MARQA: 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.
MARQA
Largest movements
- Receivables within one year +€99,416
up €99,416 (+20.7%), from €479,511 to €578,927
of which Trade receivables: +€99,061
- Stocks and contracts -€72,917
down €72,917 (-13.8%), from €527,415 to €454,498
- Cash +€41,692
up €41,692 (+246.4%), from €16,923 to €58,614
mainly Debts after one year (+€153,555) and Stocks and contracts (+€72,917)
- Tangible fixed assets -€16,928
down €16,928 (-18.8%), from €90,113 to €73,185
- Deferred charges and accrued income +€12,000
new in 2025: €12,000
- Debts after one year +€153,555
up €153,555 (+31.9%), from €481,417 to €634,972
- Trade debts -€34,048
down €34,048 (-8.2%), from €416,202 to €382,153
- Profit (loss) carried forward -€31,424
down €31,424 (-40.0%), from €78,581 to €47,158
- Tax, wage and social debts -€22,193
down €22,193 (-42.2%), from €52,590 to €30,396
- Gross operating margin -€88,532
down €88,532, from €87,880 to -€652
- Taxes -€14,132
no longer reported in 2025 (was €14,132)
- Other operating charges +€6,910
up €6,910 (+201.4%), from €3,432 to €10,342
- Depreciation -€1,490
down €1,490 (-7.3%), from €20,542 to €19,052
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 | €1,115,005 | €1,177,945 | +€62,939 | +5.6% |
| Fixed assets | 21/28 | €91,157 | €73,905 | -€17,252 | -18.9% |
| Intangible fixed assets | 21 | €774 | €450 | -€324 | -41.9% |
| Tangible fixed assets | 22/27 | €90,113 | €73,185 | -€16,928 | -18.8% |
| Land and buildings | 22 | €33,829 | €28,192 | -€5,637 | -16.7% |
| Plant, machinery and equipment | 23 | €13,603 | €8,772 | -€4,831 | -35.5% |
| Furniture and vehicles | 24 | €18,379 | €15,420 | -€2,959 | -16.1% |
| Other tangible fixed assets | 26 | €24,302 | €20,802 | -€3,501 | -14.4% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €1,023,848 | €1,104,039 | +€80,191 | +7.8% |
| Stocks and contracts in progress | 3 | €527,415 | €454,498 | -€72,917 | -13.8% |
| Stocks | 30/36 | €527,415 | €454,498 | -€72,917 | -13.8% |
| Amounts receivable within one year | 40/41 | €479,511 | €578,927 | +€99,416 | +20.7% |
| Trade receivables | 40 | €479,451 | €578,512 | +€99,061 | +20.7% |
| Other amounts receivable | 41 | €60 | €415 | +€355 | +591.2% |
| Cash at bank and in hand | 54/58 | €16,923 | €58,614 | +€41,692 | +246.4% |
| Deferred charges and accrued income | 490/1 | - | €12,000 | +€12,000 | |
| Total equity and liabilities | 10/49 | €1,115,005 | €1,177,945 | +€62,939 | +5.6% |
| Equity | 10/15 | €158,581 | €127,158 | -€31,424 | -19.8% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,581 | €47,158 | -€31,424 | -40.0% |
| Amounts payable | 17/49 | €956,424 | €1,050,787 | +€94,363 | +9.9% |
| Amounts payable after more than one year | 17 | €481,417 | €634,972 | +€153,555 | +31.9% |
| Financial debts | 170/4 | €481,417 | €634,972 | +€153,555 | +31.9% |
| Amounts payable within one year | 42/48 | €475,007 | €415,815 | -€59,192 | -12.5% |
| Financial debts | 43 | €2,316 | €245 | -€2,071 | -89.4% |
| Credit institutions | 430/8 | €2,316 | €245 | -€2,071 | -89.4% |
| Trade debts | 44 | €416,202 | €382,153 | -€34,048 | -8.2% |
| Suppliers | 440/4 | €416,202 | €382,153 | -€34,048 | -8.2% |
| Taxes, remuneration and social security | 45 | €52,590 | €30,396 | -€22,193 | -42.2% |
| Taxes | 450/3 | €52,590 | €30,396 | -€22,193 | -42.2% |
| Other amounts payable | 47/48 | €3,899 | €3,020 | -€879 | -22.5% |
| Remuneration, social security and pensions | 62 | €96 | - | -€96 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,542 | €19,052 | -€1,490 | -7.3% |
| Other operating charges | 640/8 | €3,432 | €10,342 | +€6,910 | +201.4% |
| Gross operating margin | 9900 | €87,880 | -€652 | -€88,532 | |
| Operating profit (loss) | 9901 | €63,811 | -€30,046 | -€93,857 | |
| Financial income | 75/76B | - | €150 | +€150 | |
| Recurring financial income | 75 | - | €150 | +€150 | |
| Financial charges | 65/66B | €1,102 | €1,529 | +€426 | +38.7% |
| Recurring financial charges | 65 | €1,102 | €1,529 | +€426 | +38.7% |
| Profit (loss) for the period before taxes | 9903 | €62,709 | -€31,424 | -€94,133 | |
| Income taxes | 67/77 | €14,132 | - | -€14,132 | |
| Profit (loss) for the period | 9904 | €48,577 | -€31,424 | -€80,001 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,577 | -€31,424 | -€80,001 |
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 8 October 2026 via checked.be.