MARKHOEVE: 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.
MARKHOEVE
Largest movements
- Stocks and contracts +€44,341
up €44,341 (+45.4%), from €97,690 to €142,031
- Tangible fixed assets -€30,689
down €30,689 (-22.3%), from €137,755 to €107,065
of which Furniture and vehicles: -€24,400
- Receivables within one year -€19,022
down €19,022 (-77.7%), from €24,466 to €5,444
of which Other amounts receivable: -€11,964
- Cash -€11,334
down €11,334 (-15.4%), from €73,611 to €62,277
mainly Stocks and contracts (-€44,341) and Debts after one year (-€11,714)
- Debts after one year -€11,714
down €11,714 (-10.9%), from €107,433 to €95,719
- Trade debts -€11,461
down €11,461 (-7.3%), from €157,138 to €145,678
- Reserves +€4,337
up €4,337 (+23.7%), from €18,319 to €22,656
of which Distributable reserves: +€4,337
- Depreciation +€20,993
up €20,993 (+216%), from €9,697 to €30,689
- Gross operating margin +€7,587
up €7,587 (+23.0%), from €33,032 to €40,619
- Taxes -€1,668
down €1,668 (-42.9%), from €3,889 to €2,220
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.
Derived cash bridge
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 | €334,293 | €317,675 | -€16,618 | -5.0% |
| Fixed assets | 21/28 | €137,755 | €107,065 | -€30,689 | -22.3% |
| Tangible fixed assets | 22/27 | €137,755 | €107,065 | -€30,689 | -22.3% |
| Plant, machinery and equipment | 23 | €16,528 | €12,978 | -€3,550 | -21.5% |
| Furniture and vehicles | 24 | €116,867 | €92,467 | -€24,400 | -20.9% |
| Other tangible fixed assets | 26 | €4,360 | €1,621 | -€2,739 | -62.8% |
| Current assets | 29/58 | €196,538 | €210,610 | +€14,071 | +7.2% |
| Stocks and contracts in progress | 3 | €97,690 | €142,031 | +€44,341 | +45.4% |
| Stocks | 30/36 | €97,690 | €142,031 | +€44,341 | +45.4% |
| Amounts receivable within one year | 40/41 | €24,466 | €5,444 | -€19,022 | -77.7% |
| Trade receivables | 40 | €7,183 | €124 | -€7,058 | -98.3% |
| Other amounts receivable | 41 | €17,284 | €5,320 | -€11,964 | -69.2% |
| Cash at bank and in hand | 54/58 | €73,611 | €62,277 | -€11,334 | -15.4% |
| Deferred charges and accrued income | 490/1 | €771 | €858 | +€87 | +11.2% |
| Total equity and liabilities | 10/49 | €334,293 | €317,675 | -€16,618 | -5.0% |
| Equity | 10/15 | €53,007 | €57,343 | +€4,337 | +8.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €18,319 | €22,656 | +€4,337 | +23.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €18,319 | €22,656 | +€4,337 | +23.7% |
| Profit (loss) carried forward | 14 | €14,688 | €14,688 | = | 0.0% |
| Amounts payable | 17/49 | €281,286 | €260,331 | -€20,955 | -7.4% |
| Amounts payable after more than one year | 17 | €107,433 | €95,719 | -€11,714 | -10.9% |
| Financial debts | 170/4 | €107,433 | €95,719 | -€11,714 | -10.9% |
| Amounts payable within one year | 42/48 | €173,853 | €164,612 | -€9,240 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €16,714 | €16,714 | = | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €157,138 | €145,678 | -€11,461 | -7.3% |
| Suppliers | 440/4 | €157,138 | €145,678 | -€11,461 | -7.3% |
| Taxes, remuneration and social security | 45 | €0 | €2,220 | +€2,220 | |
| Taxes | 450/3 | €0 | €2,220 | +€2,220 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,697 | €30,689 | +€20,993 | +216% |
| Other operating charges | 640/8 | €588 | €544 | -€44 | -7.5% |
| Gross operating margin | 9900 | €33,032 | €40,619 | +€7,587 | +23.0% |
| Operating profit (loss) | 9901 | €22,747 | €9,386 | -€13,362 | -58.7% |
| Financial income | 75/76B | €43 | €4 | -€39 | -89.8% |
| Recurring financial income | 75 | €43 | €4 | -€39 | -89.8% |
| Financial charges | 65/66B | €2,582 | €2,833 | +€251 | +9.7% |
| Recurring financial charges | 65 | €2,582 | €2,833 | +€251 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €20,208 | €6,557 | -€13,651 | -67.6% |
| Income taxes | 67/77 | €3,889 | €2,220 | -€1,668 | -42.9% |
| Profit (loss) for the period | 9904 | €16,319 | €4,337 | -€11,983 | -73.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,319 | €4,337 | -€11,983 | -73.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.