MARKASI: 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.
MARKASI
Largest movements
- Deferred charges and accrued income +€20,612
new in 2025: €20,612
- Tangible fixed assets -€11,340
down €11,340 (-26.2%), from €43,276 to €31,936
- Receivables within one year +€6,422
up €6,422 (+119.5%), from €5,374 to €11,796
of which Trade receivables: +€11,796
- Stocks and contracts +€5,500
up €5,500 (+27.9%), from €19,719 to €25,219
- Cash -€4,335
down €4,335 (-40.0%), from €10,836 to €6,501
mainly Deferred charges and accrued income (-€20,612) and Receivables within one year (-€6,422)
- Tax, wage and social debts +€11,642
up €11,642 (+91.9%), from €12,673 to €24,315
of which Taxes: +€11,706
- Profit (loss) carried forward +€6,312
up €6,312 (+78.2%), from €8,067 to €14,379
- Debts after one year -€4,987
down €4,987 (-29.6%), from €16,857 to €11,870
- Other debts +€2,933
up €2,933 (+13.4%), from €21,842 to €24,775
- Staff costs +€17,792
up €17,792 (+41.3%), from €43,132 to €60,924
- Gross operating margin +€11,172
up €11,172 (+15.3%), from €73,088 to €84,260
- Financial charges +€1,370
up €1,370 (+56.8%), from €2,410 to €3,780
- Taxes -€1,089
down €1,089 (-39.3%), from €2,772 to €1,683
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 | €79,205 | €96,064 | +€16,859 | +21.3% |
| Fixed assets | 21/28 | €43,276 | €31,936 | -€11,340 | -26.2% |
| Tangible fixed assets | 22/27 | €43,276 | €31,936 | -€11,340 | -26.2% |
| Furniture and vehicles | 24 | €43,276 | €31,936 | -€11,340 | -26.2% |
| Current assets | 29/58 | €35,929 | €64,128 | +€28,199 | +78.5% |
| Stocks and contracts in progress | 3 | €19,719 | €25,219 | +€5,500 | +27.9% |
| Stocks | 30/36 | €19,719 | €25,219 | +€5,500 | +27.9% |
| Amounts receivable within one year | 40/41 | €5,374 | €11,796 | +€6,422 | +119.5% |
| Trade receivables | 40 | - | €11,796 | +€11,796 | |
| Other amounts receivable | 41 | €5,374 | - | -€5,374 | |
| Cash at bank and in hand | 54/58 | €10,836 | €6,501 | -€4,335 | -40.0% |
| Deferred charges and accrued income | 490/1 | - | €20,612 | +€20,612 | |
| Total equity and liabilities | 10/49 | €79,205 | €96,064 | +€16,859 | +21.3% |
| Equity | 10/15 | €13,067 | €19,379 | +€6,312 | +48.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,067 | €14,379 | +€6,312 | +78.2% |
| Amounts payable | 17/49 | €66,138 | €76,685 | +€10,547 | +15.9% |
| Amounts payable after more than one year | 17 | €16,857 | €11,870 | -€4,987 | -29.6% |
| Financial debts | 170/4 | €16,857 | €11,870 | -€4,987 | -29.6% |
| Amounts payable within one year | 42/48 | €49,280 | €64,815 | +€15,534 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €4,578 | €4,987 | +€410 | +8.9% |
| Trade debts | 44 | €10,187 | €10,738 | +€550 | +5.4% |
| Suppliers | 440/4 | €10,020 | €10,738 | +€717 | +7.2% |
| Bills of exchange payable | 441 | €167 | - | -€167 | |
| Taxes, remuneration and social security | 45 | €12,673 | €24,315 | +€11,642 | +91.9% |
| Taxes | 450/3 | €3,765 | €15,471 | +€11,706 | +310.9% |
| Remuneration and social security | 454/9 | €8,907 | €8,844 | -€64 | -0.7% |
| Other amounts payable | 47/48 | €21,842 | €24,775 | +€2,933 | +13.4% |
| Remuneration, social security and pensions | 62 | €43,132 | €60,924 | +€17,792 | +41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,072 | €11,340 | +€268 | +2.4% |
| Other operating charges | 640/8 | €168 | €249 | +€81 | +48.2% |
| Gross operating margin | 9900 | €73,088 | €84,260 | +€11,172 | +15.3% |
| Operating profit (loss) | 9901 | €18,717 | €11,748 | -€6,969 | -37.2% |
| Financial income | 75/76B | €159 | €28 | -€131 | -82.7% |
| Recurring financial income | 75 | €159 | €28 | -€131 | -82.7% |
| Financial charges | 65/66B | €2,410 | €3,780 | +€1,370 | +56.8% |
| Recurring financial charges | 65 | €2,410 | €3,780 | +€1,370 | +56.8% |
| Profit (loss) for the period before taxes | 9903 | €16,466 | €7,995 | -€8,470 | -51.4% |
| Income taxes | 67/77 | €2,772 | €1,683 | -€1,089 | -39.3% |
| Profit (loss) for the period | 9904 | €13,693 | €6,312 | -€7,381 | -53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,693 | €6,312 | -€7,381 | -53.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.