MARFINTEL: 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.
MARFINTEL
Largest movements
- Receivables within one year +€29,357
up €29,357 (+2,936%), from €1,000 to €30,357
- Cash -€11,933
down €11,933 (-69.2%), from €17,246 to €5,313
mainly Receivables within one year (-€29,357) and Other debts (-€8,015)
- Tangible fixed assets -€6,904
down €6,904 (-97.3%), from €7,096 to €193
- Reserves +€16,425
up €16,425 (+2,040%), from €805 to €17,230
of which Distributable reserves: +€16,425
- Other debts -€8,015
down €8,015 (-97.3%), from €8,238 to €224
- Profit (loss) carried forward +€6,119
no longer reported in 2025 (was -€6,119)
- Tax, wage and social debts -€4,294
down €4,294 (-42.9%), from €10,018 to €5,724
- Gross operating margin +€13,344
up €13,344 (+47.7%), from €27,953 to €41,297
- Taxes +€4,729
up €4,729 (+71.1%), from €6,656 to €11,385
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 | €25,342 | €35,863 | +€10,520 | +41.5% |
| Fixed assets | 21/28 | €7,096 | €193 | -€6,904 | -97.3% |
| Tangible fixed assets | 22/27 | €7,096 | €193 | -€6,904 | -97.3% |
| Furniture and vehicles | 24 | €7,096 | €193 | -€6,904 | -97.3% |
| Current assets | 29/58 | €18,246 | €35,670 | +€17,424 | +95.5% |
| Amounts receivable within one year | 40/41 | €1,000 | €30,357 | +€29,357 | +2,936% |
| Trade receivables | 40 | €1,000 | €30,357 | +€29,357 | +2,936% |
| Cash at bank and in hand | 54/58 | €17,246 | €5,313 | -€11,933 | -69.2% |
| Total equity and liabilities | 10/49 | €25,342 | €35,863 | +€10,520 | +41.5% |
| Equity | 10/15 | €7,086 | €29,630 | +€22,545 | +318% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €805 | €17,230 | +€16,425 | +2,040% |
| Non-distributable reserves | 130/1 | €805 | €805 | = | 0.0% |
| Reserves not available under the articles | 1311 | €805 | €805 | = | 0.0% |
| Distributable reserves | 133 | - | €16,425 | +€16,425 | |
| Profit (loss) carried forward | 14 | -€6,119 | - | +€6,119 | |
| Amounts payable | 17/49 | €18,257 | €6,232 | -€12,024 | -65.9% |
| Amounts payable within one year | 42/48 | €18,257 | €6,232 | -€12,024 | -65.9% |
| Trade debts | 44 | - | €285 | +€285 | |
| Suppliers | 440/4 | - | €285 | +€285 | |
| Taxes, remuneration and social security | 45 | €10,018 | €5,724 | -€4,294 | -42.9% |
| Taxes | 450/3 | €10,018 | €5,724 | -€4,294 | -42.9% |
| Other amounts payable | 47/48 | €8,238 | €224 | -€8,015 | -97.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,904 | €6,904 | -€0 | 0.0% |
| Other operating charges | 640/8 | €369 | €380 | +€10 | +2.8% |
| Gross operating margin | 9900 | €27,953 | €41,297 | +€13,344 | +47.7% |
| Operating profit (loss) | 9901 | €20,681 | €34,014 | +€13,333 | +64.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €211 | €84 | -€127 | -60.2% |
| Recurring financial charges | 65 | €211 | €84 | -€127 | -60.2% |
| Profit (loss) for the period before taxes | 9903 | €20,470 | €33,930 | +€13,460 | +65.8% |
| Income taxes | 67/77 | €6,656 | €11,385 | +€4,729 | +71.1% |
| Profit (loss) for the period | 9904 | €13,814 | €22,545 | +€8,731 | +63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,814 | €22,545 | +€8,731 | +63.2% |
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 30 October 2026 via checked.be.