Marbel: what changed
Two fiscal 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.
Marbel
Largest movements
- Cash -€349,415
down €349,415 (-48.8%), from €715,832 to €366,417
mainly Current investments (-€280,990) and Debts after one year (-€225,186)
- Current investments +€280,990
up €280,990 (+11.6%), from €2.4m to €2.7m
- Tangible fixed assets -€67,668
down €67,668 (-3.3%), from €2.0m to €2.0m
of which Land and buildings: -€64,059
- Debts after one year -€225,186
down €225,186 (-96.6%), from €233,050 to €7,864
- Reserves +€73,786
up €73,786 (+2.1%), from €3.5m to €3.5m
of which Distributable reserves: +€99,151
- Financial income -€421,653
down €421,653 (-67.8%), from €621,702 to €200,049
- Taxes -€64,784
down €64,784 (-78.3%), from €82,733 to €17,950
- Gross operating margin +€5,906
up €5,906 (+25.5%), from €23,178 to €29,084
- Other operating charges +€2,929
up €2,929 (+22.3%), from €13,150 to €16,079
- Financial charges -€2,599
down €2,599 (-22.9%), from €11,328 to €8,730
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 | €6,042,662 | €5,870,495 | -€172,167 | -2.8% |
| Fixed assets | 21/28 | €2,825,247 | €2,757,580 | -€67,668 | -2.4% |
| Tangible fixed assets | 22/27 | €2,045,871 | €1,978,203 | -€67,668 | -3.3% |
| Land and buildings | 22 | €2,023,263 | €1,959,203 | -€64,059 | -3.2% |
| Plant, machinery and equipment | 23 | - | €3,642 | +€3,642 | |
| Furniture and vehicles | 24 | €15,791 | €8,541 | -€7,250 | -45.9% |
| Other tangible fixed assets | 26 | €6,817 | €6,817 | = | 0.0% |
| Financial fixed assets | 28 | €779,377 | €779,377 | = | 0.0% |
| Current assets | 29/58 | €3,217,415 | €3,112,915 | -€104,499 | -3.2% |
| Amounts receivable within one year | 40/41 | €73,291 | €37,331 | -€35,960 | -49.1% |
| Other amounts receivable | 41 | €73,291 | €37,331 | -€35,960 | -49.1% |
| Current investments | 50/53 | €2,427,987 | €2,708,976 | +€280,990 | +11.6% |
| Cash at bank and in hand | 54/58 | €715,832 | €366,417 | -€349,415 | -48.8% |
| Deferred charges and accrued income | 490/1 | €305 | €192 | -€113 | -37.2% |
| Total equity and liabilities | 10/49 | €6,042,662 | €5,870,495 | -€172,167 | -2.8% |
| Equity | 10/15 | €5,550,769 | €5,624,556 | +€73,786 | +1.3% |
| Contributions | 10/11 | €545,366 | €545,366 | = | 0.0% |
| Capital | 10 | €545,366 | €545,366 | = | 0.0% |
| Issued capital | 100 | €545,366 | €545,366 | = | 0.0% |
| Reserves | 13 | €3,450,040 | €3,523,827 | +€73,786 | +2.1% |
| Non-distributable reserves | 130/1 | €54,537 | €54,537 | = | 0.0% |
| Legal reserve | 130 | €54,537 | €54,537 | = | 0.0% |
| Tax-exempt reserves | 132 | €375,551 | €350,186 | -€25,364 | -6.8% |
| Distributable reserves | 133 | €3,019,953 | €3,119,104 | +€99,151 | +3.3% |
| Profit (loss) carried forward | 14 | €1,555,364 | €1,555,364 | = | 0.0% |
| Provisions and deferred taxes | 16 | €144,197 | €122,234 | -€21,964 | -15.2% |
| Deferred taxes | 168 | €144,197 | €122,234 | -€21,964 | -15.2% |
| Amounts payable | 17/49 | €347,695 | €123,705 | -€223,990 | -64.4% |
| Amounts payable after more than one year | 17 | €233,050 | €7,864 | -€225,186 | -96.6% |
| Financial debts | 170/4 | €233,050 | €7,864 | -€225,186 | -96.6% |
| Amounts payable within one year | 42/48 | €114,493 | €115,841 | +€1,348 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €20,800 | €5,985 | -€14,815 | -71.2% |
| Trade debts | 44 | €6,996 | €3,901 | -€3,095 | -44.2% |
| Suppliers | 440/4 | €6,996 | €3,901 | -€3,095 | -44.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €72,590 | €83,208 | +€10,618 | +14.6% |
| Taxes | 450/3 | €65,131 | €79,585 | +€14,454 | +22.2% |
| Remuneration and social security | 454/9 | €7,459 | €3,623 | -€3,835 | -51.4% |
| Other amounts payable | 47/48 | €14,107 | €22,747 | +€8,640 | +61.2% |
| Accrued charges and deferred income | 492/3 | €152 | €0 | -€152 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,626 | €72,052 | +€426 | +0.6% |
| Other operating charges | 640/8 | €13,150 | €16,079 | +€2,929 | +22.3% |
| Gross operating margin | 9900 | €23,178 | €29,084 | +€5,906 | +25.5% |
| Operating profit (loss) | 9901 | -€61,597 | -€59,047 | +€2,551 | +4.1% |
| Financial income | 75/76B | €621,702 | €200,049 | -€421,653 | -67.8% |
| Recurring financial income | 75 | €621,702 | €200,049 | -€421,653 | -67.8% |
| Financial charges | 65/66B | €11,328 | €8,730 | -€2,599 | -22.9% |
| Recurring financial charges | 65 | €11,328 | €8,730 | -€2,599 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €548,776 | €132,273 | -€416,504 | -75.9% |
| Transfer from deferred taxes | 780 | €22,561 | €21,964 | -€597 | -2.6% |
| Income taxes | 67/77 | €82,733 | €17,950 | -€64,784 | -78.3% |
| Profit (loss) for the period | 9904 | €488,603 | €136,286 | -€352,317 | -72.1% |
| Transfer from tax-exempt reserves | 789 | €53,761 | €25,364 | -€28,397 | -52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €542,364 | €161,651 | -€380,714 | -70.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.