MARLOU: 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.
MARLOU
Largest movements
- Cash -€52,779
down €52,779 (-36.7%), from €143,720 to €90,941
mainly Trade debts (-€119,181) and Receivables within one year (-€38,886)
- Receivables within one year +€38,886
up €38,886 (+8.6%), from €453,708 to €492,594
of which Trade receivables: +€35,157
- Tangible fixed assets -€37,984
down €37,984 (-6.2%), from €611,784 to €573,800
- Trade debts -€119,181
down €119,181 (-28.0%), from €425,844 to €306,663
- Profit (loss) carried forward +€60,095
up €60,095 (+5.1%), from €1.2m to €1.2m
- Debts after one year +€47,036
up €47,036 (+11.2%), from €421,309 to €468,345
of which Financial debts: +€48,638
- Gross operating margin -€26,753
down €26,753 (-4.5%), from €588,545 to €561,792
- Other operating charges +€19,595
up €19,595 (+90.2%), from €21,717 to €41,312
- Taxes -€8,907
down €8,907 (-35.4%), from €25,177 to €16,270
- Financial charges -€8,584
down €8,584 (-22.5%), from €38,186 to €29,602
of which Financial charges: -€5,952
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 | €2,613,120 | €2,555,759 | -€57,361 | -2.2% |
| Fixed assets | 21/28 | €614,863 | €576,879 | -€37,984 | -6.2% |
| Tangible fixed assets | 22/27 | €611,784 | €573,800 | -€37,984 | -6.2% |
| Land and buildings | 22 | €537,132 | €520,229 | -€16,903 | -3.1% |
| Plant, machinery and equipment | 23 | €43,680 | €32,703 | -€10,977 | -25.1% |
| Furniture and vehicles | 24 | €30,972 | €20,868 | -€10,104 | -32.6% |
| Financial fixed assets | 28 | €3,079 | €3,079 | = | 0.0% |
| Current assets | 29/58 | €1,998,257 | €1,978,880 | -€19,377 | -1.0% |
| Stocks and contracts in progress | 3 | €1,223,157 | €1,222,809 | -€348 | 0.0% |
| Stocks | 30/36 | €1,223,157 | €1,222,809 | -€348 | 0.0% |
| Amounts receivable within one year | 40/41 | €453,708 | €492,594 | +€38,886 | +8.6% |
| Trade receivables | 40 | €405,054 | €440,211 | +€35,157 | +8.7% |
| Other amounts receivable | 41 | €48,654 | €52,383 | +€3,730 | +7.7% |
| Cash at bank and in hand | 54/58 | €143,720 | €90,941 | -€52,779 | -36.7% |
| Deferred charges and accrued income | 490/1 | €177,672 | €172,535 | -€5,137 | -2.9% |
| Total equity and liabilities | 10/49 | €2,613,120 | €2,555,759 | -€57,361 | -2.2% |
| Equity | 10/15 | €1,233,700 | €1,293,795 | +€60,095 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,074 | €45,074 | = | 0.0% |
| Distributable reserves | 133 | €45,074 | €45,074 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,170,026 | €1,230,121 | +€60,095 | +5.1% |
| Amounts payable | 17/49 | €1,379,420 | €1,261,964 | -€117,456 | -8.5% |
| Amounts payable after more than one year | 17 | €421,309 | €468,345 | +€47,036 | +11.2% |
| Financial debts | 170/4 | €305,630 | €354,268 | +€48,638 | +15.9% |
| Trade debts | 175 | €115,679 | €114,077 | -€1,602 | -1.4% |
| Amounts payable within one year | 42/48 | €958,110 | €793,619 | -€164,492 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €465,356 | €439,803 | -€25,553 | -5.5% |
| Trade debts | 44 | €425,844 | €306,663 | -€119,181 | -28.0% |
| Suppliers | 440/4 | €425,844 | €306,663 | -€119,181 | -28.0% |
| Taxes, remuneration and social security | 45 | €66,911 | €47,153 | -€19,758 | -29.5% |
| Taxes | 450/3 | €47,650 | €31,629 | -€16,021 | -33.6% |
| Remuneration and social security | 454/9 | €19,261 | €15,524 | -€3,737 | -19.4% |
| Non-recurring operating income | 76A | €18,995 | - | -€18,995 | |
| Remuneration, social security and pensions | 62 | €369,780 | €375,399 | +€5,619 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,041 | €39,114 | -€4,927 | -11.2% |
| Other operating charges | 640/8 | €21,717 | €41,312 | +€19,595 | +90.2% |
| Gross operating margin | 9900 | €588,545 | €561,792 | -€26,753 | -4.5% |
| Operating profit (loss) | 9901 | €153,007 | €105,967 | -€47,040 | -30.7% |
| Financial charges | 65/66B | €38,186 | €29,602 | -€8,584 | -22.5% |
| Recurring financial charges | 65 | €35,554 | €29,602 | -€5,952 | -16.7% |
| Non-recurring financial charges | 66B | €2,631 | - | -€2,631 | |
| Profit (loss) for the period before taxes | 9903 | €114,821 | €76,365 | -€38,456 | -33.5% |
| Income taxes | 67/77 | €25,177 | €16,270 | -€8,907 | -35.4% |
| Profit (loss) for the period | 9904 | €89,644 | €60,095 | -€29,549 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €89,644 | €60,095 | -€29,549 | -33.0% |
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 20 October 2026 via checked.be.