MARKOFINA: 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.
MARKOFINA
Largest movements
- Current investments -€180,000
down €180,000 (-23.0%), from €781,000 to €601,000
- Receivables within one year +€88,900
up €88,900 (+265.5%), from €33,482 to €122,382
of which Trade receivables: +€88,715
- Cash +€59,323
up €59,323 (+70.1%), from €84,588 to €143,911
mainly Net result for the year (+€441,473) and Current investments (+€180,000)
- Tangible fixed assets +€38,428
up €38,428 (+2.9%), from €1.3m to €1.4m
of which Land and buildings: +€50,247
- Debts after one year -€357,726
down €357,726 (-51.8%), from €690,455 to €332,729
of which Other amounts payable: -€210,000
- Reserves +€300,763
up €300,763 (+23.4%), from €1.3m to €1.6m
of which Distributable reserves: +€305,805
- Current portion of long-term debt +€75,000
up €75,000 (+103.1%), from €72,726 to €147,726
- Tax, wage and social debts -€25,580
down €25,580 (-100.0%), from €25,580 to €0
of which Taxes: -€17,223
- Gross operating margin +€404,604
up €404,604 (+126.8%), from €319,156 to €723,761
- Taxes +€87,317
up €87,317 (+149.2%), from €58,511 to €145,828
- Financial charges +€8,572
up €8,572 (+52.2%), from €16,422 to €24,994
- Staff costs -€8,205
down €8,205 (-10.1%), from €81,022 to €72,818
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 | €2,228,997 | €2,232,973 | +€3,977 | +0.2% |
| Fixed assets | 21/28 | €1,316,039 | €1,354,467 | +€38,428 | +2.9% |
| Tangible fixed assets | 22/27 | €1,316,039 | €1,354,467 | +€38,428 | +2.9% |
| Land and buildings | 22 | €1,299,751 | €1,349,999 | +€50,247 | +3.9% |
| Plant, machinery and equipment | 23 | €3,160 | €2,460 | -€700 | -22.1% |
| Furniture and vehicles | 24 | €13,128 | €2,008 | -€11,120 | -84.7% |
| Current assets | 29/58 | €912,958 | €878,507 | -€34,451 | -3.8% |
| Amounts receivable within one year | 40/41 | €33,482 | €122,382 | +€88,900 | +265.5% |
| Trade receivables | 40 | €33,482 | €122,197 | +€88,715 | +265.0% |
| Other amounts receivable | 41 | €0 | €185 | +€185 | |
| Current investments | 50/53 | €781,000 | €601,000 | -€180,000 | -23.0% |
| Cash at bank and in hand | 54/58 | €84,588 | €143,911 | +€59,323 | +70.1% |
| Deferred charges and accrued income | 490/1 | €13,888 | €11,214 | -€2,674 | -19.3% |
| Total equity and liabilities | 10/49 | €2,228,997 | €2,232,973 | +€3,977 | +0.2% |
| Equity | 10/15 | €1,367,683 | €1,668,446 | +€300,763 | +22.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €63,391 | €63,391 | = | 0.0% |
| Reserves | 13 | €1,284,291 | €1,585,054 | +€300,763 | +23.4% |
| Tax-exempt reserves | 132 | €151,849 | €146,807 | -€5,042 | -3.3% |
| Distributable reserves | 133 | €1,132,442 | €1,438,247 | +€305,805 | +27.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €50,053 | €48,372 | -€1,681 | -3.4% |
| Deferred taxes | 168 | €50,053 | €48,372 | -€1,681 | -3.4% |
| Amounts payable | 17/49 | €811,261 | €516,156 | -€295,105 | -36.4% |
| Amounts payable after more than one year | 17 | €690,455 | €332,729 | -€357,726 | -51.8% |
| Financial debts | 170/4 | €480,455 | €332,729 | -€147,726 | -30.7% |
| Other amounts payable | 178/9 | €210,000 | €0 | -€210,000 | -100.0% |
| Amounts payable within one year | 42/48 | €106,080 | €161,385 | +€55,305 | +52.1% |
| Current portion of amounts payable after more than one year | 42 | €72,726 | €147,726 | +€75,000 | +103.1% |
| Trade debts | 44 | €7,465 | €13,659 | +€6,194 | +83.0% |
| Suppliers | 440/4 | €7,465 | €13,659 | +€6,194 | +83.0% |
| Taxes, remuneration and social security | 45 | €25,580 | €0 | -€25,580 | -100.0% |
| Taxes | 450/3 | €17,223 | €0 | -€17,223 | -100.0% |
| Remuneration and social security | 454/9 | €8,357 | €0 | -€8,357 | -100.0% |
| Other amounts payable | 47/48 | €309 | €0 | -€309 | -100.0% |
| Accrued charges and deferred income | 492/3 | €14,726 | €22,041 | +€7,316 | +49.7% |
| Non-recurring operating income | 76A | - | €475,440 | +€475,440 | |
| Remuneration, social security and pensions | 62 | €81,022 | €72,818 | -€8,205 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,321 | €50,519 | +€3,199 | +6.8% |
| Other operating charges | 640/8 | €9,171 | €9,064 | -€107 | -1.2% |
| Non-recurring operating charges | 66A | €1,016 | €788 | -€228 | -22.4% |
| Gross operating margin | 9900 | €319,156 | €723,761 | +€404,604 | +126.8% |
| Operating profit (loss) | 9901 | €180,626 | €590,572 | +€409,945 | +227.0% |
| Financial income | 75/76B | €20,967 | €20,043 | -€924 | -4.4% |
| Recurring financial income | 75 | €20,967 | €20,043 | -€924 | -4.4% |
| Financial charges | 65/66B | €16,422 | €24,994 | +€8,572 | +52.2% |
| Recurring financial charges | 65 | €16,422 | €24,994 | +€8,572 | +52.2% |
| Profit (loss) for the period before taxes | 9903 | €185,171 | €585,620 | +€400,450 | +216.3% |
| Transfer from deferred taxes | 780 | €1,357 | €1,681 | +€323 | +23.8% |
| Income taxes | 67/77 | €58,511 | €145,828 | +€87,317 | +149.2% |
| Profit (loss) for the period | 9904 | €128,017 | €441,473 | +€313,457 | +244.9% |
| Transfer from tax-exempt reserves | 789 | €4,072 | €5,042 | +€970 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €132,089 | €446,516 | +€314,426 | +238.0% |
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 29 September 2026 via checked.be.