MarThe: 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.
MarThe
Largest movements
- Cash +€33,395
up €33,395 (+68.7%), from €48,575 to €81,970
mainly Other debts (+€54,293) and Net result for the year (+€23,187)
- Tangible fixed assets -€20,306
down €20,306 (-18.1%), from €111,994 to €91,688
of which Land and buildings: -€20,295
- Other debts +€54,293
up €54,293 (+445.5%), from €12,186 to €66,479
- Reserves -€36,721
down €36,721 (-28.0%), from €131,103 to €94,382
- Tax, wage and social debts -€2,440
down €2,440 (-19.1%), from €12,762 to €10,323
of which Remuneration and social security: -€2,147
- Gross operating margin -€14,398
down €14,398 (-21.5%), from €66,978 to €52,580
- Taxes -€4,128
down €4,128 (-29.5%), from €13,997 to €9,869
- Depreciation +€1,242
up €1,242 (+8.5%), from €14,663 to €15,905
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 | €173,967 | €188,846 | +€14,879 | +8.6% |
| Fixed assets | 21/28 | €112,019 | €91,713 | -€20,306 | -18.1% |
| Tangible fixed assets | 22/27 | €111,994 | €91,688 | -€20,306 | -18.1% |
| Land and buildings | 22 | €111,983 | €91,688 | -€20,295 | -18.1% |
| Furniture and vehicles | 24 | €11 | €0 | -€11 | -99.9% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €61,948 | €97,133 | +€35,185 | +56.8% |
| Amounts receivable within one year | 40/41 | €12,755 | €14,520 | +€1,765 | +13.8% |
| Trade receivables | 40 | €12,755 | €14,389 | +€1,634 | +12.8% |
| Other amounts receivable | 41 | - | €131 | +€131 | |
| Cash at bank and in hand | 54/58 | €48,575 | €81,970 | +€33,395 | +68.7% |
| Deferred charges and accrued income | 490/1 | €618 | €643 | +€25 | +4.1% |
| Total equity and liabilities | 10/49 | €173,967 | €188,846 | +€14,879 | +8.6% |
| Equity | 10/15 | €147,174 | €110,453 | -€36,721 | -25.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €131,103 | €94,382 | -€36,721 | -28.0% |
| Distributable reserves | 133 | €131,103 | €94,382 | -€36,721 | -28.0% |
| Profit (loss) carried forward | 14 | €3,671 | €3,671 | = | 0.0% |
| Amounts payable | 17/49 | €26,793 | €78,393 | +€51,600 | +192.6% |
| Amounts payable within one year | 42/48 | €26,793 | €78,393 | +€51,600 | +192.6% |
| Trade debts | 44 | €1,844 | €1,591 | -€254 | -13.7% |
| Suppliers | 440/4 | €1,844 | €1,591 | -€254 | -13.7% |
| Taxes, remuneration and social security | 45 | €12,762 | €10,323 | -€2,440 | -19.1% |
| Taxes | 450/3 | €10,615 | €10,323 | -€292 | -2.8% |
| Remuneration and social security | 454/9 | €2,147 | - | -€2,147 | |
| Other amounts payable | 47/48 | €12,186 | €66,479 | +€54,293 | +445.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,663 | €15,905 | +€1,242 | +8.5% |
| Other operating charges | 640/8 | €3,279 | €3,375 | +€96 | +2.9% |
| Gross operating margin | 9900 | €66,978 | €52,580 | -€14,398 | -21.5% |
| Operating profit (loss) | 9901 | €49,036 | €33,300 | -€15,737 | -32.1% |
| Financial income | 75/76B | €6 | €11 | +€5 | +87.0% |
| Recurring financial income | 75 | €6 | €11 | +€5 | +87.0% |
| Financial charges | 65/66B | €252 | €255 | +€3 | +1.1% |
| Recurring financial charges | 65 | €252 | €255 | +€3 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €48,790 | €33,056 | -€15,734 | -32.2% |
| Income taxes | 67/77 | €13,997 | €9,869 | -€4,128 | -29.5% |
| Profit (loss) for the period | 9904 | €34,793 | €23,187 | -€11,606 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,793 | €23,187 | -€11,606 | -33.4% |
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 7 October 2026 via checked.be.