MARBIS: 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.
MARBIS
Largest movements
- Tangible fixed assets -€82,555
down €82,555 (-14.8%), from €558,065 to €475,510
of which Land and buildings: -€81,650
- Cash +€15,490
up €15,490 (+334.0%), from €4,638 to €20,129
mainly Investment in fixed assets (net) (+€52,606) and Depreciation (+€29,949)
- Receivables within one year +€7,101
up €7,101 (+172.2%), from €4,125 to €11,227
of which Trade receivables: +€7,737
- Other debts -€31,008
down €31,008 (-19.6%), from €157,946 to €126,937
- Reserves -€20,108
down €20,108 (-8.3%), from €242,182 to €222,074
of which Distributable reserves: -€10,349
- Trade debts -€8,810
down €8,810 (-72.8%), from €12,105 to €3,295
- Gross operating margin +€39,082
up €39,082, from -€3,400 to €35,682
- Financial charges +€1,155
up €1,155 (+14.0%), from €8,262 to €9,417
- Depreciation -€529
down €529 (-1.7%), from €30,478 to €29,949
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 | €570,749 | €509,478 | -€61,270 | -10.7% |
| Fixed assets | 21/28 | €558,065 | €475,510 | -€82,555 | -14.8% |
| Tangible fixed assets | 22/27 | €558,065 | €475,510 | -€82,555 | -14.8% |
| Land and buildings | 22 | €544,364 | €462,714 | -€81,650 | -15.0% |
| Plant, machinery and equipment | 23 | €9,789 | €10,738 | +€949 | +9.7% |
| Furniture and vehicles | 24 | €3,912 | €2,057 | -€1,854 | -47.4% |
| Current assets | 29/58 | €12,684 | €33,968 | +€21,285 | +167.8% |
| Amounts receivable within one year | 40/41 | €4,125 | €11,227 | +€7,101 | +172.2% |
| Trade receivables | 40 | €3,480 | €11,217 | +€7,737 | +222.3% |
| Other amounts receivable | 41 | €645 | €10 | -€635 | -98.5% |
| Cash at bank and in hand | 54/58 | €4,638 | €20,129 | +€15,490 | +334.0% |
| Deferred charges and accrued income | 490/1 | €3,920 | €2,613 | -€1,307 | -33.3% |
| Total equity and liabilities | 10/49 | €570,749 | €509,478 | -€61,270 | -10.7% |
| Equity | 10/15 | €318,390 | €298,282 | -€20,108 | -6.3% |
| Contributions | 10/11 | €76,208 | €76,208 | = | 0.0% |
| Reserves | 13 | €242,182 | €222,074 | -€20,108 | -8.3% |
| Tax-exempt reserves | 132 | €209,230 | €199,471 | -€9,759 | -4.7% |
| Distributable reserves | 133 | €32,952 | €22,603 | -€10,349 | -31.4% |
| Provisions and deferred taxes | 16 | €69,613 | €66,361 | -€3,253 | -4.7% |
| Deferred taxes | 168 | €69,613 | €66,361 | -€3,253 | -4.7% |
| Amounts payable | 17/49 | €182,746 | €144,836 | -€37,910 | -20.7% |
| Amounts payable within one year | 42/48 | €174,530 | €135,467 | -€39,063 | -22.4% |
| Trade debts | 44 | €12,105 | €3,295 | -€8,810 | -72.8% |
| Suppliers | 440/4 | €12,105 | €3,295 | -€8,810 | -72.8% |
| Taxes, remuneration and social security | 45 | €4,480 | €5,235 | +€755 | +16.9% |
| Taxes | 450/3 | €4,480 | €5,235 | +€755 | +16.9% |
| Other amounts payable | 47/48 | €157,946 | €126,937 | -€31,008 | -19.6% |
| Accrued charges and deferred income | 492/3 | €8,215 | €9,369 | +€1,153 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,478 | €29,949 | -€529 | -1.7% |
| Other operating charges | 640/8 | €2,648 | €2,471 | -€177 | -6.7% |
| Non-recurring operating charges | 66A | - | €17,239 | +€17,239 | |
| Gross operating margin | 9900 | -€3,400 | €35,682 | +€39,082 | |
| Operating profit (loss) | 9901 | -€36,526 | -€13,976 | +€22,550 | +61.7% |
| Financial income | 75/76B | €16 | €32 | +€16 | +100.3% |
| Recurring financial income | 75 | €16 | €32 | +€16 | +100.3% |
| Financial charges | 65/66B | €8,262 | €9,417 | +€1,155 | +14.0% |
| Recurring financial charges | 65 | €8,262 | €9,417 | +€1,155 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | -€44,772 | -€23,360 | +€21,412 | +47.8% |
| Transfer from deferred taxes | 780 | €3,253 | €3,253 | = | 0.0% |
| Income taxes | 67/77 | €71 | - | -€71 | |
| Profit (loss) for the period | 9904 | -€41,591 | -€20,108 | +€21,483 | +51.7% |
| Transfer from tax-exempt reserves | 789 | €9,759 | €9,759 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,832 | -€10,349 | +€21,483 | +67.5% |
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 5 October 2026 via checked.be.