MAROVIA: 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.
MAROVIA
Largest movements
- Cash -€353,045
down €353,045 (-17.9%), from €2.0m to €1.6m
mainly Other debts (-€308,070) and Investment in fixed assets (net) (-€157,436)
- Financial fixed assets +€157,613
up €157,613 (+17.7%), from €892,259 to €1.0m
- Receivables within one year -€110,144
no longer reported in 2025 (was €110,144)
of which Trade receivables: -€103,340
- Other debts -€308,070
down €308,070 (-42.6%), from €723,769 to €415,699
- Financial income -€1.5m
down €1.5m (-98.2%), from €1.5m to €27,829
- Gross operating margin -€82,548
down €82,548 (-78.1%), from €105,652 to €23,105
- Taxes -€8,364
down €8,364 (-34.1%), from €24,518 to €16,154
- Other operating charges -€4,904
down €4,904 (-80.5%), from €6,092 to €1,188
- Depreciation -€1,899
down €1,899 (-26.7%), from €7,116 to €5,217
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,983,896 | €2,672,261 | -€311,635 | -10.4% |
| Formation expenses | 20 | €1,046 | €453 | -€593 | -56.7% |
| Fixed assets | 21/28 | €901,591 | €1,054,403 | +€152,812 | +16.9% |
| Tangible fixed assets | 22/27 | €9,332 | €4,531 | -€4,801 | -51.4% |
| Furniture and vehicles | 24 | €72 | €4,531 | +€4,459 | +6,227% |
| Leasing and similar rights | 25 | €9,260 | - | -€9,260 | |
| Financial fixed assets | 28 | €892,259 | €1,049,872 | +€157,613 | +17.7% |
| Current assets | 29/58 | €2,081,259 | €1,617,405 | -€463,854 | -22.3% |
| Amounts receivable within one year | 40/41 | €110,144 | - | -€110,144 | |
| Trade receivables | 40 | €103,340 | - | -€103,340 | |
| Other amounts receivable | 41 | €6,804 | - | -€6,804 | |
| Cash at bank and in hand | 54/58 | €1,970,450 | €1,617,405 | -€353,045 | -17.9% |
| Deferred charges and accrued income | 490/1 | €666 | - | -€666 | |
| Total equity and liabilities | 10/49 | €2,983,896 | €2,672,261 | -€311,635 | -10.4% |
| Equity | 10/15 | €2,204,799 | €2,229,801 | +€25,002 | +1.1% |
| Contributions | 10/11 | €520,000 | €520,000 | = | 0.0% |
| Capital | 10 | €520,000 | €520,000 | = | 0.0% |
| Issued capital | 100 | €520,000 | €520,000 | = | 0.0% |
| Reserves | 13 | €8,000 | €8,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Legal reserve | 130 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,676,799 | €1,701,801 | +€25,002 | +1.5% |
| Amounts payable | 17/49 | €779,097 | €442,460 | -€336,637 | -43.2% |
| Amounts payable after more than one year | 17 | €4,957 | - | -€4,957 | |
| Financial debts | 170/4 | €4,957 | - | -€4,957 | |
| Amounts payable within one year | 42/48 | €774,140 | €442,460 | -€331,680 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €4,268 | - | -€4,268 | |
| Trade debts | 44 | €746 | €650 | -€96 | -12.9% |
| Suppliers | 440/4 | €746 | €650 | -€96 | -12.9% |
| Taxes, remuneration and social security | 45 | €45,357 | €26,110 | -€19,246 | -42.4% |
| Taxes | 450/3 | €43,268 | €24,011 | -€19,257 | -44.5% |
| Remuneration and social security | 454/9 | €2,089 | €2,099 | +€11 | +0.5% |
| Other amounts payable | 47/48 | €723,769 | €415,699 | -€308,070 | -42.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,116 | €5,217 | -€1,899 | -26.7% |
| Other operating charges | 640/8 | €6,092 | €1,188 | -€4,904 | -80.5% |
| Non-recurring operating charges | 66A | €593 | €593 | -€0 | 0.0% |
| Gross operating margin | 9900 | €105,652 | €23,105 | -€82,548 | -78.1% |
| Operating profit (loss) | 9901 | €91,852 | €16,107 | -€75,745 | -82.5% |
| Financial income | 75/76B | €1,511,607 | €27,829 | -€1.5m | -98.2% |
| Recurring financial income | 75 | €1,511,607 | €27,829 | -€1.5m | -98.2% |
| Financial charges | 65/66B | €1,269 | €2,780 | +€1,511 | +119% |
| Recurring financial charges | 65 | €1,269 | €2,780 | +€1,511 | +119% |
| Profit (loss) for the period before taxes | 9903 | €1,602,190 | €41,156 | -€1.6m | -97.4% |
| Income taxes | 67/77 | €24,518 | €16,154 | -€8,364 | -34.1% |
| Profit (loss) for the period | 9904 | €1,577,672 | €25,002 | -€1.6m | -98.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,577,672 | €25,002 | -€1.6m | -98.4% |
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 16 October 2026 via checked.be.