MARLOE: 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.
MARLOE
Largest movements
- Receivables within one year +€20,248
up €20,248 (+123.1%), from €16,454 to €36,702
of which Other amounts receivable: +€18,155
- Cash -€7,630
down €7,630 (-36.9%), from €20,651 to €13,022
mainly Receivables within one year (-€20,248) and Debts after one year (-€10,097)
- Tangible fixed assets -€6,073
down €6,073 (-4.9%), from €124,032 to €117,958
of which Land and buildings: -€4,596
- Reserves +€15,250
up €15,250 (+23.7%), from €64,300 to €79,550
- Debts after one year -€10,097
down €10,097 (-14.1%), from €71,627 to €61,530
- Tax, wage and social debts +€1,922
up €1,922 (+30.1%), from €6,381 to €8,302
of which Taxes: +€2,120
- Staff costs +€14,618
up €14,618 (+85.0%), from €17,188 to €31,806
- Gross operating margin +€4,372
up €4,372 (+6.7%), from €65,354 to €69,726
- Taxes -€3,956
down €3,956 (-36.1%), from €10,959 to €7,002
- Financial income -€983
down €983 (-27.1%), from €3,620 to €2,638
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 | €165,429 | €172,100 | +€6,671 | +4.0% |
| Fixed assets | 21/28 | €124,032 | €117,958 | -€6,073 | -4.9% |
| Tangible fixed assets | 22/27 | €124,032 | €117,958 | -€6,073 | -4.9% |
| Land and buildings | 22 | €110,669 | €106,073 | -€4,596 | -4.2% |
| Plant, machinery and equipment | 23 | €5,653 | €5,019 | -€635 | -11.2% |
| Furniture and vehicles | 24 | €4,258 | €1,981 | -€2,278 | -53.5% |
| Other tangible fixed assets | 26 | €3,451 | €4,886 | +€1,435 | +41.6% |
| Current assets | 29/58 | €41,397 | €54,142 | +€12,745 | +30.8% |
| Stocks and contracts in progress | 3 | €3,733 | €3,798 | +€65 | +1.7% |
| Stocks | 30/36 | €3,733 | €3,798 | +€65 | +1.7% |
| Amounts receivable within one year | 40/41 | €16,454 | €36,702 | +€20,248 | +123.1% |
| Trade receivables | 40 | - | €2,093 | +€2,093 | |
| Other amounts receivable | 41 | €16,454 | €34,610 | +€18,155 | +110.3% |
| Cash at bank and in hand | 54/58 | €20,651 | €13,022 | -€7,630 | -36.9% |
| Deferred charges and accrued income | 490/1 | €559 | €620 | +€61 | +10.9% |
| Total equity and liabilities | 10/49 | €165,429 | €172,100 | +€6,671 | +4.0% |
| Equity | 10/15 | €73,305 | €88,572 | +€15,267 | +20.8% |
| Contributions | 10/11 | €8,900 | €8,900 | = | 0.0% |
| Reserves | 13 | €64,300 | €79,550 | +€15,250 | +23.7% |
| Distributable reserves | 133 | €64,300 | €79,550 | +€15,250 | +23.7% |
| Profit (loss) carried forward | 14 | €105 | €122 | +€17 | +16.2% |
| Amounts payable | 17/49 | €92,124 | €83,528 | -€8,596 | -9.3% |
| Amounts payable after more than one year | 17 | €71,627 | €61,530 | -€10,097 | -14.1% |
| Financial debts | 170/4 | €71,627 | €61,530 | -€10,097 | -14.1% |
| Amounts payable within one year | 42/48 | €20,497 | €21,998 | +€1,501 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €11,044 | €10,097 | -€947 | -8.6% |
| Financial debts | 43 | €868 | €862 | -€5 | -0.6% |
| Credit institutions | 430/8 | €868 | €862 | -€5 | -0.6% |
| Trade debts | 44 | €2,205 | €2,737 | +€532 | +24.1% |
| Suppliers | 440/4 | €2,205 | €2,737 | +€532 | +24.1% |
| Taxes, remuneration and social security | 45 | €6,381 | €8,302 | +€1,922 | +30.1% |
| Taxes | 450/3 | €2,658 | €4,778 | +€2,120 | +79.8% |
| Remuneration and social security | 454/9 | €3,723 | €3,524 | -€199 | -5.3% |
| Remuneration, social security and pensions | 62 | €17,188 | €31,806 | +€14,618 | +85.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,563 | €10,231 | +€668 | +7.0% |
| Other operating charges | 640/8 | €2,944 | €2,657 | -€288 | -9.8% |
| Gross operating margin | 9900 | €65,354 | €69,726 | +€4,372 | +6.7% |
| Operating profit (loss) | 9901 | €35,659 | €25,033 | -€10,626 | -29.8% |
| Financial income | 75/76B | €3,620 | €2,638 | -€983 | -27.1% |
| Recurring financial income | 75 | €3,620 | €2,638 | -€983 | -27.1% |
| Financial charges | 65/66B | €5,984 | €5,401 | -€582 | -9.7% |
| Recurring financial charges | 65 | €5,984 | €5,401 | -€582 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €33,295 | €22,269 | -€11,026 | -33.1% |
| Income taxes | 67/77 | €10,959 | €7,002 | -€3,956 | -36.1% |
| Profit (loss) for the period | 9904 | €22,337 | €15,267 | -€7,070 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,337 | €15,267 | -€7,070 | -31.7% |
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 8 October 2026 via checked.be.