MARLY: 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.
MARLY
Largest movements
- Receivables within one year -€505,744
down €505,744 (-41.5%), from €1.2m to €711,710
of which Trade receivables: -€509,154
- Intangible fixed assets -€120,037
down €120,037 (-18.4%), from €652,803 to €532,766
- Cash +€110,432
up €110,432 (+34.8%), from €317,245 to €427,678
mainly Receivables within one year (+€505,744) and Depreciation (+€168,246)
- Stocks and contracts +€53,997
up €53,997 (+2.2%), from €2.5m to €2.5m
- Short-term financial debts -€484,977
down €484,977 (-31.2%), from €1.6m to €1.1m
- Trade debts +€103,526
up €103,526 (+14.8%), from €698,542 to €802,068
- Current portion of long-term debt -€95,742
down €95,742 (-51.2%), from €186,948 to €91,206
- Debts after one year -€88,378
down €88,378 (-22.9%), from €386,119 to €297,741
- Profit (loss) carried forward +€60,226
up €60,226 (+5.8%), from €1.0m to €1.1m
- Gross operating margin -€129,807
down €129,807 (-13.6%), from €954,163 to €824,356
- Taxes -€32,449
down €32,449 (-40.3%), from €80,507 to €48,058
- Financial charges -€26,176
down €26,176 (-20.3%), from €128,916 to €102,739
of which Financial charges: -€26,176
- Staff costs +€18,028
up €18,028 (+5.2%), from €348,086 to €366,114
- Other operating charges +€15,569
up €15,569 (+20.6%), from €75,685 to €91,254
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 | €5,327,307 | €4,771,806 | -€555,501 | -10.4% |
| Fixed assets | 21/28 | €1,218,035 | €1,052,026 | -€166,010 | -13.6% |
| Intangible fixed assets | 21 | €652,803 | €532,766 | -€120,037 | -18.4% |
| Tangible fixed assets | 22/27 | €518,795 | €492,822 | -€25,973 | -5.0% |
| Land and buildings | 22 | €492,025 | €474,107 | -€17,918 | -3.6% |
| Plant, machinery and equipment | 23 | €15,048 | €9,659 | -€5,389 | -35.8% |
| Furniture and vehicles | 24 | €11,722 | €9,056 | -€2,666 | -22.7% |
| Financial fixed assets | 28 | €46,437 | €26,437 | -€20,000 | -43.1% |
| Current assets | 29/58 | €4,109,272 | €3,719,781 | -€389,491 | -9.5% |
| Stocks and contracts in progress | 3 | €2,490,843 | €2,544,840 | +€53,997 | +2.2% |
| Stocks | 30/36 | €2,490,843 | €2,544,840 | +€53,997 | +2.2% |
| Amounts receivable within one year | 40/41 | €1,217,454 | €711,710 | -€505,744 | -41.5% |
| Trade receivables | 40 | €1,188,604 | €679,450 | -€509,154 | -42.8% |
| Other amounts receivable | 41 | €28,850 | €32,260 | +€3,410 | +11.8% |
| Current investments | 50/53 | €50,447 | €728 | -€49,719 | -98.6% |
| Cash at bank and in hand | 54/58 | €317,245 | €427,678 | +€110,432 | +34.8% |
| Deferred charges and accrued income | 490/1 | €33,283 | €34,825 | +€1,542 | +4.6% |
| Total equity and liabilities | 10/49 | €5,327,307 | €4,771,806 | -€555,501 | -10.4% |
| Equity | 10/15 | €2,290,713 | €2,334,204 | +€43,490 | +1.9% |
| Contributions | 10/11 | €312,500 | €312,500 | = | 0.0% |
| Capital | 10 | €312,500 | €312,500 | = | 0.0% |
| Issued capital | 100 | €312,500 | €312,500 | = | 0.0% |
| Reserves | 13 | €935,528 | €920,094 | -€15,434 | -1.6% |
| Non-distributable reserves | 130/1 | €31,250 | €31,250 | = | 0.0% |
| Legal reserve | 130 | €31,250 | €31,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €248,028 | €232,594 | -€15,434 | -6.2% |
| Distributable reserves | 133 | €656,250 | €656,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,039,178 | €1,099,404 | +€60,226 | +5.8% |
| Investment grants | 15 | €3,507 | €2,205 | -€1,302 | -37.1% |
| Provisions and deferred taxes | 16 | €104,184 | €97,701 | -€6,483 | -6.2% |
| Deferred taxes | 168 | €104,184 | €97,701 | -€6,483 | -6.2% |
| Amounts payable | 17/49 | €2,932,409 | €2,339,901 | -€592,508 | -20.2% |
| Amounts payable after more than one year | 17 | €386,119 | €297,741 | -€88,378 | -22.9% |
| Financial debts | 170/4 | €386,119 | €297,741 | -€88,378 | -22.9% |
| Amounts payable within one year | 42/48 | €2,539,239 | €2,041,495 | -€497,743 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €186,948 | €91,206 | -€95,742 | -51.2% |
| Financial debts | 43 | €1,552,306 | €1,067,329 | -€484,977 | -31.2% |
| Credit institutions | 430/8 | €1,552,306 | €1,067,329 | -€484,977 | -31.2% |
| Trade debts | 44 | €698,542 | €802,068 | +€103,526 | +14.8% |
| Suppliers | 440/4 | €698,542 | €802,068 | +€103,526 | +14.8% |
| Taxes, remuneration and social security | 45 | €51,043 | €70,812 | +€19,769 | +38.7% |
| Taxes | 450/3 | €2,964 | €18,462 | +€15,498 | +522.9% |
| Remuneration and social security | 454/9 | €48,079 | €52,350 | +€4,271 | +8.9% |
| Other amounts payable | 47/48 | €50,400 | €10,080 | -€40,320 | -80.0% |
| Accrued charges and deferred income | 492/3 | €7,051 | €665 | -€6,386 | -90.6% |
| Remuneration, social security and pensions | 62 | €348,086 | €366,114 | +€18,028 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,702 | €168,246 | -€7,456 | -4.2% |
| Other operating charges | 640/8 | €75,685 | €91,254 | +€15,569 | +20.6% |
| Gross operating margin | 9900 | €954,163 | €824,356 | -€129,807 | -13.6% |
| Operating profit (loss) | 9901 | €354,691 | €198,743 | -€155,948 | -44.0% |
| Financial income | 75/76B | €508 | €444 | -€64 | -12.6% |
| Recurring financial income | 75 | €508 | €444 | -€64 | -12.6% |
| Financial charges | 65/66B | €128,916 | €102,739 | -€26,176 | -20.3% |
| Recurring financial charges | 65 | €108,916 | €82,739 | -€26,176 | -24.0% |
| Non-recurring financial charges | 66B | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €226,283 | €96,448 | -€129,836 | -57.4% |
| Transfer from deferred taxes | 780 | €6,483 | €6,483 | = | 0.0% |
| Income taxes | 67/77 | €80,507 | €48,058 | -€32,449 | -40.3% |
| Profit (loss) for the period | 9904 | €152,259 | €54,872 | -€97,387 | -64.0% |
| Transfer from tax-exempt reserves | 789 | €15,434 | €15,434 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €167,693 | €70,306 | -€97,387 | -58.1% |
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 3 October 2026 via checked.be.