MARCOFLEX: 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.
MARCOFLEX
Largest movements
- Stocks and contracts -€29,872
down €29,872 (-5.2%), from €574,590 to €544,717
- Tangible fixed assets -€26,714
down €26,714 (-32.9%), from €81,270 to €54,556
of which Furniture and vehicles: -€23,887
- Cash -€13,415
down €13,415 (-14.4%), from €93,448 to €80,033
mainly Net result for the year (-€72,665) and Trade debts (-€32,533)
- Profit (loss) carried forward -€72,665
down €72,665 (-53.4%), from €135,983 to €63,319
- Trade debts -€32,533
down €32,533 (-7.2%), from €449,470 to €416,937
- Tax, wage and social debts +€27,246
up €27,246 (+24.3%), from €112,022 to €139,268
of which Remuneration and social security: +€30,648
- Debts after one year -€23,423
down €23,423 (-57.3%), from €40,871 to €17,448
- Accrued charges and deferred income +€18,237
up €18,237 (+425.4%), from €4,287 to €22,524
- Gross operating margin +€146,409
up €146,409 (+20.9%), from €701,302 to €847,711
- Staff costs +€102,146
up €102,146 (+13.5%), from €758,073 to €860,219
- Other operating charges +€12,413
up €12,413 (+121.6%), from €10,208 to €22,621
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 | €1,205,469 | €1,123,349 | -€82,120 | -6.8% |
| Fixed assets | 21/28 | €85,961 | €55,932 | -€30,030 | -34.9% |
| Intangible fixed assets | 21 | €4,691 | €1,376 | -€3,316 | -70.7% |
| Tangible fixed assets | 22/27 | €81,270 | €54,556 | -€26,714 | -32.9% |
| Plant, machinery and equipment | 23 | €2,149 | €37 | -€2,112 | -98.3% |
| Furniture and vehicles | 24 | €74,766 | €50,879 | -€23,887 | -31.9% |
| Other tangible fixed assets | 26 | €4,355 | €3,640 | -€715 | -16.4% |
| Current assets | 29/58 | €1,119,508 | €1,067,417 | -€52,091 | -4.7% |
| Stocks and contracts in progress | 3 | €574,590 | €544,717 | -€29,872 | -5.2% |
| Stocks | 30/36 | €574,590 | €544,717 | -€29,872 | -5.2% |
| Amounts receivable within one year | 40/41 | €437,027 | €428,889 | -€8,139 | -1.9% |
| Trade receivables | 40 | €433,281 | €407,089 | -€26,192 | -6.0% |
| Other amounts receivable | 41 | €3,746 | €21,800 | +€18,054 | +481.9% |
| Cash at bank and in hand | 54/58 | €93,448 | €80,033 | -€13,415 | -14.4% |
| Deferred charges and accrued income | 490/1 | €14,443 | €13,778 | -€665 | -4.6% |
| Total equity and liabilities | 10/49 | €1,205,469 | €1,123,349 | -€82,120 | -6.8% |
| Equity | 10/15 | €575,047 | €502,382 | -€72,665 | -12.6% |
| Contributions | 10/11 | €62,593 | €62,593 | = | 0.0% |
| Capital | 10 | €62,593 | €62,593 | = | 0.0% |
| Issued capital | 100 | €62,593 | €62,593 | = | 0.0% |
| Reserves | 13 | €376,470 | €376,470 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,259 | €6,259 | = | 0.0% |
| Legal reserve | 130 | €6,259 | €6,259 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,950 | €16,950 | = | 0.0% |
| Distributable reserves | 133 | €353,261 | €353,261 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,983 | €63,319 | -€72,665 | -53.4% |
| Amounts payable | 17/49 | €630,422 | €620,966 | -€9,456 | -1.5% |
| Amounts payable after more than one year | 17 | €40,871 | €17,448 | -€23,423 | -57.3% |
| Financial debts | 170/4 | €40,871 | €17,448 | -€23,423 | -57.3% |
| Amounts payable within one year | 42/48 | €585,264 | €580,994 | -€4,270 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €22,405 | €23,423 | +€1,017 | +4.5% |
| Trade debts | 44 | €449,470 | €416,937 | -€32,533 | -7.2% |
| Suppliers | 440/4 | €449,470 | €416,937 | -€32,533 | -7.2% |
| Taxes, remuneration and social security | 45 | €112,022 | €139,268 | +€27,246 | +24.3% |
| Taxes | 450/3 | €23,864 | €20,461 | -€3,403 | -14.3% |
| Remuneration and social security | 454/9 | €88,159 | €118,807 | +€30,648 | +34.8% |
| Other amounts payable | 47/48 | €1,366 | €1,366 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,287 | €22,524 | +€18,237 | +425.4% |
| Remuneration, social security and pensions | 62 | €758,073 | €860,219 | +€102,146 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,070 | €30,030 | -€4,040 | -11.9% |
| Other operating charges | 640/8 | €10,208 | €22,621 | +€12,413 | +121.6% |
| Gross operating margin | 9900 | €701,302 | €847,711 | +€146,409 | +20.9% |
| Operating profit (loss) | 9901 | -€101,049 | -€65,158 | +€35,891 | +35.5% |
| Financial income | 75/76B | €9,026 | €13,166 | +€4,140 | +45.9% |
| Recurring financial income | 75 | €9,026 | €13,166 | +€4,140 | +45.9% |
| Financial charges | 65/66B | €18,849 | €20,348 | +€1,499 | +8.0% |
| Recurring financial charges | 65 | €18,849 | €20,348 | +€1,499 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | -€110,872 | -€72,340 | +€38,532 | +34.8% |
| Income taxes | 67/77 | €254 | €325 | +€71 | +28.0% |
| Profit (loss) for the period | 9904 | -€111,126 | -€72,665 | +€38,461 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€111,126 | -€72,665 | +€38,461 | +34.6% |
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 11 October 2026 via checked.be.