MARCOVI: 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.
MARCOVI
Largest movements
- Current investments +€74,197
up €74,197 (+26.2%), from €283,075 to €357,271
- Tangible fixed assets -€40,654
down €40,654 (-23.4%), from €173,727 to €133,073
- Cash -€12,297
down €12,297 (-6.0%), from €203,472 to €191,175
mainly Contributions, distributions and other (-€250,000) and Current investments (-€74,197)
- Other debts +€143,382
up €143,382 (+163%), from €88,146 to €231,527
- Reserves -€126,682
down €126,682 (-23.6%), from €536,929 to €410,247
- Gross operating margin -€19,941
down €19,941 (-8.0%), from €250,088 to €230,146
- Financial income +€6,932
up €6,932 (+179%), from €3,876 to €10,808
- Taxes -€4,579
down €4,579 (-12.6%), from €36,383 to €31,804
- Depreciation -€3,114
down €3,114 (-5.8%), from €53,442 to €50,328
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.
Derived cash bridge
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 | €686,284 | €706,936 | +€20,652 | +3.0% |
| Fixed assets | 21/28 | €187,805 | €144,651 | -€43,154 | -23.0% |
| Intangible fixed assets | 21 | €14,078 | €11,578 | -€2,500 | -17.8% |
| Tangible fixed assets | 22/27 | €173,727 | €133,073 | -€40,654 | -23.4% |
| Land and buildings | 22 | €5,730 | €5,109 | -€621 | -10.8% |
| Plant, machinery and equipment | 23 | €49,028 | €34,700 | -€14,328 | -29.2% |
| Furniture and vehicles | 24 | €20,424 | €12,219 | -€8,204 | -40.2% |
| Other tangible fixed assets | 26 | €98,545 | €81,045 | -€17,500 | -17.8% |
| Current assets | 29/58 | €498,479 | €562,285 | +€63,806 | +12.8% |
| Stocks and contracts in progress | 3 | €7,500 | €7,500 | = | 0.0% |
| Stocks | 30/36 | €7,500 | €7,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €315 | €2,071 | +€1,756 | +558% |
| Trade receivables | 40 | €315 | €251 | -€64 | -20.3% |
| Other amounts receivable | 41 | €0 | €1,820 | +€1,820 | |
| Current investments | 50/53 | €283,075 | €357,271 | +€74,197 | +26.2% |
| Cash at bank and in hand | 54/58 | €203,472 | €191,175 | -€12,297 | -6.0% |
| Deferred charges and accrued income | 490/1 | €4,117 | €4,267 | +€150 | +3.6% |
| Total equity and liabilities | 10/49 | €686,284 | €706,936 | +€20,652 | +3.0% |
| Equity | 10/15 | €556,929 | €430,247 | -€126,682 | -22.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €536,929 | €410,247 | -€126,682 | -23.6% |
| Distributable reserves | 133 | €536,929 | €410,247 | -€126,682 | -23.6% |
| Amounts payable | 17/49 | €129,355 | €276,689 | +€147,334 | +114% |
| Amounts payable within one year | 42/48 | €129,330 | €276,689 | +€147,359 | +114% |
| Trade debts | 44 | €30,479 | €34,290 | +€3,812 | +12.5% |
| Suppliers | 440/4 | €30,479 | €34,290 | +€3,812 | +12.5% |
| Taxes, remuneration and social security | 45 | €10,706 | €10,871 | +€165 | +1.5% |
| Taxes | 450/3 | €3,927 | €3,049 | -€879 | -22.4% |
| Remuneration and social security | 454/9 | €6,779 | €7,823 | +€1,044 | +15.4% |
| Other amounts payable | 47/48 | €88,146 | €231,527 | +€143,382 | +163% |
| Accrued charges and deferred income | 492/3 | €25 | - | -€25 | |
| Non-recurring operating income | 76A | - | €1,744 | +€1,744 | |
| Remuneration, social security and pensions | 62 | €32,384 | €33,555 | +€1,171 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,442 | €50,328 | -€3,114 | -5.8% |
| Other operating charges | 640/8 | €1,167 | €981 | -€186 | -16.0% |
| Gross operating margin | 9900 | €250,088 | €230,146 | -€19,941 | -8.0% |
| Operating profit (loss) | 9901 | €163,094 | €145,282 | -€17,812 | -10.9% |
| Financial income | 75/76B | €3,876 | €10,808 | +€6,932 | +179% |
| Recurring financial income | 75 | €3,876 | €10,808 | +€6,932 | +179% |
| Financial charges | 65/66B | €2,059 | €968 | -€1,091 | -53.0% |
| Recurring financial charges | 65 | €2,059 | €968 | -€1,091 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | €164,911 | €155,122 | -€9,789 | -5.9% |
| Transfer from deferred taxes | 780 | €21,050 | - | -€21,050 | |
| Income taxes | 67/77 | €36,383 | €31,804 | -€4,579 | -12.6% |
| Profit (loss) for the period | 9904 | €149,578 | €123,318 | -€26,260 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €149,578 | €123,318 | -€26,260 | -17.6% |
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 23 October 2026 via checked.be.