MARCOFIN: 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.
MARCOFIN
Largest movements
- Cash +€67,155
up €67,155 (+63.5%), from €105,772 to €172,927
mainly Net result for the year (+€155,100) and Other debts (+€100,000)
- Current investments +€34,889
up €34,889 (+3.0%), from €1.2m to €1.2m
- Receivables within one year +€32,225
up €32,225 (+80.6%), from €39,963 to €72,188
of which Trade receivables: +€30,855
- Other debts +€100,000
new in 2025: €100,000
- Tax, wage and social debts +€30,542
up €30,542 (+92.6%), from €32,988 to €63,530
- Gross operating margin -€15,496
down €15,496 (-7.7%), from €202,521 to €187,025
- Financial income +€9,911
up €9,911 (+24.6%), from €40,313 to €50,224
- Taxes +€6,851
up €6,851 (+9.8%), from €69,703 to €76,554
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 | €1,324,047 | €1,458,778 | +€134,731 | +10.2% |
| Fixed assets | 21/28 | €2,137 | €2,599 | +€462 | +21.6% |
| Tangible fixed assets | 22/27 | €2,047 | €2,509 | +€462 | +22.6% |
| Furniture and vehicles | 24 | €2,047 | €2,509 | +€462 | +22.6% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €1,321,910 | €1,456,180 | +€134,269 | +10.2% |
| Amounts receivable within one year | 40/41 | €39,963 | €72,188 | +€32,225 | +80.6% |
| Trade receivables | 40 | €30,855 | €61,710 | +€30,855 | +100.0% |
| Other amounts receivable | 41 | €9,108 | €10,478 | +€1,370 | +15.0% |
| Current investments | 50/53 | €1,174,942 | €1,209,831 | +€34,889 | +3.0% |
| Cash at bank and in hand | 54/58 | €105,772 | €172,927 | +€67,155 | +63.5% |
| Deferred charges and accrued income | 490/1 | €1,233 | €1,233 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,324,047 | €1,458,778 | +€134,731 | +10.2% |
| Equity | 10/15 | €1,290,954 | €1,293,423 | +€2,468 | +0.2% |
| Contributions | 10/11 | €56,140 | €56,140 | = | 0.0% |
| Reserves | 13 | €1,234,815 | €1,237,283 | +€2,468 | +0.2% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,216,065 | €1,218,533 | +€2,468 | +0.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €33,093 | €165,356 | +€132,263 | +399.7% |
| Amounts payable within one year | 42/48 | €33,093 | €165,356 | +€132,263 | +399.7% |
| Trade debts | 44 | €104 | €1,826 | +€1,722 | +1652.0% |
| Suppliers | 440/4 | €104 | €1,826 | +€1,722 | +1652.0% |
| Taxes, remuneration and social security | 45 | €32,988 | €63,530 | +€30,542 | +92.6% |
| Taxes | 450/3 | €32,988 | €63,530 | +€30,542 | +92.6% |
| Other amounts payable | 47/48 | - | €100,000 | +€100,000 | |
| Non-recurring operating income | 76A | - | €1,533 | +€1,533 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,337 | €281 | -€1,056 | -79.0% |
| Other operating charges | 640/8 | €2,257 | €2,435 | +€179 | +7.9% |
| Gross operating margin | 9900 | €202,521 | €187,025 | -€15,496 | -7.7% |
| Operating profit (loss) | 9901 | €198,927 | €184,309 | -€14,618 | -7.3% |
| Financial income | 75/76B | €40,313 | €50,224 | +€9,911 | +24.6% |
| Recurring financial income | 75 | €40,313 | €50,224 | +€9,911 | +24.6% |
| Financial charges | 65/66B | €2,732 | €2,879 | +€146 | +5.4% |
| Recurring financial charges | 65 | €2,732 | €2,879 | +€146 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €236,507 | €231,654 | -€4,854 | -2.1% |
| Income taxes | 67/77 | €69,703 | €76,554 | +€6,851 | +9.8% |
| Profit (loss) for the period | 9904 | €166,804 | €155,100 | -€11,704 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €166,804 | €155,100 | -€11,704 | -7.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.