MARCOVINAL: 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.
MARCOVINAL
Largest movements
- Receivables within one year -€8,604
down €8,604 (-20.7%), from €41,503 to €32,899
of which Trade receivables: -€7,022
- Cash +€3,570
up €3,570 (+33.1%), from €10,782 to €14,351
mainly Receivables within one year (+€8,604) and Debts after one year (+€8,000)
- Tangible fixed assets -€3,331
down €3,331 (-85.4%), from €3,903 to €572
- Stocks and contracts -€1,554
down €1,554 (-2.1%), from €74,055 to €72,501
- Reserves -€15,000
down €15,000 (-26.7%), from €56,224 to €41,224
of which Distributable reserves: -€15,000
- Debts after one year +€8,000
up €8,000 (+92.0%), from €8,700 to €16,700
- Tax, wage and social debts -€4,991
down €4,991 (-76.5%), from €6,522 to €1,531
of which Taxes: -€5,091
- Trade debts +€4,759
up €4,759 (+15.9%), from €30,006 to €34,765
- Other debts -€2,657
down €2,657 (-37.1%), from €7,169 to €4,512
- Gross operating margin +€5,514
up €5,514 (+38.8%), from -€14,226 to -€8,712
- Depreciation -€855
down €855 (-20.4%), from €4,186 to €3,331
- Other operating charges -€599
down €599 (-30.1%), from €1,986 to €1,387
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 | €132,166 | €121,879 | -€10,287 | -7.8% |
| Fixed assets | 21/28 | €4,739 | €1,408 | -€3,331 | -70.3% |
| Tangible fixed assets | 22/27 | €3,903 | €572 | -€3,331 | -85.4% |
| Furniture and vehicles | 24 | €3,903 | €572 | -€3,331 | -85.4% |
| Financial fixed assets | 28 | €837 | €837 | = | 0.0% |
| Current assets | 29/58 | €127,427 | €120,471 | -€6,956 | -5.5% |
| Stocks and contracts in progress | 3 | €74,055 | €72,501 | -€1,554 | -2.1% |
| Stocks | 30/36 | €74,055 | €72,501 | -€1,554 | -2.1% |
| Amounts receivable within one year | 40/41 | €41,503 | €32,899 | -€8,604 | -20.7% |
| Trade receivables | 40 | €38,921 | €31,899 | -€7,022 | -18.0% |
| Other amounts receivable | 41 | €2,582 | €1,000 | -€1,582 | -61.3% |
| Cash at bank and in hand | 54/58 | €10,782 | €14,351 | +€3,570 | +33.1% |
| Deferred charges and accrued income | 490/1 | €1,087 | €720 | -€367 | -33.8% |
| Total equity and liabilities | 10/49 | €132,166 | €121,879 | -€10,287 | -7.8% |
| Equity | 10/15 | €78,344 | €64,371 | -€13,973 | -17.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €56,224 | €41,224 | -€15,000 | -26.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €54,364 | €39,364 | -€15,000 | -27.6% |
| Profit (loss) carried forward | 14 | €3,520 | €4,547 | +€1,027 | +29.2% |
| Amounts payable | 17/49 | €53,822 | €57,508 | +€3,686 | +6.8% |
| Amounts payable after more than one year | 17 | €8,700 | €16,700 | +€8,000 | +92.0% |
| Other amounts payable | 178/9 | €8,700 | €16,700 | +€8,000 | +92.0% |
| Amounts payable within one year | 42/48 | €45,122 | €40,808 | -€4,314 | -9.6% |
| Financial debts | 43 | €1,425 | - | -€1,425 | |
| Credit institutions | 430/8 | €1,425 | - | -€1,425 | |
| Trade debts | 44 | €30,006 | €34,765 | +€4,759 | +15.9% |
| Suppliers | 440/4 | €30,006 | €34,765 | +€4,759 | +15.9% |
| Taxes, remuneration and social security | 45 | €6,522 | €1,531 | -€4,991 | -76.5% |
| Taxes | 450/3 | €6,122 | €1,031 | -€5,091 | -83.2% |
| Remuneration and social security | 454/9 | €400 | €500 | +€100 | +25.0% |
| Other amounts payable | 47/48 | €7,169 | €4,512 | -€2,657 | -37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,186 | €3,331 | -€855 | -20.4% |
| Other operating charges | 640/8 | €1,986 | €1,387 | -€599 | -30.1% |
| Gross operating margin | 9900 | -€14,226 | -€8,712 | +€5,514 | +38.8% |
| Operating profit (loss) | 9901 | -€20,398 | -€13,431 | +€6,968 | +34.2% |
| Financial income | 75/76B | €22 | €9 | -€13 | -58.7% |
| Recurring financial income | 75 | €22 | €9 | -€13 | -58.7% |
| Financial charges | 65/66B | €614 | €551 | -€63 | -10.3% |
| Recurring financial charges | 65 | €614 | €551 | -€63 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | -€20,991 | -€13,973 | +€7,018 | +33.4% |
| Profit (loss) for the period | 9904 | -€20,991 | -€13,973 | +€7,018 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,991 | -€13,973 | +€7,018 | +33.4% |
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 14 October 2026 via checked.be.