MARKAR: 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.
MARKAR
Largest movements
- Cash +€104,979
up €104,979 (+132.3%), from €79,327 to €184,306
mainly Net result for the year (+€99,093) and Depreciation (+€55,418)
- Tangible fixed assets -€34,476
down €34,476 (-4.3%), from €794,361 to €759,885
of which Land and buildings: -€23,402
- Receivables within one year +€13,588
up €13,588 (+138.3%), from €9,827 to €23,416
of which Other amounts receivable: +€16,875
- Debts after one year -€49,388
down €49,388 (-7.4%), from €663,435 to €614,047
- Profit (loss) carried forward +€45,093
up €45,093, from -€44,667 to €426
- Tax, wage and social debts +€40,456
up €40,456 (+110.8%), from €36,528 to €76,985
of which Taxes: +€36,572
- Reserves +€36,600
up €36,600 (+39.9%), from €91,839 to €128,439
of which Distributable reserves: +€36,600
- Gross operating margin +€112,330
up €112,330 (+23.9%), from €469,033 to €581,363
- Depreciation -€81,648
down €81,648 (-59.6%), from €137,066 to €55,418
- Taxes +€29,325
up €29,325 (+9335.2%), from €314 to €29,639
- Financial charges +€10,585
up €10,585 (+58.5%), from €18,095 to €28,680
- Staff costs +€8,382
up €8,382 (+2.4%), from €353,621 to €362,004
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €924,984 | €1,003,240 | +€78,255 | +8.5% |
| Fixed assets | 21/28 | €797,104 | €759,885 | -€37,219 | -4.7% |
| Tangible fixed assets | 22/27 | €794,361 | €759,885 | -€34,476 | -4.3% |
| Land and buildings | 22 | €703,655 | €680,253 | -€23,402 | -3.3% |
| Plant, machinery and equipment | 23 | €42,732 | €43,188 | +€457 | +1.1% |
| Furniture and vehicles | 24 | €47,134 | €35,720 | -€11,415 | -24.2% |
| Other tangible fixed assets | 26 | €840 | €724 | -€116 | -13.8% |
| Financial fixed assets | 28 | €2,743 | - | -€2,743 | |
| Current assets | 29/58 | €127,880 | €243,354 | +€115,474 | +90.3% |
| Stocks and contracts in progress | 3 | €35,375 | €32,876 | -€2,500 | -7.1% |
| Stocks | 30/36 | €35,375 | €32,876 | -€2,500 | -7.1% |
| Amounts receivable within one year | 40/41 | €9,827 | €23,416 | +€13,588 | +138.3% |
| Trade receivables | 40 | €5,289 | €2,002 | -€3,287 | -62.1% |
| Other amounts receivable | 41 | €4,538 | €21,414 | +€16,875 | +371.8% |
| Cash at bank and in hand | 54/58 | €79,327 | €184,306 | +€104,979 | +132.3% |
| Deferred charges and accrued income | 490/1 | €3,350 | €2,756 | -€594 | -17.7% |
| Total equity and liabilities | 10/49 | €924,984 | €1,003,240 | +€78,255 | +8.5% |
| Equity | 10/15 | €108,672 | €190,365 | +€81,693 | +75.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €91,839 | €128,439 | +€36,600 | +39.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €85,689 | €122,289 | +€36,600 | +42.7% |
| Profit (loss) carried forward | 14 | -€44,667 | €426 | +€45,093 | |
| Amounts payable | 17/49 | €816,312 | €812,875 | -€3,437 | -0.4% |
| Amounts payable after more than one year | 17 | €663,435 | €614,047 | -€49,388 | -7.4% |
| Financial debts | 170/4 | €663,435 | €614,047 | -€49,388 | -7.4% |
| Amounts payable within one year | 42/48 | €144,713 | €187,478 | +€42,764 | +29.6% |
| Current portion of amounts payable after more than one year | 42 | €57,085 | €56,064 | -€1,021 | -1.8% |
| Trade debts | 44 | €49,909 | €53,452 | +€3,542 | +7.1% |
| Suppliers | 440/4 | €49,909 | €53,452 | +€3,542 | +7.1% |
| Taxes, remuneration and social security | 45 | €36,528 | €76,985 | +€40,456 | +110.8% |
| Taxes | 450/3 | €3,757 | €40,329 | +€36,572 | +973.5% |
| Remuneration and social security | 454/9 | €32,771 | €36,656 | +€3,885 | +11.9% |
| Other amounts payable | 47/48 | €1,191 | €978 | -€214 | -17.9% |
| Accrued charges and deferred income | 492/3 | €8,164 | €11,350 | +€3,186 | +39.0% |
| Non-recurring operating income | 76A | €750 | - | -€750 | |
| Remuneration, social security and pensions | 62 | €353,621 | €362,004 | +€8,382 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,066 | €55,418 | -€81,648 | -59.6% |
| Other operating charges | 640/8 | €8,416 | €8,491 | +€76 | +0.9% |
| Gross operating margin | 9900 | €469,033 | €581,363 | +€112,330 | +23.9% |
| Operating profit (loss) | 9901 | -€30,070 | €155,450 | +€185,520 | |
| Financial income | 75/76B | €748 | €1,962 | +€1,214 | +162.3% |
| Recurring financial income | 75 | €748 | €1,962 | +€1,214 | +162.3% |
| Financial charges | 65/66B | €18,095 | €28,680 | +€10,585 | +58.5% |
| Recurring financial charges | 65 | €18,095 | €28,680 | +€10,585 | +58.5% |
| Profit (loss) for the period before taxes | 9903 | -€47,418 | €128,731 | +€176,149 | |
| Income taxes | 67/77 | €314 | €29,639 | +€29,325 | +9335.2% |
| Profit (loss) for the period | 9904 | -€47,732 | €99,093 | +€146,824 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,732 | €99,093 | +€146,824 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.