MARKO OBRADOVIC: 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.
MARKO OBRADOVIC
Largest movements
- Current investments +€90,000
new in 2025: €90,000
- Cash -€27,783
down €27,783 (-29.1%), from €95,324 to €67,541
mainly Current investments (-€90,000) and Contributions, distributions and other (-€40,001)
- Tangible fixed assets -€11,032
down €11,032 (-55.6%), from €19,848 to €8,816
- Receivables within one year +€6,926
up €6,926 (+64.1%), from €10,807 to €17,733
of which Other amounts receivable: +€11,648
- Profit (loss) carried forward +€36,432
up €36,432 (+56.6%), from €64,387 to €100,819
- Advances received +€23,135
up €23,135 (+7660.6%), from €302 to €23,437
- Tax, wage and social debts -€4,196
no longer reported in 2025 (was €4,196)
- Other debts +€3,503
up €3,503 (+9.4%), from €37,210 to €40,713
- Trade debts -€2,418
down €2,418 (-29.0%), from €8,346 to €5,928
- Gross operating margin +€58,801
up €58,801 (+99.7%), from €58,951 to €117,752
- Taxes +€11,742
up €11,742 (+119.3%), from €9,844 to €21,586
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 | €134,901 | €191,357 | +€56,456 | +41.8% |
| Fixed assets | 21/28 | €19,848 | €8,816 | -€11,032 | -55.6% |
| Tangible fixed assets | 22/27 | €19,848 | €8,816 | -€11,032 | -55.6% |
| Furniture and vehicles | 24 | €19,848 | €8,816 | -€11,032 | -55.6% |
| Current assets | 29/58 | €115,053 | €182,541 | +€67,488 | +58.7% |
| Amounts receivable within one year | 40/41 | €10,807 | €17,733 | +€6,926 | +64.1% |
| Trade receivables | 40 | €8,614 | €3,892 | -€4,722 | -54.8% |
| Other amounts receivable | 41 | €2,193 | €13,841 | +€11,648 | +531.1% |
| Current investments | 50/53 | - | €90,000 | +€90,000 | |
| Cash at bank and in hand | 54/58 | €95,324 | €67,541 | -€27,783 | -29.1% |
| Deferred charges and accrued income | 490/1 | €8,922 | €7,267 | -€1,655 | -18.5% |
| Total equity and liabilities | 10/49 | €134,901 | €191,357 | +€56,456 | +41.8% |
| Equity | 10/15 | €84,847 | €121,279 | +€36,432 | +42.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,387 | €100,819 | +€36,432 | +56.6% |
| Amounts payable | 17/49 | €50,054 | €70,078 | +€20,024 | +40.0% |
| Amounts payable within one year | 42/48 | €50,054 | €70,078 | +€20,024 | +40.0% |
| Trade debts | 44 | €8,346 | €5,928 | -€2,418 | -29.0% |
| Suppliers | 440/4 | €8,346 | €5,928 | -€2,418 | -29.0% |
| Advances received on contracts in progress | 46 | €302 | €23,437 | +€23,135 | +7660.6% |
| Taxes, remuneration and social security | 45 | €4,196 | - | -€4,196 | |
| Taxes | 450/3 | €4,196 | - | -€4,196 | |
| Other amounts payable | 47/48 | €37,210 | €40,713 | +€3,503 | +9.4% |
| Remuneration, social security and pensions | 62 | €1,920 | €2,267 | +€347 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,832 | €12,318 | +€486 | +4.1% |
| Other operating charges | 640/8 | €2,518 | €3,032 | +€514 | +20.4% |
| Gross operating margin | 9900 | €58,951 | €117,752 | +€58,801 | +99.7% |
| Operating profit (loss) | 9901 | €42,681 | €100,135 | +€57,454 | +134.6% |
| Financial income | 75/76B | €2 | €2 | = | 0.0% |
| Recurring financial income | 75 | €2 | €2 | = | 0.0% |
| Financial charges | 65/66B | €2,308 | €2,118 | -€190 | -8.2% |
| Recurring financial charges | 65 | €2,308 | €2,118 | -€190 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €40,375 | €98,019 | +€57,644 | +142.8% |
| Income taxes | 67/77 | €9,844 | €21,586 | +€11,742 | +119.3% |
| Profit (loss) for the period | 9904 | €30,531 | €76,433 | +€45,902 | +150.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,531 | €76,433 | +€45,902 | +150.3% |
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 4 October 2026 via checked.be.