MARCOEN ACCOUNTING: what changed
MARCOEN ACCOUNTING
Largest movements
- Tangible fixed assets +€73,333
up €73,333 (+228,166%), from €32 to €73,365
of which Leasing and similar rights: +€69,350
- Current investments +€46,701
up €46,701 (+51.4%), from €90,777 to €137,478
- Cash -€28,164
down €28,164 (-74.8%), from €37,660 to €9,496
mainly Investment in fixed assets (net) (-€74,087) and Current investments (-€46,701)
- Receivables within one year -€6,329
down €6,329 (-12.7%), from €49,709 to €43,380
of which Trade receivables: -€5,445
- Debts after one year +€55,723
new in 2025: €55,723
- Reserves +€35,508
up €35,508 (+29.0%), from €122,583 to €158,090
- Tax, wage and social debts -€21,399
down €21,399 (-79.9%), from €26,791 to €5,392
- Trade debts +€15,080
up €15,080 (+5,912%), from €255 to €15,335
- Current portion of long-term debt +€13,126
new in 2025: €13,126
- Gross operating margin -€53,182
down €53,182 (-50.6%), from €105,077 to €51,895
- Taxes -€14,605
down €14,605 (-51.7%), from €28,265 to €13,660
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 | €178,179 | €266,217 | +€88,038 | +49.4% |
| Fixed assets | 21/28 | €32 | €73,365 | +€73,333 | +228,166% |
| Tangible fixed assets | 22/27 | €32 | €73,365 | +€73,333 | +228,166% |
| Plant, machinery and equipment | 23 | - | €4,015 | +€4,015 | |
| Furniture and vehicles | 24 | €32 | - | -€32 | |
| Leasing and similar rights | 25 | - | €69,350 | +€69,350 | |
| Current assets | 29/58 | €178,147 | €192,853 | +€14,706 | +8.3% |
| Amounts receivable within one year | 40/41 | €49,709 | €43,380 | -€6,329 | -12.7% |
| Trade receivables | 40 | €46,300 | €40,855 | -€5,445 | -11.8% |
| Other amounts receivable | 41 | €3,409 | €2,525 | -€884 | -25.9% |
| Current investments | 50/53 | €90,777 | €137,478 | +€46,701 | +51.4% |
| Cash at bank and in hand | 54/58 | €37,660 | €9,496 | -€28,164 | -74.8% |
| Deferred charges and accrued income | 490/1 | - | €2,498 | +€2,498 | |
| Total equity and liabilities | 10/49 | €178,179 | €266,217 | +€88,038 | +49.4% |
| Equity | 10/15 | €141,133 | €176,640 | +€35,508 | +25.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €122,583 | €158,090 | +€35,508 | +29.0% |
| Distributable reserves | 133 | €122,583 | €158,090 | +€35,508 | +29.0% |
| Amounts payable | 17/49 | €37,047 | €89,577 | +€52,531 | +142% |
| Amounts payable after more than one year | 17 | - | €55,723 | +€55,723 | |
| Financial debts | 170/4 | - | €55,723 | +€55,723 | |
| Amounts payable within one year | 42/48 | €37,047 | €33,854 | -€3,193 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | - | €13,126 | +€13,126 | |
| Trade debts | 44 | €255 | €15,335 | +€15,080 | +5,912% |
| Suppliers | 440/4 | €255 | €15,335 | +€15,080 | +5,912% |
| Taxes, remuneration and social security | 45 | €26,791 | €5,392 | -€21,399 | -79.9% |
| Taxes | 450/3 | €26,791 | €5,392 | -€21,399 | -79.9% |
| Other amounts payable | 47/48 | €10,000 | - | -€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €391 | €754 | +€363 | +92.6% |
| Other operating charges | 640/8 | €935 | €638 | -€297 | -31.7% |
| Gross operating margin | 9900 | €105,077 | €51,895 | -€53,182 | -50.6% |
| Operating profit (loss) | 9901 | €103,751 | €50,503 | -€53,248 | -51.3% |
| Financial charges | 65/66B | €1,319 | €1,335 | +€16 | +1.2% |
| Recurring financial charges | 65 | €1,319 | €1,335 | +€16 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €102,432 | €49,168 | -€53,264 | -52.0% |
| Income taxes | 67/77 | €28,265 | €13,660 | -€14,605 | -51.7% |
| Profit (loss) for the period | 9904 | €74,167 | €35,508 | -€38,659 | -52.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,167 | €35,508 | -€38,659 | -52.1% |
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 2 November 2026 via checked.be.