SAN MARCO: 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.
SAN MARCO
Largest movements
- Cash +€26,845
up €26,845 (+14.0%), from €192,137 to €218,982
mainly Net result for the year (+€27,169) and Depreciation (+€13,388)
- Tangible fixed assets -€2,952
down €2,952 (-5.8%), from €50,709 to €47,757
of which Furniture and vehicles: -€8,246
- Reserves +€27,169
up €27,169 (+13.5%), from €201,919 to €229,088
of which Distributable reserves: +€27,169
- Tax, wage and social debts -€5,889
down €5,889 (-17.0%), from €34,661 to €28,772
of which Taxes: -€9,060
- Staff costs +€5,509
up €5,509 (+11.1%), from €49,628 to €55,137
- Gross operating margin +€4,865
up €4,865 (+4.8%), from €101,613 to €106,478
- Depreciation +€2,004
up €2,004 (+17.6%), from €11,384 to €13,388
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 | €256,268 | €277,584 | +€21,316 | +8.3% |
| Fixed assets | 21/28 | €50,808 | €47,856 | -€2,952 | -5.8% |
| Tangible fixed assets | 22/27 | €50,709 | €47,757 | -€2,952 | -5.8% |
| Plant, machinery and equipment | 23 | €16,416 | €21,710 | +€5,294 | +32.2% |
| Furniture and vehicles | 24 | €34,293 | €26,047 | -€8,246 | -24.0% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €205,460 | €229,728 | +€24,268 | +11.8% |
| Stocks and contracts in progress | 3 | €11,066 | €8,332 | -€2,734 | -24.7% |
| Stocks | 30/36 | €11,066 | €8,332 | -€2,734 | -24.7% |
| Amounts receivable within one year | 40/41 | €775 | €760 | -€15 | -1.9% |
| Other amounts receivable | 41 | €775 | €760 | -€15 | -1.9% |
| Cash at bank and in hand | 54/58 | €192,137 | €218,982 | +€26,845 | +14.0% |
| Deferred charges and accrued income | 490/1 | €1,482 | €1,654 | +€172 | +11.6% |
| Total equity and liabilities | 10/49 | €256,268 | €277,584 | +€21,316 | +8.3% |
| Equity | 10/15 | €220,511 | €247,680 | +€27,169 | +12.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €201,919 | €229,088 | +€27,169 | +13.5% |
| Tax-exempt reserves | 132 | €5,846 | €5,846 | = | 0.0% |
| Distributable reserves | 133 | €196,073 | €223,242 | +€27,169 | +13.9% |
| Amounts payable | 17/49 | €35,757 | €29,904 | -€5,853 | -16.4% |
| Amounts payable within one year | 42/48 | €35,757 | €29,904 | -€5,853 | -16.4% |
| Trade debts | 44 | €865 | €901 | +€36 | +4.2% |
| Suppliers | 440/4 | €865 | €901 | +€36 | +4.2% |
| Taxes, remuneration and social security | 45 | €34,661 | €28,772 | -€5,889 | -17.0% |
| Taxes | 450/3 | €24,786 | €15,726 | -€9,060 | -36.6% |
| Remuneration and social security | 454/9 | €9,875 | €13,046 | +€3,171 | +32.1% |
| Other amounts payable | 47/48 | €231 | €231 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €49,628 | €55,137 | +€5,509 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,384 | €13,388 | +€2,004 | +17.6% |
| Other operating charges | 640/8 | €505 | €520 | +€15 | +3.0% |
| Gross operating margin | 9900 | €101,613 | €106,478 | +€4,865 | +4.8% |
| Operating profit (loss) | 9901 | €40,096 | €37,433 | -€2,663 | -6.6% |
| Financial income | 75/76B | €1,566 | €1,574 | +€8 | +0.5% |
| Recurring financial income | 75 | €1,566 | €1,574 | +€8 | +0.5% |
| Financial charges | 65/66B | €1,015 | €713 | -€302 | -29.8% |
| Recurring financial charges | 65 | €1,015 | €713 | -€302 | -29.8% |
| Profit (loss) for the period before taxes | 9903 | €40,647 | €38,294 | -€2,353 | -5.8% |
| Income taxes | 67/77 | €10,436 | €11,125 | +€689 | +6.6% |
| Profit (loss) for the period | 9904 | €30,211 | €27,169 | -€3,042 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,211 | €27,169 | -€3,042 | -10.1% |
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 25 October 2026 via checked.be.