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
- Financial fixed assets +€182.6m
up €182.6m (+430.4%), from €42.4m to €225.0m
- Revaluation surpluses +€182.6m
new in 2025: €182.6m
- Debts after one year +€3.4m
up €3.4m (+10.8%), from €31.8m to €35.2m
- Profit (loss) carried forward -€3.3m
down €3.3m (-135.9%), from -€2.5m to -€5.8m
- Gross operating margin -€839,212
down €839,212 (-71.1%), from €1.2m to €340,786
- Financial income -€646,463
down €646,463 (-99.1%), from €652,178 to €5,715
- Financial charges -€451,186
down €451,186 (-11.7%), from €3.8m to €3.4m
- Depreciation +€80,856
up €80,856 (+95.2%), from €84,944 to €165,800
- Other operating charges -€79,940
down €79,940 (-38.9%), from €205,247 to €125,307
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 | €44,632,354 | €227,308,202 | +€182.7m | +409.3% |
| Formation expenses | 20 | €744,056 | €578,256 | -€165,800 | -22.3% |
| Fixed assets | 21/28 | €42,422,567 | €225,000,000 | +€182.6m | +430.4% |
| Financial fixed assets | 28 | €42,422,567 | €225,000,000 | +€182.6m | +430.4% |
| Current assets | 29/58 | €1,465,731 | €1,729,946 | +€264,215 | +18.0% |
| Amounts receivable within one year | 40/41 | €138,139 | €158,934 | +€20,795 | +15.1% |
| Trade receivables | 40 | €134,464 | €158,734 | +€24,270 | +18.0% |
| Other amounts receivable | 41 | €3,675 | €200 | -€3,475 | -94.6% |
| Current investments | 50/53 | €1,000,000 | €0 | -€1.0m | -100.0% |
| Cash at bank and in hand | 54/58 | €327,591 | €1,571,012 | +€1.2m | +379.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €44,632,354 | €227,308,202 | +€182.7m | +409.3% |
| Equity | 10/15 | €12,690,205 | €191,924,424 | +€179.2m | +1412.4% |
| Contributions | 10/11 | €15,150,433 | €15,150,433 | = | 0.0% |
| Revaluation surpluses | 12 | - | €182,577,433 | +€182.6m | |
| Profit (loss) carried forward | 14 | -€2,460,227 | -€5,803,441 | -€3.3m | -135.9% |
| Amounts payable | 17/49 | €31,942,149 | €35,383,778 | +€3.4m | +10.8% |
| Amounts payable after more than one year | 17 | €31,811,173 | €35,237,271 | +€3.4m | +10.8% |
| Financial debts | 170/4 | €31,811,173 | €35,237,271 | +€3.4m | +10.8% |
| Amounts payable within one year | 42/48 | €102,921 | €146,507 | +€43,586 | +42.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €92,144 | €134,596 | +€42,452 | +46.1% |
| Suppliers | 440/4 | €92,144 | €134,596 | +€42,452 | +46.1% |
| Taxes, remuneration and social security | 45 | €10,776 | €11,910 | +€1,134 | +10.5% |
| Taxes | 450/3 | €10,776 | €11,910 | +€1,134 | +10.5% |
| Other amounts payable | 47/48 | €1 | €1 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €28,054 | €0 | -€28,054 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,944 | €165,800 | +€80,856 | +95.2% |
| Other operating charges | 640/8 | €205,247 | €125,307 | -€79,940 | -38.9% |
| Gross operating margin | 9900 | €1,179,998 | €340,786 | -€839,212 | -71.1% |
| Operating profit (loss) | 9901 | €889,807 | €49,679 | -€840,128 | -94.4% |
| Financial income | 75/76B | €652,178 | €5,715 | -€646,463 | -99.1% |
| Recurring financial income | 75 | €652,178 | €5,715 | -€646,463 | -99.1% |
| Financial charges | 65/66B | €3,849,793 | €3,398,607 | -€451,186 | -11.7% |
| Recurring financial charges | 65 | €3,849,793 | €3,398,607 | -€451,186 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,307,809 | -€3,343,214 | -€1.0m | -44.9% |
| Profit (loss) for the period | 9904 | -€2,307,809 | -€3,343,214 | -€1.0m | -44.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,307,809 | -€3,343,214 | -€1.0m | -44.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.