MARQ: 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.
MARQ
Largest movements
- Cash +€26,794
up €26,794 (+20.9%), from €128,227 to €155,020
mainly Net result for the year (+€70,712) and Depreciation (+€19,794)
- Tangible fixed assets +€18,121
up €18,121 (+28.9%), from €62,788 to €80,909
of which Plant, machinery and equipment: +€12,410
- Deferred charges and accrued income +€3,457
up €3,457 (+29.8%), from €11,590 to €15,047
- Profit (loss) carried forward +€70,712
up €70,712 (+62.6%), from €112,988 to €183,700
- Tax, wage and social debts -€16,592
down €16,592 (-34.2%), from €48,467 to €31,874
of which Taxes: -€15,984
- Debts after one year -€15,055
down €15,055 (-34.4%), from €43,703 to €28,648
- Trade debts +€6,139
up €6,139 (+4181.0%), from €147 to €6,285
- Gross operating margin -€51,364
down €51,364 (-20.0%), from €257,214 to €205,850
- Taxes -€12,824
down €12,824 (-41.2%), from €31,163 to €18,339
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 | €239,971 | €285,563 | +€45,592 | +19.0% |
| Fixed assets | 21/28 | €62,788 | €80,909 | +€18,121 | +28.9% |
| Tangible fixed assets | 22/27 | €62,788 | €80,909 | +€18,121 | +28.9% |
| Plant, machinery and equipment | 23 | €50,646 | €63,056 | +€12,410 | +24.5% |
| Furniture and vehicles | 24 | €12,142 | €17,853 | +€5,711 | +47.0% |
| Current assets | 29/58 | €177,183 | €204,654 | +€27,471 | +15.5% |
| Stocks and contracts in progress | 3 | €5,614 | €4,794 | -€820 | -14.6% |
| Stocks | 30/36 | €5,614 | €4,794 | -€820 | -14.6% |
| Amounts receivable within one year | 40/41 | €31,752 | €29,792 | -€1,960 | -6.2% |
| Trade receivables | 40 | €1,185 | €89 | -€1,097 | -92.5% |
| Other amounts receivable | 41 | €30,567 | €29,704 | -€863 | -2.8% |
| Cash at bank and in hand | 54/58 | €128,227 | €155,020 | +€26,794 | +20.9% |
| Deferred charges and accrued income | 490/1 | €11,590 | €15,047 | +€3,457 | +29.8% |
| Total equity and liabilities | 10/49 | €239,971 | €285,563 | +€45,592 | +19.0% |
| Equity | 10/15 | €132,988 | €203,700 | +€70,712 | +53.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,988 | €183,700 | +€70,712 | +62.6% |
| Amounts payable | 17/49 | €106,982 | €81,863 | -€25,120 | -23.5% |
| Amounts payable after more than one year | 17 | €43,703 | €28,648 | -€15,055 | -34.4% |
| Financial debts | 170/4 | €43,703 | €28,648 | -€15,055 | -34.4% |
| Amounts payable within one year | 42/48 | €63,279 | €53,215 | -€10,064 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €14,666 | €15,055 | +€390 | +2.7% |
| Trade debts | 44 | €147 | €6,285 | +€6,139 | +4181.0% |
| Suppliers | 440/4 | €147 | €6,285 | +€6,139 | +4181.0% |
| Taxes, remuneration and social security | 45 | €48,467 | €31,874 | -€16,592 | -34.2% |
| Taxes | 450/3 | €37,855 | €21,871 | -€15,984 | -42.2% |
| Remuneration and social security | 454/9 | €10,612 | €10,004 | -€608 | -5.7% |
| Remuneration, social security and pensions | 62 | €77,412 | €79,459 | +€2,047 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,252 | €19,794 | +€542 | +2.8% |
| Other operating charges | 640/8 | €13,733 | €15,703 | +€1,970 | +14.3% |
| Gross operating margin | 9900 | €257,214 | €205,850 | -€51,364 | -20.0% |
| Operating profit (loss) | 9901 | €146,817 | €90,894 | -€55,923 | -38.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -95.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -95.0% |
| Financial charges | 65/66B | €2,667 | €1,843 | -€823 | -30.9% |
| Recurring financial charges | 65 | €2,667 | €1,843 | -€823 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €144,151 | €89,051 | -€55,100 | -38.2% |
| Income taxes | 67/77 | €31,163 | €18,339 | -€12,824 | -41.2% |
| Profit (loss) for the period | 9904 | €112,988 | €70,712 | -€42,276 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €112,988 | €70,712 | -€42,276 | -37.4% |
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 12 October 2026 via checked.be.