MARPHEE: 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.
MARPHEE
Largest movements
- Receivables within one year -€24,220
down €24,220 (-68.9%), from €35,163 to €10,943
- Intangible fixed assets -€8,182
down €8,182 (-100.0%), from €8,182 to €0
- Cash +€5,431
up €5,431 (+13.9%), from €39,037 to €44,467
mainly Net result for the year (+€29,621) and Receivables within one year (+€24,220)
- Deferred charges and accrued income -€4,987
down €4,987 (-95.9%), from €5,201 to €214
- Current portion of long-term debt -€27,232
down €27,232 (-86.6%), from €31,449 to €4,217
- Profit (loss) carried forward -€5,673
down €5,673 (-31.8%), from €17,866 to €12,193
- Debts after one year -€4,217
no longer reported in 2025 (was €4,217)
- Tax, wage and social debts +€4,019
up €4,019 (+315.1%), from €1,275 to €5,294
- Depreciation -€17,372
down €17,372 (-64.6%), from €26,889 to €9,517
- Gross operating margin -€5,559
down €5,559 (-9.3%), from €59,566 to €54,007
- Taxes +€2,318
up €2,318 (+24.6%), from €9,428 to €11,746
- Other operating charges +€1,379
up €1,379 (+230.8%), from €597 to €1,976
- Financial charges -€661
down €661 (-36.6%), from €1,808 to €1,147
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 | €90,808 | €58,421 | -€32,388 | -35.7% |
| Fixed assets | 21/28 | €11,408 | €2,797 | -€8,612 | -75.5% |
| Intangible fixed assets | 21 | €8,182 | €0 | -€8,182 | -100.0% |
| Tangible fixed assets | 22/27 | €3,227 | €2,797 | -€430 | -13.3% |
| Land and buildings | 22 | €410 | €287 | -€123 | -30.0% |
| Furniture and vehicles | 24 | €2,817 | €1,672 | -€1,145 | -40.6% |
| Other tangible fixed assets | 26 | - | €838 | +€838 | |
| Current assets | 29/58 | €79,400 | €55,624 | -€23,776 | -29.9% |
| Amounts receivable within one year | 40/41 | €35,163 | €10,943 | -€24,220 | -68.9% |
| Other amounts receivable | 41 | €35,163 | €10,943 | -€24,220 | -68.9% |
| Cash at bank and in hand | 54/58 | €39,037 | €44,467 | +€5,431 | +13.9% |
| Deferred charges and accrued income | 490/1 | €5,201 | €214 | -€4,987 | -95.9% |
| Total equity and liabilities | 10/49 | €90,808 | €58,421 | -€32,388 | -35.7% |
| Equity | 10/15 | €52,587 | €46,914 | -€5,673 | -10.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €28,521 | €28,521 | = | 0.0% |
| Distributable reserves | 133 | €28,521 | €28,521 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,866 | €12,193 | -€5,673 | -31.8% |
| Amounts payable | 17/49 | €38,221 | €11,507 | -€26,715 | -69.9% |
| Amounts payable after more than one year | 17 | €4,217 | - | -€4,217 | |
| Financial debts | 170/4 | €4,217 | - | -€4,217 | |
| Amounts payable within one year | 42/48 | €34,004 | €11,507 | -€22,497 | -66.2% |
| Current portion of amounts payable after more than one year | 42 | €31,449 | €4,217 | -€27,232 | -86.6% |
| Trade debts | 44 | €1,280 | €1,995 | +€716 | +55.9% |
| Suppliers | 440/4 | €1,280 | €1,995 | +€716 | +55.9% |
| Taxes, remuneration and social security | 45 | €1,275 | €5,294 | +€4,019 | +315.1% |
| Taxes | 450/3 | €1,275 | €5,294 | +€4,019 | +315.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,889 | €9,517 | -€17,372 | -64.6% |
| Other operating charges | 640/8 | €597 | €1,976 | +€1,379 | +230.8% |
| Gross operating margin | 9900 | €59,566 | €54,007 | -€5,559 | -9.3% |
| Operating profit (loss) | 9901 | €32,079 | €42,513 | +€10,434 | +32.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,808 | €1,147 | -€661 | -36.6% |
| Recurring financial charges | 65 | €1,808 | €1,147 | -€661 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €30,271 | €41,367 | +€11,096 | +36.7% |
| Income taxes | 67/77 | €9,428 | €11,746 | +€2,318 | +24.6% |
| Profit (loss) for the period | 9904 | €20,843 | €29,621 | +€8,778 | +42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,843 | €29,621 | +€8,778 | +42.1% |
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 30 September 2026 via checked.be.