MARFE: what changed
Two fiscal 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.
MARFE
Largest movements
- Receivables within one year -€3,708
no longer reported in 2025 (was €3,708)
- Tangible fixed assets -€952
down €952 (-40.2%), from €2,372 to €1,419
of which Furniture and vehicles: -€722
- Deferred charges and accrued income +€806
up €806 (+20.9%), from €3,860 to €4,666
- Profit (loss) carried forward -€5,578
down €5,578 (-18.8%), from -€29,607 to -€35,185
- Other debts +€3,005
up €3,005 (+15.5%), from €19,394 to €22,400
- Trade debts -€1,177
down €1,177 (-23.9%), from €4,929 to €3,751
- Tax, wage and social debts -€181
down €181 (-12.4%), from €1,458 to €1,277
- Gross operating margin +€442
up €442 (+15.9%), from -€2,783 to -€2,341
- Financial charges -€349
down €349 (-68.9%), from €507 to €158
- Depreciation -€311
down €311 (-24.6%), from €1,263 to €952
- Other operating charges +€291
up €291 (+17.9%), from €1,622 to €1,912
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 | €15,078 | €11,147 | -€3,931 | -26.1% |
| Fixed assets | 21/28 | €2,967 | €2,014 | -€952 | -32.1% |
| Tangible fixed assets | 22/27 | €2,372 | €1,419 | -€952 | -40.2% |
| Plant, machinery and equipment | 23 | €628 | €398 | -€230 | -36.6% |
| Furniture and vehicles | 24 | €1,743 | €1,021 | -€722 | -41.4% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €12,111 | €9,133 | -€2,979 | -24.6% |
| Amounts receivable within one year | 40/41 | €3,708 | - | -€3,708 | |
| Trade receivables | 40 | €3,708 | - | -€3,708 | |
| Cash at bank and in hand | 54/58 | €4,543 | €4,466 | -€76 | -1.7% |
| Deferred charges and accrued income | 490/1 | €3,860 | €4,666 | +€806 | +20.9% |
| Total equity and liabilities | 10/49 | €15,078 | €11,147 | -€3,931 | -26.1% |
| Equity | 10/15 | -€14,523 | -€20,101 | -€5,578 | -38.4% |
| Contributions | 10/11 | €14,200 | €14,200 | = | 0.0% |
| Reserves | 13 | €884 | €884 | = | 0.0% |
| Tax-exempt reserves | 132 | €184 | €184 | = | 0.0% |
| Distributable reserves | 133 | €700 | €700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,607 | -€35,185 | -€5,578 | -18.8% |
| Amounts payable | 17/49 | €29,601 | €31,247 | +€1,647 | +5.6% |
| Amounts payable within one year | 42/48 | €29,601 | €31,247 | +€1,647 | +5.6% |
| Trade debts | 44 | €4,929 | €3,751 | -€1,177 | -23.9% |
| Suppliers | 440/4 | €4,929 | €3,751 | -€1,177 | -23.9% |
| Advances received on contracts in progress | 46 | €3,820 | €3,820 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,458 | €1,277 | -€181 | -12.4% |
| Taxes | 450/3 | €1,458 | €1,277 | -€181 | -12.4% |
| Other amounts payable | 47/48 | €19,394 | €22,400 | +€3,005 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,263 | €952 | -€311 | -24.6% |
| Other operating charges | 640/8 | €1,622 | €1,912 | +€291 | +17.9% |
| Gross operating margin | 9900 | -€2,783 | -€2,341 | +€442 | +15.9% |
| Operating profit (loss) | 9901 | -€5,667 | -€5,206 | +€462 | +8.1% |
| Financial income | 75/76B | €0 | €8 | +€8 | +9862.5% |
| Recurring financial income | 75 | €0 | €8 | +€8 | +9862.5% |
| Financial charges | 65/66B | €507 | €158 | -€349 | -68.9% |
| Recurring financial charges | 65 | €507 | €158 | -€349 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,174 | -€5,355 | +€819 | +13.3% |
| Income taxes | 67/77 | €219 | €223 | +€4 | +1.9% |
| Profit (loss) for the period | 9904 | -€6,393 | -€5,578 | +€815 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,393 | -€5,578 | +€815 | +12.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.