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
- Current investments +€85,000
new in 2025: €85,000
- Cash -€65,357
down €65,357 (-70.0%), from €93,302 to €27,945
mainly Current investments (-€85,000) and Contributions, distributions and other (-€57,300)
- Receivables within one year +€19,414
up €19,414 (+362%), from €5,364 to €24,778
of which Other amounts receivable: +€17,656
- Tangible fixed assets -€9,162
down €9,162 (-17.3%), from €52,904 to €43,742
of which Land and buildings: -€8,010
- Other debts +€53,116
up €53,116 (+3,927%), from €1,353 to €54,468
- Reserves -€25,520
down €25,520 (-20.5%), from €124,555 to €99,034
- Tax, wage and social debts +€4,105
up €4,105 (+137%), from €3,002 to €7,107
of which Taxes: +€5,032
- Trade debts -€3,821
down €3,821 (-94.9%), from €4,025 to €204
- Gross operating margin +€13,258
up €13,258 (+25.6%), from €51,854 to €65,111
- Taxes +€8,056
up €8,056 (+109%), from €7,386 to €15,442
- Depreciation -€4,907
down €4,907 (-30.7%), from €15,966 to €11,059
- Staff costs -€4,849
down €4,849 (-55.6%), from €8,720 to €3,870
- Financial income -€841
down €841 (-46.3%), from €1,815 to €974
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 | €159,724 | €187,603 | +€27,880 | +17.5% |
| Fixed assets | 21/28 | €52,904 | €43,742 | -€9,162 | -17.3% |
| Tangible fixed assets | 22/27 | €52,904 | €43,742 | -€9,162 | -17.3% |
| Land and buildings | 22 | €46,969 | €38,959 | -€8,010 | -17.1% |
| Plant, machinery and equipment | 23 | €2,078 | - | -€2,078 | |
| Furniture and vehicles | 24 | €1,916 | €4,143 | +€2,227 | +116% |
| Other tangible fixed assets | 26 | €1,941 | €640 | -€1,301 | -67.0% |
| Current assets | 29/58 | €106,820 | €143,861 | +€37,041 | +34.7% |
| Stocks and contracts in progress | 3 | €1,500 | - | -€1,500 | |
| Stocks | 30/36 | €1,500 | - | -€1,500 | |
| Amounts receivable within one year | 40/41 | €5,364 | €24,778 | +€19,414 | +362% |
| Trade receivables | 40 | - | €1,758 | +€1,758 | |
| Other amounts receivable | 41 | €5,364 | €23,020 | +€17,656 | +329% |
| Current investments | 50/53 | - | €85,000 | +€85,000 | |
| Cash at bank and in hand | 54/58 | €93,302 | €27,945 | -€65,357 | -70.0% |
| Deferred charges and accrued income | 490/1 | €6,654 | €6,138 | -€516 | -7.8% |
| Total equity and liabilities | 10/49 | €159,724 | €187,603 | +€27,880 | +17.5% |
| Equity | 10/15 | €149,344 | €123,824 | -€25,520 | -17.1% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €124,555 | €99,034 | -€25,520 | -20.5% |
| Distributable reserves | 133 | €124,555 | €99,034 | -€25,520 | -20.5% |
| Amounts payable | 17/49 | €10,379 | €63,779 | +€53,400 | +514% |
| Amounts payable within one year | 42/48 | €10,379 | €63,779 | +€53,400 | +514% |
| Current portion of amounts payable after more than one year | 42 | €2,000 | €2,000 | = | 0.0% |
| Trade debts | 44 | €4,025 | €204 | -€3,821 | -94.9% |
| Suppliers | 440/4 | €4,025 | €204 | -€3,821 | -94.9% |
| Taxes, remuneration and social security | 45 | €3,002 | €7,107 | +€4,105 | +137% |
| Taxes | 450/3 | €1,831 | €6,863 | +€5,032 | +275% |
| Remuneration and social security | 454/9 | €1,170 | €244 | -€927 | -79.2% |
| Other amounts payable | 47/48 | €1,353 | €54,468 | +€53,116 | +3,927% |
| Non-recurring operating income | 76A | - | €37,437 | +€37,437 | |
| Remuneration, social security and pensions | 62 | €8,720 | €3,870 | -€4,849 | -55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,966 | €11,059 | -€4,907 | -30.7% |
| Other operating charges | 640/8 | €4,033 | €3,684 | -€349 | -8.6% |
| Gross operating margin | 9900 | €51,854 | €65,111 | +€13,258 | +25.6% |
| Operating profit (loss) | 9901 | €23,136 | €46,498 | +€23,363 | +101% |
| Financial income | 75/76B | €1,815 | €974 | -€841 | -46.3% |
| Recurring financial income | 75 | €1,815 | €974 | -€841 | -46.3% |
| Financial charges | 65/66B | €58 | €251 | +€193 | +334% |
| Recurring financial charges | 65 | €58 | €251 | +€193 | +334% |
| Profit (loss) for the period before taxes | 9903 | €24,893 | €47,222 | +€22,329 | +89.7% |
| Income taxes | 67/77 | €7,386 | €15,442 | +€8,056 | +109% |
| Profit (loss) for the period | 9904 | €17,507 | €31,780 | +€14,273 | +81.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,507 | €31,780 | +€14,273 | +81.5% |
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 22 October 2026 via checked.be.