P. MARCON: 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.
P. MARCON
Largest movements
- Receivables within one year +€879,559
up €879,559 (+4797.7%), from €18,333 to €897,891
of which Other amounts receivable: +€897,709
- Tangible fixed assets -€506,109
down €506,109 (-98.2%), from €515,323 to €9,213
of which Land and buildings: -€501,664
- Cash -€149,039
down €149,039 (-59.0%), from €252,774 to €103,736
mainly Receivables within one year (-€879,559) and Provisions (-€113,905)
- Reserves +€297,876
up €297,876 (+45.8%), from €650,489 to €948,366
of which Distributable reserves: +€297,876
- Provisions -€113,905
down €113,905 (-100.0%), from €113,905 to €0
- Profit (loss) carried forward +€56,874
up €56,874, from -€34,176 to €22,698
- Other debts -€42,446
down €42,446 (-100.0%), from €42,446 to €0
- Tax, wage and social debts +€26,429
up €26,429 (+1244.7%), from €2,123 to €28,552
- Gross operating margin +€428,864
up €428,864, from -€25,150 to €403,714
- Taxes +€129,104
up €129,104 (+6731.0%), from €1,918 to €131,022
- Provisions -€113,905
new in 2025: -€113,905
- Financial income -€55,082
down €55,082 (-97.5%), from €56,515 to €1,433
- Other operating charges +€26,159
up €26,159 (+562.6%), from €4,650 to €30,809
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 | €791,224 | €1,015,328 | +€224,105 | +28.3% |
| Fixed assets | 21/28 | €518,415 | €12,305 | -€506,109 | -97.6% |
| Tangible fixed assets | 22/27 | €515,323 | €9,213 | -€506,109 | -98.2% |
| Land and buildings | 22 | €501,664 | €0 | -€501,664 | -100.0% |
| Plant, machinery and equipment | 23 | €8,538 | €7,500 | -€1,038 | -12.2% |
| Furniture and vehicles | 24 | €5,122 | €1,713 | -€3,408 | -66.5% |
| Financial fixed assets | 28 | €3,092 | €3,092 | = | 0.0% |
| Current assets | 29/58 | €272,809 | €1,003,023 | +€730,214 | +267.7% |
| Amounts receivable within one year | 40/41 | €18,333 | €897,891 | +€879,559 | +4797.7% |
| Trade receivables | 40 | €18,150 | €0 | -€18,150 | -100.0% |
| Other amounts receivable | 41 | €183 | €897,891 | +€897,709 | +491168.4% |
| Cash at bank and in hand | 54/58 | €252,774 | €103,736 | -€149,039 | -59.0% |
| Deferred charges and accrued income | 490/1 | €1,702 | €1,396 | -€306 | -18.0% |
| Total equity and liabilities | 10/49 | €791,224 | €1,015,328 | +€224,105 | +28.3% |
| Equity | 10/15 | €622,518 | €977,269 | +€354,751 | +57.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €650,489 | €948,366 | +€297,876 | +45.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,932 | €11,932 | = | 0.0% |
| Distributable reserves | 133 | €636,698 | €934,574 | +€297,876 | +46.8% |
| Profit (loss) carried forward | 14 | -€34,176 | €22,698 | +€56,874 | |
| Provisions and deferred taxes | 16 | €113,905 | €0 | -€113,905 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €113,905 | €0 | -€113,905 | -100.0% |
| Pensions and similar obligations | 160 | €113,905 | €0 | -€113,905 | -100.0% |
| Amounts payable | 17/49 | €54,800 | €38,059 | -€16,740 | -30.5% |
| Amounts payable within one year | 42/48 | €49,209 | €31,339 | -€17,871 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €4,639 | €2,787 | -€1,853 | -39.9% |
| Suppliers | 440/4 | €4,639 | €2,787 | -€1,853 | -39.9% |
| Taxes, remuneration and social security | 45 | €2,123 | €28,552 | +€26,429 | +1244.7% |
| Taxes | 450/3 | €2,123 | €28,552 | +€26,429 | +1244.7% |
| Other amounts payable | 47/48 | €42,446 | €0 | -€42,446 | -100.0% |
| Accrued charges and deferred income | 492/3 | €5,590 | €6,721 | +€1,130 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,424 | €1,195 | -€18,229 | -93.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€113,905 | -€113,905 | |
| Other operating charges | 640/8 | €4,650 | €30,809 | +€26,159 | +562.6% |
| Gross operating margin | 9900 | -€25,150 | €403,714 | +€428,864 | |
| Operating profit (loss) | 9901 | -€49,224 | €485,615 | +€534,840 | |
| Financial income | 75/76B | €56,515 | €1,433 | -€55,082 | -97.5% |
| Recurring financial income | 75 | €56,515 | €1,433 | -€55,082 | -97.5% |
| Financial charges | 65/66B | €4,517 | €1,276 | -€3,241 | -71.8% |
| Recurring financial charges | 65 | €4,517 | €1,276 | -€3,241 | -71.8% |
| Profit (loss) for the period before taxes | 9903 | €2,774 | €485,772 | +€482,998 | +17411.2% |
| Income taxes | 67/77 | €1,918 | €131,022 | +€129,104 | +6731.0% |
| Profit (loss) for the period | 9904 | €856 | €354,751 | +€353,895 | +41342.3% |
| Profit (loss) for the period to be appropriated | 9905 | €856 | €354,751 | +€353,895 | +41342.3% |
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 2 October 2026 via checked.be.