MARKHOR: 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.
MARKHOR
Largest movements
- Stocks and contracts +€52,619
up €52,619 (+374.5%), from €14,049 to €66,669
- Cash -€26,121
down €26,121 (-66.7%), from €39,169 to €13,048
mainly Stocks and contracts (-€52,619) and Receivables within one year (-€5,005)
- Receivables within one year +€5,005
up €5,005 (+2364.2%), from €212 to €5,217
- Tangible fixed assets +€3,268
up €3,268 (+220.4%), from €1,483 to €4,751
- Trade debts +€28,439
up €28,439 (+135.1%), from €21,053 to €49,492
- Profit (loss) carried forward +€4,937
up €4,937 (+23.5%), from €20,987 to €25,924
- Other debts +€3,095
new in 2025: €3,095
- Tax, wage and social debts -€1,279
down €1,279 (-9.7%), from €13,213 to €11,935
of which Taxes: -€3,490
- Turnover +€217,378
up €217,378 (+36.0%), from €603,049 to €820,427
- Purchases and services +€179,567
up €179,567 (+27.9%), from €644,425 to €823,992
- Gross operating margin +€34,774
up €34,774 (+132.5%), from €26,237 to €61,011
- Staff costs +€29,666
up €29,666 (+253.9%), from €11,683 to €41,349
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 | €64,046 | €99,238 | +€35,192 | +54.9% |
| Fixed assets | 21/28 | €10,301 | €13,569 | +€3,268 | +31.7% |
| Tangible fixed assets | 22/27 | €1,483 | €4,751 | +€3,268 | +220.4% |
| Furniture and vehicles | 24 | €1,483 | €4,751 | +€3,268 | +220.4% |
| Financial fixed assets | 28 | €8,818 | €8,818 | = | 0.0% |
| Current assets | 29/58 | €53,745 | €85,669 | +€31,924 | +59.4% |
| Stocks and contracts in progress | 3 | €14,049 | €66,669 | +€52,619 | +374.5% |
| Stocks | 30/36 | €14,049 | €66,669 | +€52,619 | +374.5% |
| Amounts receivable within one year | 40/41 | €212 | €5,217 | +€5,005 | +2364.2% |
| Trade receivables | 40 | €212 | €5,217 | +€5,005 | +2364.2% |
| Cash at bank and in hand | 54/58 | €39,169 | €13,048 | -€26,121 | -66.7% |
| Deferred charges and accrued income | 490/1 | €314 | €735 | +€421 | +133.9% |
| Total equity and liabilities | 10/49 | €64,046 | €99,238 | +€35,192 | +54.9% |
| Equity | 10/15 | €29,779 | €34,716 | +€4,937 | +16.6% |
| Contributions | 10/11 | €8,792 | €8,792 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,987 | €25,924 | +€4,937 | +23.5% |
| Amounts payable | 17/49 | €34,266 | €64,522 | +€30,256 | +88.3% |
| Amounts payable within one year | 42/48 | €34,266 | €64,522 | +€30,256 | +88.3% |
| Trade debts | 44 | €21,053 | €49,492 | +€28,439 | +135.1% |
| Suppliers | 440/4 | €21,053 | €49,492 | +€28,439 | +135.1% |
| Taxes, remuneration and social security | 45 | €13,213 | €11,935 | -€1,279 | -9.7% |
| Taxes | 450/3 | €8,405 | €4,914 | -€3,490 | -41.5% |
| Remuneration and social security | 454/9 | €4,809 | €7,021 | +€2,212 | +46.0% |
| Other amounts payable | 47/48 | - | €3,095 | +€3,095 | |
| Turnover | 70 | €603,049 | €820,427 | +€217,378 | +36.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €644,425 | €823,992 | +€179,567 | +27.9% |
| Remuneration, social security and pensions | 62 | €11,683 | €41,349 | +€29,666 | +253.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €856 | €1,529 | +€673 | +78.6% |
| Other operating charges | 640/8 | €1,725 | €3,622 | +€1,897 | +110.0% |
| Non-recurring operating charges | 66A | €267 | €200 | -€67 | -25.2% |
| Gross operating margin | 9900 | €26,237 | €61,011 | +€34,774 | +132.5% |
| Operating profit (loss) | 9901 | €11,705 | €14,310 | +€2,605 | +22.3% |
| Financial income | 75/76B | €58 | - | -€58 | |
| Recurring financial income | 75 | €58 | - | -€58 | |
| Financial charges | 65/66B | €329 | €6,966 | +€6,637 | +2019.1% |
| Recurring financial charges | 65 | €329 | €6,966 | +€6,637 | +2019.1% |
| Profit (loss) for the period before taxes | 9903 | €11,434 | €7,344 | -€4,090 | -35.8% |
| Income taxes | 67/77 | €5,767 | €2,408 | -€3,359 | -58.2% |
| Profit (loss) for the period | 9904 | €5,667 | €4,937 | -€730 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,667 | €4,937 | -€730 | -12.9% |
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 2 October 2026 via checked.be.