MARFIL: 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.
MARFIL
Largest movements
- Tangible fixed assets +€80,175
up €80,175 (+12.6%), from €635,234 to €715,408
- Financial fixed assets +€77,500
new in 2025: €77,500
- Other debts +€240,118
up €240,118 (+252.8%), from €94,994 to €335,112
- Trade debts -€80,066
down €80,066 (-98.2%), from €81,546 to €1,480
- Debts after one year -€21,803
down €21,803 (-5.5%), from €395,322 to €373,519
- Profit (loss) carried forward +€12,849
up €12,849 (+3.6%), from -€357,671 to -€344,822
- Gross operating margin +€108,226
up €108,226, from -€50,516 to €57,710
- Financial charges +€12,034
up €12,034 (+91.7%), from €13,124 to €25,158
- Depreciation +€8,134
up €8,134 (+326.6%), from €2,490 to €10,624
- Financial income +€1,816
up €1,816, from €0 to €1,816
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 | €639,410 | €793,896 | +€154,486 | +24.2% |
| Fixed assets | 21/28 | €635,234 | €792,908 | +€157,675 | +24.8% |
| Tangible fixed assets | 22/27 | €635,234 | €715,408 | +€80,175 | +12.6% |
| Land and buildings | 22 | €635,234 | €715,408 | +€80,175 | +12.6% |
| Financial fixed assets | 28 | - | €77,500 | +€77,500 | |
| Current assets | 29/58 | €4,176 | €988 | -€3,189 | -76.4% |
| Amounts receivable within one year | 40/41 | €3,874 | €0 | -€3,874 | -100.0% |
| Other amounts receivable | 41 | €3,874 | €0 | -€3,874 | -100.0% |
| Cash at bank and in hand | 54/58 | €59 | €406 | +€348 | +592.0% |
| Deferred charges and accrued income | 490/1 | €243 | €581 | +€338 | +138.9% |
| Total equity and liabilities | 10/49 | €639,410 | €793,896 | +€154,486 | +24.2% |
| Equity | 10/15 | €42,329 | €55,178 | +€12,849 | +30.4% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€357,671 | -€344,822 | +€12,849 | +3.6% |
| Amounts payable | 17/49 | €597,081 | €738,718 | +€141,637 | +23.7% |
| Amounts payable after more than one year | 17 | €395,322 | €373,519 | -€21,803 | -5.5% |
| Financial debts | 170/4 | €395,322 | €373,519 | -€21,803 | -5.5% |
| Amounts payable within one year | 42/48 | €199,188 | €358,395 | +€159,207 | +79.9% |
| Current portion of amounts payable after more than one year | 42 | €22,648 | €21,803 | -€845 | -3.7% |
| Trade debts | 44 | €81,546 | €1,480 | -€80,066 | -98.2% |
| Suppliers | 440/4 | €81,546 | €1,480 | -€80,066 | -98.2% |
| Other amounts payable | 47/48 | €94,994 | €335,112 | +€240,118 | +252.8% |
| Accrued charges and deferred income | 492/3 | €2,571 | €6,804 | +€4,233 | +164.6% |
| Non-recurring operating income | 76A | - | €19,851 | +€19,851 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,490 | €10,624 | +€8,134 | +326.6% |
| Other operating charges | 640/8 | €11,306 | €10,895 | -€411 | -3.6% |
| Gross operating margin | 9900 | -€50,516 | €57,710 | +€108,226 | |
| Operating profit (loss) | 9901 | -€64,312 | €36,191 | +€100,503 | |
| Financial income | 75/76B | €0 | €1,816 | +€1,816 | |
| Recurring financial income | 75 | €0 | €1,816 | +€1,816 | |
| Financial charges | 65/66B | €13,124 | €25,158 | +€12,034 | +91.7% |
| Recurring financial charges | 65 | €13,124 | €25,158 | +€12,034 | +91.7% |
| Profit (loss) for the period before taxes | 9903 | -€77,436 | €12,849 | +€90,286 | |
| Profit (loss) for the period | 9904 | -€77,436 | €12,849 | +€90,286 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,436 | €12,849 | +€90,286 |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.