MARBAS: 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.
MARBAS
Largest movements
- Cash +€53,352
up €53,352 (+40.2%), from €132,877 to €186,228
mainly Net result for the year (+€119,415) and Other debts (+€69,344)
- Tangible fixed assets -€25,136
down €25,136 (-14.5%), from €173,928 to €148,792
of which Furniture and vehicles: -€16,853
- Receivables within one year -€16,250
down €16,250 (-19.5%), from €83,457 to €67,207
of which Other amounts receivable: -€13,969
- Other debts +€69,344
up €69,344 (+69.3%), from €100,000 to €169,344
- Reserves -€30,585
down €30,585 (-14.0%), from €218,419 to €187,833
of which Distributable reserves: -€30,585
- Current portion of long-term debt -€25,709
down €25,709 (-100%), from €25,709 to €0
- Trade debts -€5,249
down €5,249 (-47.8%), from €10,991 to €5,742
- Depreciation -€12,937
down €12,937 (-26.4%), from €49,073 to €36,136
- Taxes +€2,941
up €2,941 (+8.3%), from €35,233 to €38,175
- Gross operating margin -€2,612
down €2,612 (-1.3%), from €202,646 to €200,034
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 | €396,554 | €406,044 | +€9,490 | +2.4% |
| Fixed assets | 21/28 | €173,928 | €148,792 | -€25,136 | -14.5% |
| Tangible fixed assets | 22/27 | €173,928 | €148,792 | -€25,136 | -14.5% |
| Land and buildings | 22 | €82,128 | €73,870 | -€8,258 | -10.1% |
| Plant, machinery and equipment | 23 | €25 | €0 | -€25 | -100% |
| Furniture and vehicles | 24 | €87,775 | €70,922 | -€16,853 | -19.2% |
| Other tangible fixed assets | 26 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €222,626 | €257,252 | +€34,626 | +15.6% |
| Amounts receivable within one year | 40/41 | €83,457 | €67,207 | -€16,250 | -19.5% |
| Trade receivables | 40 | €69,488 | €67,207 | -€2,281 | -3.3% |
| Other amounts receivable | 41 | €13,969 | €0 | -€13,969 | -100% |
| Cash at bank and in hand | 54/58 | €132,877 | €186,228 | +€53,352 | +40.2% |
| Deferred charges and accrued income | 490/1 | €6,293 | €3,817 | -€2,476 | -39.3% |
| Total equity and liabilities | 10/49 | €396,554 | €406,044 | +€9,490 | +2.4% |
| Equity | 10/15 | €238,419 | €207,833 | -€30,585 | -12.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €218,419 | €187,833 | -€30,585 | -14.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €218,419 | €187,833 | -€30,585 | -14.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €158,135 | €198,210 | +€40,075 | +25.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €154,263 | €194,017 | +€39,754 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €25,709 | €0 | -€25,709 | -100% |
| Trade debts | 44 | €10,991 | €5,742 | -€5,249 | -47.8% |
| Suppliers | 440/4 | €10,991 | €5,742 | -€5,249 | -47.8% |
| Taxes, remuneration and social security | 45 | €17,563 | €18,932 | +€1,368 | +7.8% |
| Taxes | 450/3 | €11,498 | €12,742 | +€1,244 | +10.8% |
| Remuneration and social security | 454/9 | €6,066 | €6,190 | +€124 | +2.0% |
| Other amounts payable | 47/48 | €100,000 | €169,344 | +€69,344 | +69.3% |
| Accrued charges and deferred income | 492/3 | €3,872 | €4,193 | +€322 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,073 | €36,136 | -€12,937 | -26.4% |
| Other operating charges | 640/8 | €1,735 | €1,796 | +€61 | +3.5% |
| Gross operating margin | 9900 | €202,646 | €200,034 | -€2,612 | -1.3% |
| Operating profit (loss) | 9901 | €151,837 | €162,101 | +€10,264 | +6.8% |
| Financial income | 75/76B | €6 | €0 | -€6 | -99.8% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -99.8% |
| Financial charges | 65/66B | €4,932 | €4,512 | -€420 | -8.5% |
| Recurring financial charges | 65 | €4,932 | €4,512 | -€420 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €146,911 | €157,589 | +€10,678 | +7.3% |
| Income taxes | 67/77 | €35,233 | €38,175 | +€2,941 | +8.3% |
| Profit (loss) for the period | 9904 | €111,678 | €119,415 | +€7,737 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €111,678 | €119,415 | +€7,737 | +6.9% |
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 13 October 2026 via checked.be.