MARBRE: what changed
What changed
MARBRE
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€32,597
2024 · -€6,113-€26,485
Equity
€1.1m
2024 · €1.2m-€82,597
Cash
€37,119
2024 · €201,225-€164,106
Balance sheet total
€3.1m
2024 · €3.3m-€231,657
Largest movements
Assets
- Cash -€164,106
down €164,106 (-81.6%), from €201,225 to €37,119
mainly Debts after one year (-€126,667) and Other debts (-€68,663)
- Tangible fixed assets -€94,516
down €94,516 (-6.1%), from €1.5m to €1.5m
of which Land and buildings: -€80,888
Equity and liabilities
- Debts after one year -€126,667
down €126,667 (-11.9%), from €1.1m to €942,221
- Reserves -€112,698
down €112,698 (-17.7%), from €637,016 to €524,317
- Other debts -€68,663
down €68,663 (-8.8%), from €778,084 to €709,422
- Trade debts +€42,759
up €42,759 (+44.3%), from €96,598 to €139,357
Income statement
- Staff costs +€45,562
up €45,562 (+56.1%), from €81,266 to €126,829
- Gross operating margin +€8,366
up €8,366 (+3.2%), from €264,122 to €272,489
- Financial charges -€4,285
down €4,285 (-8.3%), from €51,760 to €47,475
- Taxes -€4,226
down €4,226 (-46.9%), from €9,003 to €4,776
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.
Result 2024
-€6,113
Gross operating margin
+€8,366
Staff costs
-€45,562
Depreciation
-€368
Other operating charges
+€1,472
Financial income
+€1,095
Financial charges
+€4,285
Taxes
+€4,226
Result 2025
-€32,597
raises the resultlowers the result
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.
From operations
+€12,561
Investment
€0
Financing
-€176,667
Cash 2024
€201,225
From operations (derived)
+€12,561
Net result for the year
-€32,597
Depreciation
+€94,516
Receivables within one year
-€30,278
Deferred charges and accrued income
+€3,312
Trade debts
+€42,759
Tax, wage and social debts
+€509
Other debts
-€68,663
Accrued charges and deferred income
+€3,002
Financing
-€176,667
Debts after one year
-€126,667
Contributions, distributions and other
-€50,000
Cash 2025
€37,119
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,348,733 | €3,117,076 | -€231,657 | -6.9% |
| Fixed assets | 21/28 | €3,043,895 | €2,949,378 | -€94,516 | -3.1% |
| Tangible fixed assets | 22/27 | €1,547,175 | €1,452,658 | -€94,516 | -6.1% |
| Land and buildings | 22 | €1,523,348 | €1,442,460 | -€80,888 | -5.3% |
| Plant, machinery and equipment | 23 | €2,034 | €1,599 | -€435 | -21.4% |
| Furniture and vehicles | 24 | €21,793 | €8,600 | -€13,194 | -60.5% |
| Financial fixed assets | 28 | €1,496,720 | €1,496,720 | = | 0.0% |
| Current assets | 29/58 | €304,838 | €167,698 | -€137,140 | -45.0% |
| Amounts receivable within one year | 40/41 | €97,394 | €127,672 | +€30,278 | +31.1% |
| Trade receivables | 40 | €82,220 | €86,122 | +€3,902 | +4.7% |
| Other amounts receivable | 41 | €15,174 | €41,550 | +€26,376 | +174% |
| Cash at bank and in hand | 54/58 | €201,225 | €37,119 | -€164,106 | -81.6% |
| Deferred charges and accrued income | 490/1 | €6,220 | €2,908 | -€3,312 | -53.2% |
| Total equity and liabilities | 10/49 | €3,348,733 | €3,117,076 | -€231,657 | -6.9% |
| Equity | 10/15 | €1,231,915 | €1,149,317 | -€82,597 | -6.7% |
| Contributions | 10/11 | €625,000 | €625,000 | = | 0.0% |
| Reserves | 13 | €637,016 | €524,317 | -€112,698 | -17.7% |
| Distributable reserves | 133 | €637,016 | €524,317 | -€112,698 | -17.7% |
| Profit (loss) carried forward | 14 | -€30,101 | €0 | +€30,101 | |
| Amounts payable | 17/49 | €2,116,818 | €1,967,759 | -€149,059 | -7.0% |
| Amounts payable after more than one year | 17 | €1,068,888 | €942,221 | -€126,667 | -11.9% |
| Financial debts | 170/4 | €1,068,888 | €942,221 | -€126,667 | -11.9% |
| Amounts payable within one year | 42/48 | €1,043,691 | €1,018,297 | -€25,394 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €126,667 | €126,667 | = | 0.0% |
| Trade debts | 44 | €96,598 | €139,357 | +€42,759 | +44.3% |
| Suppliers | 440/4 | €96,598 | €139,357 | +€42,759 | +44.3% |
| Taxes, remuneration and social security | 45 | €42,342 | €42,852 | +€509 | +1.2% |
| Taxes | 450/3 | €28,940 | €18,003 | -€10,937 | -37.8% |
| Remuneration and social security | 454/9 | €13,402 | €24,849 | +€11,447 | +85.4% |
| Other amounts payable | 47/48 | €778,084 | €709,422 | -€68,663 | -8.8% |
| Accrued charges and deferred income | 492/3 | €4,239 | €7,241 | +€3,002 | +70.8% |
| Remuneration, social security and pensions | 62 | €81,266 | €126,829 | +€45,562 | +56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,149 | €94,516 | +€368 | +0.4% |
| Other operating charges | 640/8 | €34,506 | €33,034 | -€1,472 | -4.3% |
| Gross operating margin | 9900 | €264,122 | €272,489 | +€8,366 | +3.2% |
| Operating profit (loss) | 9901 | €54,201 | €18,109 | -€36,092 | -66.6% |
| Financial income | 75/76B | €449 | €1,544 | +€1,095 | +244% |
| Recurring financial income | 75 | €449 | €1,544 | +€1,095 | +244% |
| Financial charges | 65/66B | €51,760 | €47,475 | -€4,285 | -8.3% |
| Recurring financial charges | 65 | €51,760 | €47,475 | -€4,285 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €2,890 | -€27,821 | -€30,711 | |
| Income taxes | 67/77 | €9,003 | €4,776 | -€4,226 | -46.9% |
| Profit (loss) for the period | 9904 | -€6,113 | -€32,597 | -€26,485 | -433% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,113 | -€32,597 | -€26,485 | -433% |
Next steps
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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 1 November 2026 via checked.be.