MARMAD: 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.
MARMAD
Largest movements
- Current investments +€4.2m
new in 2025: €4.2m
- Tangible fixed assets +€4.1m
up €4.1m (+1048.5%), from €391,169 to €4.5m
of which Leasing and similar rights: +€4.5m
- Cash +€231,051
up €231,051 (+42.0%), from €550,570 to €781,621
mainly Debts after one year (+€4.2m) and Accrued charges and deferred income (+€4.1m)
- Receivables within one year +€130,765
new in 2025: €130,765
- Debts after one year +€4.2m
up €4.2m (+785.7%), from €530,221 to €4.7m
- Accrued charges and deferred income +€4.1m
up €4.1m, from €0 to €4.1m
- Reserves +€372,804
up €372,804 (+676.1%), from €55,139 to €427,943
- Profit (loss) carried forward -€254,913
down €254,913 (-100.0%), from €254,913 to €0
- Current portion of long-term debt +€233,530
up €233,530 (+536.6%), from €43,520 to €277,050
- Other operating charges +€227,757
up €227,757 (+419.3%), from €54,320 to €282,077
- Gross operating margin +€51,551
up €51,551 (+12.5%), from €411,606 to €463,158
- Taxes -€44,836
down €44,836 (-51.1%), from €87,751 to €42,915
- Financial charges +€5,618
up €5,618 (+51.0%), from €11,024 to €16,642
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 | €941,739 | €9,688,728 | +€8.7m | +928.8% |
| Fixed assets | 21/28 | €391,169 | €4,492,603 | +€4.1m | +1048.5% |
| Tangible fixed assets | 22/27 | €391,169 | €4,492,603 | +€4.1m | +1048.5% |
| Land and buildings | 22 | €391,169 | €0 | -€391,169 | -100.0% |
| Leasing and similar rights | 25 | - | €4,492,603 | +€4.5m | |
| Current assets | 29/58 | €550,570 | €5,196,125 | +€4.6m | +843.8% |
| Amounts receivable within one year | 40/41 | - | €130,765 | +€130,765 | |
| Other amounts receivable | 41 | - | €130,765 | +€130,765 | |
| Current investments | 50/53 | - | €4,245,620 | +€4.2m | |
| Cash at bank and in hand | 54/58 | €550,570 | €781,621 | +€231,051 | +42.0% |
| Deferred charges and accrued income | 490/1 | €0 | €38,119 | +€38,119 | |
| Total equity and liabilities | 10/49 | €941,739 | €9,688,728 | +€8.7m | +928.8% |
| Equity | 10/15 | €328,652 | €446,543 | +€117,891 | +35.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,139 | €427,943 | +€372,804 | +676.1% |
| Distributable reserves | 133 | €55,139 | €427,943 | +€372,804 | +676.1% |
| Profit (loss) carried forward | 14 | €254,913 | €0 | -€254,913 | -100.0% |
| Amounts payable | 17/49 | €613,087 | €9,242,185 | +€8.6m | +1407.5% |
| Amounts payable after more than one year | 17 | €530,221 | €4,696,264 | +€4.2m | +785.7% |
| Financial debts | 170/4 | €530,221 | €4,696,264 | +€4.2m | +785.7% |
| Amounts payable within one year | 42/48 | €82,866 | €443,844 | +€360,979 | +435.6% |
| Current portion of amounts payable after more than one year | 42 | €43,520 | €277,050 | +€233,530 | +536.6% |
| Trade debts | 44 | €2,959 | €96,503 | +€93,544 | +3161.7% |
| Suppliers | 440/4 | €2,959 | €96,503 | +€93,544 | +3161.7% |
| Taxes, remuneration and social security | 45 | €36,387 | €70,291 | +€33,904 | +93.2% |
| Taxes | 450/3 | €36,387 | €70,291 | +€33,904 | +93.2% |
| Accrued charges and deferred income | 492/3 | €0 | €4,102,077 | +€4.1m | |
| Non-recurring operating income | 76A | - | €6,754 | +€6,754 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,599 | €7,397 | +€3,799 | +105.6% |
| Other operating charges | 640/8 | €54,320 | €282,077 | +€227,757 | +419.3% |
| Gross operating margin | 9900 | €411,606 | €463,158 | +€51,551 | +12.5% |
| Operating profit (loss) | 9901 | €353,688 | €173,683 | -€180,005 | -50.9% |
| Financial income | 75/76B | - | €3,765 | +€3,765 | |
| Recurring financial income | 75 | - | €3,765 | +€3,765 | |
| Financial charges | 65/66B | €11,024 | €16,642 | +€5,618 | +51.0% |
| Recurring financial charges | 65 | €11,024 | €16,642 | +€5,618 | +51.0% |
| Profit (loss) for the period before taxes | 9903 | €342,664 | €160,807 | -€181,857 | -53.1% |
| Income taxes | 67/77 | €87,751 | €42,915 | -€44,836 | -51.1% |
| Profit (loss) for the period | 9904 | €254,913 | €117,891 | -€137,022 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €254,913 | €117,891 | -€137,022 | -53.8% |
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 30 September 2026 via checked.be.