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 -€200,941
down €200,941 (-46.3%), from €434,457 to €233,516
of which Trade receivables: -€175,252
- Cash -€133,362
down €133,362 (-57.4%), from €232,356 to €98,994
mainly Other debts (-€221,536) and Investment in fixed assets (net) (-€63,267)
- Tangible fixed assets +€38,836
up €38,836 (+48.4%), from €80,288 to €119,124
of which Plant, machinery and equipment: +€31,555
- Other debts -€221,536
down €221,536 (-100.0%), from €221,536 to €0
- Reserves -€60,559
down €60,559 (-14.8%), from €408,209 to €347,650
of which Distributable reserves: -€60,559
- Trade debts -€24,525
down €24,525 (-25.4%), from €96,582 to €72,057
- Tax, wage and social debts +€8,309
up €8,309 (+14.3%), from €58,251 to €66,559
of which Remuneration and social security: +€7,590
- Gross operating margin -€96,877
down €96,877 (-19.5%), from €497,184 to €400,307
- Staff costs +€26,708
up €26,708 (+6.4%), from €415,015 to €441,723
- Taxes -€22,503
down €22,503, from €22,399 to -€105
- Financial income -€5,346
down €5,346 (-41.6%), from €12,853 to €7,508
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 | €791,361 | €492,766 | -€298,595 | -37.7% |
| Fixed assets | 21/28 | €80,288 | €119,124 | +€38,836 | +48.4% |
| Tangible fixed assets | 22/27 | €80,288 | €119,124 | +€38,836 | +48.4% |
| Plant, machinery and equipment | 23 | €76,256 | €107,811 | +€31,555 | +41.4% |
| Furniture and vehicles | 24 | €4,032 | €1,832 | -€2,200 | -54.6% |
| Other tangible fixed assets | 26 | €0 | €9,481 | +€9,481 | |
| Current assets | 29/58 | €711,073 | €373,642 | -€337,431 | -47.5% |
| Stocks and contracts in progress | 3 | €36,395 | €32,045 | -€4,350 | -12.0% |
| Stocks | 30/36 | €36,395 | €32,045 | -€4,350 | -12.0% |
| Amounts receivable within one year | 40/41 | €434,457 | €233,516 | -€200,941 | -46.3% |
| Trade receivables | 40 | €374,499 | €199,247 | -€175,252 | -46.8% |
| Other amounts receivable | 41 | €59,958 | €34,269 | -€25,689 | -42.8% |
| Cash at bank and in hand | 54/58 | €232,356 | €98,994 | -€133,362 | -57.4% |
| Deferred charges and accrued income | 490/1 | €7,865 | €9,087 | +€1,222 | +15.5% |
| Total equity and liabilities | 10/49 | €791,361 | €492,766 | -€298,595 | -37.7% |
| Equity | 10/15 | €414,509 | €353,950 | -€60,559 | -14.6% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €408,209 | €347,650 | -€60,559 | -14.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €408,209 | €347,650 | -€60,559 | -14.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €376,852 | €138,816 | -€238,036 | -63.2% |
| Amounts payable within one year | 42/48 | €376,368 | €138,617 | -€237,752 | -63.2% |
| Trade debts | 44 | €96,582 | €72,057 | -€24,525 | -25.4% |
| Suppliers | 440/4 | €96,582 | €72,057 | -€24,525 | -25.4% |
| Taxes, remuneration and social security | 45 | €58,251 | €66,559 | +€8,309 | +14.3% |
| Taxes | 450/3 | €2,059 | €2,778 | +€719 | +34.9% |
| Remuneration and social security | 454/9 | €56,191 | €63,781 | +€7,590 | +13.5% |
| Other amounts payable | 47/48 | €221,536 | €0 | -€221,536 | -100.0% |
| Accrued charges and deferred income | 492/3 | €484 | €200 | -€284 | -58.7% |
| Remuneration, social security and pensions | 62 | €415,015 | €441,723 | +€26,708 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,859 | €24,431 | +€3,571 | +17.1% |
| Other operating charges | 640/8 | €1,624 | €868 | -€756 | -46.6% |
| Non-recurring operating charges | 66A | - | €1,302 | +€1,302 | |
| Gross operating margin | 9900 | €497,184 | €400,307 | -€96,877 | -19.5% |
| Operating profit (loss) | 9901 | €59,685 | -€68,017 | -€127,703 | |
| Financial income | 75/76B | €12,853 | €7,508 | -€5,346 | -41.6% |
| Recurring financial income | 75 | €12,853 | €7,508 | -€5,346 | -41.6% |
| Financial charges | 65/66B | €160 | €154 | -€5 | -3.4% |
| Recurring financial charges | 65 | €160 | €154 | -€5 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €72,379 | -€60,664 | -€133,043 | |
| Income taxes | 67/77 | €22,399 | -€105 | -€22,503 | |
| Profit (loss) for the period | 9904 | €49,980 | -€60,559 | -€110,540 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,980 | -€60,559 | -€110,540 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.