,209 | +179% |
| Total equity and liabilities | 10/49 | €14,125 | €16,293 | +€2,167 | +15.3% |
| Equity | 10/15 | €10,141 | €13,041 | +€2,900 | +28.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,719 | -€8,819 | +€2,900 | +24.7% |
| Amounts payable | 17/49 | €3,984 | €3,252 | -€732 | -18.4% |
| Amounts payable within one year | 42/48 | €3,984 | €3,252 | -€732 | -18.4% |
| Financial debts | 43 | €623 | €1,324 | +€701 | +113% |
| Credit institutions | 430/8 | €623 | €1,324 | +€701 | +113% |
| Trade debts | 44 | €1,450 | €535 | -€916 | -63.1% |
| Suppliers | 440/4 | €1,450 | €535 | -€916 | -63.1% |
| Taxes, remuneration and social security | 45 | €1,911 | €1,394 | -€518 | -27.1% |
| Taxes | 450/3 | €1,911 | €1,394 | -€518 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €52 | +€52 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €8,525 | €2,920 | -€5,605 | -65.8% |
| Operating profit (loss) | 9901 | €8,137 | €2,468 | -€5,669 | -69.7% |
| Financial income | 75/76B | €325 | €551 | +€225 | +69.2% |
| Recurring financial income | 75 | €325 | €551 | +€225 | +69.2% |
| Financial charges | 65/66B | €529 | €118 | -€411 | -77.7% |
| Recurring financial charges | 65 | €529 | €118 | -€411 | -77.7% |
| Profit (loss) for the period before taxes | 9903 | €7,934 | €2,901 | -€5,033 | -63.4% |
| Income taxes | 67/77 | €0 | €1 | +€1 | +476% |
| Profit (loss) for the period | 9904 | €7,934 | €2,900 | -€5,034 | -63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,934 | €2,900 | -€5,034 | -63.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.