MARBUILD: 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.
MARBUILD
Largest movements
- Stocks and contracts +€2.7m
up €2.7m (+102.9%), from €2.6m to €5.3m
- Cash +€818,744
up €818,744 (+213.2%), from €383,980 to €1.2m
mainly Accrued charges and deferred income (+€3.1m) and Short-term financial debts (+€267,709)
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Accrued charges and deferred income +€3.1m
up €3.1m (+181.3%), from €1.7m to €4.8m
- Short-term financial debts +€267,709
new in 2025: €267,709
- Advances received -€183,962
down €183,962 (-48.6%), from €378,795 to €194,833
- Tax, wage and social debts +€147,618
up €147,618 (+305.6%), from €48,301 to €195,919
of which Taxes: +€144,007
- Other debts -€103,374
down €103,374 (-18.0%), from €572,833 to €469,459
- Financial income +€26,195
up €26,195 (+85.6%), from €30,607 to €56,802
- Financial charges +€26,061
up €26,061 (+51.2%), from €50,931 to €76,992
- Staff costs +€8,387
up €8,387 (+25.0%), from €33,494 to €41,881
- Gross operating margin -€6,855
down €6,855 (-2.8%), from €245,042 to €238,187
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 | €3,344,378 | €6,685,230 | +€3.3m | +99.9% |
| Fixed assets | 21/28 | - | €4,060 | +€4,060 | |
| Tangible fixed assets | 22/27 | - | €4,060 | +€4,060 | |
| Furniture and vehicles | 24 | - | €4,060 | +€4,060 | |
| Current assets | 29/58 | €3,344,378 | €6,681,170 | +€3.3m | +99.8% |
| Stocks and contracts in progress | 3 | €2,611,811 | €5,299,070 | +€2.7m | +102.9% |
| Stocks | 30/36 | €2,611,811 | €5,299,070 | +€2.7m | +102.9% |
| Amounts receivable within one year | 40/41 | €129,578 | €169,526 | +€39,948 | +30.8% |
| Trade receivables | 40 | €29,444 | €159,995 | +€130,551 | +443.4% |
| Other amounts receivable | 41 | €100,134 | €9,531 | -€90,603 | -90.5% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €383,980 | €1,202,724 | +€818,744 | +213.2% |
| Deferred charges and accrued income | 490/1 | €19,009 | €9,849 | -€9,159 | -48.2% |
| Total equity and liabilities | 10/49 | €3,344,378 | €6,685,230 | +€3.3m | +99.9% |
| Equity | 10/15 | €81,773 | €98,890 | +€17,116 | +20.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €61,773 | €78,890 | +€17,116 | +27.7% |
| Distributable reserves | 133 | €61,773 | €78,890 | +€17,116 | +27.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,262,605 | €6,586,341 | +€3.3m | +101.9% |
| Amounts payable after more than one year | 17 | €410,000 | €410,000 | = | 0.0% |
| Financial debts | 170/4 | €410,000 | €410,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,135,703 | €1,347,137 | +€211,434 | +18.6% |
| Financial debts | 43 | - | €267,709 | +€267,709 | |
| Credit institutions | 430/8 | - | €267,709 | +€267,709 | |
| Trade debts | 44 | €135,774 | €219,217 | +€83,443 | +61.5% |
| Suppliers | 440/4 | €135,774 | €219,217 | +€83,443 | +61.5% |
| Advances received on contracts in progress | 46 | €378,795 | €194,833 | -€183,962 | -48.6% |
| Taxes, remuneration and social security | 45 | €48,301 | €195,919 | +€147,618 | +305.6% |
| Taxes | 450/3 | €43,814 | €187,821 | +€144,007 | +328.7% |
| Remuneration and social security | 454/9 | €4,487 | €8,098 | +€3,611 | +80.5% |
| Other amounts payable | 47/48 | €572,833 | €469,459 | -€103,374 | -18.0% |
| Accrued charges and deferred income | 492/3 | €1,716,902 | €4,829,204 | +€3.1m | +181.3% |
| Remuneration, social security and pensions | 62 | €33,494 | €41,881 | +€8,387 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €413 | +€413 | |
| Other operating charges | 640/8 | €1,127 | €1,538 | +€412 | +36.5% |
| Gross operating margin | 9900 | €245,042 | €238,187 | -€6,855 | -2.8% |
| Operating profit (loss) | 9901 | €210,421 | €194,356 | -€16,066 | -7.6% |
| Financial income | 75/76B | €30,607 | €56,802 | +€26,195 | +85.6% |
| Recurring financial income | 75 | €30,607 | €56,802 | +€26,195 | +85.6% |
| Financial charges | 65/66B | €50,931 | €76,992 | +€26,061 | +51.2% |
| Recurring financial charges | 65 | €50,931 | €76,992 | +€26,061 | +51.2% |
| Profit (loss) for the period before taxes | 9903 | €190,097 | €174,165 | -€15,931 | -8.4% |
| Income taxes | 67/77 | €8,393 | €7,049 | -€1,344 | -16.0% |
| Profit (loss) for the period | 9904 | €181,704 | €167,116 | -€14,587 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €181,704 | €167,116 | -€14,587 | -8.0% |
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.