MARFIDEZ: 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.
MARFIDEZ
Largest movements
- Current investments +€85,000
up €85,000 (+5.2%), from €1.7m to €1.7m
- Cash -€34,525
down €34,525 (-35.5%), from €97,308 to €62,784
mainly Current investments (-€85,000) and Receivables within one year (-€3,448)
- Tangible fixed assets -€29,030
down €29,030 (-19.1%), from €152,108 to €123,078
of which Furniture and vehicles: -€21,361
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€811,767
down €811,767, from €811,053 to -€714
- Taxes -€241,961
down €241,961 (-98.8%), from €244,953 to €2,993
- Staff costs -€20,828
down €20,828, from €20,706 to -€122
- Financial income +€15,991
up €15,991 (+65.2%), from €24,511 to €40,503
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 | €1,931,783 | €1,954,351 | +€22,569 | +1.2% |
| Fixed assets | 21/28 | €152,207 | €123,178 | -€29,030 | -19.1% |
| Tangible fixed assets | 22/27 | €152,108 | €123,078 | -€29,030 | -19.1% |
| Land and buildings | 22 | €111,714 | €104,046 | -€7,668 | -6.9% |
| Furniture and vehicles | 24 | €40,394 | €19,033 | -€21,361 | -52.9% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €1,779,575 | €1,831,174 | +€51,598 | +2.9% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €27,616 | €31,064 | +€3,448 | +12.5% |
| Trade receivables | 40 | €11,879 | €11,903 | +€23 | +0.2% |
| Other amounts receivable | 41 | €15,737 | €19,161 | +€3,425 | +21.8% |
| Current investments | 50/53 | €1,650,000 | €1,735,000 | +€85,000 | +5.2% |
| Cash at bank and in hand | 54/58 | €97,308 | €62,784 | -€34,525 | -35.5% |
| Deferred charges and accrued income | 490/1 | €4,651 | €2,326 | -€2,325 | -50.0% |
| Total equity and liabilities | 10/49 | €1,931,783 | €1,954,351 | +€22,569 | +1.2% |
| Equity | 10/15 | €1,885,116 | €1,885,814 | +€698 | 0.0% |
| Contributions | 10/11 | €205,000 | €205,000 | = | 0.0% |
| Capital | 10 | €205,000 | €205,000 | = | 0.0% |
| Issued capital | 100 | €205,000 | €205,000 | = | 0.0% |
| Reserves | 13 | €1,680,116 | €1,680,814 | +€698 | 0.0% |
| Non-distributable reserves | 130/1 | €43,109 | €43,109 | = | 0.0% |
| Legal reserve | 130 | €43,109 | €43,109 | = | 0.0% |
| Distributable reserves | 133 | €1,637,006 | €1,637,704 | +€698 | 0.0% |
| Amounts payable | 17/49 | €46,667 | €68,538 | +€21,871 | +46.9% |
| Amounts payable within one year | 42/48 | €46,667 | €68,538 | +€21,871 | +46.9% |
| Trade debts | 44 | €3,490 | €8,556 | +€5,066 | +145.2% |
| Suppliers | 440/4 | €3,490 | €8,556 | +€5,066 | +145.2% |
| Taxes, remuneration and social security | 45 | €43,177 | €43,836 | +€659 | +1.5% |
| Taxes | 450/3 | €37,160 | €38,804 | +€1,644 | +4.4% |
| Remuneration and social security | 454/9 | €6,017 | €5,031 | -€985 | -16.4% |
| Other amounts payable | 47/48 | - | €16,146 | +€16,146 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €20,706 | -€122 | -€20,828 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,135 | €30,349 | -€1,786 | -5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€27 | -€106 | -€80 | -300.0% |
| Other operating charges | 640/8 | €6,506 | €5,712 | -€794 | -12.2% |
| Gross operating margin | 9900 | €811,053 | -€714 | -€811,767 | |
| Operating profit (loss) | 9901 | €751,733 | -€36,547 | -€788,279 | |
| Financial income | 75/76B | €24,511 | €40,503 | +€15,991 | +65.2% |
| Recurring financial income | 75 | €24,511 | €40,503 | +€15,991 | +65.2% |
| Financial charges | 65/66B | €2,214 | €266 | -€1,948 | -88.0% |
| Recurring financial charges | 65 | €2,214 | €266 | -€1,948 | -88.0% |
| Profit (loss) for the period before taxes | 9903 | €774,030 | €3,690 | -€770,340 | -99.5% |
| Income taxes | 67/77 | €244,953 | €2,993 | -€241,961 | -98.8% |
| Profit (loss) for the period | 9904 | €529,077 | €698 | -€528,379 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €529,077 | €698 | -€528,379 | -99.9% |
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 6 October 2026 via checked.be.