Marbay: 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.
What changed
Marbay
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€216,000
2024 · €744,676-€960,676
Equity
€1.0m
2024 · €1.3m-€216,000
Cash
€110,147
2024 · €37,743+€72,404
Balance sheet total
€9.1m
2024 · €9.4m-€227,358
Largest movements
Assets
- Stocks and contracts +€451,875
up €451,875 (+96.2%), from €469,698 to €921,573
- Current investments -€444,894
down €444,894 (-34.2%), from €1.3m to €854,261
- Tangible fixed assets -€273,317
down €273,317 (-61.7%), from €443,131 to €169,815
of which Furniture and vehicles: -€282,229
Equity and liabilities
- Reserves -€216,000
down €216,000 (-17.8%), from €1.2m to €998,750
Income statement
- Gross operating margin -€1.2m
down €1.2m, from €1.1m to -€46,240
- Taxes -€211,790
down €211,790 (-99.6%), from €212,610 to €820
- Financial income +€21,440
up €21,440 (+90.8%), from €23,623 to €45,063
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.
Result 2024
€744,676
Gross operating margin
-€1.2m
Depreciation
-€4,863
Other operating charges
+€4,949
Other operating items
-€17,021
Financial income
+€21,440
Financial charges
-€2,111
Taxes
+€211,790
Result 2025
-€216,000
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€593,110
Investment
+€665,515
Financing
€0
Cash 2024
€37,743
From operations (derived)
-€593,110
Net result for the year
-€216,000
Depreciation
+€52,696
Stocks and contracts
-€451,875
Receivables within one year
+€35,652
Deferred charges and accrued income
-€2,226
Trade debts
+€917
Tax, wage and social debts
-€1,913
Other debts
-€5,286
Accrued charges and deferred income
-€5,076
Investment (derived)
+€665,515
Investment in fixed assets (net)
+€220,620
Current investments
+€444,894
Cash 2025
€110,147
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,363,370 | €9,136,012 | -€227,358 | -2.4% |
| Fixed assets | 21/28 | €7,506,776 | €7,233,460 | -€273,317 | -3.6% |
| Tangible fixed assets | 22/27 | €443,131 | €169,815 | -€273,317 | -61.7% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €1,792 | €11,264 | +€9,472 | +529% |
| Furniture and vehicles | 24 | €439,755 | €157,526 | -€282,229 | -64.2% |
| Other tangible fixed assets | 26 | €1,584 | €1,024 | -€560 | -35.3% |
| Financial fixed assets | 28 | €7,063,645 | €7,063,645 | = | 0.0% |
| Current assets | 29/58 | €1,856,594 | €1,902,552 | +€45,958 | +2.5% |
| Stocks and contracts in progress | 3 | €469,698 | €921,573 | +€451,875 | +96.2% |
| Stocks | 30/36 | €469,698 | €921,573 | +€451,875 | +96.2% |
| Amounts receivable within one year | 40/41 | €48,451 | €12,799 | -€35,652 | -73.6% |
| Trade receivables | 40 | €60 | €0 | -€60 | -100% |
| Other amounts receivable | 41 | €48,391 | €12,799 | -€35,592 | -73.6% |
| Current investments | 50/53 | €1,299,156 | €854,261 | -€444,894 | -34.2% |
| Cash at bank and in hand | 54/58 | €37,743 | €110,147 | +€72,404 | +192% |
| Deferred charges and accrued income | 490/1 | €1,546 | €3,772 | +€2,226 | +144% |
| Total equity and liabilities | 10/49 | €9,363,370 | €9,136,012 | -€227,358 | -2.4% |
| Equity | 10/15 | €1,256,323 | €1,040,322 | -€216,000 | -17.2% |
| Contributions | 10/11 | €41,572 | €41,572 | = | 0.0% |
| Reserves | 13 | €1,214,750 | €998,750 | -€216,000 | -17.8% |
| Distributable reserves | 133 | €1,214,750 | €998,750 | -€216,000 | -17.8% |
| Amounts payable | 17/49 | €8,107,047 | €8,095,689 | -€11,358 | -0.1% |
| Amounts payable after more than one year | 17 | €2,442,645 | €2,442,645 | = | 0.0% |
| Financial debts | 170/4 | €2,442,645 | €2,442,645 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,607,201 | €5,600,918 | -€6,282 | -0.1% |
| Trade debts | 44 | €563 | €1,480 | +€917 | +163% |
| Suppliers | 440/4 | €563 | €1,480 | +€917 | +163% |
| Taxes, remuneration and social security | 45 | €2,979 | €1,066 | -€1,913 | -64.2% |
| Taxes | 450/3 | €2,979 | €1,066 | -€1,913 | -64.2% |
| Other amounts payable | 47/48 | €5,603,658 | €5,598,372 | -€5,286 | -0.1% |
| Accrued charges and deferred income | 492/3 | €57,202 | €52,126 | -€5,076 | -8.9% |
| Non-recurring operating income | 76A | €1,164,681 | €1,453 | -€1.2m | -99.9% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,833 | €52,696 | +€4,863 | +10.2% |
| Other operating charges | 640/8 | €6,717 | €1,769 | -€4,949 | -73.7% |
| Non-recurring operating charges | 66A | €81,811 | €98,832 | +€17,021 | +20.8% |
| Gross operating margin | 9900 | €1,128,619 | -€46,240 | -€1.2m | |
| Operating profit (loss) | 9901 | €992,258 | -€199,537 | -€1.2m | |
| Financial income | 75/76B | €23,623 | €45,063 | +€21,440 | +90.8% |
| Recurring financial income | 75 | €23,623 | €45,063 | +€21,440 | +90.8% |
| Financial charges | 65/66B | €58,596 | €60,707 | +€2,111 | +3.6% |
| Recurring financial charges | 65 | €58,596 | €60,707 | +€2,111 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €957,285 | -€215,181 | -€1.2m | |
| Income taxes | 67/77 | €212,610 | €820 | -€211,790 | -99.6% |
| Profit (loss) for the period | 9904 | €744,676 | -€216,000 | -€960,676 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €744,676 | -€216,000 | -€960,676 |
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 31 October 2026 via checked.be.