MARKANT: 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.
MARKANT
Largest movements
- Tangible fixed assets +€2.5m
up €2.5m (+485.2%), from €514,905 to €3.0m
of which Land and buildings: +€2.5m
- Receivables within one year -€247,844
down €247,844 (-34.2%), from €725,373 to €477,529
of which Other amounts receivable: -€400,000
- Cash -€47,008
down €47,008 (-32.6%), from €144,359 to €97,351
mainly Investment in fixed assets (net) (-€2.7m) and Short-term financial debts (-€50,000)
- Debts after one year +€1.8m
up €1.8m (+1005.1%), from €182,935 to €2.0m
- Reserves +€721,796
up €721,796 (+3268.5%), from €22,084 to €743,879
of which Distributable reserves: +€723,502
- Profit (loss) carried forward -€596,308
down €596,308 (-100.0%), from €596,308 to €0
- Other debts +€169,582
up €169,582 (+16208.1%), from €1,046 to €170,629
- Current portion of long-term debt +€85,934
up €85,934 (+147.7%), from €58,187 to €144,121
- Gross operating margin +€394,101
up €394,101 (+51.6%), from €763,072 to €1.2m
- Staff costs +€135,842
up €135,842 (+23.8%), from €570,022 to €705,863
- Depreciation +€117,376
up €117,376 (+119.2%), from €98,468 to €215,844
- Financial charges +€33,431
up €33,431 (+229.4%), from €14,572 to €48,003
- Taxes +€24,314
up €24,314 (+117.7%), from €20,650 to €44,964
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 | €1,479,728 | €3,676,992 | +€2.2m | +148.5% |
| Fixed assets | 21/28 | €515,153 | €3,013,375 | +€2.5m | +484.9% |
| Tangible fixed assets | 22/27 | €514,905 | €3,013,127 | +€2.5m | +485.2% |
| Land and buildings | 22 | €25,845 | €2,547,737 | +€2.5m | +9757.8% |
| Plant, machinery and equipment | 23 | €295,028 | €249,043 | -€45,985 | -15.6% |
| Furniture and vehicles | 24 | €194,032 | €216,347 | +€22,315 | +11.5% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €964,575 | €663,618 | -€300,957 | -31.2% |
| Stocks and contracts in progress | 3 | €81,542 | €79,512 | -€2,030 | -2.5% |
| Stocks | 30/36 | €81,542 | €79,512 | -€2,030 | -2.5% |
| Amounts receivable within one year | 40/41 | €725,373 | €477,529 | -€247,844 | -34.2% |
| Trade receivables | 40 | €325,073 | €477,228 | +€152,156 | +46.8% |
| Other amounts receivable | 41 | €400,301 | €300 | -€400,000 | -99.9% |
| Cash at bank and in hand | 54/58 | €144,359 | €97,351 | -€47,008 | -32.6% |
| Deferred charges and accrued income | 490/1 | €13,301 | €9,226 | -€4,075 | -30.6% |
| Total equity and liabilities | 10/49 | €1,479,728 | €3,676,992 | +€2.2m | +148.5% |
| Equity | 10/15 | €680,365 | €805,853 | +€125,487 | +18.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €22,084 | €743,879 | +€721,796 | +3268.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,530 | €6,824 | -€1,706 | -20.0% |
| Distributable reserves | 133 | €7,356 | €730,858 | +€723,502 | +9835.7% |
| Profit (loss) carried forward | 14 | €596,308 | €0 | -€596,308 | -100.0% |
| Provisions and deferred taxes | 16 | €2,843 | €2,275 | -€569 | -20.0% |
| Deferred taxes | 168 | €2,843 | €2,275 | -€569 | -20.0% |
| Amounts payable | 17/49 | €796,519 | €2,868,865 | +€2.1m | +260.2% |
| Amounts payable after more than one year | 17 | €182,935 | €2,021,677 | +€1.8m | +1005.1% |
| Financial debts | 170/4 | €182,935 | €2,021,677 | +€1.8m | +1005.1% |
| Amounts payable within one year | 42/48 | €506,356 | €771,298 | +€264,941 | +52.3% |
| Current portion of amounts payable after more than one year | 42 | €58,187 | €144,121 | +€85,934 | +147.7% |
| Financial debts | 43 | €50,000 | €0 | -€50,000 | -100.0% |
| Credit institutions | 430/8 | €50,000 | €0 | -€50,000 | -100.0% |
| Trade debts | 44 | €290,252 | €315,247 | +€24,995 | +8.6% |
| Suppliers | 440/4 | €290,252 | €315,247 | +€24,995 | +8.6% |
| Taxes, remuneration and social security | 45 | €106,871 | €141,301 | +€34,429 | +32.2% |
| Taxes | 450/3 | €58,757 | €62,400 | +€3,642 | +6.2% |
| Remuneration and social security | 454/9 | €48,114 | €78,901 | +€30,787 | +64.0% |
| Other amounts payable | 47/48 | €1,046 | €170,629 | +€169,582 | +16208.1% |
| Accrued charges and deferred income | 492/3 | €107,228 | €75,890 | -€31,337 | -29.2% |
| Non-recurring operating income | 76A | €19 | €18,042 | +€18,023 | +96022.3% |
| Remuneration, social security and pensions | 62 | €570,022 | €705,863 | +€135,842 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,468 | €215,844 | +€117,376 | +119.2% |
| Other operating charges | 640/8 | €16,842 | €24,540 | +€7,698 | +45.7% |
| Gross operating margin | 9900 | €763,072 | €1,157,172 | +€394,101 | +51.6% |
| Operating profit (loss) | 9901 | €77,740 | €210,925 | +€133,184 | +171.3% |
| Financial income | 75/76B | €6,286 | €6,961 | +€675 | +10.7% |
| Recurring financial income | 75 | €6,286 | €6,961 | +€675 | +10.7% |
| Financial charges | 65/66B | €14,572 | €48,003 | +€33,431 | +229.4% |
| Recurring financial charges | 65 | €14,572 | €48,003 | +€33,431 | +229.4% |
| Profit (loss) for the period before taxes | 9903 | €69,455 | €169,883 | +€100,428 | +144.6% |
| Transfer from deferred taxes | 780 | €569 | €569 | = | 0.0% |
| Income taxes | 67/77 | €20,650 | €44,964 | +€24,314 | +117.7% |
| Profit (loss) for the period | 9904 | €49,373 | €125,487 | +€76,114 | +154.2% |
| Transfer from tax-exempt reserves | 789 | €1,706 | €1,706 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,079 | €127,194 | +€76,114 | +149.0% |
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 11 October 2026 via checked.be.