MARKETING PIRATES: what changed
MARKETING PIRATES
Largest movements
- Cash +€30,408
up €30,408 (+147%), from €20,752 to €51,159
mainly Net result for the year (+€83,559) and Other debts (+€69,994)
- Tangible fixed assets -€9,443
down €9,443 (-10.8%), from €87,793 to €78,349
of which Plant, machinery and equipment: -€10,592
- Receivables within one year +€6,208
up €6,208 (+126%), from €4,912 to €11,120
of which Other amounts receivable: +€5,603
- Other debts +€69,994
up €69,994 (+53,255%), from €131 to €70,125
- Reserves -€65,458
down €65,458 (-38.9%), from €168,196 to €102,739
of which Distributable reserves: -€65,458
- Tax, wage and social debts +€19,378
up €19,378 (+277%), from €6,999 to €26,377
- Trade debts +€3,259
up €3,259 (+169%), from €1,929 to €5,188
- Gross operating margin +€82,023
up €82,023 (+206%), from €39,885 to €121,909
- Taxes +€16,288
up €16,288 (+169%), from €9,612 to €25,900
- Depreciation +€1,663
up €1,663 (+17.6%), from €9,430 to €11,093
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €183,457 | €210,629 | +€27,172 | +14.8% |
| Fixed assets | 21/28 | €157,793 | €148,349 | -€9,443 | -6.0% |
| Tangible fixed assets | 22/27 | €87,793 | €78,349 | -€9,443 | -10.8% |
| Plant, machinery and equipment | 23 | €87,520 | €76,929 | -€10,592 | -12.1% |
| Furniture and vehicles | 24 | €273 | €1,421 | +€1,148 | +421% |
| Financial fixed assets | 28 | €70,000 | €70,000 | = | 0.0% |
| Current assets | 29/58 | €25,664 | €62,280 | +€36,616 | +143% |
| Amounts receivable within one year | 40/41 | €4,912 | €11,120 | +€6,208 | +126% |
| Trade receivables | 40 | - | €605 | +€605 | |
| Other amounts receivable | 41 | €4,912 | €10,515 | +€5,603 | +114% |
| Cash at bank and in hand | 54/58 | €20,752 | €51,159 | +€30,408 | +147% |
| Total equity and liabilities | 10/49 | €183,457 | €210,629 | +€27,172 | +14.8% |
| Equity | 10/15 | €174,396 | €108,939 | -€65,458 | -37.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €168,196 | €102,739 | -€65,458 | -38.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €166,336 | €100,879 | -€65,458 | -39.4% |
| Amounts payable | 17/49 | €9,060 | €101,690 | +€92,630 | +1,022% |
| Amounts payable within one year | 42/48 | €9,060 | €101,690 | +€92,630 | +1,022% |
| Trade debts | 44 | €1,929 | €5,188 | +€3,259 | +169% |
| Suppliers | 440/4 | €1,929 | €5,188 | +€3,259 | +169% |
| Taxes, remuneration and social security | 45 | €6,999 | €26,377 | +€19,378 | +277% |
| Taxes | 450/3 | €6,999 | €26,377 | +€19,378 | +277% |
| Other amounts payable | 47/48 | €131 | €70,125 | +€69,994 | +53,255% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,430 | €11,093 | +€1,663 | +17.6% |
| Other operating charges | 640/8 | €843 | €658 | -€186 | -22.0% |
| Gross operating margin | 9900 | €39,885 | €121,909 | +€82,023 | +206% |
| Operating profit (loss) | 9901 | €29,612 | €110,158 | +€80,546 | +272% |
| Financial income | 75/76B | €157 | €218 | +€60 | +38.3% |
| Recurring financial income | 75 | €157 | €218 | +€60 | +38.3% |
| Financial charges | 65/66B | €1,295 | €916 | -€378 | -29.2% |
| Recurring financial charges | 65 | €1,295 | €916 | -€378 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €28,474 | €109,459 | +€80,985 | +284% |
| Income taxes | 67/77 | €9,612 | €25,900 | +€16,288 | +169% |
| Profit (loss) for the period | 9904 | €18,863 | €83,559 | +€64,696 | +343% |
| Profit (loss) for the period to be appropriated | 9905 | €18,863 | €83,559 | +€64,696 | +343% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.