MARUVA: 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.
MARUVA
Largest movements
- Tangible fixed assets -€26,854
down €26,854 (-23.9%), from €112,408 to €85,554
of which Furniture and vehicles: -€18,109
- Receivables within one year +€7,893
up €7,893 (+63.7%), from €12,399 to €20,292
of which Trade receivables: +€6,850
- Cash +€1,782
up €1,782 (+10.2%), from €17,420 to €19,203
mainly Depreciation (+€27,042) and Net result for the year (+€11,322)
- Debts after one year -€39,603
down €39,603 (-42.0%), from €94,388 to €54,785
of which Financial debts: -€34,603
- Reserves +€10,000
new in 2025: €10,000
- Trade debts +€6,120
up €6,120 (+155.4%), from €3,938 to €10,058
- Tax, wage and social debts +€5,858
up €5,858 (+70.6%), from €8,298 to €14,156
of which Remuneration and social security: +€3,584
- Other debts -€2,263
down €2,263 (-91.1%), from €2,485 to €222
- Gross operating margin +€26,033
up €26,033 (+75.7%), from €34,408 to €60,442
- Other operating charges +€5,258
up €5,258 (+92.4%), from €5,691 to €10,949
- Depreciation +€4,473
up €4,473 (+19.8%), from €22,569 to €27,042
- Staff costs +€4,392
new in 2025: €4,392
- Taxes +€2,664
up €2,664 (+795.3%), from €335 to €2,999
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 | €148,008 | €130,929 | -€17,079 | -11.5% |
| Fixed assets | 21/28 | €115,343 | €88,489 | -€26,854 | -23.3% |
| Tangible fixed assets | 22/27 | €112,408 | €85,554 | -€26,854 | -23.9% |
| Plant, machinery and equipment | 23 | €789 | €587 | -€202 | -25.6% |
| Furniture and vehicles | 24 | €79,244 | €61,136 | -€18,109 | -22.9% |
| Leasing and similar rights | 25 | €32,374 | €23,831 | -€8,543 | -26.4% |
| Financial fixed assets | 28 | €2,935 | €2,935 | = | 0.0% |
| Current assets | 29/58 | €32,665 | €42,440 | +€9,775 | +29.9% |
| Amounts receivable within one year | 40/41 | €12,399 | €20,292 | +€7,893 | +63.7% |
| Trade receivables | 40 | €12,141 | €18,990 | +€6,850 | +56.4% |
| Other amounts receivable | 41 | €259 | €1,301 | +€1,043 | +403.1% |
| Cash at bank and in hand | 54/58 | €17,420 | €19,203 | +€1,782 | +10.2% |
| Deferred charges and accrued income | 490/1 | €2,845 | €2,945 | +€100 | +3.5% |
| Total equity and liabilities | 10/49 | €148,008 | €130,929 | -€17,079 | -11.5% |
| Equity | 10/15 | €5,783 | €17,105 | +€11,322 | +195.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €10,000 | +€10,000 | |
| Distributable reserves | 133 | - | €10,000 | +€10,000 | |
| Profit (loss) carried forward | 14 | €783 | €2,105 | +€1,322 | +168.9% |
| Amounts payable | 17/49 | €142,225 | €113,823 | -€28,401 | -20.0% |
| Amounts payable after more than one year | 17 | €94,388 | €54,785 | -€39,603 | -42.0% |
| Financial debts | 170/4 | €56,888 | €22,285 | -€34,603 | -60.8% |
| Other amounts payable | 178/9 | €37,500 | €32,500 | -€5,000 | -13.3% |
| Amounts payable within one year | 42/48 | €47,837 | €59,038 | +€11,201 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €33,116 | €34,603 | +€1,486 | +4.5% |
| Trade debts | 44 | €3,938 | €10,058 | +€6,120 | +155.4% |
| Suppliers | 440/4 | €3,938 | €10,058 | +€6,120 | +155.4% |
| Taxes, remuneration and social security | 45 | €8,298 | €14,156 | +€5,858 | +70.6% |
| Taxes | 450/3 | €8,298 | €10,572 | +€2,274 | +27.4% |
| Remuneration and social security | 454/9 | - | €3,584 | +€3,584 | |
| Other amounts payable | 47/48 | €2,485 | €222 | -€2,263 | -91.1% |
| Remuneration, social security and pensions | 62 | - | €4,392 | +€4,392 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,569 | €27,042 | +€4,473 | +19.8% |
| Other operating charges | 640/8 | €5,691 | €10,949 | +€5,258 | +92.4% |
| Gross operating margin | 9900 | €34,408 | €60,442 | +€26,033 | +75.7% |
| Operating profit (loss) | 9901 | €6,148 | €18,059 | +€11,910 | +193.7% |
| Financial charges | 65/66B | €5,030 | €3,737 | -€1,293 | -25.7% |
| Recurring financial charges | 65 | €5,030 | €3,737 | -€1,293 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €1,118 | €14,322 | +€13,204 | +1181.1% |
| Income taxes | 67/77 | €335 | €2,999 | +€2,664 | +795.3% |
| Profit (loss) for the period | 9904 | €783 | €11,322 | +€10,540 | +1346.3% |
| Profit (loss) for the period to be appropriated | 9905 | €783 | €11,322 | +€10,540 | +1346.3% |
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 8 October 2026 via checked.be.