MARMO: what changed
Two financial 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.
What changed
MARMO
NACE 46.321, Wholesale of meat and meat products, excluding game and poultry
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€781,951
2024 · €248,166-€1.0m
Equity
€3.1m
2024 · €3.9m-€801,908
Cash
€325,210
2024 · €148,648+€176,561
Balance sheet total
€13.1m
2024 · €13.2m-€50,527
Largest movements
Assets
- Stocks and contracts +€368,169
up €368,169 (+23.0%), from €1.6m to €2.0m
- Tangible fixed assets -€362,448
down €362,448 (-7.2%), from €5.0m to €4.7m
of which Plant, machinery and equipment: -€324,928
- Receivables within one year -€274,556
down €274,556 (-4.3%), from €6.3m to €6.1m
of which Other amounts receivable: -€235,635
- Cash +€176,561
up €176,561 (+119%), from €148,648 to €325,210
mainly Depreciation (+€913,610) and Short-term financial debts (+€353,011)
Equity and liabilities
- Reserves -€781,951
down €781,951 (-35.9%), from €2.2m to €1.4m
of which Distributable reserves: -€781,951
- Short-term financial debts +€353,011
up €353,011 (+21.3%), from €1.7m to €2.0m
- Trade debts +€275,238
up €275,238 (+6.0%), from €4.6m to €4.9m
- Debts after one year +€168,190
up €168,190 (+12.7%), from €1.3m to €1.5m
- Other debts -€147,465
down €147,465 (-30.5%), from €483,486 to €336,020
Income statement
- Goods and materials +€2.2m
up €2.2m (+11.6%), from €19.3m to €21.6m
of which Purchases: +€2.5m
- Turnover +€1.8m
up €1.8m (+5.4%), from €33.8m to €35.6m
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.
Result 2024
€248,166
Turnover
+€1.8m
Other operating income
-€61,179
Goods and materials
-€2.2m
Services and other goods
-€219,880
Staff costs
-€354,412
Depreciation
-€39,956
Write-downs
+€3,390
Provisions
-€9,699
Other operating charges
-€38,935
Other operating items
+€110,886
Financial income
+€973
Financial charges
+€6,014
Taxes
-€602
Result 2025
-€781,951
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€274,703
Investment
-€579,441
Financing
+€481,298
Cash 2024
€148,648
From operations (derived)
+€274,703
Net result for the year
-€781,951
Depreciation
+€913,610
Stocks and contracts
-€368,169
Receivables within one year
+€274,556
Deferred charges and accrued income
-€13,468
Provisions
-€19,164
Trade debts
+€275,238
Tax, wage and social debts
+€145,687
Other debts
-€147,465
Accrued charges and deferred income
-€4,171
Investment (derived)
-€579,441
Investment in fixed assets (net)
-€579,441
Financing
+€481,298
Debts after one year
+€168,190
Current portion of long-term debt
-€19,946
Short-term financial debts
+€353,011
Contributions, distributions and other
-€19,957
Cash 2025
€325,210
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,168,081 | €13,117,554 | -€50,527 | -0.4% |
| Fixed assets | 21/28 | €5,034,836 | €4,700,666 | -€334,169 | -6.6% |
| Intangible fixed assets | 21 | €0 | €28,279 | +€28,279 | |
| Tangible fixed assets | 22/27 | €5,034,836 | €4,672,387 | -€362,448 | -7.2% |
| Land and buildings | 22 | €1,619,752 | €1,658,243 | +€38,492 | +2.4% |
| Plant, machinery and equipment | 23 | €3,275,381 | €2,950,452 | -€324,928 | -9.9% |
| Furniture and vehicles | 24 | €85,704 | €63,692 | -€22,012 | -25.7% |
| Assets under construction and advance payments | 27 | €54,000 | €0 | -€54,000 | -100% |
| Current assets | 29/58 | €8,133,246 | €8,416,888 | +€283,642 | +3.5% |
| Stocks and contracts in progress | 3 | €1,600,731 | €1,968,901 | +€368,169 | +23.0% |
| Stocks | 30/36 | €1,600,731 | €1,968,901 | +€368,169 | +23.0% |
| Raw materials and consumables | 30/31 | €1,343,221 | €1,663,829 | +€320,609 | +23.9% |
| Work in progress | 32 | €183,772 | €166,740 | -€17,032 | -9.3% |
| Finished goods | 33 | €73,738 | €138,331 | +€64,593 | +87.6% |
| Goods purchased for resale | 34 | €0 | - | = | |
| Advance payments | 36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €6,342,504 | €6,067,948 | -€274,556 | -4.3% |
| Trade receivables | 40 | €5,618,034 | €5,579,113 | -€38,922 | -0.7% |
| Other amounts receivable | 41 | €724,470 | €488,835 | -€235,635 | -32.5% |
| Cash at bank and in hand | 54/58 | €148,648 | €325,210 | +€176,561 | +119% |
| Deferred charges and accrued income | 490/1 | €41,361 | €54,829 | +€13,468 | +32.6% |
| Total equity and liabilities | 10/49 | €13,168,081 | €13,117,554 | -€50,527 | -0.4% |
| Equity | 10/15 | €3,921,821 | €3,119,913 | -€801,908 | -20.4% |
