MARLIS: 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.
MARLIS
Largest movements
- Financial fixed assets -€6.8m
down €6.8m (-3.9%), from €173.6m to €166.8m
- Current investments +€4.5m
up €4.5m (+69.1%), from €6.5m to €11.1m
- Cash +€2.6m
up €2.6m (+145%), from €1.8m to €4.4m
mainly Net result for the year (+€12.4m) and Investment in fixed assets (net) (+€6.8m)
- Profit (loss) carried forward +€12.4m
up €12.4m (+104%), from €11.9m to €24.3m
- Short-term financial debts -€5.4m
no longer reported in 2025 (was €5.4m)
of which Credit institutions: -€5.4m
- Current portion of long-term debt -€4.0m
no longer reported in 2025 (was €4.0m)
- Other debts -€2.5m
down €2.5m (-22.6%), from €11.0m to €8.5m
- Financial income +€4.4m
up €4.4m (+25.3%), from €17.2m to €21.6m
of which Non-recurring financial income: +€19.3m
- Financial charges -€871,125
down €871,125 (-13.9%), from €6.3m to €5.4m
of which Financial charges: -€2.2m
- Taxes +€551,580
up €551,580 (+156%), from €352,839 to €904,419
- Gross operating margin +€400,551
up €400,551 (+12.6%), from -€3.2m to -€2.8m
- Other operating charges -€49,207
down €49,207 (-37.6%), from €130,802 to €81,595
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 | €183,817,804 | €183,876,927 | +€59,123 | 0.0% |
| Fixed assets | 21/28 | €173,608,051 | €166,829,243 | -€6.8m | -3.9% |
| Tangible fixed assets | 22/27 | €1,047 | €337 | -€710 | -67.8% |
| Furniture and vehicles | 24 | €1,047 | €337 | -€710 | -67.8% |
| Financial fixed assets | 28 | €173,607,004 | €166,828,906 | -€6.8m | -3.9% |
| Current assets | 29/58 | €10,209,753 | €17,047,684 | +€6.8m | +67.0% |
| Amounts receivable within one year | 40/41 | €1,862,858 | €1,563,394 | -€299,464 | -16.1% |
| Other amounts receivable | 41 | €1,862,858 | €1,563,394 | -€299,464 | -16.1% |
| Current investments | 50/53 | €6,549,489 | €11,076,761 | +€4.5m | +69.1% |
| Cash at bank and in hand | 54/58 | €1,795,315 | €4,405,544 | +€2.6m | +145% |
| Deferred charges and accrued income | 490/1 | €2,091 | €1,985 | -€106 | -5.1% |
| Total equity and liabilities | 10/49 | €183,817,804 | €183,876,927 | +€59,123 | 0.0% |
| Equity | 10/15 | €162,503,854 | €174,646,142 | +€12.1m | +7.5% |
| Contributions | 10/11 | €32,176,000 | €32,176,000 | = | 0.0% |
| Reserves | 13 | €118,421,787 | €118,171,787 | -€250,000 | -0.2% |
| Distributable reserves | 133 | €118,421,787 | €118,171,787 | -€250,000 | -0.2% |
| Profit (loss) carried forward | 14 | €11,906,066 | €24,298,355 | +€12.4m | +104% |
| Amounts payable | 17/49 | €21,313,950 | €9,230,785 | -€12.1m | -56.7% |
| Amounts payable within one year | 42/48 | €20,466,205 | €8,558,301 | -€11.9m | -58.2% |
| Current portion of amounts payable after more than one year | 42 | €4,000,000 | - | -€4.0m | |
| Financial debts | 43 | €5,400,114 | - | -€5.4m | |
| Credit institutions | 430/8 | €5,400,000 | - | -€5.4m | |
| Other loans | 439 | €114 | - | -€114 | |
| Trade debts | 44 | €14,520 | €5,538 | -€8,983 | -61.9% |
| Suppliers | 440/4 | €14,520 | €5,538 | -€8,983 | -61.9% |
| Taxes, remuneration and social security | 45 | €6,213 | €5,889 | -€324 | -5.2% |
| Taxes | 450/3 | €118 | €78 | -€40 | -34.1% |
| Remuneration and social security | 454/9 | €6,095 | €5,812 | -€283 | -4.6% |
| Other amounts payable | 47/48 | €11,045,358 | €8,546,874 | -€2.5m | -22.6% |
| Accrued charges and deferred income | 492/3 | €847,745 | €672,484 | -€175,261 | -20.7% |
| Remuneration, social security and pensions | 62 | €44,270 | €47,144 | +€2,874 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €571 | €710 | +€139 | +24.4% |
| Other operating charges | 640/8 | €130,802 | €81,595 | -€49,207 | -37.6% |
| Gross operating margin | 9900 | -€3,168,018 | -€2,767,467 | +€400,551 | +12.6% |
| Operating profit (loss) | 9901 | -€3,343,660 | -€2,896,915 | +€446,745 | +13.4% |
| Financial income | 75/76B | €17,228,932 | €21,595,282 | +€4.4m | +25.3% |
| Recurring financial income | 75 | €17,228,932 | €2,329,354 | -€14.9m | -86.5% |
| Non-recurring financial income | 76B | - | €19,265,929 | +€19.3m | |
| Financial charges | 65/66B | €6,272,784 | €5,401,659 | -€871,125 | -13.9% |
| Recurring financial charges | 65 | €6,272,784 | €4,048,512 | -€2.2m | -35.5% |
| Non-recurring financial charges | 66B | - | €1,353,147 | +€1.4m | |
| Profit (loss) for the period before taxes | 9903 | €7,612,488 | €13,296,708 | +€5.7m | +74.7% |
| Income taxes | 67/77 | €352,839 | €904,419 | +€551,580 | +156% |
| Profit (loss) for the period | 9904 | €7,259,649 | €12,392,289 | +€5.1m | +70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,259,649 | €12,392,289 | +€5.1m | +70.7% |
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 25 October 2026 via checked.be.