MARKARINO: 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.
MARKARINO
Largest movements
- Receivables within one year +€273,917
up €273,917 (+185.1%), from €147,993 to €421,910
of which Other amounts receivable: +€159,418
- Stocks and contracts -€265,638
down €265,638 (-11.6%), from €2.3m to €2.0m
- Tangible fixed assets -€134,507
down €134,507 (-31.8%), from €422,503 to €287,996
of which Plant, machinery and equipment: -€127,861
- Cash +€94,005
up €94,005 (+12.9%), from €729,109 to €823,114
mainly Net result for the year (+€331,817) and Stocks and contracts (+€265,638)
- Intangible fixed assets -€60,974
down €60,974 (-29.9%), from €203,802 to €142,828
- Reserves +€331,817
up €331,817 (+36.9%), from €899,669 to €1.2m
of which Distributable reserves: +€331,817
- Trade debts -€201,397
down €201,397 (-17.8%), from €1.1m to €927,364
- Other debts -€188,445
down €188,445 (-19.1%), from €986,443 to €797,998
- Tax, wage and social debts +€68,132
up €68,132 (+28.1%), from €242,086 to €310,217
of which Taxes: +€75,841
- Debts after one year -€59,700
down €59,700 (-30.3%), from €197,083 to €137,383
of which Financial debts: -€59,700
- Staff costs -€198,994
down €198,994 (-14.6%), from €1.4m to €1.2m
- Gross operating margin -€122,790
down €122,790 (-6.4%), from €1.9m to €1.8m
- Financial charges -€104,038
down €104,038 (-58.9%), from €176,764 to €72,726
- Depreciation -€98,970
down €98,970 (-28.2%), from €350,853 to €251,884
- Taxes +€84,201
up €84,201 (+186.4%), from €45,167 to €129,368
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,805,091 | €3,726,732 | -€78,359 | -2.1% |
| Fixed assets | 21/28 | €626,731 | €431,249 | -€195,482 | -31.2% |
| Intangible fixed assets | 21 | €203,802 | €142,828 | -€60,974 | -29.9% |
| Tangible fixed assets | 22/27 | €422,503 | €287,996 | -€134,507 | -31.8% |
| Plant, machinery and equipment | 23 | €344,117 | €216,255 | -€127,861 | -37.2% |
| Furniture and vehicles | 24 | €78,386 | €71,740 | -€6,646 | -8.5% |
| Financial fixed assets | 28 | €425 | €425 | = | 0.0% |
| Current assets | 29/58 | €3,178,360 | €3,295,483 | +€117,123 | +3.7% |
| Stocks and contracts in progress | 3 | €2,284,397 | €2,018,759 | -€265,638 | -11.6% |
| Stocks | 30/36 | €2,284,397 | €2,018,759 | -€265,638 | -11.6% |
| Amounts receivable within one year | 40/41 | €147,993 | €421,910 | +€273,917 | +185.1% |
| Trade receivables | 40 | €123,024 | €237,524 | +€114,500 | +93.1% |
| Other amounts receivable | 41 | €24,969 | €184,387 | +€159,418 | +638.5% |
| Cash at bank and in hand | 54/58 | €729,109 | €823,114 | +€94,005 | +12.9% |
| Deferred charges and accrued income | 490/1 | €16,861 | €31,699 | +€14,838 | +88.0% |
| Total equity and liabilities | 10/49 | €3,805,091 | €3,726,732 | -€78,359 | -2.1% |
| Equity | 10/15 | €961,644 | €1,293,462 | +€331,817 | +34.5% |
| Contributions | 10/11 | €61,975 | €61,975 | = | 0.0% |
| Reserves | 13 | €899,669 | €1,231,486 | +€331,817 | +36.9% |
| Non-distributable reserves | 130/1 | €6,620 | €6,620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,620 | €6,620 | = | 0.0% |
| Distributable reserves | 133 | €893,050 | €1,224,867 | +€331,817 | +37.2% |
| Amounts payable | 17/49 | €2,843,447 | €2,433,270 | -€410,176 | -14.4% |
| Amounts payable after more than one year | 17 | €197,083 | €137,383 | -€59,700 | -30.3% |
| Financial debts | 170/4 | €197,083 | €137,383 | -€59,700 | -30.3% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €2,646,364 | €2,290,887 | -€355,477 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €215,000 | €235,114 | +€20,113 | +9.4% |
| Financial debts | 43 | €74,074 | €20,194 | -€53,880 | -72.7% |
| Credit institutions | 430/8 | €74,074 | €20,194 | -€53,880 | -72.7% |
| Trade debts | 44 | €1,128,761 | €927,364 | -€201,397 | -17.8% |
| Suppliers | 440/4 | €1,128,761 | €927,364 | -€201,397 | -17.8% |
| Taxes, remuneration and social security | 45 | €242,086 | €310,217 | +€68,132 | +28.1% |
| Taxes | 450/3 | €108,068 | €183,910 | +€75,841 | +70.2% |
| Remuneration and social security | 454/9 | €134,017 | €126,308 | -€7,710 | -5.8% |
| Other amounts payable | 47/48 | €986,443 | €797,998 | -€188,445 | -19.1% |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €1,360,132 | €1,161,138 | -€198,994 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €350,853 | €251,884 | -€98,970 | -28.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €48,326 | -€22,723 | -€71,049 | |
| Other operating charges | 640/8 | €12,200 | €5,181 | -€7,019 | -57.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,927,531 | €1,804,741 | -€122,790 | -6.4% |
| Operating profit (loss) | 9901 | €156,019 | €409,261 | +€253,243 | +162.3% |
| Financial income | 75/76B | €132,201 | €124,650 | -€7,551 | -5.7% |
| Recurring financial income | 75 | €132,201 | €124,650 | -€7,551 | -5.7% |
| Financial charges | 65/66B | €176,764 | €72,726 | -€104,038 | -58.9% |
| Recurring financial charges | 65 | €176,764 | €72,726 | -€104,038 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | €111,456 | €461,185 | +€349,730 | +313.8% |
| Income taxes | 67/77 | €45,167 | €129,368 | +€84,201 | +186.4% |
| Profit (loss) for the period | 9904 | €66,288 | €331,817 | +€265,529 | +400.6% |
| Profit (loss) for the period to be appropriated | 9905 | €66,288 | €331,817 | +€265,529 | +400.6% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.