MARLO: 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.
MARLO
Largest movements
- Tangible fixed assets -€39,620
down €39,620 (-3.3%), from €1.2m to €1.2m
of which Land and buildings: -€39,285
- Cash +€21,275
up €21,275 (+10,828%), from €196 to €21,471
mainly Net result for the year (+€49,964) and Depreciation (+€39,620)
- Current portion of long-term debt -€76,389
down €76,389 (-91.7%), from €83,333 to €6,944
- Reserves +€49,964
up €49,964 (+7.7%), from €650,244 to €700,208
of which Distributable reserves: +€57,906
- Debts after one year +€15,556
up €15,556 (+224%), from €6,944 to €22,500
of which Other amounts payable: +€22,500
- Gross operating margin +€24,020
up €24,020 (+17.9%), from €134,236 to €158,256
- Taxes +€6,091
up €6,091 (+29.0%), from €20,971 to €27,063
- Financial charges +€4,027
up €4,027 (+18.1%), from €22,236 to €26,263
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 | €1,215,897 | €1,198,344 | -€17,553 | -1.4% |
| Fixed assets | 21/28 | €1,213,080 | €1,173,460 | -€39,620 | -3.3% |
| Tangible fixed assets | 22/27 | €1,213,080 | €1,173,460 | -€39,620 | -3.3% |
| Land and buildings | 22 | €1,212,745 | €1,173,460 | -€39,285 | -3.2% |
| Plant, machinery and equipment | 23 | €335 | - | -€335 | |
| Current assets | 29/58 | €2,817 | €24,884 | +€22,067 | +783% |
| Amounts receivable within one year | 40/41 | - | €681 | +€681 | |
| Trade receivables | 40 | - | €681 | +€681 | |
| Cash at bank and in hand | 54/58 | €196 | €21,471 | +€21,275 | +10,828% |
| Deferred charges and accrued income | 490/1 | €2,621 | €2,732 | +€111 | +4.2% |
| Total equity and liabilities | 10/49 | €1,215,897 | €1,198,344 | -€17,553 | -1.4% |
| Equity | 10/15 | €713,850 | €763,815 | +€49,964 | +7.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €650,244 | €700,208 | +€49,964 | +7.7% |
| Tax-exempt reserves | 132 | €153,538 | €145,596 | -€7,942 | -5.2% |
| Distributable reserves | 133 | €496,706 | €554,612 | +€57,906 | +11.7% |
| Profit (loss) carried forward | 14 | €1,607 | €1,607 | = | 0.0% |
| Provisions and deferred taxes | 16 | €79,060 | €74,971 | -€4,089 | -5.2% |
| Deferred taxes | 168 | €79,060 | €74,971 | -€4,089 | -5.2% |
| Amounts payable | 17/49 | €422,987 | €359,558 | -€63,429 | -15.0% |
| Amounts payable after more than one year | 17 | €6,944 | €22,500 | +€15,556 | +224% |
| Financial debts | 170/4 | €6,944 | - | -€6,944 | |
| Other amounts payable | 178/9 | - | €22,500 | +€22,500 | |
| Amounts payable within one year | 42/48 | €398,994 | €313,271 | -€85,723 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €83,333 | €6,944 | -€76,389 | -91.7% |
| Trade debts | 44 | €920 | €3,549 | +€2,630 | +286% |
| Suppliers | 440/4 | €920 | €3,549 | +€2,630 | +286% |
| Taxes, remuneration and social security | 45 | €8,471 | €4,063 | -€4,409 | -52.0% |
| Taxes | 450/3 | €8,471 | €4,063 | -€4,409 | -52.0% |
| Other amounts payable | 47/48 | €306,269 | €298,714 | -€7,555 | -2.5% |
| Accrued charges and deferred income | 492/3 | €17,049 | €23,788 | +€6,739 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,837 | €39,620 | -€217 | -0.5% |
| Other operating charges | 640/8 | €18,920 | €19,465 | +€545 | +2.9% |
| Gross operating margin | 9900 | €134,236 | €158,256 | +€24,020 | +17.9% |
| Operating profit (loss) | 9901 | €75,480 | €99,171 | +€23,691 | +31.4% |
| Financial income | 75/76B | €240 | €30 | -€210 | -87.5% |
| Recurring financial income | 75 | €240 | €30 | -€210 | -87.5% |
| Financial charges | 65/66B | €22,236 | €26,263 | +€4,027 | +18.1% |
| Recurring financial charges | 65 | €22,236 | €26,263 | +€4,027 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €53,484 | €72,938 | +€19,454 | +36.4% |
| Transfer from deferred taxes | 780 | €4,089 | €4,089 | = | 0.0% |
| Income taxes | 67/77 | €20,971 | €27,063 | +€6,091 | +29.0% |
| Profit (loss) for the period | 9904 | €36,602 | €49,964 | +€13,362 | +36.5% |
| Transfer from tax-exempt reserves | 789 | €7,942 | €7,942 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,544 | €57,906 | +€13,362 | +30.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.