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
- Deferred charges and accrued income -€197,715
down €197,715 (-92.7%), from €213,238 to €15,522
- Tangible fixed assets -€165,693
down €165,693 (-9.4%), from €1.8m to €1.6m
of which Land and buildings: -€169,599
- Receivables within one year +€118,598
up €118,598 (+49.4%), from €239,901 to €358,499
of which Trade receivables: +€116,235
- Debts after one year -€157,139
down €157,139 (-28.0%), from €561,003 to €403,864
- Profit (loss) carried forward -€152,129
down €152,129 (-117%), from -€129,528 to -€281,658
- Trade debts +€88,891
up €88,891 (+45.9%), from €193,723 to €282,614
- Advances received +€73,264
up €73,264 (+1,221%), from €6,000 to €79,264
- Other debts -€69,333
down €69,333 (-9.4%), from €739,369 to €670,036
- Financial income -€197,408
down €197,408 (-98.8%), from €199,723 to €2,315
- Gross operating margin -€44,507
down €44,507 (-26.5%), from €168,143 to €123,635
- Financial charges -€23,798
down €23,798 (-48.8%), from €48,739 to €24,941
- Depreciation -€4,993
down €4,993 (-2.1%), from €241,316 to €236,323
- Staff costs -€3,975
no longer reported in 2025 (was €3,975)
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 | €2,728,304 | €2,479,980 | -€248,324 | -9.1% |
| Formation expenses | 20 | €6,228 | €4,045 | -€2,183 | -35.0% |
| Fixed assets | 21/28 | €2,046,974 | €1,877,357 | -€169,617 | -8.3% |
| Intangible fixed assets | 21 | €10,175 | €6,251 | -€3,924 | -38.6% |
| Tangible fixed assets | 22/27 | €1,758,822 | €1,593,129 | -€165,693 | -9.4% |
| Land and buildings | 22 | €1,630,712 | €1,461,113 | -€169,599 | -10.4% |
| Plant, machinery and equipment | 23 | €32,378 | €25,142 | -€7,236 | -22.3% |
| Furniture and vehicles | 24 | €95,732 | €106,874 | +€11,142 | +11.6% |
| Financial fixed assets | 28 | €277,977 | €277,977 | = | 0.0% |
| Current assets | 29/58 | €675,102 | €598,578 | -€76,524 | -11.3% |
| Amounts receivable after more than one year | 29 | €214,675 | €214,675 | = | 0.0% |
| Other amounts receivable | 291 | €214,675 | €214,675 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €239,901 | €358,499 | +€118,598 | +49.4% |
| Trade receivables | 40 | €216,361 | €332,596 | +€116,235 | +53.7% |
| Other amounts receivable | 41 | €23,540 | €25,903 | +€2,363 | +10.0% |
| Cash at bank and in hand | 54/58 | €7,289 | €9,882 | +€2,593 | +35.6% |
| Deferred charges and accrued income | 490/1 | €213,238 | €15,522 | -€197,715 | -92.7% |
| Total equity and liabilities | 10/49 | €2,728,304 | €2,479,980 | -€248,324 | -9.1% |
| Equity | 10/15 | €1,027,639 | €873,298 | -€154,341 | -15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,138,567 | €1,136,356 | -€2,211 | -0.2% |
| Tax-exempt reserves | 132 | €17,691 | €15,479 | -€2,211 | -12.5% |
| Distributable reserves | 133 | €1,120,877 | €1,120,877 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€129,528 | -€281,658 | -€152,129 | -117% |
| Provisions and deferred taxes | 16 | €9,109 | €7,971 | -€1,139 | -12.5% |
| Deferred taxes | 168 | €9,109 | €7,971 | -€1,139 | -12.5% |
| Amounts payable | 17/49 | €1,691,555 | €1,598,711 | -€92,844 | -5.5% |
| Amounts payable after more than one year | 17 | €561,003 | €403,864 | -€157,139 | -28.0% |
| Financial debts | 170/4 | €561,003 | €403,864 | -€157,139 | -28.0% |
| Amounts payable within one year | 42/48 | €1,129,152 | €1,193,447 | +€64,295 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €180,594 | €159,879 | -€20,715 | -11.5% |
| Trade debts | 44 | €193,723 | €282,614 | +€88,891 | +45.9% |
| Suppliers | 440/4 | €193,723 | €282,614 | +€88,891 | +45.9% |
| Advances received on contracts in progress | 46 | €6,000 | €79,264 | +€73,264 | +1,221% |
| Taxes, remuneration and social security | 45 | €9,467 | €1,655 | -€7,812 | -82.5% |
| Taxes | 450/3 | €8,644 | €1,655 | -€6,989 | -80.9% |
| Remuneration and social security | 454/9 | €822 | - | -€822 | |
| Other amounts payable | 47/48 | €739,369 | €670,036 | -€69,333 | -9.4% |
| Accrued charges and deferred income | 492/3 | €1,400 | €1,400 | = | 0.0% |
| Non-recurring operating income | 76A | €1,461 | €11,562 | +€10,101 | +691% |
| Remuneration, social security and pensions | 62 | €3,975 | - | -€3,975 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,316 | €236,323 | -€4,993 | -2.1% |
| Other operating charges | 640/8 | €15,812 | €18,310 | +€2,497 | +15.8% |
| Non-recurring operating charges | 66A | - | €1,500 | +€1,500 | |
| Gross operating margin | 9900 | €168,143 | €123,635 | -€44,507 | -26.5% |
| Operating profit (loss) | 9901 | -€92,961 | -€132,497 | -€39,536 | -42.5% |
| Financial income | 75/76B | €199,723 | €2,315 | -€197,408 | -98.8% |
| Recurring financial income | 75 | €199,723 | €2,315 | -€197,408 | -98.8% |
| Financial charges | 65/66B | €48,739 | €24,941 | -€23,798 | -48.8% |
| Recurring financial charges | 65 | €48,739 | €24,941 | -€23,798 | -48.8% |
| Profit (loss) for the period before taxes | 9903 | €58,023 | -€155,123 | -€213,147 | |
| Transfer from deferred taxes | 780 | €1,139 | €1,139 | = | 0.0% |
| Income taxes | 67/77 | €394 | €356 | -€37 | -9.5% |
| Profit (loss) for the period | 9904 | €58,769 | -€154,341 | -€213,109 | |
| Transfer from tax-exempt reserves | 789 | €2,211 | €2,211 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,980 | -€152,129 | -€213,109 |
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 23 October 2026 via checked.be.