MARKET-H: 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.
MARKET-H
Largest movements
- Tangible fixed assets -€99,337
down €99,337 (-22.2%), from €448,046 to €348,709
of which Other tangible fixed assets: -€89,460
- Cash +€37,228
up €37,228 (+77.4%), from €48,079 to €85,307
mainly Depreciation (+€53,464) and Investment in fixed assets (net) (+€47,280)
- Deferred charges and accrued income -€6,559
down €6,559 (-62.2%), from €10,540 to €3,981
- Profit (loss) carried forward -€66,920
down €66,920 (-70.6%), from -€94,764 to -€161,684
- Debts after one year -€39,168
down €39,168 (-11.0%), from €354,567 to €315,399
- Accrued charges and deferred income +€25,778
up €25,778 (+256%), from €10,075 to €35,853
- Current portion of long-term debt +€7,735
up €7,735 (+24.6%), from €31,433 to €39,168
- Tax, wage and social debts +€6,865
up €6,865 (+28.8%), from €23,830 to €30,695
of which Remuneration and social security: +€7,408
- Gross operating margin +€179,016
up €179,016 (+639%), from €28,015 to €207,031
- Staff costs +€117,977
up €117,977 (+153%), from €77,130 to €195,107
- Depreciation +€22,758
up €22,758 (+74.1%), from €30,706 to €53,464
- Financial charges +€8,118
up €8,118 (+55.8%), from €14,549 to €22,667
- Other operating charges +€2,469
up €2,469 (+509%), from €485 to €2,954
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.
Derived cash bridge
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 | €588,431 | €521,135 | -€67,295 | -11.4% |
| Formation expenses | 20 | €9,885 | €8,477 | -€1,408 | -14.2% |
| Fixed assets | 21/28 | €448,046 | €348,709 | -€99,337 | -22.2% |
| Tangible fixed assets | 22/27 | €448,046 | €348,709 | -€99,337 | -22.2% |
| Plant, machinery and equipment | 23 | €159,863 | €149,986 | -€9,878 | -6.2% |
| Other tangible fixed assets | 26 | €288,183 | €198,723 | -€89,460 | -31.0% |
| Current assets | 29/58 | €130,500 | €163,950 | +€33,450 | +25.6% |
| Stocks and contracts in progress | 3 | €68,193 | €69,994 | +€1,801 | +2.6% |
| Stocks | 30/36 | €68,193 | €69,994 | +€1,801 | +2.6% |
| Amounts receivable within one year | 40/41 | €3,688 | €4,668 | +€979 | +26.5% |
| Trade receivables | 40 | €2,050 | €3,203 | +€1,152 | +56.2% |
| Other amounts receivable | 41 | €1,638 | €1,465 | -€173 | -10.6% |
| Cash at bank and in hand | 54/58 | €48,079 | €85,307 | +€37,228 | +77.4% |
| Deferred charges and accrued income | 490/1 | €10,540 | €3,981 | -€6,559 | -62.2% |
| Total equity and liabilities | 10/49 | €588,431 | €521,135 | -€67,295 | -11.4% |
| Equity | 10/15 | -€84,764 | -€151,684 | -€66,920 | -78.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€94,764 | -€161,684 | -€66,920 | -70.6% |
| Amounts payable | 17/49 | €673,194 | €672,819 | -€375 | -0.1% |
| Amounts payable after more than one year | 17 | €354,567 | €315,399 | -€39,168 | -11.0% |
| Financial debts | 170/4 | €354,567 | €315,399 | -€39,168 | -11.0% |
| Amounts payable within one year | 42/48 | €308,552 | €321,567 | +€13,015 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €31,433 | €39,168 | +€7,735 | +24.6% |
| Trade debts | 44 | €123,289 | €120,975 | -€2,314 | -1.9% |
| Suppliers | 440/4 | €123,289 | €120,975 | -€2,314 | -1.9% |
| Taxes, remuneration and social security | 45 | €23,830 | €30,695 | +€6,865 | +28.8% |
| Taxes | 450/3 | €543 | - | -€543 | |
| Remuneration and social security | 454/9 | €23,287 | €30,695 | +€7,408 | +31.8% |
| Other amounts payable | 47/48 | €130,000 | €130,729 | +€729 | +0.6% |
| Accrued charges and deferred income | 492/3 | €10,075 | €35,853 | +€25,778 | +256% |
| Remuneration, social security and pensions | 62 | €77,130 | €195,107 | +€117,977 | +153% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,706 | €53,464 | +€22,758 | +74.1% |
| Other operating charges | 640/8 | €485 | €2,954 | +€2,469 | +509% |
| Gross operating margin | 9900 | €28,015 | €207,031 | +€179,016 | +639% |
| Operating profit (loss) | 9901 | -€80,306 | -€44,495 | +€35,812 | +44.6% |
| Financial income | 75/76B | €98 | €300 | +€202 | +207% |
| Recurring financial income | 75 | €98 | €300 | +€202 | +207% |
| Financial charges | 65/66B | €14,549 | €22,667 | +€8,118 | +55.8% |
| Recurring financial charges | 65 | €14,549 | €22,667 | +€8,118 | +55.8% |
| Profit (loss) for the period before taxes | 9903 | -€94,758 | -€66,861 | +€27,896 | +29.4% |
| Income taxes | 67/77 | €6 | €59 | +€53 | +923% |
| Profit (loss) for the period | 9904 | -€94,764 | -€66,920 | +€27,843 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€94,764 | -€66,920 | +€27,843 | +29.4% |
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 28 October 2026 via checked.be.