MARHOUT: 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.
MARHOUT
Largest movements
- Tangible fixed assets -€205,528
down €205,528 (-6.3%), from €3.2m to €3.0m
- Cash +€152,225
up €152,225 (+25.3%), from €601,979 to €754,204
mainly Depreciation (+€205,528) and Net result for the year (+€115,271)
- Debts after one year -€141,878
down €141,878 (-6.0%), from €2.4m to €2.2m
of which Financial debts: -€142,416
- Profit (loss) carried forward +€115,271
up €115,271 (+57.3%), from €201,287 to €316,558
- Gross operating margin +€82,540
up €82,540 (+23.8%), from €346,208 to €428,748
- Taxes +€17,499
up €17,499 (+1892.8%), from €925 to €18,424
- Financial charges +€8,473
up €8,473 (+5.3%), from €160,183 to €168,656
- Financial income -€5,675
down €5,675 (-5.8%), from €98,501 to €92,826
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 | €5,788,791 | €5,763,591 | -€25,201 | -0.4% |
| Fixed assets | 21/28 | €4,332,368 | €4,126,840 | -€205,528 | -4.7% |
| Tangible fixed assets | 22/27 | €3,245,338 | €3,039,810 | -€205,528 | -6.3% |
| Land and buildings | 22 | €3,245,338 | €3,039,810 | -€205,528 | -6.3% |
| Financial fixed assets | 28 | €1,087,030 | €1,087,030 | = | 0.0% |
| Current assets | 29/58 | €1,456,423 | €1,636,751 | +€180,328 | +12.4% |
| Amounts receivable within one year | 40/41 | €810,120 | €843,885 | +€33,765 | +4.2% |
| Trade receivables | 40 | €1,646 | €2,329 | +€684 | +41.5% |
| Other amounts receivable | 41 | €808,474 | €841,556 | +€33,081 | +4.1% |
| Cash at bank and in hand | 54/58 | €601,979 | €754,204 | +€152,225 | +25.3% |
| Deferred charges and accrued income | 490/1 | €44,324 | €38,662 | -€5,663 | -12.8% |
| Total equity and liabilities | 10/49 | €5,788,791 | €5,763,591 | -€25,201 | -0.4% |
| Equity | 10/15 | €1,176,275 | €1,291,545 | +€115,271 | +9.8% |
| Contributions | 10/11 | €68,171 | €68,171 | = | 0.0% |
| Capital | 10 | €68,171 | €68,171 | = | 0.0% |
| Issued capital | 100 | €68,171 | €68,171 | = | 0.0% |
| Reserves | 13 | €906,817 | €906,817 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,817 | €6,817 | = | 0.0% |
| Legal reserve | 130 | €6,817 | €6,817 | = | 0.0% |
| Distributable reserves | 133 | €900,000 | €900,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €201,287 | €316,558 | +€115,271 | +57.3% |
| Amounts payable | 17/49 | €4,612,517 | €4,472,046 | -€140,471 | -3.0% |
| Amounts payable after more than one year | 17 | €2,353,783 | €2,211,905 | -€141,878 | -6.0% |
| Financial debts | 170/4 | €2,341,050 | €2,198,634 | -€142,416 | -6.1% |
| Other amounts payable | 178/9 | €12,733 | €13,271 | +€538 | +4.2% |
| Amounts payable within one year | 42/48 | €2,180,496 | €2,181,666 | +€1,170 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €137,347 | €142,416 | +€5,069 | +3.7% |
| Trade debts | 44 | €4,046 | €2,797 | -€1,249 | -30.9% |
| Suppliers | 440/4 | €4,046 | €2,797 | -€1,249 | -30.9% |
| Advances received on contracts in progress | 46 | €27,205 | €26,311 | -€894 | -3.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,011,897 | €2,010,141 | -€1,756 | -0.1% |
| Accrued charges and deferred income | 492/3 | €78,238 | €78,475 | +€237 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208,518 | €205,528 | -€2,990 | -1.4% |
| Other operating charges | 640/8 | €12,309 | €13,695 | +€1,386 | +11.3% |
| Gross operating margin | 9900 | €346,208 | €428,748 | +€82,540 | +23.8% |
| Operating profit (loss) | 9901 | €125,381 | €209,525 | +€84,144 | +67.1% |
| Financial income | 75/76B | €98,501 | €92,826 | -€5,675 | -5.8% |
| Recurring financial income | 75 | €98,501 | €92,826 | -€5,675 | -5.8% |
| Financial charges | 65/66B | €160,183 | €168,656 | +€8,473 | +5.3% |
| Recurring financial charges | 65 | €160,183 | €168,656 | +€8,473 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €63,698 | €133,694 | +€69,996 | +109.9% |
| Income taxes | 67/77 | €925 | €18,424 | +€17,499 | +1892.8% |
| Profit (loss) for the period | 9904 | €62,774 | €115,271 | +€52,497 | +83.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,774 | €115,271 | +€52,497 | +83.6% |
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.