MAREBEL: 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.
MAREBEL
Largest movements
- Financial fixed assets +€998,047
up €998,047 (+128%), from €781,697 to €1.8m
- Cash +€23,026
up €23,026 (+34.8%), from €66,156 to €89,182
mainly Net result for the year (+€999,919) and Depreciation (+€22,024)
- Tangible fixed assets -€19,897
down €19,897 (-37.7%), from €52,811 to €32,914
of which Furniture and vehicles: -€20,423
- Profit (loss) carried forward +€999,919
up €999,919, from -€252,743 to €747,176
- Financial income +€998,239
up €998,239, from €0 to €998,239
of which Non-recurring financial income: +€998,047
- Gross operating margin -€3,323
down €3,323 (-11.4%), from €29,034 to €25,712
- Other operating charges -€940
down €940 (-38.8%), from €2,425 to €1,484
- Depreciation -€673
down €673 (-3.0%), from €22,697 to €22,024
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 | €907,072 | €1,906,997 | +€999,925 | +110% |
| Fixed assets | 21/28 | €834,508 | €1,812,658 | +€978,150 | +117% |
| Tangible fixed assets | 22/27 | €52,811 | €32,914 | -€19,897 | -37.7% |
| Plant, machinery and equipment | 23 | €3,032 | €3,558 | +€526 | +17.4% |
| Furniture and vehicles | 24 | €49,779 | €29,356 | -€20,423 | -41.0% |
| Financial fixed assets | 28 | €781,697 | €1,779,744 | +€998,047 | +128% |
| Current assets | 29/58 | €72,564 | €94,339 | +€21,775 | +30.0% |
| Amounts receivable within one year | 40/41 | €4,841 | €3,600 | -€1,241 | -25.6% |
| Trade receivables | 40 | €3,803 | €3,586 | -€217 | -5.7% |
| Other amounts receivable | 41 | €1,038 | €14 | -€1,024 | -98.6% |
| Cash at bank and in hand | 54/58 | €66,156 | €89,182 | +€23,026 | +34.8% |
| Deferred charges and accrued income | 490/1 | €1,567 | €1,557 | -€10 | -0.6% |
| Total equity and liabilities | 10/49 | €907,072 | €1,906,997 | +€999,925 | +110% |
| Equity | 10/15 | €906,390 | €1,906,310 | +€999,919 | +110% |
| Contributions | 10/11 | €1,100,000 | €1,100,000 | = | 0.0% |
| Capital | 10 | €1,100,000 | €1,100,000 | = | 0.0% |
| Issued capital | 100 | €1,100,000 | €1,100,000 | = | 0.0% |
| Reserves | 13 | €59,133 | €59,133 | = | 0.0% |
| Non-distributable reserves | 130/1 | €54,266 | €54,266 | = | 0.0% |
| Legal reserve | 130 | €49,200 | €49,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,066 | €5,066 | = | 0.0% |
| Distributable reserves | 133 | €4,867 | €4,867 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€252,743 | €747,176 | +€999,919 | |
| Amounts payable | 17/49 | €682 | €688 | +€6 | +0.8% |
| Amounts payable within one year | 42/48 | €682 | €688 | +€6 | +0.8% |
| Trade debts | 44 | €254 | €30 | -€224 | -88.2% |
| Suppliers | 440/4 | €254 | €30 | -€224 | -88.2% |
| Taxes, remuneration and social security | 45 | €343 | €572 | +€229 | +67.0% |
| Taxes | 450/3 | €343 | €572 | +€229 | +67.0% |
| Other amounts payable | 47/48 | €86 | €86 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,697 | €22,024 | -€673 | -3.0% |
| Other operating charges | 640/8 | €2,425 | €1,484 | -€940 | -38.8% |
| Gross operating margin | 9900 | €29,034 | €25,712 | -€3,323 | -11.4% |
| Operating profit (loss) | 9901 | €3,913 | €2,203 | -€1,710 | -43.7% |
| Financial income | 75/76B | €0 | €998,239 | +€998,239 | |
| Recurring financial income | 75 | €0 | €192 | +€192 | |
| Non-recurring financial income | 76B | - | €998,047 | +€998,047 | |
| Financial charges | 65/66B | €172 | €206 | +€34 | +20.0% |
| Recurring financial charges | 65 | €172 | €206 | +€34 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | €3,741 | €1,000,236 | +€996,495 | +26,636% |
| Income taxes | 67/77 | €343 | €316 | -€26 | -7.7% |
| Profit (loss) for the period | 9904 | €3,399 | €999,919 | +€996,521 | +29,321% |
| Profit (loss) for the period to be appropriated | 9905 | €3,399 | €999,919 | +€996,521 | +29,321% |
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 16 October 2026 via checked.be.