MARHELAND: 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.
MARHELAND
Largest movements
- Tangible fixed assets -€13,196
no longer reported in 2025 (was €13,196)
- Cash -€8,616
down €8,616 (-27.1%), from €31,840 to €23,225
mainly Net result for the year (-€25,005) and Current investments (-€1,855)
- Profit (loss) carried forward -€25,005
down €25,005 (-16.6%), from €150,182 to €125,177
- Other debts +€4,116
up €4,116 (+10.1%), from €40,756 to €44,872
- Gross operating margin -€4,959
down €4,959 (-67.2%), from -€7,381 to -€12,341
- Financial income -€479
down €479 (-24.7%), from €1,934 to €1,456
- Other operating charges +€405
up €405 (+147.7%), from €274 to €679
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 | €198,134 | €177,986 | -€20,147 | -10.2% |
| Fixed assets | 21/28 | €13,196 | - | -€13,196 | |
| Tangible fixed assets | 22/27 | €13,196 | - | -€13,196 | |
| Furniture and vehicles | 24 | €13,196 | - | -€13,196 | |
| Current assets | 29/58 | €184,938 | €177,986 | -€6,952 | -3.8% |
| Amounts receivable within one year | 40/41 | €1,019 | €1,598 | +€579 | +56.9% |
| Other amounts receivable | 41 | €1,019 | €1,598 | +€579 | +56.9% |
| Current investments | 50/53 | €150,000 | €151,855 | +€1,855 | +1.2% |
| Cash at bank and in hand | 54/58 | €31,840 | €23,225 | -€8,616 | -27.1% |
| Deferred charges and accrued income | 490/1 | €2,079 | €1,309 | -€770 | -37.0% |
| Total equity and liabilities | 10/49 | €198,134 | €177,986 | -€20,147 | -10.2% |
| Equity | 10/15 | €152,182 | €127,177 | -€25,005 | -16.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €150,182 | €125,177 | -€25,005 | -16.6% |
| Amounts payable | 17/49 | €45,952 | €50,809 | +€4,857 | +10.6% |
| Amounts payable within one year | 42/48 | €45,952 | €50,809 | +€4,857 | +10.6% |
| Trade debts | 44 | €5,196 | €5,937 | +€741 | +14.3% |
| Suppliers | 440/4 | €5,196 | €5,937 | +€741 | +14.3% |
| Other amounts payable | 47/48 | €40,756 | €44,872 | +€4,116 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,088 | €13,196 | +€108 | +0.8% |
| Other operating charges | 640/8 | €274 | €679 | +€405 | +147.7% |
| Gross operating margin | 9900 | -€7,381 | -€12,341 | -€4,959 | -67.2% |
| Operating profit (loss) | 9901 | -€20,743 | -€26,215 | -€5,472 | -26.4% |
| Financial income | 75/76B | €1,934 | €1,456 | -€479 | -24.7% |
| Recurring financial income | 75 | €1,934 | €1,456 | -€479 | -24.7% |
| Financial charges | 65/66B | €50 | €113 | +€64 | +127.7% |
| Recurring financial charges | 65 | €50 | €113 | +€64 | +127.7% |
| Profit (loss) for the period before taxes | 9903 | -€18,859 | -€24,873 | -€6,014 | -31.9% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€18,987 | -€25,005 | -€6,018 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,987 | -€25,005 | -€6,018 | -31.7% |
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 10 October 2026 via checked.be.