MARPUDES: 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.
MARPUDES
Largest movements
- Stocks and contracts -€45,085
down €45,085 (-5.0%), from €906,127 to €861,042
- Other debts -€62,116
down €62,116 (-10.0%), from €621,570 to €559,454
- Profit (loss) carried forward +€33,704
up €33,704 (+8.7%), from -€387,345 to -€353,642
- Trade debts -€14,718
down €14,718 (-52.7%), from €27,929 to €13,211
- Gross operating margin +€126,012
up €126,012, from -€49,651 to €76,362
- Other operating charges +€7,262
up €7,262 (+552%), from €1,315 to €8,577
- Financial charges +€1,202
up €1,202 (+3.7%), from €32,878 to €34,080
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 | €907,447 | €864,181 | -€43,266 | -4.8% |
| Current assets | 29/58 | €907,447 | €864,181 | -€43,266 | -4.8% |
| Stocks and contracts in progress | 3 | €906,127 | €861,042 | -€45,085 | -5.0% |
| Stocks | 30/36 | €906,127 | €861,042 | -€45,085 | -5.0% |
| Amounts receivable within one year | 40/41 | €351 | €2,474 | +€2,123 | +604% |
| Other amounts receivable | 41 | €351 | €2,474 | +€2,123 | +604% |
| Cash at bank and in hand | 54/58 | €968 | €664 | -€304 | -31.4% |
| Total equity and liabilities | 10/49 | €907,447 | €864,181 | -€43,266 | -4.8% |
| Equity | 10/15 | €257,672 | €291,376 | +€33,704 | +13.1% |
| Contributions | 10/11 | €573,534 | €573,534 | = | 0.0% |
| Capital | 10 | €573,534 | €573,534 | = | 0.0% |
| Issued capital | 100 | €573,534 | €573,534 | = | 0.0% |
| Reserves | 13 | €71,483 | €71,483 | = | 0.0% |
| Non-distributable reserves | 130/1 | €57,353 | €57,353 | = | 0.0% |
| Legal reserve | 130 | €57,353 | €57,353 | = | 0.0% |
| Distributable reserves | 133 | €14,130 | €14,130 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€387,345 | -€353,642 | +€33,704 | +8.7% |
| Amounts payable | 17/49 | €649,774 | €572,805 | -€76,970 | -11.8% |
| Amounts payable within one year | 42/48 | €649,774 | €572,805 | -€76,970 | -11.8% |
| Trade debts | 44 | €27,929 | €13,211 | -€14,718 | -52.7% |
| Suppliers | 440/4 | €27,929 | €13,211 | -€14,718 | -52.7% |
| Taxes, remuneration and social security | 45 | €276 | €140 | -€136 | -49.3% |
| Taxes | 450/3 | €276 | €140 | -€136 | -49.3% |
| Other amounts payable | 47/48 | €621,570 | €559,454 | -€62,116 | -10.0% |
| Other operating charges | 640/8 | €1,315 | €8,577 | +€7,262 | +552% |
| Gross operating margin | 9900 | -€49,651 | €76,362 | +€126,012 | |
| Operating profit (loss) | 9901 | -€50,966 | €67,784 | +€118,750 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €32,878 | €34,080 | +€1,202 | +3.7% |
| Recurring financial charges | 65 | €32,878 | €34,080 | +€1,202 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | -€83,843 | €33,704 | +€117,547 | |
| Profit (loss) for the period | 9904 | -€83,843 | €33,704 | +€117,547 | |
| Profit (loss) for the period to be appropriated | 9905 | -€83,843 | €33,704 | +€117,547 |
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 22 October 2026 via checked.be.