MARKT 28: 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.
MARKT 28
Largest movements
- Receivables within one year +€203,500
up €203,500 (+59.1%), from €344,043 to €547,543
of which Trade receivables: +€134,801
- Cash -€13,989
down €13,989 (-18.7%), from €74,714 to €60,725
mainly Contributions, distributions and other (-€550,000) and Receivables within one year (-€203,500)
- Deferred charges and accrued income +€8,962
up €8,962 (+27.2%), from €32,968 to €41,930
- Other debts +€245,211
up €245,211 (+92.3%), from €265,656 to €510,868
- Debts after one year -€101,582
no longer reported in 2025 (was €101,582)
- Tax, wage and social debts +€79,278
up €79,278 (+122.4%), from €64,773 to €144,051
of which Taxes: +€70,721
- Trade debts -€14,587
down €14,587 (-23.2%), from €62,896 to €48,309
- Financial income +€348,115
up €348,115 (+10198.8%), from €3,413 to €351,529
- Staff costs +€109,781
up €109,781 (+37.6%), from €292,277 to €402,059
- Gross operating margin +€102,127
up €102,127 (+16.2%), from €631,836 to €733,963
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 | €604,741 | €811,509 | +€206,769 | +34.2% |
| Fixed assets | 21/28 | €144,369 | €152,212 | +€7,843 | +5.4% |
| Tangible fixed assets | 22/27 | €65,611 | €73,654 | +€8,043 | +12.3% |
| Plant, machinery and equipment | 23 | €24,515 | €13,842 | -€10,674 | -43.5% |
| Furniture and vehicles | 24 | €36,557 | €53,799 | +€17,241 | +47.2% |
| Other tangible fixed assets | 26 | €4,538 | €6,013 | +€1,475 | +32.5% |
| Financial fixed assets | 28 | €78,758 | €78,558 | -€200 | -0.3% |
| Current assets | 29/58 | €460,372 | €659,298 | +€198,926 | +43.2% |
| Stocks and contracts in progress | 3 | €8,647 | €9,099 | +€452 | +5.2% |
| Stocks | 30/36 | €8,647 | €9,099 | +€452 | +5.2% |
| Amounts receivable within one year | 40/41 | €344,043 | €547,543 | +€203,500 | +59.1% |
| Trade receivables | 40 | €182,403 | €317,204 | +€134,801 | +73.9% |
| Other amounts receivable | 41 | €161,640 | €230,339 | +€68,699 | +42.5% |
| Cash at bank and in hand | 54/58 | €74,714 | €60,725 | -€13,989 | -18.7% |
| Deferred charges and accrued income | 490/1 | €32,968 | €41,930 | +€8,962 | +27.2% |
| Total equity and liabilities | 10/49 | €604,741 | €811,509 | +€206,769 | +34.2% |
| Equity | 10/15 | €102,503 | €103,288 | +€785 | +0.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €82,503 | €83,288 | +€785 | +1.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,409 | €12,409 | = | 0.0% |
| Distributable reserves | 133 | €68,094 | €68,879 | +€785 | +1.2% |
| Amounts payable | 17/49 | €502,237 | €708,221 | +€205,984 | +41.0% |
| Amounts payable after more than one year | 17 | €101,582 | - | -€101,582 | |
| Financial debts | 170/4 | €101,582 | - | -€101,582 | |
| Amounts payable within one year | 42/48 | €399,454 | €704,809 | +€305,356 | +76.4% |
| Current portion of amounts payable after more than one year | 42 | €6,128 | €1,582 | -€4,546 | -74.2% |
| Trade debts | 44 | €62,896 | €48,309 | -€14,587 | -23.2% |
| Suppliers | 440/4 | €62,896 | €48,309 | -€14,587 | -23.2% |
| Taxes, remuneration and social security | 45 | €64,773 | €144,051 | +€79,278 | +122.4% |
| Taxes | 450/3 | €36,137 | €106,858 | +€70,721 | +195.7% |
| Remuneration and social security | 454/9 | €28,636 | €37,193 | +€8,557 | +29.9% |
| Other amounts payable | 47/48 | €265,656 | €510,868 | +€245,211 | +92.3% |
| Accrued charges and deferred income | 492/3 | €1,202 | €3,412 | +€2,210 | +183.9% |
| Remuneration, social security and pensions | 62 | €292,277 | €402,059 | +€109,781 | +37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,839 | €29,106 | +€3,267 | +12.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,000 | - | -€2,000 | |
| Other operating charges | 640/8 | €6,742 | €7,414 | +€671 | +10.0% |
| Gross operating margin | 9900 | €631,836 | €733,963 | +€102,127 | +16.2% |
| Operating profit (loss) | 9901 | €304,978 | €295,386 | -€9,592 | -3.1% |
| Financial income | 75/76B | €3,413 | €351,529 | +€348,115 | +10198.8% |
| Recurring financial income | 75 | €3,413 | €351,529 | +€348,115 | +10198.8% |
| Financial charges | 65/66B | €20,327 | €24,842 | +€4,515 | +22.2% |
| Recurring financial charges | 65 | €20,327 | €24,842 | +€4,515 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €288,064 | €622,073 | +€334,008 | +115.9% |
| Income taxes | 67/77 | €76,312 | €71,287 | -€5,025 | -6.6% |
| Profit (loss) for the period | 9904 | €211,752 | €550,785 | +€339,033 | +160.1% |
| Profit (loss) for the period to be appropriated | 9905 | €211,752 | €550,785 | +€339,033 | +160.1% |
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.