MARMACO: 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.
MARMACO
Largest movements
- Financial fixed assets +€13.9m
up €13.9m (+776.5%), from €1.8m to €15.6m
- Current investments -€4.5m
no longer reported in 2026 (was €4.5m)
- Receivables within one year -€411,859
down €411,859 (-10.6%), from €3.9m to €3.5m
of which Other amounts receivable: -€337,577
- Debts after one year +€6.8m
up €6.8m (+311.8%), from €2.2m to €9.0m
- Current portion of long-term debt +€1.2m
up €1.2m (+782.1%), from €148,994 to €1.3m
- Other debts +€754,994
up €754,994 (+94.6%), from €797,959 to €1.6m
- Financial income -€5.8m
down €5.8m (-94.1%), from €6.2m to €365,531
- Financial charges +€190,093
up €190,093 (+147.7%), from €128,691 to €318,784
- Gross operating margin -€72,029
down €72,029 (-29.5%), from €243,931 to €171,901
- Taxes -€20,457
down €20,457 (-96.8%), from €21,144 to €687
- Depreciation +€4,377
up €4,377 (+8.0%), from €54,500 to €58,878
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,669,937 | €20,565,198 | +€8.9m | +76.2% |
| Fixed assets | 21/28 | €3,025,189 | €17,026,391 | +€14.0m | +462.8% |
| Tangible fixed assets | 22/27 | €1,241,095 | €1,388,097 | +€147,002 | +11.8% |
| Land and buildings | 22 | €1,238,308 | €1,371,416 | +€133,109 | +10.7% |
| Plant, machinery and equipment | 23 | €2,788 | €4,255 | +€1,467 | +52.6% |
| Other tangible fixed assets | 26 | - | €12,426 | +€12,426 | |
| Financial fixed assets | 28 | €1,784,094 | €15,638,294 | +€13.9m | +776.5% |
| Current assets | 29/58 | €8,644,747 | €3,538,807 | -€5.1m | -59.1% |
| Amounts receivable within one year | 40/41 | €3,888,760 | €3,476,901 | -€411,859 | -10.6% |
| Trade receivables | 40 | €74,282 | - | -€74,282 | |
| Other amounts receivable | 41 | €3,814,477 | €3,476,901 | -€337,577 | -8.8% |
| Current investments | 50/53 | €4,500,000 | - | -€4.5m | |
| Cash at bank and in hand | 54/58 | €254,999 | €54,477 | -€200,522 | -78.6% |
| Deferred charges and accrued income | 490/1 | €988 | €7,429 | +€6,441 | +651.7% |
| Total equity and liabilities | 10/49 | €11,669,937 | €20,565,198 | +€8.9m | +76.2% |
| Equity | 10/15 | €8,510,710 | €8,657,948 | +€147,238 | +1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €8,501,860 | €8,650,860 | +€149,000 | +1.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €8,500,000 | €8,649,000 | +€149,000 | +1.8% |
| Profit (loss) carried forward | 14 | €2,650 | €888 | -€1,762 | -66.5% |
| Amounts payable | 17/49 | €3,159,227 | €11,907,251 | +€8.7m | +276.9% |
| Amounts payable after more than one year | 17 | €2,182,427 | €8,987,576 | +€6.8m | +311.8% |
| Financial debts | 170/4 | €2,182,427 | €8,987,576 | +€6.8m | +311.8% |
| Amounts payable within one year | 42/48 | €976,800 | €2,896,598 | +€1.9m | +196.5% |
| Current portion of amounts payable after more than one year | 42 | €148,994 | €1,314,311 | +€1.2m | +782.1% |
| Trade debts | 44 | €4,116 | €3,402 | -€714 | -17.4% |
| Suppliers | 440/4 | €4,116 | €3,402 | -€714 | -17.4% |
| Taxes, remuneration and social security | 45 | €25,731 | €25,932 | +€201 | +0.8% |
| Taxes | 450/3 | €20,555 | €20,723 | +€169 | +0.8% |
| Remuneration and social security | 454/9 | €5,177 | €5,209 | +€32 | +0.6% |
| Other amounts payable | 47/48 | €797,959 | €1,552,953 | +€754,994 | +94.6% |
| Accrued charges and deferred income | 492/3 | - | €23,076 | +€23,076 | |
| Remuneration, social security and pensions | 62 | - | €3,860 | +€3,860 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,500 | €58,878 | +€4,377 | +8.0% |
| Other operating charges | 640/8 | €10,934 | €7,986 | -€2,948 | -27.0% |
| Gross operating margin | 9900 | €243,931 | €171,901 | -€72,029 | -29.5% |
| Operating profit (loss) | 9901 | €178,496 | €101,177 | -€77,319 | -43.3% |
| Financial income | 75/76B | €6,181,409 | €365,531 | -€5.8m | -94.1% |
| Recurring financial income | 75 | €6,181,409 | €365,531 | -€5.8m | -94.1% |
| Financial charges | 65/66B | €128,691 | €318,784 | +€190,093 | +147.7% |
| Recurring financial charges | 65 | €128,691 | €318,784 | +€190,093 | +147.7% |
| Profit (loss) for the period before taxes | 9903 | €6,231,214 | €147,925 | -€6.1m | -97.6% |
| Income taxes | 67/77 | €21,144 | €687 | -€20,457 | -96.8% |
| Profit (loss) for the period | 9904 | €6,210,070 | €147,238 | -€6.1m | -97.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,210,070 | €147,238 | -€6.1m | -97.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.