MARBAISE S.A.: 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.
MARBAISE S.A.
Largest movements
- Receivables within one year +€379,871
up €379,871 (+161%), from €236,142 to €616,013
of which Other amounts receivable: +€336,042
- Stocks and contracts +€166,511
up €166,511 (+9.0%), from €1.8m to €2.0m
- Deferred charges and accrued income -€112,999
down €112,999 (-26.4%), from €427,861 to €314,862
- Intangible fixed assets +€71,541
up €71,541 (+200%), from €35,792 to €107,333
- Cash -€45,490
down €45,490 (-30.9%), from €147,132 to €101,642
mainly Receivables within one year (-€379,871) and Stocks and contracts (-€166,511)
- Trade debts +€463,255
up €463,255 (+39.0%), from €1.2m to €1.7m
- Debts after one year +€180,442
up €180,442 (+113%), from €160,152 to €340,594
- Profit (loss) carried forward -€161,038
down €161,038 (-250%), from -€64,420 to -€225,458
- Tax, wage and social debts -€50,162
down €50,162 (-20.3%), from €246,872 to €196,710
of which Taxes: -€43,369
- Turnover -€8.2m
no longer reported in 2026 (was €8.2m)
- Purchases and services -€6.8m
no longer reported in 2026 (was €6.8m)
- Gross operating margin -€455,284
down €455,284 (-31.5%), from €1.4m to €989,996
- Write-downs -€316,279
down €316,279, from €147,658 to -€168,621
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,102,754 | €3,523,684 | +€420,930 | +13.6% |
| Fixed assets | 21/28 | €442,912 | €475,950 | +€33,038 | +7.5% |
| Intangible fixed assets | 21 | €35,792 | €107,333 | +€71,541 | +200% |
| Tangible fixed assets | 22/27 | €306,673 | €268,170 | -€38,504 | -12.6% |
| Plant, machinery and equipment | 23 | €293,221 | €240,238 | -€52,984 | -18.1% |
| Furniture and vehicles | 24 | €13,452 | €27,932 | +€14,480 | +108% |
| Financial fixed assets | 28 | €100,448 | €100,448 | = | 0.0% |
| Current assets | 29/58 | €2,659,842 | €3,047,734 | +€387,893 | +14.6% |
| Stocks and contracts in progress | 3 | €1,848,707 | €2,015,218 | +€166,511 | +9.0% |
| Stocks | 30/36 | €1,848,707 | €2,015,218 | +€166,511 | +9.0% |
| Amounts receivable within one year | 40/41 | €236,142 | €616,013 | +€379,871 | +161% |
| Trade receivables | 40 | €235,682 | €279,510 | +€43,829 | +18.6% |
| Other amounts receivable | 41 | €461 | €336,503 | +€336,042 | +72,957% |
| Cash at bank and in hand | 54/58 | €147,132 | €101,642 | -€45,490 | -30.9% |
| Deferred charges and accrued income | 490/1 | €427,861 | €314,862 | -€112,999 | -26.4% |
| Total equity and liabilities | 10/49 | €3,102,754 | €3,523,684 | +€420,930 | +13.6% |
| Equity | 10/15 | €501,166 | €340,128 | -€161,038 | -32.1% |
| Contributions | 10/11 | €513,100 | €513,100 | = | 0.0% |
| Capital | 10 | €513,100 | €513,100 | = | 0.0% |
| Issued capital | 100 | €513,100 | €513,100 | = | 0.0% |
| Reserves | 13 | €52,486 | €52,486 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,088 | €17,088 | = | 0.0% |
| Legal reserve | 130 | €17,088 | €17,088 | = | 0.0% |
| Distributable reserves | 133 | €35,398 | €35,398 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,420 | -€225,458 | -€161,038 | -250% |
| Amounts payable | 17/49 | €2,601,588 | €3,183,556 | +€581,968 | +22.4% |
| Amounts payable after more than one year | 17 | €160,152 | €340,594 | +€180,442 | +113% |
| Financial debts | 170/4 | €160,152 | €340,594 | +€180,442 | +113% |
| Amounts payable within one year | 42/48 | €2,441,436 | €2,842,962 | +€401,526 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €150,692 | €119,612 | -€31,080 | -20.6% |
| Financial debts | 43 | €725,000 | €726,414 | +€1,414 | +0.2% |
| Credit institutions | 430/8 | €725,000 | €726,414 | +€1,414 | +0.2% |
| Trade debts | 44 | €1,189,065 | €1,652,320 | +€463,255 | +39.0% |
| Suppliers | 440/4 | €1,189,065 | €1,652,320 | +€463,255 | +39.0% |
| Taxes, remuneration and social security | 45 | €246,872 | €196,710 | -€50,162 | -20.3% |
| Taxes | 450/3 | €105,670 | €62,301 | -€43,369 | -41.0% |
| Remuneration and social security | 454/9 | €141,202 | €134,409 | -€6,793 | -4.8% |
| Other amounts payable | 47/48 | €129,808 | €147,906 | +€18,099 | +13.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €8,195,052 | - | -€8.2m | |
| Goods, raw materials, services and sundry goods | 60/61 | €6,774,021 | - | -€6.8m | |
| Remuneration, social security and pensions | 62 | €1,126,347 | €1,186,612 | +€60,265 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,723 | €94,796 | +€9,073 | +10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €147,658 | -€168,621 | -€316,279 | |
| Other operating charges | 640/8 | €5,780 | €6,115 | +€335 | +5.8% |
| Non-recurring operating charges | 66A | €39,150 | €0 | -€39,150 | -100% |
| Gross operating margin | 9900 | €1,445,280 | €989,996 | -€455,284 | -31.5% |
| Operating profit (loss) | 9901 | €40,621 | -€128,906 | -€169,527 | |
| Financial income | 75/76B | €62,156 | €68,421 | +€6,265 | +10.1% |
| Recurring financial income | 75 | €62,156 | €68,421 | +€6,265 | +10.1% |
| Financial charges | 65/66B | €85,914 | €89,719 | +€3,806 | +4.4% |
| Recurring financial charges | 65 | €85,914 | €89,719 | +€3,806 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €16,863 | -€150,205 | -€167,068 | |
| Income taxes | 67/77 | - | €10,834 | +€10,834 | |
| Profit (loss) for the period | 9904 | €16,863 | -€161,038 | -€177,901 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,863 | -€161,038 | -€177,901 |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.