MARBO: 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.
MARBO
Largest movements
- Receivables within one year -€112,063
down €112,063 (-34.7%), from €322,538 to €210,475
of which Trade receivables: -€112,063
- Tangible fixed assets -€99,613
down €99,613 (-36.7%), from €271,611 to €171,998
of which Plant, machinery and equipment: -€95,360
- Trade debts -€151,576
down €151,576 (-85.4%), from €177,467 to €25,891
- Short-term financial debts -€27,033
down €27,033 (-95.5%), from €28,303 to €1,269
- Other debts -€20,852
down €20,852 (-9.1%), from €227,977 to €207,125
- Tax, wage and social debts -€16,158
down €16,158 (-35.9%), from €45,065 to €28,908
- Gross operating margin -€50,360
down €50,360 (-50.1%), from €100,598 to €50,238
- Taxes -€18,069
down €18,069 (-100%), from €18,069 to €0
- Financial charges -€13,641
down €13,641 (-74.2%), from €18,375 to €4,734
- Depreciation -€12,884
down €12,884 (-27.0%), from €47,777 to €34,893
- Other operating charges -€5,913
down €5,913 (-40.6%), from €14,576 to €8,663
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €599,378 | €386,007 | -€213,371 | -35.6% |
| Fixed assets | 21/28 | €271,611 | €171,998 | -€99,613 | -36.7% |
| Tangible fixed assets | 22/27 | €271,611 | €171,998 | -€99,613 | -36.7% |
| Plant, machinery and equipment | 23 | €267,007 | €171,647 | -€95,360 | -35.7% |
| Furniture and vehicles | 24 | €4,604 | €351 | -€4,253 | -92.4% |
| Current assets | 29/58 | €327,767 | €214,009 | -€113,758 | -34.7% |
| Amounts receivable within one year | 40/41 | €322,538 | €210,475 | -€112,063 | -34.7% |
| Trade receivables | 40 | €320,538 | €208,475 | -€112,063 | -35.0% |
| Other amounts receivable | 41 | €2,000 | €2,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,757 | €0 | -€1,757 | -100% |
| Deferred charges and accrued income | 490/1 | €3,472 | €3,534 | +€61 | +1.8% |
| Total equity and liabilities | 10/49 | €599,378 | €386,007 | -€213,371 | -35.6% |
| Equity | 10/15 | €120,566 | €122,814 | +€2,249 | +1.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €100,106 | €102,354 | +€2,249 | +2.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €100,106 | €102,354 | +€2,249 | +2.2% |
| Amounts payable | 17/49 | €478,812 | €263,193 | -€215,619 | -45.0% |
| Amounts payable within one year | 42/48 | €478,812 | €263,193 | -€215,619 | -45.0% |
| Financial debts | 43 | €28,303 | €1,269 | -€27,033 | -95.5% |
| Credit institutions | 430/8 | €28,303 | €1,269 | -€27,033 | -95.5% |
| Trade debts | 44 | €177,467 | €25,891 | -€151,576 | -85.4% |
| Suppliers | 440/4 | €177,467 | €25,891 | -€151,576 | -85.4% |
| Taxes, remuneration and social security | 45 | €45,065 | €28,908 | -€16,158 | -35.9% |
| Taxes | 450/3 | €45,065 | €28,908 | -€16,158 | -35.9% |
| Other amounts payable | 47/48 | €227,977 | €207,125 | -€20,852 | -9.1% |
| Non-recurring operating income | 76A | €18,000 | €5,910 | -€12,090 | -67.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,777 | €34,893 | -€12,884 | -27.0% |
| Other operating charges | 640/8 | €14,576 | €8,663 | -€5,913 | -40.6% |
| Gross operating margin | 9900 | €100,598 | €50,238 | -€50,360 | -50.1% |
| Operating profit (loss) | 9901 | €38,245 | €6,682 | -€31,563 | -82.5% |
| Financial income | 75/76B | €2,766 | €300 | -€2,466 | -89.2% |
| Recurring financial income | 75 | €2,766 | €300 | -€2,466 | -89.2% |
| Financial charges | 65/66B | €18,375 | €4,734 | -€13,641 | -74.2% |
| Recurring financial charges | 65 | €18,375 | €4,734 | -€13,641 | -74.2% |
| Profit (loss) for the period before taxes | 9903 | €22,637 | €2,249 | -€20,388 | -90.1% |
| Income taxes | 67/77 | €18,069 | €0 | -€18,069 | -100% |
| Profit (loss) for the period | 9904 | €4,568 | €2,249 | -€2,320 | -50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,568 | €2,249 | -€2,320 | -50.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.