MARCONTI: 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.
MARCONTI
Largest movements
- Receivables within one year -€512,646
down €512,646 (-16.8%), from €3.0m to €2.5m
of which Other amounts receivable: -€509,640
- Cash +€130,598
up €130,598 (+35.7%), from €365,845 to €496,443
mainly Receivables within one year (+€512,646) and Net result for the year (+€91,077)
- Short-term financial debts -€485,000
down €485,000 (-35.0%), from €1.4m to €900,000
- Reserves +€91,077
up €91,077 (+10.2%), from €889,104 to €980,181
- Depreciation -€24,692
down €24,692 (-53.0%), from €46,610 to €21,918
- Financial income -€21,585
down €21,585 (-9.2%), from €235,627 to €214,042
- Financial charges -€13,690
down €13,690 (-12.4%), from €110,507 to €96,817
- Taxes +€6,800
up €6,800 (+18.1%), from €37,560 to €44,360
- Gross operating margin +€6,012
up €6,012 (+15.7%), from €38,198 to €44,210
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 | €3,826,814 | €3,421,505 | -€405,310 | -10.6% |
| Fixed assets | 21/28 | €409,668 | €387,750 | -€21,918 | -5.4% |
| Tangible fixed assets | 22/27 | €407,906 | €385,988 | -€21,918 | -5.4% |
| Land and buildings | 22 | €406,612 | €385,722 | -€20,890 | -5.1% |
| Furniture and vehicles | 24 | €1,294 | €266 | -€1,028 | -79.5% |
| Financial fixed assets | 28 | €1,762 | €1,762 | = | 0.0% |
| Current assets | 29/58 | €3,417,146 | €3,033,754 | -€383,392 | -11.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €3,049,957 | €2,537,312 | -€512,646 | -16.8% |
| Trade receivables | 40 | €36,110 | €33,104 | -€3,006 | -8.3% |
| Other amounts receivable | 41 | €3,013,848 | €2,504,208 | -€509,640 | -16.9% |
| Cash at bank and in hand | 54/58 | €365,845 | €496,443 | +€130,598 | +35.7% |
| Deferred charges and accrued income | 490/1 | €1,343 | €0 | -€1,343 | -100.0% |
| Total equity and liabilities | 10/49 | €3,826,814 | €3,421,505 | -€405,310 | -10.6% |
| Equity | 10/15 | €2,273,167 | €2,364,244 | +€91,077 | +4.0% |
| Contributions | 10/11 | €1,174,540 | €1,174,540 | = | 0.0% |
| Reserves | 13 | €889,104 | €980,181 | +€91,077 | +10.2% |
| Distributable reserves | 133 | €889,104 | €980,181 | +€91,077 | +10.2% |
| Profit (loss) carried forward | 14 | €209,523 | €209,523 | = | 0.0% |
| Amounts payable | 17/49 | €1,553,647 | €1,057,261 | -€496,386 | -31.9% |
| Amounts payable within one year | 42/48 | €1,476,488 | €989,454 | -€487,034 | -33.0% |
| Financial debts | 43 | €1,385,000 | €900,000 | -€485,000 | -35.0% |
| Other loans | 439 | €1,385,000 | €900,000 | -€485,000 | -35.0% |
| Trade debts | 44 | €3,228 | €1,677 | -€1,551 | -48.1% |
| Suppliers | 440/4 | €3,228 | €1,677 | -€1,551 | -48.1% |
| Taxes, remuneration and social security | 45 | €62,933 | €64,617 | +€1,684 | +2.7% |
| Taxes | 450/3 | €62,933 | €64,617 | +€1,684 | +2.7% |
| Other amounts payable | 47/48 | €25,327 | €23,160 | -€2,167 | -8.6% |
| Accrued charges and deferred income | 492/3 | €77,160 | €67,807 | -€9,352 | -12.1% |
| Remuneration, social security and pensions | 62 | €234 | €325 | +€91 | +38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,610 | €21,918 | -€24,692 | -53.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €5,503 | €3,755 | -€1,748 | -31.8% |
| Gross operating margin | 9900 | €38,198 | €44,210 | +€6,012 | +15.7% |
| Operating profit (loss) | 9901 | -€14,149 | €18,212 | +€32,361 | |
| Financial income | 75/76B | €235,627 | €214,042 | -€21,585 | -9.2% |
| Recurring financial income | 75 | €235,627 | €214,042 | -€21,585 | -9.2% |
| Financial charges | 65/66B | €110,507 | €96,817 | -€13,690 | -12.4% |
| Recurring financial charges | 65 | €110,507 | €96,817 | -€13,690 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €110,971 | €135,437 | +€24,466 | +22.0% |
| Income taxes | 67/77 | €37,560 | €44,360 | +€6,800 | +18.1% |
| Profit (loss) for the period | 9904 | €73,411 | €91,077 | +€17,666 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,411 | €91,077 | +€17,666 | +24.1% |
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 6 October 2026 via checked.be.