MARKOR: 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.
MARKOR
Largest movements
- Tangible fixed assets +€176,258
up €176,258 (+31.8%), from €553,554 to €729,812
of which Land and buildings: +€174,082
- Receivables within one year +€70,700
up €70,700 (+456.5%), from €15,488 to €86,188
of which Trade receivables: +€61,751
- Cash -€47,453
down €47,453 (-41.4%), from €114,570 to €67,116
mainly Investment in fixed assets (net) (-€210,105) and Contributions, distributions and other (-€150,000)
- Other debts +€124,417
up €124,417 (+4035.9%), from €3,083 to €127,500
- Reserves -€80,000
down €80,000 (-32.9%), from €242,936 to €162,936
of which Distributable reserves: -€80,000
- Debts after one year +€60,092
up €60,092 (+15.0%), from €400,000 to €460,092
- Trade debts +€45,601
up €45,601 (+1828.4%), from €2,494 to €48,095
- Tax, wage and social debts +€26,111
up €26,111 (+83.5%), from €31,286 to €57,397
- Gross operating margin +€56,938
up €56,938 (+65.9%), from €86,355 to €143,293
- Depreciation +€28,310
up €28,310 (+511.3%), from €5,537 to €33,847
- Financial charges +€15,161
up €15,161 (+853.0%), from €1,777 to €16,938
- Taxes +€2,378
up €2,378 (+13.2%), from €18,054 to €20,431
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 | €683,722 | €885,454 | +€201,732 | +29.5% |
| Fixed assets | 21/28 | €553,664 | €729,922 | +€176,258 | +31.8% |
| Tangible fixed assets | 22/27 | €553,554 | €729,812 | +€176,258 | +31.8% |
| Land and buildings | 22 | €551,233 | €725,315 | +€174,082 | +31.6% |
| Plant, machinery and equipment | 23 | €48 | €3,730 | +€3,682 | +7721.7% |
| Furniture and vehicles | 24 | €2,273 | €766 | -€1,507 | -66.3% |
| Financial fixed assets | 28 | €110 | €110 | = | 0.0% |
| Current assets | 29/58 | €130,058 | €155,532 | +€25,475 | +19.6% |
| Amounts receivable within one year | 40/41 | €15,488 | €86,188 | +€70,700 | +456.5% |
| Trade receivables | 40 | €15,488 | €77,239 | +€61,751 | +398.7% |
| Other amounts receivable | 41 | - | €8,949 | +€8,949 | |
| Cash at bank and in hand | 54/58 | €114,570 | €67,116 | -€47,453 | -41.4% |
| Deferred charges and accrued income | 490/1 | - | €2,229 | +€2,229 | |
| Total equity and liabilities | 10/49 | €683,722 | €885,454 | +€201,732 | +29.5% |
| Equity | 10/15 | €246,859 | €166,732 | -€80,127 | -32.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €242,936 | €162,936 | -€80,000 | -32.9% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Distributable reserves | 133 | €242,636 | €162,636 | -€80,000 | -33.0% |
| Profit (loss) carried forward | 14 | €923 | €796 | -€127 | -13.7% |
| Amounts payable | 17/49 | €436,863 | €718,722 | +€281,859 | +64.5% |
| Amounts payable after more than one year | 17 | €400,000 | €460,092 | +€60,092 | +15.0% |
| Financial debts | 170/4 | €400,000 | €460,092 | +€60,092 | +15.0% |
| Amounts payable within one year | 42/48 | €36,863 | €258,630 | +€221,767 | +601.6% |
| Current portion of amounts payable after more than one year | 42 | - | €25,637 | +€25,637 | |
| Trade debts | 44 | €2,494 | €48,095 | +€45,601 | +1828.4% |
| Suppliers | 440/4 | €2,494 | €48,095 | +€45,601 | +1828.4% |
| Taxes, remuneration and social security | 45 | €31,286 | €57,397 | +€26,111 | +83.5% |
| Taxes | 450/3 | €31,286 | €57,397 | +€26,111 | +83.5% |
| Other amounts payable | 47/48 | €3,083 | €127,500 | +€124,417 | +4035.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,537 | €33,847 | +€28,310 | +511.3% |
| Other operating charges | 640/8 | €1,039 | €2,446 | +€1,408 | +135.5% |
| Gross operating margin | 9900 | €86,355 | €143,293 | +€56,938 | +65.9% |
| Operating profit (loss) | 9901 | €79,780 | €107,000 | +€27,220 | +34.1% |
| Financial income | 75/76B | - | €243 | +€243 | |
| Recurring financial income | 75 | - | €243 | +€243 | |
| Financial charges | 65/66B | €1,777 | €16,938 | +€15,161 | +853.0% |
| Recurring financial charges | 65 | €1,777 | €16,938 | +€15,161 | +853.0% |
| Profit (loss) for the period before taxes | 9903 | €78,003 | €90,305 | +€12,302 | +15.8% |
| Income taxes | 67/77 | €18,054 | €20,431 | +€2,378 | +13.2% |
| Profit (loss) for the period | 9904 | €59,949 | €69,873 | +€9,924 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €59,949 | €69,873 | +€9,924 | +16.6% |
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 3 October 2026 via checked.be.