MARBLEU: 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.
MARBLEU
Largest movements
- Cash +€22,219
up €22,219 (+34.2%), from €64,938 to €87,157
mainly Net result for the year (+€22,483) and Depreciation (+€20,549)
- Receivables within one year -€16,954
down €16,954 (-37.0%), from €45,820 to €28,865
of which Trade receivables: -€17,749
- Stocks and contracts -€10,634
down €10,634 (-39.8%), from €26,704 to €16,070
- Tangible fixed assets -€10,355
down €10,355 (-22.3%), from €46,521 to €36,166
of which Leasing and similar rights: -€16,090
- Trade debts -€25,138
down €25,138 (-91.0%), from €27,610 to €2,472
- Other debts +€17,961
up €17,961 (+845.9%), from €2,123 to €20,085
- Current portion of long-term debt -€15,493
down €15,493 (-84.5%), from €18,331 to €2,838
- Tax, wage and social debts +€8,475
new in 2025: €8,475
- Reserves +€3,033
up €3,033 (+2.5%), from €119,519 to €122,552
- Gross operating margin -€20,993
down €20,993 (-27.0%), from €77,614 to €56,621
- Write-downs -€7,426
no longer reported in 2025 (was €7,426)
- Taxes -€2,772
down €2,772 (-21.6%), from €12,848 to €10,076
- Financial charges -€1,102
down €1,102 (-60.7%), from €1,817 to €715
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 | €190,421 | €176,422 | -€13,999 | -7.4% |
| Fixed assets | 21/28 | €51,036 | €40,681 | -€10,355 | -20.3% |
| Tangible fixed assets | 22/27 | €46,521 | €36,166 | -€10,355 | -22.3% |
| Plant, machinery and equipment | 23 | €6,196 | €9,569 | +€3,373 | +54.4% |
| Furniture and vehicles | 24 | €3,299 | €5,851 | +€2,552 | +77.3% |
| Leasing and similar rights | 25 | €35,218 | €19,129 | -€16,090 | -45.7% |
| Other tangible fixed assets | 26 | €1,808 | €1,617 | -€191 | -10.5% |
| Financial fixed assets | 28 | €4,515 | €4,515 | = | 0.0% |
| Current assets | 29/58 | €139,385 | €135,741 | -€3,644 | -2.6% |
| Stocks and contracts in progress | 3 | €26,704 | €16,070 | -€10,634 | -39.8% |
| Stocks | 30/36 | €26,704 | €16,070 | -€10,634 | -39.8% |
| Amounts receivable within one year | 40/41 | €45,820 | €28,865 | -€16,954 | -37.0% |
| Trade receivables | 40 | €41,659 | €23,910 | -€17,749 | -42.6% |
| Other amounts receivable | 41 | €4,160 | €4,956 | +€795 | +19.1% |
| Cash at bank and in hand | 54/58 | €64,938 | €87,157 | +€22,219 | +34.2% |
| Deferred charges and accrued income | 490/1 | €1,923 | €3,648 | +€1,725 | +89.7% |
| Total equity and liabilities | 10/49 | €190,421 | €176,422 | -€13,999 | -7.4% |
| Equity | 10/15 | €139,519 | €142,552 | +€3,033 | +2.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €119,519 | €122,552 | +€3,033 | +2.5% |
| Distributable reserves | 133 | €119,519 | €122,552 | +€3,033 | +2.5% |
| Amounts payable | 17/49 | €50,902 | €33,870 | -€17,033 | -33.5% |
| Amounts payable after more than one year | 17 | €2,838 | - | -€2,838 | |
| Financial debts | 170/4 | €2,838 | - | -€2,838 | |
| Amounts payable within one year | 42/48 | €48,064 | €33,870 | -€14,194 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €18,331 | €2,838 | -€15,493 | -84.5% |
| Trade debts | 44 | €27,610 | €2,472 | -€25,138 | -91.0% |
| Suppliers | 440/4 | €27,610 | €2,472 | -€25,138 | -91.0% |
| Taxes, remuneration and social security | 45 | - | €8,475 | +€8,475 | |
| Taxes | 450/3 | - | €8,475 | +€8,475 | |
| Other amounts payable | 47/48 | €2,123 | €20,085 | +€17,961 | +845.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,543 | €20,549 | +€6 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,426 | - | -€7,426 | |
| Other operating charges | 640/8 | €3,406 | €3,388 | -€18 | -0.5% |
| Gross operating margin | 9900 | €77,614 | €56,621 | -€20,993 | -27.0% |
| Operating profit (loss) | 9901 | €46,239 | €32,684 | -€13,554 | -29.3% |
| Financial income | 75/76B | €1,242 | €590 | -€652 | -52.5% |
| Recurring financial income | 75 | €1,242 | €590 | -€652 | -52.5% |
| Financial charges | 65/66B | €1,817 | €715 | -€1,102 | -60.7% |
| Recurring financial charges | 65 | €1,817 | €715 | -€1,102 | -60.7% |
| Profit (loss) for the period before taxes | 9903 | €45,664 | €32,559 | -€13,104 | -28.7% |
| Income taxes | 67/77 | €12,848 | €10,076 | -€2,772 | -21.6% |
| Profit (loss) for the period | 9904 | €32,816 | €22,483 | -€10,333 | -31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,816 | €22,483 | -€10,333 | -31.5% |
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 30 September 2026 via checked.be.