MARKT 21: 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.
MARKT 21
Largest movements
- Cash -€51,697
down €51,697 (-65.5%), from €78,949 to €27,252
mainly Debts after one year (-€64,478) and Stocks and contracts (-€4,602)
- Debts after one year -€64,478
down €64,478 (-41.1%), from €156,823 to €92,345
- Gross operating margin +€8,193
up €8,193 (+37.1%), from €22,084 to €30,278
- Financial income -€3,107
down €3,107 (-89.2%), from €3,484 to €377
- Financial charges +€3,105
up €3,105 (+34.2%), from €9,087 to €12,192
of which Financial charges: +€7,598
- Staff costs +€2,616
up €2,616 (+29.6%), from €8,845 to €11,461
- Other operating charges -€438
down €438 (-34.9%), from €1,257 to €819
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 | €758,746 | €705,664 | -€53,082 | -7.0% |
| Fixed assets | 21/28 | €653,952 | €649,051 | -€4,900 | -0.7% |
| Intangible fixed assets | 21 | €3,275 | €1,832 | -€1,444 | -44.1% |
| Tangible fixed assets | 22/27 | €10,152 | €6,672 | -€3,480 | -34.3% |
| Plant, machinery and equipment | 23 | €6,091 | €4,206 | -€1,885 | -30.9% |
| Furniture and vehicles | 24 | €4,061 | €2,466 | -€1,595 | -39.3% |
| Financial fixed assets | 28 | €640,525 | €640,548 | +€23 | 0.0% |
| Current assets | 29/58 | €104,795 | €56,613 | -€48,182 | -46.0% |
| Stocks and contracts in progress | 3 | €24,399 | €29,001 | +€4,602 | +18.9% |
| Stocks | 30/36 | €24,399 | €29,001 | +€4,602 | +18.9% |
| Amounts receivable within one year | 40/41 | €1,447 | €233 | -€1,214 | -83.9% |
| Trade receivables | 40 | €1,214 | €0 | -€1,214 | -100% |
| Other amounts receivable | 41 | €233 | €233 | = | 0.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €78,949 | €27,252 | -€51,697 | -65.5% |
| Deferred charges and accrued income | 490/1 | - | €127 | +€127 | |
| Total equity and liabilities | 10/49 | €758,746 | €705,664 | -€53,082 | -7.0% |
| Equity | 10/15 | €336,723 | €337,154 | +€431 | +0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €316,723 | €317,154 | +€431 | +0.1% |
| Distributable reserves | 133 | €316,723 | €317,154 | +€431 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €422,024 | €368,510 | -€53,514 | -12.7% |
| Amounts payable after more than one year | 17 | €156,823 | €92,345 | -€64,478 | -41.1% |
| Financial debts | 170/4 | €156,823 | €92,345 | -€64,478 | -41.1% |
| Amounts payable within one year | 42/48 | €265,201 | €276,165 | +€10,964 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €63,899 | €64,478 | +€579 | +0.9% |
| Trade debts | 44 | €532 | €6,795 | +€6,264 | +1,178% |
| Suppliers | 440/4 | €532 | €6,795 | +€6,264 | +1,178% |
| Taxes, remuneration and social security | 45 | €1,407 | €2,865 | +€1,458 | +104% |
| Taxes | 450/3 | €1,407 | €2,361 | +€954 | +67.8% |
| Remuneration and social security | 454/9 | €0 | €504 | +€504 | |
| Other amounts payable | 47/48 | €199,362 | €202,026 | +€2,664 | +1.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €8,845 | €11,461 | +€2,616 | +29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,164 | €4,923 | -€241 | -4.7% |
| Other operating charges | 640/8 | €1,257 | €819 | -€438 | -34.9% |
| Gross operating margin | 9900 | €22,084 | €30,278 | +€8,193 | +37.1% |
| Operating profit (loss) | 9901 | €6,819 | €13,075 | +€6,256 | +91.8% |
| Financial income | 75/76B | €3,484 | €377 | -€3,107 | -89.2% |
| Recurring financial income | 75 | €3,484 | €377 | -€3,107 | -89.2% |
| Financial charges | 65/66B | €9,087 | €12,192 | +€3,105 | +34.2% |
| Recurring financial charges | 65 | €4,594 | €12,192 | +€7,598 | +165% |
| Non-recurring financial charges | 66B | €4,493 | €0 | -€4,493 | -100% |
| Profit (loss) for the period before taxes | 9903 | €1,215 | €1,260 | +€44 | +3.7% |
| Income taxes | 67/77 | €636 | €828 | +€192 | +30.2% |
| Profit (loss) for the period | 9904 | €579 | €431 | -€148 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €579 | €431 | -€148 | -25.5% |
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 24 October 2026 via checked.be.