MARMAS: 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.
MARMAS
Largest movements
- Receivables within one year -€35,804
down €35,804 (-25.2%), from €142,343 to €106,539
of which Other amounts receivable: -€63,423
- Tangible fixed assets -€29,061
down €29,061 (-7.5%), from €385,165 to €356,104
of which Other tangible fixed assets: -€33,420
- Debts after one year -€63,242
down €63,242 (-31.8%), from €199,176 to €135,935
- Current portion of long-term debt -€45,773
down €45,773 (-42.0%), from €109,015 to €63,242
- Tax, wage and social debts +€31,528
up €31,528 (+107.4%), from €29,347 to €60,875
of which Remuneration and social security: +€29,166
- Other debts +€26,189
up €26,189 (+62.6%), from €41,802 to €67,991
- Trade debts -€22,748
down €22,748 (-24.7%), from €92,179 to €69,432
- Staff costs +€35,770
up €35,770 (+10.5%), from €340,295 to €376,065
- Depreciation -€18,656
down €18,656 (-28.6%), from €65,131 to €46,475
- Taxes -€5,968
down €5,968 (-32.2%), from €18,530 to €12,562
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 | €555,995 | €489,320 | -€66,676 | -12.0% |
| Fixed assets | 21/28 | €385,165 | €356,104 | -€29,061 | -7.5% |
| Tangible fixed assets | 22/27 | €385,165 | €356,104 | -€29,061 | -7.5% |
| Plant, machinery and equipment | 23 | €42,130 | €46,489 | +€4,359 | +10.3% |
| Other tangible fixed assets | 26 | €343,035 | €309,615 | -€33,420 | -9.7% |
| Current assets | 29/58 | €170,830 | €133,215 | -€37,615 | -22.0% |
| Stocks and contracts in progress | 3 | €11,917 | €12,943 | +€1,026 | +8.6% |
| Stocks | 30/36 | €11,917 | €12,943 | +€1,026 | +8.6% |
| Amounts receivable within one year | 40/41 | €142,343 | €106,539 | -€35,804 | -25.2% |
| Trade receivables | 40 | €32,899 | €60,519 | +€27,619 | +84.0% |
| Other amounts receivable | 41 | €109,444 | €46,020 | -€63,423 | -58.0% |
| Cash at bank and in hand | 54/58 | €8,571 | €8,818 | +€247 | +2.9% |
| Deferred charges and accrued income | 490/1 | €7,999 | €4,915 | -€3,084 | -38.6% |
| Total equity and liabilities | 10/49 | €555,995 | €489,320 | -€66,676 | -12.0% |
| Equity | 10/15 | €84,133 | €90,414 | +€6,281 | +7.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,483 | €22,764 | +€6,281 | +38.1% |
| Amounts payable | 17/49 | €471,862 | €398,906 | -€72,957 | -15.5% |
| Amounts payable after more than one year | 17 | €199,176 | €135,935 | -€63,242 | -31.8% |
| Financial debts | 170/4 | €199,176 | €135,935 | -€63,242 | -31.8% |
| Amounts payable within one year | 42/48 | €272,343 | €261,539 | -€10,803 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €109,015 | €63,242 | -€45,773 | -42.0% |
| Trade debts | 44 | €92,179 | €69,432 | -€22,748 | -24.7% |
| Suppliers | 440/4 | €92,179 | €69,432 | -€22,748 | -24.7% |
| Taxes, remuneration and social security | 45 | €29,347 | €60,875 | +€31,528 | +107.4% |
| Taxes | 450/3 | - | €2,363 | +€2,363 | |
| Remuneration and social security | 454/9 | €29,347 | €58,513 | +€29,166 | +99.4% |
| Other amounts payable | 47/48 | €41,802 | €67,991 | +€26,189 | +62.6% |
| Accrued charges and deferred income | 492/3 | €343 | €1,432 | +€1,088 | +317.0% |
| Non-recurring operating income | 76A | €19,200 | €459 | -€18,740 | -97.6% |
| Remuneration, social security and pensions | 62 | €340,295 | €376,065 | +€35,770 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,131 | €46,475 | -€18,656 | -28.6% |
| Other operating charges | 640/8 | €1,165 | €3,243 | +€2,078 | +178.4% |
| Non-recurring operating charges | 66A | €26,554 | €802 | -€25,752 | -97.0% |
| Gross operating margin | 9900 | €486,647 | €483,368 | -€3,278 | -0.7% |
| Operating profit (loss) | 9901 | €53,501 | €56,782 | +€3,282 | +6.1% |
| Financial income | 75/76B | €942 | €0 | -€942 | -100.0% |
| Recurring financial income | 75 | €942 | €0 | -€942 | -100.0% |
| Financial charges | 65/66B | €8,981 | €12,939 | +€3,958 | +44.1% |
| Recurring financial charges | 65 | €8,981 | €12,939 | +€3,958 | +44.1% |
| Profit (loss) for the period before taxes | 9903 | €45,461 | €43,843 | -€1,618 | -3.6% |
| Income taxes | 67/77 | €18,530 | €12,562 | -€5,968 | -32.2% |
| Profit (loss) for the period | 9904 | €26,931 | €31,281 | +€4,350 | +16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,931 | €31,281 | +€4,350 | +16.2% |
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.