Markizaat: 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.
Markizaat
Largest movements
- Receivables within one year -€3.1m
down €3.1m (-15.8%), from €19.5m to €16.4m
of which Other amounts receivable: -€3.1m
- Stocks and contracts -€1.1m
down €1.1m (-15.8%), from €7.0m to €5.9m
- Financial fixed assets -€649,793
down €649,793 (-96.4%), from €673,846 to €24,053
- Other debts -€4.9m
down €4.9m (-93.5%), from €5.2m to €339,783
- Profit (loss) carried forward +€2.4m
up €2.4m, from €0 to €2.4m
- Short-term financial debts -€2.2m
down €2.2m (-21.8%), from €10.3m to €8.1m
- Provisions -€402,326
down €402,326 (-82.8%), from €486,001 to €83,675
- Gross operating margin +€2.2m
up €2.2m (+477%), from €462,589 to €2.7m
- Taxes +€511,141
up €511,141 (+274%), from €186,225 to €697,366
- Financial charges +€171,781
up €171,781 (+83.2%), from €206,373 to €378,154
- Provisions +€99,130
up €99,130 (+19.8%), from -€501,456 to -€402,326
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 | €27,427,696 | €22,362,767 | -€5.1m | -18.5% |
| Fixed assets | 21/28 | €673,846 | €24,053 | -€649,793 | -96.4% |
| Financial fixed assets | 28 | €673,846 | €24,053 | -€649,793 | -96.4% |
| Current assets | 29/58 | €26,753,850 | €22,338,713 | -€4.4m | -16.5% |
| Stocks and contracts in progress | 3 | €6,971,921 | €5,868,150 | -€1.1m | -15.8% |
| Stocks | 30/36 | €6,971,921 | €5,868,150 | -€1.1m | -15.8% |
| Amounts receivable within one year | 40/41 | €19,533,973 | €16,444,831 | -€3.1m | -15.8% |
| Trade receivables | 40 | €2,440 | €2,440 | = | 0.0% |
| Other amounts receivable | 41 | €19,531,533 | €16,442,391 | -€3.1m | -15.8% |
| Cash at bank and in hand | 54/58 | €242,829 | €20,599 | -€222,230 | -91.5% |
| Deferred charges and accrued income | 490/1 | €5,127 | €5,134 | +€6 | +0.1% |
| Total equity and liabilities | 10/49 | €27,427,696 | €22,362,767 | -€5.1m | -18.5% |
| Equity | 10/15 | €11,350,000 | €13,844,425 | +€2.5m | +22.0% |
| Contributions | 10/11 | €11,070,000 | €11,070,000 | = | 0.0% |
| Capital | 10 | €11,070,000 | €11,070,000 | = | 0.0% |
| Issued capital | 100 | €11,070,000 | €11,070,000 | = | 0.0% |
| Reserves | 13 | €280,000 | €405,000 | +€125,000 | +44.6% |
| Non-distributable reserves | 130/1 | €280,000 | €405,000 | +€125,000 | +44.6% |
| Legal reserve | 130 | €280,000 | €405,000 | +€125,000 | +44.6% |
| Profit (loss) carried forward | 14 | €0 | €2,369,425 | +€2.4m | |
| Provisions and deferred taxes | 16 | €486,001 | €83,675 | -€402,326 | -82.8% |
| Provisions for liabilities and charges | 160/5 | €486,001 | €83,675 | -€402,326 | -82.8% |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €486,001 | €83,675 | -€402,326 | -82.8% |
| Amounts payable | 17/49 | €15,591,694 | €8,434,667 | -€7.2m | -45.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €15,563,627 | €8,414,884 | -€7.1m | -45.9% |
| Financial debts | 43 | €10,313,191 | €8,068,247 | -€2.2m | -21.8% |
| Credit institutions | 430/8 | €10,313,191 | €8,068,247 | -€2.2m | -21.8% |
| Trade debts | 44 | €13,371 | €5,834 | -€7,537 | -56.4% |
| Suppliers | 440/4 | €13,371 | €5,834 | -€7,537 | -56.4% |
| Taxes, remuneration and social security | 45 | €1,020 | €1,020 | = | 0.0% |
| Taxes | 450/3 | €1,020 | €1,020 | = | 0.0% |
| Other amounts payable | 47/48 | €5,236,045 | €339,783 | -€4.9m | -93.5% |
| Accrued charges and deferred income | 492/3 | €28,067 | €19,783 | -€8,284 | -29.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€501,456 | -€402,326 | +€99,130 | +19.8% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.2% |
| Gross operating margin | 9900 | €462,589 | €2,668,194 | +€2.2m | +477% |
| Operating profit (loss) | 9901 | €962,937 | €3,069,377 | +€2.1m | +219% |
| Financial income | 75/76B | €489,792 | €500,567 | +€10,775 | +2.2% |
| Recurring financial income | 75 | €489,792 | €500,567 | +€10,775 | +2.2% |
| Financial charges | 65/66B | €206,373 | €378,154 | +€171,781 | +83.2% |
| Recurring financial charges | 65 | €206,373 | €378,154 | +€171,781 | +83.2% |
| Profit (loss) for the period before taxes | 9903 | €1,246,356 | €3,191,791 | +€1.9m | +156% |
| Income taxes | 67/77 | €186,225 | €697,366 | +€511,141 | +274% |
| Profit (loss) for the period | 9904 | €1,060,131 | €2,494,425 | +€1.4m | +135% |
| Profit (loss) for the period to be appropriated | 9905 | €1,060,131 | €2,494,425 | +€1.4m | +135% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.