MARBO IMMO: what changed
MARBO IMMO
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash +€47,004
up €47,004 (+27.3%), from €171,921 to €218,925
mainly Trade debts (+€164,581) and Tax, wage and social debts (+€40,210)
- Receivables within one year -€22,493
down €22,493 (-64.4%), from €34,910 to €12,417
of which Trade receivables: -€22,476
- Tangible fixed assets -€6,828
down €6,828 (-19.3%), from €35,414 to €28,587
of which Furniture and vehicles: -€5,974
- Deferred charges and accrued income +€4,863
up €4,863 (+74.2%), from €6,551 to €11,415
- Trade debts +€164,581
up €164,581 (+1,262%), from €13,043 to €177,625
- Other debts -€98,636
no longer reported in 2025 (was €98,636)
- Tax, wage and social debts +€40,210
up €40,210 (+654%), from €6,147 to €46,356
of which Taxes: +€31,346
- Reserves +€24,000
up €24,000 (+23.3%), from €102,845 to €126,845
of which Distributable reserves: +€24,000
- Debts after one year -€5,982
down €5,982 (-37.5%), from €15,966 to €9,984
- Gross operating margin +€64,460
up €64,460 (+64.4%), from €100,160 to €164,619
- Staff costs +€36,203
up €36,203 (+44.6%), from €81,109 to €117,312
- Other operating charges -€14,984
down €14,984 (-96.0%), from €15,604 to €620
- Taxes +€11,850
up €11,850 (+311%), from €3,815 to €15,666
- Write-downs +€5,931
up €5,931 (+38.3%), from -€15,501 to -€9,570
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €257,797 | €380,343 | +€122,546 | +47.5% |
| Fixed assets | 21/28 | €44,414 | €37,587 | -€6,828 | -15.4% |
| Tangible fixed assets | 22/27 | €35,414 | €28,587 | -€6,828 | -19.3% |
| Furniture and vehicles | 24 | €33,584 | €27,610 | -€5,974 | -17.8% |
| Other tangible fixed assets | 26 | €1,831 | €977 | -€853 | -46.6% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €213,383 | €342,757 | +€129,374 | +60.6% |
| Amounts receivable within one year | 40/41 | €34,910 | €12,417 | -€22,493 | -64.4% |
| Trade receivables | 40 | €34,253 | €11,777 | -€22,476 | -65.6% |
| Other amounts receivable | 41 | €657 | €639 | -€18 | -2.7% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €171,921 | €218,925 | +€47,004 | +27.3% |
| Deferred charges and accrued income | 490/1 | €6,551 | €11,415 | +€4,863 | +74.2% |
| Total equity and liabilities | 10/49 | €257,797 | €380,343 | +€122,546 | +47.5% |
| Equity | 10/15 | €115,821 | €140,396 | +€24,575 | +21.2% |
| Contributions | 10/11 | €3,568 | €3,568 | = | 0.0% |
| Reserves | 13 | €102,845 | €126,845 | +€24,000 | +23.3% |
| Non-distributable reserves | 130/1 | €357 | €357 | = | 0.0% |
| Reserves not available under the articles | 1311 | €357 | €357 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,978 | €8,978 | = | 0.0% |
| Distributable reserves | 133 | €93,510 | €117,510 | +€24,000 | +25.7% |
| Profit (loss) carried forward | 14 | €9,408 | €9,984 | +€575 | +6.1% |
| Amounts payable | 17/49 | €141,976 | €239,947 | +€97,971 | +69.0% |
| Amounts payable after more than one year | 17 | €15,966 | €9,984 | -€5,982 | -37.5% |
| Financial debts | 170/4 | €15,966 | €9,984 | -€5,982 | -37.5% |
| Amounts payable within one year | 42/48 | €123,570 | €229,963 | +€106,393 | +86.1% |
| Current portion of amounts payable after more than one year | 42 | €5,744 | €5,982 | +€239 | +4.2% |
| Trade debts | 44 | €13,043 | €177,625 | +€164,581 | +1,262% |
| Suppliers | 440/4 | €13,043 | €177,625 | +€164,581 | +1,262% |
| Taxes, remuneration and social security | 45 | €6,147 | €46,356 | +€40,210 | +654% |
| Taxes | 450/3 | €648 | €31,995 | +€31,346 | +4,834% |
| Remuneration and social security | 454/9 | €5,498 | €14,362 | +€8,864 | +161% |
| Other amounts payable | 47/48 | €98,636 | - | -€98,636 | |
| Accrued charges and deferred income | 492/3 | €2,441 | - | -€2,441 | |
| Remuneration, social security and pensions | 62 | €81,109 | €117,312 | +€36,203 | +44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,779 | €13,249 | -€2,530 | -16.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,501 | -€9,570 | +€5,931 | +38.3% |
| Other operating charges | 640/8 | €15,604 | €620 | -€14,984 | -96.0% |
| Gross operating margin | 9900 | €100,160 | €164,619 | +€64,460 | +64.4% |
| Operating profit (loss) | 9901 | €3,168 | €43,008 | +€39,840 | +1,258% |
| Financial income | 75/76B | €6 | €13 | +€7 | +134% |
| Recurring financial income | 75 | €6 | €13 | +€7 | +134% |
| Financial charges | 65/66B | €3,594 | €2,780 | -€814 | -22.7% |
| Recurring financial charges | 65 | €3,594 | €2,780 | -€814 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | -€421 | €40,241 | +€40,662 | |
| Income taxes | 67/77 | €3,815 | €15,666 | +€11,850 | +311% |
| Profit (loss) for the period | 9904 | -€4,236 | €24,575 | +€28,811 | |
| Transfer from tax-exempt reserves | 789 | €40,381 | - | -€40,381 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,145 | €24,575 | -€11,570 | -32.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.