MARHILL: 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.
MARHILL
Largest movements
- Cash +€452,380
up €452,380 (+1569.7%), from €28,820 to €481,200
mainly Trade debts (+€949,623) and Net result for the year (+€876,477)
- Stocks and contracts +€439,372
up €439,372 (+48.2%), from €910,706 to €1.4m
- Receivables within one year -€294,338
down €294,338 (-8.8%), from €3.4m to €3.1m
of which Trade receivables: -€164,800
- Debts after one year -€1.3m
down €1.3m (-77.9%), from €1.6m to €353,598
- Trade debts +€949,623
up €949,623 (+108.0%), from €879,430 to €1.8m
- Other debts +€490,364
up €490,364 (+142.6%), from €343,971 to €834,334
- Reserves +€376,477
up €376,477 (+18.3%), from €2.1m to €2.4m
of which Distributable reserves: +€376,477
- Gross operating margin +€507,196
up €507,196 (+35.0%), from €1.5m to €2.0m
- Taxes +€112,609
up €112,609 (+59.6%), from €188,823 to €301,432
- Staff costs +€31,014
up €31,014 (+5.0%), from €614,766 to €645,780
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 | €5,008,104 | €5,590,162 | +€582,058 | +11.6% |
| Fixed assets | 21/28 | €297,087 | €280,958 | -€16,129 | -5.4% |
| Tangible fixed assets | 22/27 | €296,740 | €280,611 | -€16,129 | -5.4% |
| Land and buildings | 22 | €203,611 | €225,215 | +€21,604 | +10.6% |
| Plant, machinery and equipment | 23 | €5,516 | €3,998 | -€1,519 | -27.5% |
| Furniture and vehicles | 24 | €87,612 | €51,398 | -€36,215 | -41.3% |
| Financial fixed assets | 28 | €348 | €348 | = | 0.0% |
| Current assets | 29/58 | €4,711,016 | €5,309,204 | +€598,187 | +12.7% |
| Amounts receivable after more than one year | 29 | €20,000 | €60,000 | +€40,000 | +200.0% |
| Other amounts receivable | 291 | €20,000 | €60,000 | +€40,000 | +200.0% |
| Stocks and contracts in progress | 3 | €910,706 | €1,350,078 | +€439,372 | +48.2% |
| Stocks | 30/36 | €910,706 | €1,350,078 | +€439,372 | +48.2% |
| Amounts receivable within one year | 40/41 | €3,355,277 | €3,060,939 | -€294,338 | -8.8% |
| Trade receivables | 40 | €3,201,042 | €3,036,242 | -€164,800 | -5.1% |
| Other amounts receivable | 41 | €154,234 | €24,697 | -€129,538 | -84.0% |
| Current investments | 50/53 | €325,040 | €325,040 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,820 | €481,200 | +€452,380 | +1569.7% |
| Deferred charges and accrued income | 490/1 | €71,174 | €31,947 | -€39,226 | -55.1% |
| Total equity and liabilities | 10/49 | €5,008,104 | €5,590,162 | +€582,058 | +11.6% |
| Equity | 10/15 | €2,073,214 | €2,449,691 | +€376,477 | +18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,054,614 | €2,431,091 | +€376,477 | +18.3% |
| Tax-exempt reserves | 132 | €511 | €511 | = | 0.0% |
| Distributable reserves | 133 | €2,054,103 | €2,430,580 | +€376,477 | +18.3% |
| Amounts payable | 17/49 | €2,934,890 | €3,140,471 | +€205,581 | +7.0% |
| Amounts payable after more than one year | 17 | €1,603,598 | €353,598 | -€1.3m | -77.9% |
| Financial debts | 170/4 | €1,603,598 | €353,598 | -€1.3m | -77.9% |
| Amounts payable within one year | 42/48 | €1,331,292 | €2,785,857 | +€1.5m | +109.3% |
| Trade debts | 44 | €879,430 | €1,829,053 | +€949,623 | +108.0% |
| Suppliers | 440/4 | €879,430 | €1,829,053 | +€949,623 | +108.0% |
| Taxes, remuneration and social security | 45 | €107,891 | €122,470 | +€14,579 | +13.5% |
| Taxes | 450/3 | €46,499 | €74,105 | +€27,606 | +59.4% |
| Remuneration and social security | 454/9 | €61,392 | €48,365 | -€13,028 | -21.2% |
| Other amounts payable | 47/48 | €343,971 | €834,334 | +€490,364 | +142.6% |
| Accrued charges and deferred income | 492/3 | - | €1,016 | +€1,016 | |
| Remuneration, social security and pensions | 62 | €614,766 | €645,780 | +€31,014 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,830 | €83,991 | +€11,160 | +15.3% |
| Other operating charges | 640/8 | €17,364 | €17,387 | +€23 | +0.1% |
| Gross operating margin | 9900 | €1,450,623 | €1,957,818 | +€507,196 | +35.0% |
| Operating profit (loss) | 9901 | €745,662 | €1,210,660 | +€464,998 | +62.4% |
| Financial income | 75/76B | €11,148 | €5,523 | -€5,625 | -50.5% |
| Recurring financial income | 75 | €11,148 | €5,523 | -€5,625 | -50.5% |
| Financial charges | 65/66B | €35,841 | €38,275 | +€2,434 | +6.8% |
| Recurring financial charges | 65 | €35,841 | €38,275 | +€2,434 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €720,969 | €1,177,909 | +€456,940 | +63.4% |
| Income taxes | 67/77 | €188,823 | €301,432 | +€112,609 | +59.6% |
| Profit (loss) for the period | 9904 | €532,147 | €876,477 | +€344,331 | +64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €532,147 | €876,477 | +€344,331 | +64.7% |
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 6 October 2026 via checked.be.