MARcom: 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.
MARcom
Largest movements
- Receivables within one year +€48,101
up €48,101 (+82.5%), from €58,280 to €106,381
of which Trade receivables: +€36,644
- Current investments -€9,922
down €9,922 (-85.8%), from €11,564 to €1,643
- Tangible fixed assets -€8,707
down €8,707 (-32.4%), from €26,880 to €18,172
of which Furniture and vehicles: -€7,655
- Cash +€3,892
up €3,892 (+6.1%), from €63,496 to €67,388
mainly Net result for the year (+€46,480) and Current investments (+€9,922)
- Profit (loss) carried forward +€46,480
up €46,480 (+42.5%), from €109,265 to €155,745
- Debts after one year -€9,122
no longer reported in 2025 (was €9,122)
- Gross operating margin -€16,070
down €16,070 (-18.9%), from €85,252 to €69,182
- Taxes -€8,731
down €8,731 (-40.6%), from €21,515 to €12,784
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 | €160,220 | €194,759 | +€34,539 | +21.6% |
| Fixed assets | 21/28 | €26,880 | €18,172 | -€8,707 | -32.4% |
| Tangible fixed assets | 22/27 | €26,880 | €18,172 | -€8,707 | -32.4% |
| Land and buildings | 22 | - | €2,420 | +€2,420 | |
| Plant, machinery and equipment | 23 | €5,191 | €1,718 | -€3,472 | -66.9% |
| Furniture and vehicles | 24 | €21,689 | €14,034 | -€7,655 | -35.3% |
| Current assets | 29/58 | €133,340 | €176,587 | +€43,246 | +32.4% |
| Amounts receivable within one year | 40/41 | €58,280 | €106,381 | +€48,101 | +82.5% |
| Trade receivables | 40 | €1,997 | €38,640 | +€36,644 | +1835.4% |
| Other amounts receivable | 41 | €56,283 | €67,741 | +€11,457 | +20.4% |
| Current investments | 50/53 | €11,564 | €1,643 | -€9,922 | -85.8% |
| Cash at bank and in hand | 54/58 | €63,496 | €67,388 | +€3,892 | +6.1% |
| Deferred charges and accrued income | 490/1 | - | €1,175 | +€1,175 | |
| Total equity and liabilities | 10/49 | €160,220 | €194,759 | +€34,539 | +21.6% |
| Equity | 10/15 | €110,765 | €157,245 | +€46,480 | +42.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,265 | €155,745 | +€46,480 | +42.5% |
| Amounts payable | 17/49 | €49,455 | €37,514 | -€11,941 | -24.1% |
| Amounts payable after more than one year | 17 | €9,122 | - | -€9,122 | |
| Financial debts | 170/4 | €9,122 | - | -€9,122 | |
| Amounts payable within one year | 42/48 | €40,133 | €37,314 | -€2,819 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €10,048 | €9,122 | -€926 | -9.2% |
| Trade debts | 44 | €7,371 | €6,919 | -€451 | -6.1% |
| Suppliers | 440/4 | €7,371 | €6,919 | -€451 | -6.1% |
| Taxes, remuneration and social security | 45 | €22,715 | €21,273 | -€1,442 | -6.3% |
| Taxes | 450/3 | €22,715 | €18,473 | -€4,242 | -18.7% |
| Remuneration and social security | 454/9 | - | €2,800 | +€2,800 | |
| Accrued charges and deferred income | 492/3 | €200 | €200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,674 | €8,707 | +€33 | +0.4% |
| Other operating charges | 640/8 | €874 | €406 | -€468 | -53.6% |
| Gross operating margin | 9900 | €85,252 | €69,182 | -€16,070 | -18.9% |
| Operating profit (loss) | 9901 | €75,704 | €60,069 | -€15,635 | -20.7% |
| Financial income | 75/76B | €388 | €860 | +€472 | +121.7% |
| Recurring financial income | 75 | €388 | €860 | +€472 | +121.7% |
| Financial charges | 65/66B | €2,115 | €1,664 | -€450 | -21.3% |
| Recurring financial charges | 65 | €2,115 | €1,664 | -€450 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €73,977 | €59,264 | -€14,713 | -19.9% |
| Income taxes | 67/77 | €21,515 | €12,784 | -€8,731 | -40.6% |
| Profit (loss) for the period | 9904 | €52,462 | €46,480 | -€5,982 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,462 | €46,480 | -€5,982 | -11.4% |
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.