MARHE: 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.
MARHE
Largest movements
- Cash +€19,502
up €19,502 (+112%), from €17,390 to €36,892
mainly Net result for the year (+€25,661) and Other debts (+€21,811)
- Receivables within one year +€3,288
up €3,288 (+21.4%), from €15,399 to €18,687
of which Trade receivables: +€2,519
- Reserves -€22,419
down €22,419 (-100%), from €22,419 to €0
- Other debts +€21,811
new in 2025: €21,811
- Debts after one year +€13,621
up €13,621 (+244%), from €5,587 to €19,207
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Tax, wage and social debts +€2,498
up €2,498 (+76.8%), from €3,252 to €5,750
- Gross operating margin +€8,588
up €8,588 (+29.9%), from €28,756 to €37,344
- Taxes +€1,898
up €1,898 (+35.6%), from €5,333 to €7,231
- Depreciation -€625
down €625 (-17.4%), from €3,596 to €2,971
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 | €44,664 | €67,127 | +€22,463 | +50.3% |
| Fixed assets | 21/28 | €11,875 | €11,548 | -€327 | -2.8% |
| Tangible fixed assets | 22/27 | €11,875 | €11,548 | -€327 | -2.8% |
| Furniture and vehicles | 24 | €1,810 | €1,424 | -€386 | -21.3% |
| Other tangible fixed assets | 26 | €10,065 | €10,125 | +€59 | +0.6% |
| Current assets | 29/58 | €32,789 | €55,578 | +€22,790 | +69.5% |
| Amounts receivable within one year | 40/41 | €15,399 | €18,687 | +€3,288 | +21.4% |
| Trade receivables | 40 | €15,399 | €17,918 | +€2,519 | +16.4% |
| Other amounts receivable | 41 | - | €769 | +€769 | |
| Cash at bank and in hand | 54/58 | €17,390 | €36,892 | +€19,502 | +112% |
| Total equity and liabilities | 10/49 | €44,664 | €67,127 | +€22,463 | +50.3% |
| Equity | 10/15 | €34,819 | €18,600 | -€16,219 | -46.6% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €22,419 | €0 | -€22,419 | -100% |
| Distributable reserves | 133 | €22,419 | €0 | -€22,419 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €9,845 | €48,527 | +€38,682 | +393% |
| Amounts payable after more than one year | 17 | €5,587 | €19,207 | +€13,621 | +244% |
| Other amounts payable | 178/9 | €5,587 | €19,207 | +€13,621 | +244% |
| Amounts payable within one year | 42/48 | €4,258 | €29,319 | +€25,061 | +589% |
| Trade debts | 44 | €1,006 | €1,758 | +€752 | +74.7% |
| Suppliers | 440/4 | €1,006 | €1,758 | +€752 | +74.7% |
| Taxes, remuneration and social security | 45 | €3,252 | €5,750 | +€2,498 | +76.8% |
| Taxes | 450/3 | €3,252 | €5,750 | +€2,498 | +76.8% |
| Other amounts payable | 47/48 | - | €21,811 | +€21,811 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,596 | €2,971 | -€625 | -17.4% |
| Other operating charges | 640/8 | €1,285 | €1,233 | -€52 | -4.1% |
| Gross operating margin | 9900 | €28,756 | €37,344 | +€8,588 | +29.9% |
| Operating profit (loss) | 9901 | €23,875 | €33,141 | +€9,266 | +38.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €264 | €250 | -€14 | -5.5% |
| Recurring financial charges | 65 | €264 | €250 | -€14 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €23,611 | €32,891 | +€9,280 | +39.3% |
| Income taxes | 67/77 | €5,333 | €7,231 | +€1,898 | +35.6% |
| Profit (loss) for the period | 9904 | €18,278 | €25,661 | +€7,382 | +40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,278 | €25,661 | +€7,382 | +40.4% |
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 28 October 2026 via checked.be.