MARKADES: 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.
MARKADES
Largest movements
- Cash +€39,483
up €39,483 (+7.7%), from €514,224 to €553,707
mainly Net result for the year (+€37,950) and Depreciation (+€36,673)
- Tangible fixed assets -€36,673
down €36,673 (-4.4%), from €826,873 to €790,200
- Debts after one year -€72,690
down €72,690 (-7.2%), from €1.0m to €941,637
- Profit (loss) carried forward +€37,950
up €37,950 (+20.3%), from €186,856 to €224,806
- Trade debts +€13,736
up €13,736 (+382%), from €3,598 to €17,333
- Gross operating margin +€26,340
up €26,340 (+21.0%), from €125,150 to €151,490
- Taxes +€13,219
up €13,219, from €0 to €13,219
- Depreciation -€3,464
down €3,464 (-8.6%), from €40,137 to €36,673
- Financial charges -€3,196
down €3,196 (-6.1%), from €52,016 to €48,820
- Financial income -€1,580
down €1,580 (-85.5%), from €1,849 to €269
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 | €1,371,905 | €1,362,357 | -€9,548 | -0.7% |
| Fixed assets | 21/28 | €826,873 | €790,200 | -€36,673 | -4.4% |
| Tangible fixed assets | 22/27 | €826,873 | €790,200 | -€36,673 | -4.4% |
| Land and buildings | 22 | €826,873 | €790,200 | -€36,673 | -4.4% |
| Current assets | 29/58 | €545,032 | €572,157 | +€27,125 | +5.0% |
| Amounts receivable within one year | 40/41 | €29,107 | €16,677 | -€12,430 | -42.7% |
| Trade receivables | 40 | €12,415 | €5,151 | -€7,264 | -58.5% |
| Other amounts receivable | 41 | €16,692 | €11,526 | -€5,166 | -31.0% |
| Cash at bank and in hand | 54/58 | €514,224 | €553,707 | +€39,483 | +7.7% |
| Deferred charges and accrued income | 490/1 | €1,700 | €1,773 | +€73 | +4.3% |
| Total equity and liabilities | 10/49 | €1,371,905 | €1,362,357 | -€9,548 | -0.7% |
| Equity | 10/15 | €260,939 | €298,889 | +€37,950 | +14.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €12,083 | €12,083 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,883 | €5,883 | = | 0.0% |
| Profit (loss) carried forward | 14 | €186,856 | €224,806 | +€37,950 | +20.3% |
| Provisions and deferred taxes | 16 | €23,589 | €23,589 | = | 0.0% |
| Deferred taxes | 168 | €23,589 | €23,589 | = | 0.0% |
| Amounts payable | 17/49 | €1,087,377 | €1,039,879 | -€47,498 | -4.4% |
| Amounts payable after more than one year | 17 | €1,014,327 | €941,637 | -€72,690 | -7.2% |
| Financial debts | 170/4 | €1,014,327 | €941,637 | -€72,690 | -7.2% |
| Amounts payable within one year | 42/48 | €73,050 | €98,242 | +€25,192 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | €69,453 | €72,690 | +€3,237 | +4.7% |
| Trade debts | 44 | €3,598 | €17,333 | +€13,736 | +382% |
| Suppliers | 440/4 | €3,598 | €17,333 | +€13,736 | +382% |
| Taxes, remuneration and social security | 45 | €0 | €8,219 | +€8,219 | |
| Taxes | 450/3 | €0 | €8,219 | +€8,219 | |
| Remuneration, social security and pensions | 62 | €62 | - | -€62 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,137 | €36,673 | -€3,464 | -8.6% |
| Other operating charges | 640/8 | €14,059 | €15,097 | +€1,038 | +7.4% |
| Non-recurring operating charges | 66A | €32,835 | - | -€32,835 | |
| Gross operating margin | 9900 | €125,150 | €151,490 | +€26,340 | +21.0% |
| Operating profit (loss) | 9901 | €38,057 | €99,720 | +€61,663 | +162% |
| Financial income | 75/76B | €1,849 | €269 | -€1,580 | -85.5% |
| Recurring financial income | 75 | €1,849 | €269 | -€1,580 | -85.5% |
| Financial charges | 65/66B | €52,016 | €48,820 | -€3,196 | -6.1% |
| Recurring financial charges | 65 | €52,016 | €48,820 | -€3,196 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | -€12,110 | €51,169 | +€63,279 | |
| Income taxes | 67/77 | €0 | €13,219 | +€13,219 | |
| Profit (loss) for the period | 9904 | -€12,110 | €37,950 | +€50,060 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,110 | €37,950 | +€50,060 |
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 16 October 2026 via checked.be.