MARMAG: 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.
MARMAG
Largest movements
- Current investments +€73,982
up €73,982 (+59.2%), from €125,000 to €198,982
- Cash +€11,817
up €11,817 (+39.1%), from €30,212 to €42,029
mainly Net result for the year (+€72,186) and Depreciation (+€25,874)
- Tangible fixed assets -€5,569
down €5,569 (-7.3%), from €75,796 to €70,227
of which Furniture and vehicles: -€15,156
- Reserves +€72,186
up €72,186 (+29.4%), from €245,337 to €317,523
- Trade debts +€6,405
up €6,405 (+331.9%), from €1,930 to €8,334
- Gross operating margin +€10,472
up €10,472 (+9.2%), from €113,747 to €124,219
- Depreciation +€8,252
up €8,252 (+46.8%), from €17,622 to €25,874
- Taxes +€7,616
up €7,616 (+31.7%), from €23,988 to €31,604
- Financial income +€3,737
up €3,737 (+92.9%), from €4,023 to €7,761
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 | €265,313 | €348,435 | +€83,122 | +31.3% |
| Fixed assets | 21/28 | €75,796 | €70,227 | -€5,569 | -7.3% |
| Tangible fixed assets | 22/27 | €75,796 | €70,227 | -€5,569 | -7.3% |
| Furniture and vehicles | 24 | €75,796 | €60,641 | -€15,156 | -20.0% |
| Other tangible fixed assets | 26 | - | €9,587 | +€9,587 | |
| Current assets | 29/58 | €189,517 | €278,208 | +€88,691 | +46.8% |
| Amounts receivable within one year | 40/41 | €32,805 | €36,197 | +€3,392 | +10.3% |
| Trade receivables | 40 | €24,732 | €28,333 | +€3,602 | +14.6% |
| Other amounts receivable | 41 | €8,074 | €7,864 | -€210 | -2.6% |
| Current investments | 50/53 | €125,000 | €198,982 | +€73,982 | +59.2% |
| Cash at bank and in hand | 54/58 | €30,212 | €42,029 | +€11,817 | +39.1% |
| Deferred charges and accrued income | 490/1 | €1,500 | €1,000 | -€500 | -33.3% |
| Total equity and liabilities | 10/49 | €265,313 | €348,435 | +€83,122 | +31.3% |
| Equity | 10/15 | €246,337 | €318,523 | +€72,186 | +29.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €245,337 | €317,523 | +€72,186 | +29.4% |
| Distributable reserves | 133 | €245,337 | €317,523 | +€72,186 | +29.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €18,977 | €29,912 | +€10,935 | +57.6% |
| Amounts payable within one year | 42/48 | €18,977 | €29,912 | +€10,935 | +57.6% |
| Financial debts | 43 | - | €1,783 | +€1,783 | |
| Credit institutions | 430/8 | - | €1,783 | +€1,783 | |
| Trade debts | 44 | €1,930 | €8,334 | +€6,405 | +331.9% |
| Suppliers | 440/4 | €1,930 | €8,334 | +€6,405 | +331.9% |
| Taxes, remuneration and social security | 45 | €10,130 | €12,998 | +€2,868 | +28.3% |
| Taxes | 450/3 | €10,130 | €12,998 | +€2,868 | +28.3% |
| Other amounts payable | 47/48 | €6,917 | €6,796 | -€121 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,622 | €25,874 | +€8,252 | +46.8% |
| Other operating charges | 640/8 | €1,545 | €953 | -€592 | -38.3% |
| Gross operating margin | 9900 | €113,747 | €124,219 | +€10,472 | +9.2% |
| Operating profit (loss) | 9901 | €94,581 | €97,393 | +€2,812 | +3.0% |
| Financial income | 75/76B | €4,023 | €7,761 | +€3,737 | +92.9% |
| Recurring financial income | 75 | €4,023 | €7,761 | +€3,737 | +92.9% |
| Financial charges | 65/66B | €370 | €1,363 | +€992 | +268.0% |
| Recurring financial charges | 65 | €370 | €1,363 | +€992 | +268.0% |
| Profit (loss) for the period before taxes | 9903 | €98,234 | €103,791 | +€5,557 | +5.7% |
| Income taxes | 67/77 | €23,988 | €31,604 | +€7,616 | +31.7% |
| Profit (loss) for the period | 9904 | €74,246 | €72,186 | -€2,059 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €74,246 | €72,186 | -€2,059 | -2.8% |
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 8 October 2026 via checked.be.