MARJOVAL: 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.
MARJOVAL
Largest movements
- Tangible fixed assets -€13,776
down €13,776 (-3.1%), from €446,409 to €432,633
of which Land and buildings: -€12,715
- Debts after one year -€27,570
down €27,570 (-38.4%), from €71,858 to €44,288
- Reserves +€9,544
up €9,544 (+4.5%), from €212,913 to €222,456
of which Distributable reserves: +€10,000
- Gross operating margin +€11,680
up €11,680 (+27.1%), from €43,144 to €54,824
- Taxes +€1,379
up €1,379 (+19.9%), from €6,918 to €8,297
- Financial charges -€737
down €737 (-37.5%), from €1,966 to €1,229
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 | €492,251 | €482,095 | -€10,157 | -2.1% |
| Fixed assets | 21/28 | €446,409 | €432,633 | -€13,776 | -3.1% |
| Tangible fixed assets | 22/27 | €446,409 | €432,633 | -€13,776 | -3.1% |
| Land and buildings | 22 | €441,102 | €428,388 | -€12,715 | -2.9% |
| Plant, machinery and equipment | 23 | €5,307 | €4,245 | -€1,061 | -20.0% |
| Current assets | 29/58 | €45,842 | €49,462 | +€3,619 | +7.9% |
| Amounts receivable within one year | 40/41 | €2,473 | €2,757 | +€284 | +11.5% |
| Trade receivables | 40 | €197 | - | -€197 | |
| Other amounts receivable | 41 | €2,275 | €2,757 | +€482 | +21.2% |
| Cash at bank and in hand | 54/58 | €42,838 | €46,155 | +€3,317 | +7.7% |
| Deferred charges and accrued income | 490/1 | €532 | €549 | +€18 | +3.4% |
| Total equity and liabilities | 10/49 | €492,251 | €482,095 | -€10,157 | -2.1% |
| Equity | 10/15 | €376,463 | €389,586 | +€13,123 | +3.5% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €212,913 | €222,456 | +€9,544 | +4.5% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €913 | €456 | -€456 | -50.0% |
| Distributable reserves | 133 | €205,000 | €215,000 | +€10,000 | +4.9% |
| Profit (loss) carried forward | 14 | €93,550 | €97,130 | +€3,580 | +3.8% |
| Provisions and deferred taxes | 16 | €470 | €235 | -€235 | -50.0% |
| Deferred taxes | 168 | €470 | €235 | -€235 | -50.0% |
| Amounts payable | 17/49 | €115,319 | €92,274 | -€23,045 | -20.0% |
| Amounts payable after more than one year | 17 | €71,858 | €44,288 | -€27,570 | -38.4% |
| Financial debts | 170/4 | €71,858 | €44,288 | -€27,570 | -38.4% |
| Amounts payable within one year | 42/48 | €43,460 | €47,985 | +€4,525 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €27,263 | €27,570 | +€307 | +1.1% |
| Financial debts | 43 | - | €4,415 | +€4,415 | |
| Credit institutions | 430/8 | - | €4,415 | +€4,415 | |
| Trade debts | 44 | €197 | - | -€197 | |
| Suppliers | 440/4 | €197 | - | -€197 | |
| Taxes, remuneration and social security | 45 | €1,000 | €1,000 | = | 0.0% |
| Taxes | 450/3 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €15,000 | €15,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,138 | €13,776 | -€362 | -2.6% |
| Other operating charges | 640/8 | €3,505 | €3,634 | +€129 | +3.7% |
| Gross operating margin | 9900 | €43,144 | €54,824 | +€11,680 | +27.1% |
| Operating profit (loss) | 9901 | €25,501 | €37,414 | +€11,913 | +46.7% |
| Financial charges | 65/66B | €1,966 | €1,229 | -€737 | -37.5% |
| Recurring financial charges | 65 | €1,966 | €1,229 | -€737 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | €23,535 | €36,185 | +€12,650 | +53.7% |
| Transfer from deferred taxes | 780 | €235 | €235 | = | 0.0% |
| Income taxes | 67/77 | €6,918 | €8,297 | +€1,379 | +19.9% |
| Profit (loss) for the period | 9904 | €16,852 | €28,123 | +€11,271 | +66.9% |
| Transfer from tax-exempt reserves | 789 | €456 | €456 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,309 | €28,580 | +€11,271 | +65.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.