MARLO: 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.
What changed
MARLO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€4,470
2024 · €1,643-€6,112
Equity
-€29,745
2024 · -€25,275-€4,470
Cash
€16,657
2024 · €4,194+€12,463
Balance sheet total
€475,698
2024 · €449,907+€25,791
Largest movements
Assets
- Receivables within one year +€28,300
up €28,300 (+24.0%), from €118,104 to €146,404
of which Other amounts receivable: +€28,300
- Tangible fixed assets -€14,400
down €14,400 (-4.4%), from €326,400 to €312,000
of which Land and buildings: -€14,400
- Cash +€12,463
up €12,463 (+297.2%), from €4,194 to €16,657
mainly Debts after one year (+€144,495) and Depreciation (+€14,400)
Equity and liabilities
- Debts after one year +€144,495
up €144,495 (+120.3%), from €120,146 to €264,642
of which Financial debts: +€144,495
- Other debts -€124,148
down €124,148 (-41.2%), from €301,303 to €177,154
- Current portion of long-term debt +€11,830
up €11,830 (+31.2%), from €37,961 to €49,792
Income statement
- Turnover +€33,670
new in 2025: €33,670
- Purchases and services +€5,445
new in 2025: €5,445
- Gross operating margin -€4,317
down €4,317 (-13.3%), from €32,542 to €28,225
- Financial charges +€1,740
up €1,740 (+20.5%), from €8,482 to €10,222
of which Financial charges: +€1,740
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.
Result 2024
€1,643
Gross operating margin
-€4,317
Other operating charges
-€326
Financial income
+€271
Financial charges
-€1,740
Result 2025
-€4,470
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.
From operations
-€143,863
Investment
€0
Financing
+€156,326
Cash 2024
€4,194
From operations (derived)
-€143,863
Net result for the year
-€4,470
Depreciation
+€14,400
Receivables within one year
-€28,300
Deferred charges and accrued income
+€572
Trade debts
+€2,784
Other debts
-€124,148
Accrued charges and deferred income
-€4,700
Financing
+€156,326
Debts after one year
+€144,495
Current portion of long-term debt
+€11,830
Cash 2025
€16,657
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €449,907 | €475,698 | +€25,791 | +5.7% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €326,400 | €312,000 | -€14,400 | -4.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €326,400 | €312,000 | -€14,400 | -4.4% |
| Land and buildings | 22 | €326,400 | €312,000 | -€14,400 | -4.4% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | - | €0 | = | |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Assets under construction and advance payments | 27 | - | €0 | = | |
| Financial fixed assets | 28 | - | €0 | = | |
| Current assets | 29/58 | €123,507 | €163,698 | +€40,191 | +32.5% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €118,104 | €146,404 | +€28,300 | +24.0% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €118,104 | €146,404 | +€28,300 | +24.0% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €4,194 | €16,657 | +€12,463 | +297.2% |
| Deferred charges and accrued income | 490/1 | €1,208 | €637 | -€572 | -47.3% |
| Total equity and liabilities | 10/49 | €449,907 | €475,698 | +€25,791 | +5.7% |
| Equity | 10/15 | -€25,275 | -€29,745 | -€4,470 | -17.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,400 | - | -€18,400 | |
| Uncalled capital | 101 | €12,200 | - | -€12,200 | |
| Revaluation surpluses | 12 | - | €0 | = | |
| Reserves | 13 | - | €0 | = | |
| Non-distributable reserves | 130/1 | - | €0 | = | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Own shares acquired | 1312 | - | €0 | = | |
| Financial assistance | 1313 | - | €0 | = | |
| Other | 1319 | - | €0 | = | |
| Tax-exempt reserves | 132 | - | €0 | = | |
| Distributable reserves | 133 | - | €0 | = | |
| Profit (loss) carried forward | 14 | -€31,475 | -€35,945 | -€4,470 | -14.2% |
| Investment grants | 15 | - | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €0 | = | |
| Provisions for liabilities and charges | 160/5 | - | €0 | = | |
| Pensions and similar obligations | 160 | - | €0 | = | |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | - | €0 | = | |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | - | €0 | = | |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €475,182 | €505,443 | +€30,261 | +6.4% |
| Amounts payable after more than one year | 17 | €120,146 | €264,642 | +€144,495 | +120.3% |
| Financial debts | 170/4 | €120,146 | €264,642 | +€144,495 | +120.3% |
| Trade debts | 175 | - | €0 | = | |
| Advances received on contracts in progress | 176 | - | €0 | = | |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €350,336 | €240,801 | -€109,534 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €37,961 | €49,792 | +€11,830 | +31.2% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €11,072 | €13,856 | +€2,784 | +25.1% |
| Suppliers | 440/4 | €10,922 | €13,256 | +€2,334 | +21.4% |
| Bills of exchange payable | 441 | €150 | €600 | +€450 | +300.0% |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | - | €0 | = | |
| Taxes | 450/3 | - | €0 | = | |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €301,303 | €177,154 | -€124,148 | -41.2% |
| Accrued charges and deferred income | 492/3 | €4,700 | €0 | -€4,700 | -100.0% |
| Turnover | 70 | - | €33,670 | +€33,670 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €5,445 | +€5,445 | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,400 | €14,400 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €0 | = | |
| Other operating charges | 640/8 | €8,017 | €8,344 | +€326 | +4.1% |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €32,542 | €28,225 | -€4,317 | -13.3% |
| Operating profit (loss) | 9901 | €10,125 | €5,481 | -€4,644 | -45.9% |
| Financial income | 75/76B | - | €271 | +€271 | |
| Recurring financial income | 75 | - | €271 | +€271 | |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €8,482 | €10,222 | +€1,740 | +20.5% |
| Recurring financial charges | 65 | €8,482 | €10,222 | +€1,740 | +20.5% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €1,643 | -€4,470 | -€6,112 | |
| Transfer from deferred taxes | 780 | - | €0 | = | |
| Transfer to deferred taxes | 680 | - | €0 | = | |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | €1,643 | -€4,470 | -€6,112 | |
| Transfer from tax-exempt reserves | 789 | - | €0 | = | |
| Transfer to tax-exempt reserves | 689 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,643 | -€4,470 | -€6,112 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.