MARBELS: 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.
MARBELS
Largest movements
- Tangible fixed assets -€44,702
down €44,702 (-3.4%), from €1.3m to €1.3m
of which Land and buildings: -€44,702
- Deferred charges and accrued income -€15,768
no longer reported in 2025 (was €15,768)
- Profit (loss) carried forward +€112,581
up €112,581 (+13.0%), from -€863,423 to -€750,843
- Reserves -€103,136
down €103,136 (-100.0%), from €103,136 to €0
- Debts after one year -€102,102
down €102,102 (-15.1%), from €677,005 to €574,902
of which Financial debts: -€102,102
- Other debts +€55,044
up €55,044 (+6.4%), from €860,414 to €915,458
- Trade debts -€19,418
down €19,418 (-75.6%), from €25,697 to €6,280
- Gross operating margin +€36,810
up €36,810 (+65.9%), from €55,873 to €92,683
- Financial charges -€13,776
down €13,776 (-41.2%), from €33,424 to €19,648
- Depreciation +€1,371
up €1,371 (+2.3%), from €58,902 to €60,273
- Other operating charges +€1,074
up €1,074 (+10.4%), from €10,339 to €11,414
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 | €1,352,081 | €1,289,919 | -€62,162 | -4.6% |
| Fixed assets | 21/28 | €1,326,616 | €1,281,914 | -€44,702 | -3.4% |
| Tangible fixed assets | 22/27 | €1,326,616 | €1,281,914 | -€44,702 | -3.4% |
| Land and buildings | 22 | €1,320,954 | €1,276,252 | -€44,702 | -3.4% |
| Furniture and vehicles | 24 | €5,662 | €5,662 | = | 0.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €25,466 | €8,005 | -€17,460 | -68.6% |
| Amounts receivable within one year | 40/41 | €1,061 | - | -€1,061 | |
| Trade receivables | 40 | €1,061 | - | -€1,061 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €8,637 | €8,005 | -€631 | -7.3% |
| Deferred charges and accrued income | 490/1 | €15,768 | - | -€15,768 | |
| Total equity and liabilities | 10/49 | €1,352,081 | €1,289,919 | -€62,162 | -4.6% |
| Equity | 10/15 | -€310,515 | -€309,166 | +€1,349 | +0.4% |
| Contributions | 10/11 | €308,600 | €308,600 | = | 0.0% |
| Revaluation surpluses | 12 | €141,172 | €133,076 | -€8,096 | -5.7% |
| Reserves | 13 | €103,136 | €0 | -€103,136 | -100.0% |
| Distributable reserves | 133 | €103,136 | €0 | -€103,136 | -100.0% |
| Profit (loss) carried forward | 14 | -€863,423 | -€750,843 | +€112,581 | +13.0% |
| Amounts payable | 17/49 | €1,662,596 | €1,599,086 | -€63,510 | -3.8% |
| Amounts payable after more than one year | 17 | €677,005 | €574,902 | -€102,102 | -15.1% |
| Financial debts | 170/4 | €654,505 | €552,402 | -€102,102 | -15.6% |
| Other amounts payable | 178/9 | €22,500 | €22,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €985,592 | €1,023,840 | +€38,249 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €99,480 | €102,102 | +€2,622 | +2.6% |
| Trade debts | 44 | €25,697 | €6,280 | -€19,418 | -75.6% |
| Suppliers | 440/4 | €25,697 | €6,280 | -€19,418 | -75.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €860,414 | €915,458 | +€55,044 | +6.4% |
| Accrued charges and deferred income | 492/3 | €0 | €343 | +€343 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,902 | €60,273 | +€1,371 | +2.3% |
| Other operating charges | 640/8 | €10,339 | €11,414 | +€1,074 | +10.4% |
| Gross operating margin | 9900 | €55,873 | €92,683 | +€36,810 | +65.9% |
| Operating profit (loss) | 9901 | -€13,369 | €20,996 | +€34,365 | |
| Financial income | 75/76B | €33 | - | -€33 | |
| Recurring financial income | 75 | €33 | - | -€33 | |
| Financial charges | 65/66B | €33,424 | €19,648 | -€13,776 | -41.2% |
| Recurring financial charges | 65 | €33,424 | €19,648 | -€13,776 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | -€46,760 | €1,349 | +€48,108 | |
| Profit (loss) for the period | 9904 | -€46,760 | €1,349 | +€48,108 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,760 | €1,349 | +€48,108 |
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 11 October 2026 via checked.be.