MARPA: 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.
MARPA
Largest movements
- Cash +€1.2m
up €1.2m (+176%), from €662,213 to €1.8m
mainly Net result for the year (+€2.3m) and Depreciation (+€420,781)
- Tangible fixed assets -€417,630
down €417,630 (-11.7%), from €3.6m to €3.2m
of which Land and buildings: -€284,438
- Current investments -€267,994
down €267,994 (-9.9%), from €2.7m to €2.4m
- Stocks and contracts -€250,012
down €250,012 (-28.7%), from €871,612 to €621,600
- Reserves +€851,498
up €851,498 (+12.8%), from €6.7m to €7.5m
of which Distributable reserves: +€1.1m
- Other debts -€423,458
down €423,458 (-44.4%), from €954,338 to €530,880
- Tax, wage and social debts -€126,131
down €126,131 (-31.9%), from €394,804 to €268,672
of which Taxes: -€119,688
- Gross operating margin +€557,874
up €557,874 (+16.9%), from €3.3m to €3.9m
- Taxes +€190,808
up €190,808 (+21.5%), from €887,032 to €1.1m
- Write-downs +€119,822
up €119,822 (+92.3%), from -€129,822 to -€10,000
- Financial income +€102,485
up €102,485 (+164%), from €62,390 to €164,875
- Depreciation -€58,266
down €58,266 (-12.2%), from €479,047 to €420,781
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 | €8,193,753 | €8,474,893 | +€281,141 | +3.4% |
| Fixed assets | 21/28 | €3,571,947 | €3,154,317 | -€417,630 | -11.7% |
| Tangible fixed assets | 22/27 | €3,571,947 | €3,154,317 | -€417,630 | -11.7% |
| Land and buildings | 22 | €2,778,633 | €2,494,195 | -€284,438 | -10.2% |
| Plant, machinery and equipment | 23 | €695,043 | €582,196 | -€112,847 | -16.2% |
| Furniture and vehicles | 24 | €98,271 | €77,927 | -€20,344 | -20.7% |
| Current assets | 29/58 | €4,621,805 | €5,320,576 | +€698,770 | +15.1% |
| Stocks and contracts in progress | 3 | €871,612 | €621,600 | -€250,012 | -28.7% |
| Stocks | 30/36 | €871,612 | €621,600 | -€250,012 | -28.7% |
| Amounts receivable within one year | 40/41 | €373,572 | €422,120 | +€48,548 | +13.0% |
| Trade receivables | 40 | €275,823 | €299,502 | +€23,680 | +8.6% |
| Other amounts receivable | 41 | €97,749 | €122,617 | +€24,868 | +25.4% |
| Current investments | 50/53 | €2,698,627 | €2,430,633 | -€267,994 | -9.9% |
| Cash at bank and in hand | 54/58 | €662,213 | €1,830,313 | +€1.2m | +176% |
| Deferred charges and accrued income | 490/1 | €15,782 | €15,910 | +€128 | +0.8% |
| Total equity and liabilities | 10/49 | €8,193,753 | €8,474,893 | +€281,141 | +3.4% |
| Equity | 10/15 | €6,724,516 | €7,576,014 | +€851,498 | +12.7% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €6,674,938 | €7,526,435 | +€851,498 | +12.8% |
| Tax-exempt reserves | 132 | €1,368,250 | €1,157,750 | -€210,500 | -15.4% |
| Distributable reserves | 133 | €5,306,688 | €6,368,685 | +€1.1m | +20.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,469,236 | €898,880 | -€570,357 | -38.8% |
| Amounts payable within one year | 42/48 | €1,468,328 | €896,338 | -€571,990 | -39.0% |
| Trade debts | 44 | €119,187 | €96,786 | -€22,401 | -18.8% |
| Suppliers | 440/4 | €119,187 | €96,786 | -€22,401 | -18.8% |
| Taxes, remuneration and social security | 45 | €394,804 | €268,672 | -€126,131 | -31.9% |
| Taxes | 450/3 | €369,051 | €249,364 | -€119,688 | -32.4% |
| Remuneration and social security | 454/9 | €25,752 | €19,309 | -€6,443 | -25.0% |
| Other amounts payable | 47/48 | €954,338 | €530,880 | -€423,458 | -44.4% |
| Accrued charges and deferred income | 492/3 | €908 | €2,541 | +€1,633 | +180% |
| Non-recurring operating income | 76A | €17,500 | €0 | -€17,500 | -100% |
| Remuneration, social security and pensions | 62 | €228,692 | €210,825 | -€17,867 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €479,047 | €420,781 | -€58,266 | -12.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€129,822 | -€10,000 | +€119,822 | +92.3% |
| Other operating charges | 640/8 | €20,597 | €27,567 | +€6,970 | +33.8% |
| Gross operating margin | 9900 | €3,297,019 | €3,854,893 | +€557,874 | +16.9% |
| Operating profit (loss) | 9901 | €2,698,505 | €3,205,720 | +€507,215 | +18.8% |
| Financial income | 75/76B | €62,390 | €164,875 | +€102,485 | +164% |
| Recurring financial income | 75 | €62,390 | €164,875 | +€102,485 | +164% |
| Financial charges | 65/66B | €4,923 | €35,410 | +€30,486 | +619% |
| Recurring financial charges | 65 | €4,923 | €35,410 | +€30,486 | +619% |
| Profit (loss) for the period before taxes | 9903 | €2,755,971 | €3,335,185 | +€579,214 | +21.0% |
| Income taxes | 67/77 | €887,032 | €1,077,841 | +€190,808 | +21.5% |
| Profit (loss) for the period | 9904 | €1,868,939 | €2,257,345 | +€388,405 | +20.8% |
| Transfer from tax-exempt reserves | 789 | €315,750 | €210,500 | -€105,250 | -33.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €2,184,689 | €2,467,845 | +€283,155 | +13.0% |
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 24 October 2026 via checked.be.