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
- Stocks and contracts -€333,394
down €333,394 (-87.9%), from €379,474 to €46,080
- Cash +€84,031
up €84,031 (+687.7%), from €12,220 to €96,251
mainly Stocks and contracts (+€333,394) and Tax, wage and social debts (+€27,550)
- Tangible fixed assets -€4,866
down €4,866 (-25.7%), from €18,957 to €14,091
of which Furniture and vehicles: -€4,598
- Current portion of long-term debt -€159,753
down €159,753 (-96.5%), from €165,577 to €5,824
- Other debts -€84,827
down €84,827 (-47.0%), from €180,520 to €95,692
- Profit (loss) carried forward -€33,382
down €33,382 (-39.7%), from -€84,143 to -€117,524
- Tax, wage and social debts +€27,550
up €27,550 (+1281.2%), from €2,150 to €29,700
of which Remuneration and social security: +€27,600
- Debts after one year -€5,824
down €5,824 (-5.2%), from €112,946 to €107,122
- Gross operating margin -€41,114
down €41,114, from €17,151 to -€23,963
- Financial charges +€2,558
up €2,558 (+151.6%), from €1,687 to €4,246
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 | €412,744 | €158,387 | -€254,356 | -61.6% |
| Fixed assets | 21/28 | €18,957 | €14,091 | -€4,866 | -25.7% |
| Tangible fixed assets | 22/27 | €18,957 | €14,091 | -€4,866 | -25.7% |
| Plant, machinery and equipment | 23 | €477 | €209 | -€268 | -56.3% |
| Furniture and vehicles | 24 | €18,480 | €13,882 | -€4,598 | -24.9% |
| Current assets | 29/58 | €393,787 | €144,296 | -€249,490 | -63.4% |
| Stocks and contracts in progress | 3 | €379,474 | €46,080 | -€333,394 | -87.9% |
| Contracts in progress | 37 | €379,474 | €46,080 | -€333,394 | -87.9% |
| Amounts receivable within one year | 40/41 | €1,043 | €1,612 | +€569 | +54.5% |
| Other amounts receivable | 41 | €1,043 | €1,612 | +€569 | +54.5% |
| Cash at bank and in hand | 54/58 | €12,220 | €96,251 | +€84,031 | +687.7% |
| Deferred charges and accrued income | 490/1 | €1,050 | €354 | -€696 | -66.3% |
| Total equity and liabilities | 10/49 | €412,744 | €158,387 | -€254,356 | -61.6% |
| Equity | 10/15 | -€51,099 | -€84,481 | -€33,382 | -65.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €13,043 | €13,043 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €11,043 | €11,043 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,143 | -€117,524 | -€33,382 | -39.7% |
| Amounts payable | 17/49 | €463,843 | €242,868 | -€220,975 | -47.6% |
| Amounts payable after more than one year | 17 | €112,946 | €107,122 | -€5,824 | -5.2% |
| Financial debts | 170/4 | €112,946 | €107,122 | -€5,824 | -5.2% |
| Amounts payable within one year | 42/48 | €350,897 | €135,747 | -€215,150 | -61.3% |
| Current portion of amounts payable after more than one year | 42 | €165,577 | €5,824 | -€159,753 | -96.5% |
| Trade debts | 44 | €2,650 | €4,530 | +€1,880 | +71.0% |
| Suppliers | 440/4 | €2,650 | €4,530 | +€1,880 | +71.0% |
| Taxes, remuneration and social security | 45 | €2,150 | €29,700 | +€27,550 | +1281.2% |
| Taxes | 450/3 | €2,150 | €2,100 | -€50 | -2.3% |
| Remuneration and social security | 454/9 | - | €27,600 | +€27,600 | |
| Other amounts payable | 47/48 | €180,520 | €95,692 | -€84,827 | -47.0% |
| Non-recurring operating income | 76A | €6,800 | - | -€6,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,801 | €4,866 | +€65 | +1.4% |
| Other operating charges | 640/8 | €134 | €307 | +€173 | +129.2% |
| Gross operating margin | 9900 | €17,151 | -€23,963 | -€41,114 | |
| Operating profit (loss) | 9901 | €12,216 | -€29,136 | -€41,352 | |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €1,687 | €4,246 | +€2,558 | +151.6% |
| Recurring financial charges | 65 | €1,687 | €4,246 | +€2,558 | +151.6% |
| Profit (loss) for the period before taxes | 9903 | €10,534 | -€33,382 | -€43,915 | |
| Profit (loss) for the period | 9904 | €10,534 | -€33,382 | -€43,915 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,534 | -€33,382 | -€43,915 |
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 11 October 2026 via checked.be.