MARBAIX D: 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.
MARBAIX D
Largest movements
- Cash +€22,707
up €22,707 (+458%), from €4,963 to €27,670
mainly Net result for the year (+€25,101) and Accrued charges and deferred income (+€17,657)
- Tangible fixed assets -€7,648
down €7,648 (-9.0%), from €84,757 to €77,109
of which Land and buildings: -€5,000
- Receivables within one year -€2,827
down €2,827 (-44.1%), from €6,415 to €3,588
of which Trade receivables: -€5,435
- Profit (loss) carried forward +€25,101
up €25,101 (+38.1%), from -€65,838 to -€40,737
- Accrued charges and deferred income +€17,657
new in 2025: €17,657
- Short-term financial debts -€11,910
no longer reported in 2025 (was €11,910)
- Debts after one year -€10,443
down €10,443 (-30.9%), from €33,772 to €23,329
- Other debts -€10,189
down €10,189 (-47.9%), from €21,277 to €11,088
- Gross operating margin +€24,651
up €24,651 (+23.9%), from €103,303 to €127,954
- Staff costs +€6,224
up €6,224 (+7.3%), from €85,553 to €91,777
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 | €112,691 | €125,275 | +€12,584 | +11.2% |
| Fixed assets | 21/28 | €84,757 | €77,109 | -€7,648 | -9.0% |
| Tangible fixed assets | 22/27 | €84,757 | €77,109 | -€7,648 | -9.0% |
| Land and buildings | 22 | €73,000 | €68,000 | -€5,000 | -6.8% |
| Other tangible fixed assets | 26 | €11,757 | €9,109 | -€2,648 | -22.5% |
| Current assets | 29/58 | €27,934 | €48,166 | +€20,232 | +72.4% |
| Stocks and contracts in progress | 3 | €14,596 | €15,093 | +€497 | +3.4% |
| Stocks | 30/36 | €14,596 | €15,093 | +€497 | +3.4% |
| Amounts receivable within one year | 40/41 | €6,415 | €3,588 | -€2,827 | -44.1% |
| Trade receivables | 40 | €6,021 | €586 | -€5,435 | -90.3% |
| Other amounts receivable | 41 | €394 | €3,002 | +€2,608 | +662% |
| Cash at bank and in hand | 54/58 | €4,963 | €27,670 | +€22,707 | +458% |
| Deferred charges and accrued income | 490/1 | €1,960 | €1,815 | -€145 | -7.4% |
| Total equity and liabilities | 10/49 | €112,691 | €125,275 | +€12,584 | +11.2% |
| Equity | 10/15 | €10,613 | €35,714 | +€25,101 | +237% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €56,000 | €56,000 | = | 0.0% |
| Distributable reserves | 133 | €56,000 | €56,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,838 | -€40,737 | +€25,101 | +38.1% |
| Amounts payable | 17/49 | €102,078 | €89,561 | -€12,517 | -12.3% |
| Amounts payable after more than one year | 17 | €33,772 | €23,329 | -€10,443 | -30.9% |
| Financial debts | 170/4 | €33,772 | €23,329 | -€10,443 | -30.9% |
| Amounts payable within one year | 42/48 | €68,306 | €48,575 | -€19,731 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €10,244 | €10,443 | +€199 | +1.9% |
| Financial debts | 43 | €11,910 | - | -€11,910 | |
| Credit institutions | 430/8 | €11,910 | - | -€11,910 | |
| Trade debts | 44 | €13,476 | €10,766 | -€2,710 | -20.1% |
| Suppliers | 440/4 | €13,476 | €10,766 | -€2,710 | -20.1% |
| Taxes, remuneration and social security | 45 | €11,399 | €16,278 | +€4,879 | +42.8% |
| Taxes | 450/3 | €1,757 | €4,803 | +€3,046 | +173% |
| Remuneration and social security | 454/9 | €9,642 | €11,475 | +€1,833 | +19.0% |
| Other amounts payable | 47/48 | €21,277 | €11,088 | -€10,189 | -47.9% |
| Accrued charges and deferred income | 492/3 | - | €17,657 | +€17,657 | |
| Remuneration, social security and pensions | 62 | €85,553 | €91,777 | +€6,224 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,648 | €7,648 | = | 0.0% |
| Other operating charges | 640/8 | €869 | €960 | +€91 | +10.5% |
| Non-recurring operating charges | 66A | €148 | €77 | -€71 | -48.0% |
| Gross operating margin | 9900 | €103,303 | €127,954 | +€24,651 | +23.9% |
| Operating profit (loss) | 9901 | €9,085 | €27,492 | +€18,407 | +203% |
| Financial income | 75/76B | €236 | - | -€236 | |
| Recurring financial income | 75 | €236 | - | -€236 | |
| Financial charges | 65/66B | €2,158 | €2,391 | +€233 | +10.8% |
| Recurring financial charges | 65 | €2,158 | €2,391 | +€233 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €7,163 | €25,101 | +€17,938 | +250% |
| Profit (loss) for the period | 9904 | €7,163 | €25,101 | +€17,938 | +250% |
| Profit (loss) for the period to be appropriated | 9905 | €7,163 | €25,101 | +€17,938 | +250% |
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 17 October 2026 via checked.be.