| Contributions | 10/11 | €1,600,000 | €1,600,000 | = | 0.0% |
| Capital | 10 | €1,600,000 | €1,600,000 | = | 0.0% |
| Issued capital | 100 | €1,600,000 | €1,600,000 | = | 0.0% |
| Reserves | 13 | €2,175,471 | €1,393,520 | -€781,951 | -35.9% |
| Non-distributable reserves | 130/1 | €160,000 | €160,000 | = | 0.0% |
| Legal reserve | 130 | €160,000 | €160,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,495 | €50,495 | = | 0.0% |
| Distributable reserves | 133 | €1,964,977 | €1,183,026 | -€781,951 | -39.8% |
| Investment grants | 15 | €146,349 | €126,393 | -€19,957 | -13.6% |
| Provisions and deferred taxes | 16 | €26,812 | €7,648 | -€19,164 | -71.5% |
| Provisions for liabilities and charges | 160/5 | €26,812 | €7,648 | -€19,164 | -71.5% |
| Pensions and similar obligations | 160 | €26,812 | €7,648 | -€19,164 | -71.5% |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €9,219,449 | €9,989,994 | +€770,545 | +8.4% |
| Amounts payable after more than one year | 17 | €1,319,460 | €1,487,651 | +€168,190 | +12.7% |
| Financial debts | 170/4 | €1,319,460 | €1,487,651 | +€168,190 | +12.7% |
| Subordinated loans | 170 | €0 | - | = | |
| Credit institutions | 173 | €1,319,460 | €1,487,651 | +€168,190 | +12.7% |
| Amounts payable within one year | 42/48 | €7,895,818 | €8,502,343 | +€606,525 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €432,300 | €412,354 | -€19,946 | -4.6% |
| Financial debts | 43 | €1,658,321 | €2,011,331 | +€353,011 | +21.3% |
| Credit institutions | 430/8 | €1,658,321 | €2,011,331 | +€353,011 | +21.3% |
| Trade debts | 44 | €4,609,327 | €4,884,565 | +€275,238 | +6.0% |
| Suppliers | 440/4 | €4,609,327 | €4,884,565 | +€275,238 | +6.0% |
| Taxes, remuneration and social security | 45 | €712,385 | €858,072 | +€145,687 | +20.5% |
| Taxes | 450/3 | €18,998 | €41,050 | +€22,051 | +116% |
| Remuneration and social security | 454/9 | €693,386 | €817,022 | +€123,636 | +17.8% |
| Other amounts payable | 47/48 | €483,486 | €336,020 | -€147,465 | -30.5% |
| Accrued charges and deferred income | 492/3 | €4,171 | €0 | -€4,171 | -100% |
| Operating income | 70/76A | €33,941,739 | €35,787,035 | +€1.8m | +5.4% |
| Turnover | 70 | €33,774,733 | €35,590,839 | +€1.8m | +5.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€30,143 | €47,561 | +€77,703 | |
| Other operating income | 74 | €184,151 | €122,972 | -€61,179 | -33.2% |
| Non-recurring operating income | 76A | €12,997 | €25,663 | +€12,666 | +97.5% |
| Operating charges | 60/66A | €33,534,510 | €36,416,309 | +€2.9m | +8.6% |
| Goods for resale, raw materials and consumables | 60 | €19,337,392 | €21,580,216 | +€2.2m | +11.6% |
| Purchases | 600/8 | €19,375,452 | €21,900,825 | +€2.5m | +13.0% |
| Change in stocks: decrease (increase) | 609 | -€38,060 | -€320,609 | -€282,549 | -742% |
| Services and other goods | 61 | €8,154,279 | €8,374,158 | +€219,880 | +2.7% |
| Remuneration, social security and pensions | 62 | €4,926,865 | €5,281,276 | +€354,412 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €873,654 | €913,610 | +€39,956 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,390 | €0 | -€3,390 | -100% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€28,862 | -€19,164 | +€9,699 | +33.6% |
| Other operating charges | 640/8 | €206,786 | €245,721 | +€38,935 | +18.8% |
| Non-recurring operating charges | 66A | €61,008 | €40,492 | -€20,517 | -33.6% |
| Operating profit (loss) | 9901 | €407,228 | -€629,274 | -€1.0m | |
| Financial income | 75/76B | €19,695 | €20,668 | +€973 | +4.9% |
| Recurring financial income | 75 | €19,695 | €20,668 | +€973 | +4.9% |
| Other financial income | 752/9 | €19,695 | €20,668 | +€973 | +4.9% |
| Financial charges | 65/66B | €175,859 | €169,846 | -€6,014 | -3.4% |
| Recurring financial charges | 65 | €175,859 | €169,846 | -€6,014 | -3.4% |
| Debt charges | 650 | €57,799 | €61,543 | +€3,744 | +6.5% |
| Other financial charges | 652/9 | €118,061 | €108,303 | -€9,758 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €251,064 | -€778,451 | -€1.0m | |
| Income taxes | 67/77 | €2,898 | €3,500 | +€602 | +20.8% |
| Taxes | 670/3 | €2,898 | €3,500 | +€602 | +20.8% |
| Profit (loss) for the period | 9904 | €248,166 | -€781,951 | -€1.0m | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €248,166 | -€781,951 | -€1.0m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.