MARBAVO: 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.
MARBAVO
Largest movements
- Cash +€52,479
up €52,479 (+15.5%), from €338,619 to €391,098
mainly Depreciation (+€39,816) and Net result for the year (+€27,442)
- Tangible fixed assets -€39,816
down €39,816 (-32.9%), from €121,095 to €81,279
of which Furniture and vehicles: -€33,675
- Reserves +€14,391
up €14,391 (+6.9%), from €208,674 to €223,064
- Tax, wage and social debts +€6,423
up €6,423 (+56.1%), from €11,447 to €17,869
- Gross operating margin +€8,334
up €8,334 (+8.0%), from €104,103 to €112,437
- Taxes +€3,487
up €3,487 (+47.4%), from €7,354 to €10,840
- Depreciation -€3,158
down €3,158 (-7.3%), from €42,974 to €39,816
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.
Cash bridge derived
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 | €505,330 | €519,353 | +€14,023 | +2.8% |
| Fixed assets | 21/28 | €121,230 | €81,414 | -€39,816 | -32.8% |
| Tangible fixed assets | 22/27 | €121,095 | €81,279 | -€39,816 | -32.9% |
| Land and buildings | 22 | €41,130 | €35,990 | -€5,140 | -12.5% |
| Plant, machinery and equipment | 23 | €3,863 | €2,863 | -€1,000 | -25.9% |
| Furniture and vehicles | 24 | €76,101 | €42,426 | -€33,675 | -44.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €384,100 | €437,939 | +€53,839 | +14.0% |
| Amounts receivable within one year | 40/41 | €35,565 | €37,422 | +€1,857 | +5.2% |
| Trade receivables | 40 | €35,565 | €37,422 | +€1,857 | +5.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €338,619 | €391,098 | +€52,479 | +15.5% |
| Deferred charges and accrued income | 490/1 | €9,916 | €9,418 | -€498 | -5.0% |
| Total equity and liabilities | 10/49 | €505,330 | €519,353 | +€14,023 | +2.8% |
| Equity | 10/15 | €285,788 | €300,179 | +€14,391 | +5.0% |
| Contributions | 10/11 | €77,114 | €77,114 | = | 0.0% |
| Reserves | 13 | €208,674 | €223,064 | +€14,391 | +6.9% |
| Distributable reserves | 133 | €208,674 | €223,064 | +€14,391 | +6.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €219,542 | €219,174 | -€368 | -0.2% |
| Amounts payable within one year | 42/48 | €205,153 | €205,958 | +€805 | +0.4% |
| Trade debts | 44 | €3,118 | €1,828 | -€1,289 | -41.4% |
| Suppliers | 440/4 | €3,118 | €1,828 | -€1,289 | -41.4% |
| Taxes, remuneration and social security | 45 | €11,447 | €17,869 | +€6,423 | +56.1% |
| Taxes | 450/3 | €11,447 | €17,869 | +€6,423 | +56.1% |
| Other amounts payable | 47/48 | €190,588 | €186,260 | -€4,328 | -2.3% |
| Accrued charges and deferred income | 492/3 | €14,389 | €13,216 | -€1,173 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,974 | €39,816 | -€3,158 | -7.3% |
| Other operating charges | 640/8 | €22,669 | €22,589 | -€80 | -0.4% |
| Gross operating margin | 9900 | €104,103 | €112,437 | +€8,334 | +8.0% |
| Operating profit (loss) | 9901 | €38,460 | €50,033 | +€11,572 | +30.1% |
| Financial income | 75/76B | €1,472 | €1,910 | +€438 | +29.7% |
| Recurring financial income | 75 | €1,472 | €1,910 | +€438 | +29.7% |
| Financial charges | 65/66B | €14,766 | €13,660 | -€1,107 | -7.5% |
| Recurring financial charges | 65 | €14,766 | €13,660 | -€1,107 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €25,166 | €38,283 | +€13,116 | +52.1% |
| Income taxes | 67/77 | €7,354 | €10,840 | +€3,487 | +47.4% |
| Profit (loss) for the period | 9904 | €17,813 | €27,442 | +€9,630 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,813 | €27,442 | +€9,630 | +54.1% |
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 12 October 2026 via checked.be.