MARJACQ: 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.
MARJACQ
Largest movements
- Tangible fixed assets +€401,718
up €401,718 (+188%), from €214,223 to €615,941
of which Land and buildings: +€399,828
- Cash -€48,140
down €48,140 (-39.5%), from €121,790 to €73,650
mainly Investment in fixed assets (net) (-€421,536) and Stocks and contracts (-€22,244)
- Stocks and contracts +€22,244
up €22,244 (+516%), from €4,312 to €26,556
- Receivables within one year -€11,084
down €11,084 (-61.4%), from €18,048 to €6,964
of which Other amounts receivable: -€5,787
- Debts after one year +€332,430
up €332,430 (+170%), from €195,709 to €528,139
- Current portion of long-term debt +€15,608
up €15,608 (+89.8%), from €17,386 to €32,994
- Profit (loss) carried forward +€14,100
up €14,100 (+20.7%), from €68,115 to €82,215
- Gross operating margin +€21,079
up €21,079 (+85.5%), from €24,648 to €45,727
- Depreciation +€9,727
up €9,727 (+96.4%), from €10,091 to €19,818
- Taxes -€1,923
down €1,923, from €1,257 to -€666
- Financial income -€1,496
down €1,496 (-54.8%), from €2,729 to €1,233
of which Non-recurring financial income: -€2,200
- Financial charges +€727
up €727 (+5.9%), from €12,416 to €13,143
of which Financial charges: +€3,541
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 | €358,373 | €723,111 | +€364,738 | +102% |
| Fixed assets | 21/28 | €214,223 | €615,941 | +€401,718 | +188% |
| Tangible fixed assets | 22/27 | €214,223 | €615,941 | +€401,718 | +188% |
| Land and buildings | 22 | €213,777 | €613,605 | +€399,828 | +187% |
| Plant, machinery and equipment | 23 | €371 | €2,261 | +€1,890 | +509% |
| Furniture and vehicles | 24 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €144,150 | €107,170 | -€36,980 | -25.7% |
| Stocks and contracts in progress | 3 | €4,312 | €26,556 | +€22,244 | +516% |
| Stocks | 30/36 | €4,312 | €26,556 | +€22,244 | +516% |
| Amounts receivable within one year | 40/41 | €18,048 | €6,964 | -€11,084 | -61.4% |
| Trade receivables | 40 | €10,210 | €4,913 | -€5,297 | -51.9% |
| Other amounts receivable | 41 | €7,838 | €2,051 | -€5,787 | -73.8% |
| Cash at bank and in hand | 54/58 | €121,790 | €73,650 | -€48,140 | -39.5% |
| Total equity and liabilities | 10/49 | €358,373 | €723,111 | +€364,738 | +102% |
| Equity | 10/15 | €120,931 | €133,490 | +€12,559 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,216 | €32,675 | -€1,541 | -4.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,356 | €30,815 | -€1,541 | -4.8% |
| Profit (loss) carried forward | 14 | €68,115 | €82,215 | +€14,100 | +20.7% |
| Provisions and deferred taxes | 16 | €8,089 | €7,704 | -€385 | -4.8% |
| Deferred taxes | 168 | €8,089 | €7,704 | -€385 | -4.8% |
| Amounts payable | 17/49 | €229,353 | €581,917 | +€352,564 | +154% |
| Amounts payable after more than one year | 17 | €195,709 | €528,139 | +€332,430 | +170% |
| Financial debts | 170/4 | €195,709 | €528,139 | +€332,430 | +170% |
| Amounts payable within one year | 42/48 | €33,644 | €53,778 | +€20,134 | +59.8% |
| Current portion of amounts payable after more than one year | 42 | €17,386 | €32,994 | +€15,608 | +89.8% |
| Trade debts | 44 | €7,160 | €9,817 | +€2,657 | +37.1% |
| Suppliers | 440/4 | €7,160 | €9,817 | +€2,657 | +37.1% |
| Taxes, remuneration and social security | 45 | €957 | €4,102 | +€3,145 | +329% |
| Taxes | 450/3 | €957 | €4,102 | +€3,145 | +329% |
| Other amounts payable | 47/48 | €8,141 | €6,865 | -€1,276 | -15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,091 | €19,818 | +€9,727 | +96.4% |
| Other operating charges | 640/8 | €2,703 | €2,491 | -€212 | -7.8% |
| Gross operating margin | 9900 | €24,648 | €45,727 | +€21,079 | +85.5% |
| Operating profit (loss) | 9901 | €11,854 | €23,418 | +€11,564 | +97.6% |
| Financial income | 75/76B | €2,729 | €1,233 | -€1,496 | -54.8% |
| Recurring financial income | 75 | €529 | €1,233 | +€704 | +133% |
| Non-recurring financial income | 76B | €2,200 | - | -€2,200 | |
| Financial charges | 65/66B | €12,416 | €13,143 | +€727 | +5.9% |
| Recurring financial charges | 65 | €9,602 | €13,143 | +€3,541 | +36.9% |
| Non-recurring financial charges | 66B | €2,814 | - | -€2,814 | |
| Profit (loss) for the period before taxes | 9903 | €2,167 | €11,508 | +€9,341 | +431% |
| Transfer from deferred taxes | 780 | €385 | €385 | = | 0.0% |
| Income taxes | 67/77 | €1,257 | -€666 | -€1,923 | |
| Profit (loss) for the period | 9904 | €1,295 | €12,559 | +€11,264 | +870% |
| Transfer from tax-exempt reserves | 789 | €1,541 | €1,541 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,836 | €14,100 | +€11,264 | +397% |
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.