Marbor: 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.
Marbor
Largest movements
- Receivables within one year -€96,630
down €96,630 (-6.5%), from €1.5m to €1.4m
of which Other amounts receivable: -€101,726
- Stocks and contracts -€62,066
down €62,066 (-11.0%), from €561,894 to €499,827
- Tangible fixed assets -€33,894
down €33,894 (-11.1%), from €304,143 to €270,249
of which Land and buildings: -€25,073
- Profit (loss) carried forward -€154,858
down €154,858 (-39.2%), from -€394,648 to -€549,506
- Other debts -€74,136
down €74,136 (-11.9%), from €622,993 to €548,857
- Short-term financial debts +€40,000
up €40,000 (+15.4%), from €260,000 to €300,000
- Gross operating margin -€71,898
down €71,898 (-35.5%), from €202,296 to €130,398
- Depreciation -€17,595
down €17,595 (-34.2%), from €51,488 to €33,894
- Financial charges -€9,834
down €9,834 (-44.6%), from €22,070 to €12,236
- Other operating charges -€2,718
down €2,718 (-6.3%), from €43,342 to €40,624
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 | €2,479,240 | €2,273,138 | -€206,102 | -8.3% |
| Fixed assets | 21/28 | €329,233 | €295,339 | -€33,894 | -10.3% |
| Tangible fixed assets | 22/27 | €304,143 | €270,249 | -€33,894 | -11.1% |
| Land and buildings | 22 | €266,224 | €241,151 | -€25,073 | -9.4% |
| Plant, machinery and equipment | 23 | €28,541 | €19,720 | -€8,821 | -30.9% |
| Furniture and vehicles | 24 | €9,378 | €9,378 | = | 0.0% |
| Financial fixed assets | 28 | €25,089 | €25,089 | = | 0.0% |
| Current assets | 29/58 | €2,150,007 | €1,977,799 | -€172,208 | -8.0% |
| Stocks and contracts in progress | 3 | €561,894 | €499,827 | -€62,066 | -11.0% |
| Stocks | 30/36 | €561,894 | €499,827 | -€62,066 | -11.0% |
| Amounts receivable within one year | 40/41 | €1,490,120 | €1,393,490 | -€96,630 | -6.5% |
| Trade receivables | 40 | €80,358 | €85,453 | +€5,096 | +6.3% |
| Other amounts receivable | 41 | €1,409,763 | €1,308,036 | -€101,726 | -7.2% |
| Cash at bank and in hand | 54/58 | €97,193 | €82,131 | -€15,062 | -15.5% |
| Deferred charges and accrued income | 490/1 | €801 | €2,351 | +€1,550 | +194% |
| Total equity and liabilities | 10/49 | €2,479,240 | €2,273,138 | -€206,102 | -8.3% |
| Equity | 10/15 | €1,543,864 | €1,389,006 | -€154,858 | -10.0% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Capital | 10 | €550,000 | €550,000 | = | 0.0% |
| Issued capital | 100 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €1,388,512 | €1,388,512 | = | 0.0% |
| Non-distributable reserves | 130/1 | €55,000 | €55,000 | = | 0.0% |
| Legal reserve | 130 | €55,000 | €55,000 | = | 0.0% |
| Distributable reserves | 133 | €1,333,512 | €1,333,512 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€394,648 | -€549,506 | -€154,858 | -39.2% |
| Amounts payable | 17/49 | €935,376 | €884,132 | -€51,244 | -5.5% |
| Amounts payable within one year | 42/48 | €935,376 | €884,132 | -€51,244 | -5.5% |
| Financial debts | 43 | €260,000 | €300,000 | +€40,000 | +15.4% |
| Credit institutions | 430/8 | €260,000 | €300,000 | +€40,000 | +15.4% |
| Trade debts | 44 | €32,728 | €22,679 | -€10,049 | -30.7% |
| Suppliers | 440/4 | €32,728 | €22,679 | -€10,049 | -30.7% |
| Taxes, remuneration and social security | 45 | €19,655 | €12,596 | -€7,059 | -35.9% |
| Taxes | 450/3 | €4,053 | - | -€4,053 | |
| Remuneration and social security | 454/9 | €15,602 | €12,596 | -€3,006 | -19.3% |
| Other amounts payable | 47/48 | €622,993 | €548,857 | -€74,136 | -11.9% |
| Non-recurring operating income | 76A | €15,364 | - | -€15,364 | |
| Remuneration, social security and pensions | 62 | €203,996 | €202,156 | -€1,840 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,488 | €33,894 | -€17,595 | -34.2% |
| Other operating charges | 640/8 | €43,342 | €40,624 | -€2,718 | -6.3% |
| Gross operating margin | 9900 | €202,296 | €130,398 | -€71,898 | -35.5% |
| Operating profit (loss) | 9901 | -€96,531 | -€146,277 | -€49,745 | -51.5% |
| Financial income | 75/76B | €3,266 | €3,654 | +€388 | +11.9% |
| Recurring financial income | 75 | €3,266 | €3,654 | +€388 | +11.9% |
| Financial charges | 65/66B | €22,070 | €12,236 | -€9,834 | -44.6% |
| Recurring financial charges | 65 | €22,070 | €12,236 | -€9,834 | -44.6% |
| Profit (loss) for the period before taxes | 9903 | -€115,335 | -€154,858 | -€39,523 | -34.3% |
| Profit (loss) for the period | 9904 | -€115,335 | -€154,858 | -€39,523 | -34.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€115,335 | -€154,858 | -€39,523 | -34.3% |
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 17 October 2026 via checked.be.