MARCUS: 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.
MARCUS
Largest movements
- Cash +€24,740
up €24,740 (+26.4%), from €93,815 to €118,555
mainly Net result for the year (+€41,708) and Receivables within one year (+€6,966)
- Receivables within one year -€6,966
down €6,966 (-32.4%), from €21,495 to €14,530
of which Other amounts receivable: -€3,884
- Tangible fixed assets -€1,725
down €1,725 (-12.9%), from €13,344 to €11,619
of which Other tangible fixed assets: -€1,243
- Reserves +€12,129
up €12,129 (+11.1%), from €108,786 to €120,916
- Tax, wage and social debts +€5,618
up €5,618 (+44.4%), from €12,649 to €18,268
of which Remuneration and social security: +€3,133
- Trade debts +€5,460
up €5,460 (+59.2%), from €9,227 to €14,686
- Advances received -€3,565
no longer reported in 2025 (was €3,565)
- Other debts -€2,207
down €2,207 (-86.2%), from €2,560 to €353
- Gross operating margin +€36,219
up €36,219 (+25.4%), from €142,637 to €178,856
- Taxes +€3,645
up €3,645 (+326.7%), from €1,116 to €4,761
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 | €143,787 | €161,222 | +€17,435 | +12.1% |
| Fixed assets | 21/28 | €13,724 | €11,999 | -€1,725 | -12.6% |
| Tangible fixed assets | 22/27 | €13,344 | €11,619 | -€1,725 | -12.9% |
| Plant, machinery and equipment | 23 | €4,851 | €4,555 | -€297 | -6.1% |
| Furniture and vehicles | 24 | €1,189 | €1,003 | -€185 | -15.6% |
| Other tangible fixed assets | 26 | €7,304 | €6,061 | -€1,243 | -17.0% |
| Financial fixed assets | 28 | €380 | €380 | = | 0.0% |
| Current assets | 29/58 | €130,063 | €149,223 | +€19,160 | +14.7% |
| Stocks and contracts in progress | 3 | €7,845 | €9,231 | +€1,386 | +17.7% |
| Stocks | 30/36 | €7,845 | €9,231 | +€1,386 | +17.7% |
| Amounts receivable within one year | 40/41 | €21,495 | €14,530 | -€6,966 | -32.4% |
| Trade receivables | 40 | €17,611 | €14,530 | -€3,081 | -17.5% |
| Other amounts receivable | 41 | €3,884 | - | -€3,884 | |
| Current investments | 50/53 | €6,908 | €6,908 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €93,815 | €118,555 | +€24,740 | +26.4% |
| Total equity and liabilities | 10/49 | €143,787 | €161,222 | +€17,435 | +12.1% |
| Equity | 10/15 | €115,786 | €127,916 | +€12,129 | +10.5% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €108,786 | €120,916 | +€12,129 | +11.1% |
| Distributable reserves | 133 | €108,786 | €120,916 | +€12,129 | +11.1% |
| Amounts payable | 17/49 | €28,001 | €33,307 | +€5,306 | +18.9% |
| Amounts payable within one year | 42/48 | €28,001 | €33,307 | +€5,306 | +18.9% |
| Trade debts | 44 | €9,227 | €14,686 | +€5,460 | +59.2% |
| Suppliers | 440/4 | €9,227 | €14,686 | +€5,460 | +59.2% |
| Advances received on contracts in progress | 46 | €3,565 | - | -€3,565 | |
| Taxes, remuneration and social security | 45 | €12,649 | €18,268 | +€5,618 | +44.4% |
| Taxes | 450/3 | €2,970 | €5,456 | +€2,485 | +83.7% |
| Remuneration and social security | 454/9 | €9,679 | €12,812 | +€3,133 | +32.4% |
| Other amounts payable | 47/48 | €2,560 | €353 | -€2,207 | -86.2% |
| Remuneration, social security and pensions | 62 | €120,167 | €120,935 | +€768 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,349 | €2,891 | +€542 | +23.1% |
| Other operating charges | 640/8 | €4,305 | €5,902 | +€1,596 | +37.1% |
| Non-recurring operating charges | 66A | €2,405 | - | -€2,405 | |
| Gross operating margin | 9900 | €142,637 | €178,856 | +€36,219 | +25.4% |
| Operating profit (loss) | 9901 | €13,410 | €49,128 | +€35,718 | +266.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | +266.7% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +266.7% |
| Financial charges | 65/66B | €1,889 | €2,659 | +€771 | +40.8% |
| Recurring financial charges | 65 | €1,889 | €2,659 | +€771 | +40.8% |
| Profit (loss) for the period before taxes | 9903 | €11,521 | €46,468 | +€34,947 | +303.3% |
| Income taxes | 67/77 | €1,116 | €4,761 | +€3,645 | +326.7% |
| Profit (loss) for the period | 9904 | €10,406 | €41,708 | +€31,302 | +300.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,406 | €41,708 | +€31,302 | +300.8% |
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.