MARLIES TORFS: 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.
MARLIES TORFS
Largest movements
- Cash +€797,098
up €797,098 (+329%), from €242,416 to €1.0m
mainly Net result for the year (+€639,025) and Current investments (+€395,000)
- Current investments -€395,000
down €395,000 (-39.5%), from €1.0m to €605,000
- Receivables within one year -€110,468
down €110,468 (-19.2%), from €576,470 to €466,002
- Reserves +€659,604
up €659,604 (+81.8%), from €806,448 to €1.5m
of which Tax-exempt reserves: +€659,604
- Other debts -€511,044
down €511,044 (-61.6%), from €829,945 to €318,901
- Provisions +€219,868
up €219,868 (+6,596%), from €3,333 to €223,201
of which Deferred taxes: +€219,868
- Accrued charges and deferred income -€80,570
down €80,570 (-63.2%), from €127,401 to €46,831
- Gross operating margin +€852,710
up €852,710 (+2,077%), from €41,047 to €893,757
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.
Derived cash bridge
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 | €7,041,578 | €7,309,292 | +€267,714 | +3.8% |
| Fixed assets | 21/28 | €5,217,840 | €5,196,116 | -€21,724 | -0.4% |
| Tangible fixed assets | 22/27 | €156,557 | €134,833 | -€21,724 | -13.9% |
| Land and buildings | 22 | €156,557 | €134,833 | -€21,724 | -13.9% |
| Financial fixed assets | 28 | €5,061,283 | €5,061,283 | = | 0.0% |
| Current assets | 29/58 | €1,823,738 | €2,113,176 | +€289,438 | +15.9% |
| Amounts receivable within one year | 40/41 | €576,470 | €466,002 | -€110,468 | -19.2% |
| Other amounts receivable | 41 | €576,470 | €466,002 | -€110,468 | -19.2% |
| Current investments | 50/53 | €1,000,000 | €605,000 | -€395,000 | -39.5% |
| Cash at bank and in hand | 54/58 | €242,416 | €1,039,515 | +€797,098 | +329% |
| Deferred charges and accrued income | 490/1 | €4,851 | €2,659 | -€2,192 | -45.2% |
| Total equity and liabilities | 10/49 | €7,041,578 | €7,309,292 | +€267,714 | +3.8% |
| Equity | 10/15 | €3,480,899 | €4,119,924 | +€639,025 | +18.4% |
| Contributions | 10/11 | €1,409,184 | €1,409,184 | = | 0.0% |
| Reserves | 13 | €806,448 | €1,466,052 | +€659,604 | +81.8% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100,000 | €100,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,569 | €706,173 | +€659,604 | +1,416% |
| Distributable reserves | 133 | €659,879 | €659,879 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,265,266 | €1,244,687 | -€20,579 | -1.6% |
| Provisions and deferred taxes | 16 | €3,333 | €223,201 | +€219,868 | +6,596% |
| Provisions for liabilities and charges | 160/5 | €3,333 | €3,333 | = | 0.0% |
| Major repairs and maintenance | 162 | €3,333 | €3,333 | = | 0.0% |
| Deferred taxes | 168 | - | €219,868 | +€219,868 | |
| Amounts payable | 17/49 | €3,557,346 | €2,966,167 | -€591,179 | -16.6% |
| Amounts payable after more than one year | 17 | €2,600,000 | €2,600,000 | = | 0.0% |
| Other amounts payable | 178/9 | €2,600,000 | €2,600,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €829,945 | €319,337 | -€510,608 | -61.5% |
| Trade debts | 44 | €0 | €436 | +€436 | |
| Suppliers | 440/4 | €0 | €436 | +€436 | |
| Other amounts payable | 47/48 | €829,945 | €318,901 | -€511,044 | -61.6% |
| Accrued charges and deferred income | 492/3 | €127,401 | €46,831 | -€80,570 | -63.2% |
| Non-recurring operating income | 76A | - | €906,263 | +€906,263 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,514 | €1,199 | -€315 | -20.8% |
| Other operating charges | 640/8 | €1,282 | €1,227 | -€54 | -4.2% |
| Gross operating margin | 9900 | €41,047 | €893,757 | +€852,710 | +2,077% |
| Operating profit (loss) | 9901 | €38,251 | €891,330 | +€853,079 | +2,230% |
| Financial income | 75/76B | €91,700 | €90,358 | -€1,342 | -1.5% |
| Recurring financial income | 75 | €91,700 | €90,358 | -€1,342 | -1.5% |
| Financial charges | 65/66B | €127,557 | €122,795 | -€4,762 | -3.7% |
| Recurring financial charges | 65 | €127,557 | €122,795 | -€4,762 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €2,394 | €858,893 | +€856,499 | +35,776% |
| Transfer to deferred taxes | 680 | - | €219,868 | +€219,868 | |
| Profit (loss) for the period | 9904 | €2,394 | €639,025 | +€636,631 | +26,592% |
| Transfer to tax-exempt reserves | 689 | - | €659,604 | +€659,604 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,394 | -€20,579 | -€22,973 |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.