MARKHUNTING: 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.
MARKHUNTING
Largest movements
- Stocks and contracts -€156,723
down €156,723 (-90.0%), from €174,080 to €17,357
- Cash -€63,459
down €63,459 (-82.8%), from €76,637 to €13,179
mainly Short-term financial debts (-€197,778) and Trade debts (-€83,120)
- Receivables within one year -€37,272
down €37,272 (-58.6%), from €63,646 to €26,374
of which Trade receivables: -€28,203
- Short-term financial debts -€197,778
no longer reported in 2025 (was €197,778)
- Trade debts -€83,120
down €83,120 (-72.6%), from €114,412 to €31,292
- Profit (loss) carried forward +€16,319
no longer reported in 2025 (was -€16,319)
- Reserves +€4,280
new in 2025: €4,280
- Financial income +€17,138
up €17,138 (+8710.5%), from €197 to €17,335
of which Financial income: +€16,888
- Write-downs +€9,836
new in 2025: €9,836
- Taxes +€3,765
up €3,765 (+1915.9%), from €197 to €3,962
- Financial charges +€2,132
up €2,132 (+7.9%), from €27,026 to €29,158
of which Non-recurring financial charges: +€1,789
- Gross operating margin -€875
down €875 (-1.5%), from €59,702 to €58,827
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 | €327,901 | €70,327 | -€257,574 | -78.6% |
| Fixed assets | 21/28 | €12,588 | €12,455 | -€133 | -1.1% |
| Tangible fixed assets | 22/27 | €12,588 | €12,455 | -€133 | -1.1% |
| Furniture and vehicles | 24 | €12,588 | €12,455 | -€133 | -1.1% |
| Current assets | 29/58 | €315,313 | €57,872 | -€257,441 | -81.6% |
| Stocks and contracts in progress | 3 | €174,080 | €17,357 | -€156,723 | -90.0% |
| Stocks | 30/36 | €174,080 | €17,357 | -€156,723 | -90.0% |
| Amounts receivable within one year | 40/41 | €63,646 | €26,374 | -€37,272 | -58.6% |
| Trade receivables | 40 | €54,277 | €26,073 | -€28,203 | -52.0% |
| Other amounts receivable | 41 | €9,370 | €301 | -€9,069 | -96.8% |
| Cash at bank and in hand | 54/58 | €76,637 | €13,179 | -€63,459 | -82.8% |
| Deferred charges and accrued income | 490/1 | €950 | €963 | +€13 | +1.4% |
| Total equity and liabilities | 10/49 | €327,901 | €70,327 | -€257,574 | -78.6% |
| Equity | 10/15 | €2,231 | €22,830 | +€20,599 | +923.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | - | €4,280 | +€4,280 | |
| Distributable reserves | 133 | - | €4,280 | +€4,280 | |
| Profit (loss) carried forward | 14 | -€16,319 | - | +€16,319 | |
| Amounts payable | 17/49 | €325,670 | €47,497 | -€278,173 | -85.4% |
| Amounts payable within one year | 42/48 | €325,670 | €47,098 | -€278,572 | -85.5% |
| Financial debts | 43 | €197,778 | - | -€197,778 | |
| Credit institutions | 430/8 | €197,778 | - | -€197,778 | |
| Trade debts | 44 | €114,412 | €31,292 | -€83,120 | -72.6% |
| Suppliers | 440/4 | €114,412 | €31,292 | -€83,120 | -72.6% |
| Taxes, remuneration and social security | 45 | €7,572 | €10,658 | +€3,087 | +40.8% |
| Taxes | 450/3 | €5,072 | €5,658 | +€587 | +11.6% |
| Remuneration and social security | 454/9 | €2,500 | €5,000 | +€2,500 | +100.0% |
| Other amounts payable | 47/48 | €5,908 | €5,147 | -€761 | -12.9% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Non-recurring operating income | 76A | €4,132 | - | -€4,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,412 | €5,256 | +€844 | +19.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,836 | +€9,836 | |
| Other operating charges | 640/8 | €96 | €382 | +€286 | +297.9% |
| Non-recurring operating charges | 66A | - | €6,969 | +€6,969 | |
| Gross operating margin | 9900 | €59,702 | €58,827 | -€875 | -1.5% |
| Operating profit (loss) | 9901 | €55,194 | €36,384 | -€18,810 | -34.1% |
| Financial income | 75/76B | €197 | €17,335 | +€17,138 | +8710.5% |
| Recurring financial income | 75 | €197 | €17,085 | +€16,888 | +8583.5% |
| Non-recurring financial income | 76B | €197 | €250 | +€53 | +27.1% |
| Financial charges | 65/66B | €27,026 | €29,158 | +€2,132 | +7.9% |
| Recurring financial charges | 65 | €27,026 | €27,369 | +€343 | +1.3% |
| Non-recurring financial charges | 66B | - | €1,789 | +€1,789 | |
| Profit (loss) for the period before taxes | 9903 | €28,365 | €24,560 | -€3,804 | -13.4% |
| Income taxes | 67/77 | €197 | €3,962 | +€3,765 | +1915.9% |
| Profit (loss) for the period | 9904 | €28,168 | €20,599 | -€7,569 | -26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,168 | €20,599 | -€7,569 | -26.9% |
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 5 October 2026 via checked.be.