MARLEX: 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.
MARLEX
Largest movements
- Receivables within one year -€150,674
down €150,674 (-10.7%), from €1.4m to €1.3m
of which Trade receivables: -€148,516
- Intangible fixed assets -€59,614
down €59,614 (-5.4%), from €1.1m to €1.0m
- Cash +€36,878
up €36,878 (+21.3%), from €172,966 to €209,844
mainly Net result for the year (+€168,146) and Receivables within one year (+€150,674)
- Debts after one year -€297,932
down €297,932 (-26.2%), from €1.1m to €837,068
of which Other amounts payable: -€305,060
- Profit (loss) carried forward +€165,282
up €165,282 (+36.5%), from €452,592 to €617,874
- Tax, wage and social debts +€82,902
up €82,902 (+170.9%), from €48,505 to €131,407
of which Taxes: +€77,280
- Other debts -€52,669
down €52,669 (-45.2%), from €116,401 to €63,732
- Current portion of long-term debt -€43,733
down €43,733 (-92.5%), from €47,264 to €3,531
- Write-downs -€565,987
down €565,987, from €252,674 to -€313,313
- Gross operating margin -€298,956
down €298,956 (-55.2%), from €541,790 to €242,834
- Other operating charges +€160,187
up €160,187 (+1221.4%), from €13,115 to €173,302
- Taxes +€31,559
up €31,559 (+107.2%), from €29,450 to €61,009
- Staff costs +€16,004
up €16,004 (+11.9%), from €134,867 to €150,872
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 | €2,698,519 | €2,537,785 | -€160,733 | -6.0% |
| Fixed assets | 21/28 | €1,116,713 | €1,069,776 | -€46,937 | -4.2% |
| Intangible fixed assets | 21 | €1,105,854 | €1,046,240 | -€59,614 | -5.4% |
| Tangible fixed assets | 22/27 | €10,859 | €23,535 | +€12,676 | +116.7% |
| Furniture and vehicles | 24 | €3,731 | €17,899 | +€14,168 | +379.8% |
| Other tangible fixed assets | 26 | €7,128 | €5,636 | -€1,492 | -20.9% |
| Current assets | 29/58 | €1,581,806 | €1,468,010 | -€113,796 | -7.2% |
| Amounts receivable within one year | 40/41 | €1,408,840 | €1,258,166 | -€150,674 | -10.7% |
| Trade receivables | 40 | €1,406,131 | €1,257,616 | -€148,516 | -10.6% |
| Other amounts receivable | 41 | €2,708 | €550 | -€2,158 | -79.7% |
| Cash at bank and in hand | 54/58 | €172,966 | €209,844 | +€36,878 | +21.3% |
| Total equity and liabilities | 10/49 | €2,698,519 | €2,537,785 | -€160,733 | -6.0% |
| Equity | 10/15 | €992,037 | €1,157,319 | +€165,282 | +16.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €520,845 | €520,845 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,099 | €1,099 | = | 0.0% |
| Distributable reserves | 133 | €517,886 | €517,886 | = | 0.0% |
| Profit (loss) carried forward | 14 | €452,592 | €617,874 | +€165,282 | +36.5% |
| Amounts payable | 17/49 | €1,706,481 | €1,380,466 | -€326,015 | -19.1% |
| Amounts payable after more than one year | 17 | €1,135,000 | €837,068 | -€297,932 | -26.2% |
| Financial debts | 170/4 | - | €7,128 | +€7,128 | |
| Other amounts payable | 178/9 | €1,135,000 | €829,940 | -€305,060 | -26.9% |
| Amounts payable within one year | 42/48 | €568,629 | €540,546 | -€28,083 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €47,264 | €3,531 | -€43,733 | -92.5% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €256,459 | €241,876 | -€14,582 | -5.7% |
| Suppliers | 440/4 | €256,459 | €241,876 | -€14,582 | -5.7% |
| Taxes, remuneration and social security | 45 | €48,505 | €131,407 | +€82,902 | +170.9% |
| Taxes | 450/3 | €35,514 | €112,794 | +€77,280 | +217.6% |
| Remuneration and social security | 454/9 | €12,991 | €18,613 | +€5,622 | +43.3% |
| Other amounts payable | 47/48 | €116,401 | €63,732 | -€52,669 | -45.2% |
| Accrued charges and deferred income | 492/3 | €2,852 | €2,852 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €134,867 | €150,872 | +€16,004 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,882 | €85,088 | -€10,794 | -11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €252,674 | -€313,313 | -€565,987 | |
| Other operating charges | 640/8 | €13,115 | €173,302 | +€160,187 | +1221.4% |
| Non-recurring operating charges | 66A | €42,671 | €7,700 | -€34,971 | -82.0% |
| Gross operating margin | 9900 | €541,790 | €242,834 | -€298,956 | -55.2% |
| Operating profit (loss) | 9901 | €2,581 | €139,185 | +€136,604 | +5293.0% |
| Financial income | 75/76B | €120,167 | €106,263 | -€13,904 | -11.6% |
| Recurring financial income | 75 | €120,167 | €106,263 | -€13,904 | -11.6% |
| Financial charges | 65/66B | €7,187 | €16,293 | +€9,106 | +126.7% |
| Recurring financial charges | 65 | €7,187 | €16,293 | +€9,106 | +126.7% |
| Profit (loss) for the period before taxes | 9903 | €115,560 | €229,155 | +€113,594 | +98.3% |
| Income taxes | 67/77 | €29,450 | €61,009 | +€31,559 | +107.2% |
| Profit (loss) for the period | 9904 | €86,110 | €168,146 | +€82,036 | +95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,110 | €168,146 | +€82,036 | +95.3% |
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 12 October 2026 via checked.be.