MARFIL: 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.
MARFIL
Largest movements
- Current investments -€8.5m
down €8.5m (-77.3%), from €11.0m to €2.5m
- Cash +€4.8m
up €4.8m (+711.6%), from €668,701 to €5.4m
mainly Debts after one year (+€9.0m) and Current investments (+€8.5m)
- Receivables within one year +€653,016
up €653,016 (+1580.9%), from €41,307 to €694,322
of which Other amounts receivable: +€672,376
- Financial fixed assets +€541,454
up €541,454 (+1.3%), from €40.2m to €40.8m
- Reserves -€16.6m
down €16.6m (-95.5%), from €17.4m to €775,845
- Debts after one year +€9.0m
up €9.0m (+26.9%), from €33.5m to €42.5m
- Tax, wage and social debts +€3.6m
up €3.6m (+8088.7%), from €44,820 to €3.7m
- Contributions +€1.4m
up €1.4m (+122.2%), from €1.1m to €2.5m
- Financial income -€3.8m
down €3.8m (-34.6%), from €11.0m to €7.2m
- Taxes -€46,105
down €46,105 (-48.5%), from €95,000 to €48,895
- Financial charges +€21,498
up €21,498 (+1160.3%), from €1,853 to €23,351
of which Non-recurring financial charges: +€15,762
- Depreciation +€20,806
new in 2025: €20,806
- Gross operating margin +€12,317
up €12,317 (+7.4%), from €166,202 to €178,519
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 | €52,047,366 | €49,468,745 | -€2.6m | -5.0% |
| Fixed assets | 21/28 | €40,322,652 | €40,843,300 | +€520,648 | +1.3% |
| Tangible fixed assets | 22/27 | €104,029 | €83,223 | -€20,806 | -20.0% |
| Furniture and vehicles | 24 | €104,029 | €83,223 | -€20,806 | -20.0% |
| Financial fixed assets | 28 | €40,218,623 | €40,760,077 | +€541,454 | +1.3% |
| Current assets | 29/58 | €11,724,714 | €8,625,445 | -€3.1m | -26.4% |
| Amounts receivable within one year | 40/41 | €41,307 | €694,322 | +€653,016 | +1580.9% |
| Trade receivables | 40 | €38,720 | €19,360 | -€19,360 | -50.0% |
| Other amounts receivable | 41 | €2,587 | €674,962 | +€672,376 | +25992.6% |
| Current investments | 50/53 | €11,000,000 | €2,500,000 | -€8.5m | -77.3% |
| Cash at bank and in hand | 54/58 | €668,701 | €5,427,373 | +€4.8m | +711.6% |
| Deferred charges and accrued income | 490/1 | €14,707 | €3,749 | -€10,957 | -74.5% |
| Total equity and liabilities | 10/49 | €52,047,366 | €49,468,745 | -€2.6m | -5.0% |
| Equity | 10/15 | €18,499,575 | €3,275,845 | -€15.2m | -82.3% |
| Contributions | 10/11 | €1,125,000 | €2,500,000 | +€1.4m | +122.2% |
| Reserves | 13 | €17,374,575 | €775,845 | -€16.6m | -95.5% |
| Distributable reserves | 133 | €17,374,575 | €775,845 | -€16.6m | -95.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €33,547,792 | €46,192,900 | +€12.6m | +37.7% |
| Amounts payable after more than one year | 17 | €33,498,646 | €42,522,660 | +€9.0m | +26.9% |
| Financial debts | 170/4 | €33,498,646 | €42,522,660 | +€9.0m | +26.9% |
| Amounts payable within one year | 42/48 | €49,146 | €3,670,241 | +€3.6m | +7368.1% |
| Trade debts | 44 | €4,325 | €18 | -€4,308 | -99.6% |
| Suppliers | 440/4 | €4,325 | €18 | -€4,308 | -99.6% |
| Taxes, remuneration and social security | 45 | €44,820 | €3,670,223 | +€3.6m | +8088.7% |
| Taxes | 450/3 | €44,820 | €3,670,223 | +€3.6m | +8088.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €20,806 | +€20,806 | |
| Other operating charges | 640/8 | €1,435 | €1,118 | -€317 | -22.1% |
| Gross operating margin | 9900 | €166,202 | €178,519 | +€12,317 | +7.4% |
| Operating profit (loss) | 9901 | €164,767 | €156,594 | -€8,172 | -5.0% |
| Financial income | 75/76B | €11,002,470 | €7,195,315 | -€3.8m | -34.6% |
| Recurring financial income | 75 | €11,002,470 | €7,195,315 | -€3.8m | -34.6% |
| Financial charges | 65/66B | €1,853 | €23,351 | +€21,498 | +1160.3% |
| Recurring financial charges | 65 | €1,853 | €7,588 | +€5,736 | +309.6% |
| Non-recurring financial charges | 66B | - | €15,762 | +€15,762 | |
| Profit (loss) for the period before taxes | 9903 | €11,165,384 | €7,328,558 | -€3.8m | -34.4% |
| Income taxes | 67/77 | €95,000 | €48,895 | -€46,105 | -48.5% |
| Profit (loss) for the period | 9904 | €11,070,383 | €7,279,663 | -€3.8m | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,070,383 | €7,279,663 | -€3.8m | -34.2% |
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 7 October 2026 via checked.be.