MARPO: 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.
What changed
MARPO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€47,677
2024 · €52,060-€4,383
Equity
€324,685
2024 · €277,188+€47,497
Cash
€18,981
2024 · €29,507-€10,526
Balance sheet total
€1.0m
2024 · €1.1m-€49,950
Largest movements
Assets
- Tangible fixed assets -€38,554
down €38,554 (-3.6%), from €1.1m to €1.0m
Equity and liabilities
- Profit (loss) carried forward +€74,470
up €74,470 (+18.0%), from -€414,528 to -€340,058
- Debts after one year -€68,453
down €68,453 (-12.3%), from €554,478 to €486,025
- Reserves -€26,973
down €26,973 (-11.4%), from €236,716 to €209,743
of which Tax-exempt reserves: -€26,973
- Other debts -€16,326
down €16,326 (-8.4%), from €193,278 to €176,951
Income statement
- Gross operating margin +€15,220
up €15,220 (+18.9%), from €80,528 to €95,747
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
€52,060
Gross operating margin
+€15,220
Other operating charges
+€40
Financial income
+€783
Financial charges
+€236
Taxes
-€307
Deferred taxes and other
-€20,355
Result 2025
€47,677
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.
From operations
+€57,868
Investment
€0
Financing
-€68,395
Cash 2024
€29,507
From operations (derived)
+€57,868
Net result for the year
+€47,677
Depreciation
+€38,554
Deferred charges and accrued income
+€869
Provisions
-€8,991
Trade debts
-€32
Tax, wage and social debts
-€336
Other debts
-€16,326
Accrued charges and deferred income
-€3,546
Financing
-€68,395
Debts after one year
-€68,453
Current portion of long-term debt
+€238
Contributions, distributions and other
-€180
Cash 2025
€18,981
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,091,421 | €1,041,471 | -€49,950 | -4.6% |
| Fixed assets | 21/28 | €1,061,045 | €1,022,491 | -€38,554 | -3.6% |
| Tangible fixed assets | 22/27 | €1,061,020 | €1,022,466 | -€38,554 | -3.6% |
| Land and buildings | 22 | €1,061,020 | €1,022,466 | -€38,554 | -3.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €30,376 | €18,981 | -€11,395 | -37.5% |
| Cash at bank and in hand | 54/58 | €29,507 | €18,981 | -€10,526 | -35.7% |
| Deferred charges and accrued income | 490/1 | €869 | €0 | -€869 | -100.0% |
| Total equity and liabilities | 10/49 | €1,091,421 | €1,041,471 | -€49,950 | -4.6% |
| Equity | 10/15 | €277,188 | €324,685 | +€47,497 | +17.1% |
| Contributions | 10/11 | €455,000 | €455,000 | = | 0.0% |
| Capital | 10 | €455,000 | €455,000 | = | 0.0% |
| Issued capital | 100 | €455,000 | €455,000 | = | 0.0% |
| Reserves | 13 | €236,716 | €209,743 | -€26,973 | -11.4% |
| Non-distributable reserves | 130/1 | €7,466 | €7,466 | = | 0.0% |
| Legal reserve | 130 | €7,466 | €7,466 | = | 0.0% |
| Tax-exempt reserves | 132 | €144,343 | €117,370 | -€26,973 | -18.7% |
| Distributable reserves | 133 | €84,906 | €84,906 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€414,528 | -€340,058 | +€74,470 | +18.0% |
| Provisions and deferred taxes | 16 | €48,114 | €39,123 | -€8,991 | -18.7% |
| Deferred taxes | 168 | €48,114 | €39,123 | -€8,991 | -18.7% |
| Amounts payable | 17/49 | €766,118 | €677,663 | -€88,455 | -11.5% |
| Amounts payable after more than one year | 17 | €554,478 | €486,025 | -€68,453 | -12.3% |
| Financial debts | 170/4 | €554,478 | €486,025 | -€68,453 | -12.3% |
| Amounts payable within one year | 42/48 | €207,172 | €190,716 | -€16,456 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €13,215 | €13,453 | +€238 | +1.8% |
| Trade debts | 44 | €32 | €0 | -€32 | -100.0% |
| Suppliers | 440/4 | €32 | €0 | -€32 | -100.0% |
| Taxes, remuneration and social security | 45 | €647 | €311 | -€336 | -51.9% |
| Taxes | 450/3 | €397 | €311 | -€86 | -21.7% |
| Remuneration and social security | 454/9 | €250 | €0 | -€250 | -100.0% |
| Other amounts payable | 47/48 | €193,278 | €176,951 | -€16,326 | -8.4% |
| Accrued charges and deferred income | 492/3 | €4,468 | €922 | -€3,546 | -79.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,554 | €38,554 | = | 0.0% |
| Other operating charges | 640/8 | €16,570 | €16,530 | -€40 | -0.2% |
| Gross operating margin | 9900 | €80,528 | €95,747 | +€15,220 | +18.9% |
| Operating profit (loss) | 9901 | €25,403 | €40,663 | +€15,260 | +60.1% |
| Financial income | 75/76B | €0 | €783 | +€783 | |
| Recurring financial income | 75 | €0 | €783 | +€783 | |
| Non-recurring financial income | 76B | €0 | €783 | +€783 | |
| Financial charges | 65/66B | €2,472 | €2,236 | -€236 | -9.6% |
| Recurring financial charges | 65 | €2,472 | €2,236 | -€236 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €22,931 | €39,210 | +€16,280 | +71.0% |
| Transfer from deferred taxes | 780 | €29,526 | €9,171 | -€20,355 | -68.9% |
| Income taxes | 67/77 | €397 | €704 | +€307 | +77.4% |
| Profit (loss) for the period | 9904 | €52,060 | €47,677 | -€4,383 | -8.4% |
| Transfer from tax-exempt reserves | 789 | €6,438 | €26,793 | +€20,355 | +316.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,497 | €74,470 | +€15,972 | +27.3% |
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 6 October 2026 via checked.be.