marCoen: 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.
marCoen
Largest movements
- Cash +€226,656
up €226,656 (+239.6%), from €94,609 to €321,265
mainly Net result for the year (+€282,678) and Trade debts (+€107,442)
- Receivables within one year -€85,131
down €85,131 (-37.8%), from €225,057 to €139,926
of which Trade receivables: -€95,131
- Stocks and contracts +€38,388
up €38,388 (+7.7%), from €498,670 to €537,058
- Tangible fixed assets +€15,927
up €15,927 (+3.7%), from €427,090 to €443,018
of which Plant, machinery and equipment: +€47,517
- Reserves +€282,678
up €282,678 (+137.3%), from €205,844 to €488,521
of which Distributable reserves: +€282,678
- Debts after one year -€174,482
down €174,482 (-29.5%), from €591,435 to €416,953
of which Trade debts: -€122,421
- Trade debts +€107,442
up €107,442 (+97.3%), from €110,370 to €217,812
- Other debts -€62,386
down €62,386 (-88.3%), from €70,675 to €8,288
- Tax, wage and social debts +€40,050
up €40,050 (+34.6%), from €115,800 to €155,850
of which Remuneration and social security: +€37,437
- Gross operating margin +€269,570
up €269,570 (+27.6%), from €975,663 to €1.2m
- Staff costs +€90,435
up €90,435 (+14.0%), from €646,163 to €736,598
- Taxes +€34,818
up €34,818 (+57.9%), from €60,148 to €94,966
- Depreciation +€31,250
up €31,250 (+44.4%), from €70,411 to €101,660
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 | €1,297,865 | €1,484,610 | +€186,745 | +14.4% |
| Fixed assets | 21/28 | €461,640 | €477,568 | +€15,927 | +3.5% |
| Tangible fixed assets | 22/27 | €427,090 | €443,018 | +€15,927 | +3.7% |
| Plant, machinery and equipment | 23 | €177,707 | €225,224 | +€47,517 | +26.7% |
| Furniture and vehicles | 24 | €89,718 | €69,349 | -€20,369 | -22.7% |
| Other tangible fixed assets | 26 | €159,665 | €148,444 | -€11,221 | -7.0% |
| Financial fixed assets | 28 | €34,550 | €34,550 | = | 0.0% |
| Current assets | 29/58 | €836,225 | €1,007,042 | +€170,817 | +20.4% |
| Stocks and contracts in progress | 3 | €498,670 | €537,058 | +€38,388 | +7.7% |
| Stocks | 30/36 | €498,670 | €537,058 | +€38,388 | +7.7% |
| Amounts receivable within one year | 40/41 | €225,057 | €139,926 | -€85,131 | -37.8% |
| Trade receivables | 40 | €225,057 | €129,926 | -€95,131 | -42.3% |
| Other amounts receivable | 41 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €94,609 | €321,265 | +€226,656 | +239.6% |
| Deferred charges and accrued income | 490/1 | €17,889 | €8,794 | -€9,095 | -50.8% |
| Total equity and liabilities | 10/49 | €1,297,865 | €1,484,610 | +€186,745 | +14.4% |
| Equity | 10/15 | €305,844 | €588,521 | +€282,678 | +92.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €205,844 | €488,521 | +€282,678 | +137.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €195,844 | €478,521 | +€282,678 | +144.3% |
| Amounts payable | 17/49 | €992,021 | €896,088 | -€95,933 | -9.7% |
| Amounts payable after more than one year | 17 | €591,435 | €416,953 | -€174,482 | -29.5% |
| Financial debts | 170/4 | €144,632 | €92,571 | -€52,060 | -36.0% |
| Trade debts | 175 | €446,803 | €324,382 | -€122,421 | -27.4% |
| Amounts payable within one year | 42/48 | €398,614 | €478,065 | +€79,452 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €101,769 | €96,115 | -€5,654 | -5.6% |
| Trade debts | 44 | €110,370 | €217,812 | +€107,442 | +97.3% |
| Suppliers | 440/4 | €110,370 | €217,812 | +€107,442 | +97.3% |
| Taxes, remuneration and social security | 45 | €115,800 | €155,850 | +€40,050 | +34.6% |
| Taxes | 450/3 | €25,251 | €27,863 | +€2,613 | +10.3% |
| Remuneration and social security | 454/9 | €90,550 | €127,987 | +€37,437 | +41.3% |
| Other amounts payable | 47/48 | €70,675 | €8,288 | -€62,386 | -88.3% |
| Accrued charges and deferred income | 492/3 | €1,972 | €1,070 | -€903 | -45.8% |
| Remuneration, social security and pensions | 62 | €646,163 | €736,598 | +€90,435 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,411 | €101,660 | +€31,250 | +44.4% |
| Other operating charges | 640/8 | €4,207 | €4,002 | -€205 | -4.9% |
| Gross operating margin | 9900 | €975,663 | €1,245,233 | +€269,570 | +27.6% |
| Operating profit (loss) | 9901 | €254,882 | €402,973 | +€148,091 | +58.1% |
| Financial income | 75/76B | €500 | €1,143 | +€644 | +128.7% |
| Recurring financial income | 75 | €500 | €1,143 | +€644 | +128.7% |
| Financial charges | 65/66B | €27,493 | €26,474 | -€1,019 | -3.7% |
| Recurring financial charges | 65 | €27,493 | €26,474 | -€1,019 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €227,889 | €377,643 | +€149,754 | +65.7% |
| Income taxes | 67/77 | €60,148 | €94,966 | +€34,818 | +57.9% |
| Profit (loss) for the period | 9904 | €167,741 | €282,678 | +€114,936 | +68.5% |
| Profit (loss) for the period to be appropriated | 9905 | €167,741 | €282,678 | +€114,936 | +68.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.