MARVACO: 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.
MARVACO
Largest movements
- Tangible fixed assets -€654,778
down €654,778 (-12.0%), from €5.5m to €4.8m
of which Land and buildings: -€396,672
- Receivables within one year +€584,281
up €584,281 (+30.2%), from €1.9m to €2.5m
of which Other amounts receivable: +€293,456
- Cash -€237,151
down €237,151 (-44.0%), from €538,479 to €301,328
mainly Debts after one year (-€689,183) and Receivables within one year (-€584,281)
- Debts after one year -€689,183
down €689,183 (-17.9%), from €3.9m to €3.2m
- Short-term financial debts -€350,000
down €350,000 (-25.9%), from €1.4m to €1.0m
- Trade debts +€329,101
up €329,101 (+28.3%), from €1.2m to €1.5m
- Reserves +€285,217
up €285,217 (+14.2%), from €2.0m to €2.3m
- Gross operating margin -€143,809
down €143,809 (-9.4%), from €1.5m to €1.4m
- Staff costs +€38,292
up €38,292 (+27.0%), from €141,919 to €180,210
- Financial income +€36,663
up €36,663 (+145%), from €25,210 to €61,873
of which Financial income: +€44,663
- Taxes +€21,710
up €21,710 (+18.7%), from €115,812 to €137,521
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,368,594 | €9,014,288 | -€354,306 | -3.8% |
| Fixed assets | 21/28 | €5,455,650 | €4,800,315 | -€655,334 | -12.0% |
| Intangible fixed assets | 21 | €2,486 | €1,930 | -€556 | -22.4% |
| Tangible fixed assets | 22/27 | €5,453,164 | €4,798,385 | -€654,778 | -12.0% |
| Land and buildings | 22 | €4,441,002 | €4,044,330 | -€396,672 | -8.9% |
| Plant, machinery and equipment | 23 | €360,860 | €319,403 | -€41,458 | -11.5% |
| Furniture and vehicles | 24 | €524,916 | €371,697 | -€153,219 | -29.2% |
| Leasing and similar rights | 25 | €126,385 | €62,955 | -€63,430 | -50.2% |
| Current assets | 29/58 | €3,912,944 | €4,213,973 | +€301,028 | +7.7% |
| Stocks and contracts in progress | 3 | €1,422,055 | €1,375,028 | -€47,027 | -3.3% |
| Stocks | 30/36 | €1,422,055 | €1,375,028 | -€47,027 | -3.3% |
| Amounts receivable within one year | 40/41 | €1,932,120 | €2,516,402 | +€584,281 | +30.2% |
| Trade receivables | 40 | €888,770 | €1,179,596 | +€290,826 | +32.7% |
| Other amounts receivable | 41 | €1,043,350 | €1,336,806 | +€293,456 | +28.1% |
| Cash at bank and in hand | 54/58 | €538,479 | €301,328 | -€237,151 | -44.0% |
| Deferred charges and accrued income | 490/1 | €20,289 | €21,214 | +€925 | +4.6% |
| Total equity and liabilities | 10/49 | €9,368,594 | €9,014,288 | -€354,306 | -3.8% |
| Equity | 10/15 | €2,062,189 | €2,345,494 | +€283,305 | +13.7% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €2,013,802 | €2,299,019 | +€285,217 | +14.2% |
| Distributable reserves | 133 | €2,013,802 | €2,299,019 | +€285,217 | +14.2% |
| Investment grants | 15 | €13,387 | €11,475 | -€1,912 | -14.3% |
| Provisions and deferred taxes | 16 | €705 | €604 | -€101 | -14.3% |
| Deferred taxes | 168 | €705 | €604 | -€101 | -14.3% |
| Amounts payable | 17/49 | €7,305,700 | €6,668,190 | -€637,510 | -8.7% |
| Amounts payable after more than one year | 17 | €3,857,052 | €3,167,870 | -€689,183 | -17.9% |
| Financial debts | 170/4 | €3,857,052 | €3,167,870 | -€689,183 | -17.9% |
| Amounts payable within one year | 42/48 | €3,438,943 | €3,492,373 | +€53,430 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €684,738 | €689,183 | +€4,445 | +0.6% |
| Financial debts | 43 | €1,350,000 | €1,000,000 | -€350,000 | -25.9% |
| Credit institutions | 430/8 | €1,350,000 | €1,000,000 | -€350,000 | -25.9% |
| Trade debts | 44 | €1,164,512 | €1,493,613 | +€329,101 | +28.3% |
| Suppliers | 440/4 | €1,164,512 | €1,493,613 | +€329,101 | +28.3% |
| Taxes, remuneration and social security | 45 | €238,980 | €304,301 | +€65,322 | +27.3% |
| Taxes | 450/3 | €224,333 | €286,587 | +€62,254 | +27.8% |
| Remuneration and social security | 454/9 | €14,646 | €17,714 | +€3,068 | +20.9% |
| Other amounts payable | 47/48 | €713 | €5,276 | +€4,562 | +640% |
| Accrued charges and deferred income | 492/3 | €9,706 | €7,948 | -€1,758 | -18.1% |
| Non-recurring operating income | 76A | €377 | €0 | -€377 | -100% |
| Remuneration, social security and pensions | 62 | €141,919 | €180,210 | +€38,292 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €651,021 | €660,806 | +€9,785 | +1.5% |
| Other operating charges | 640/8 | €37,206 | €40,326 | +€3,120 | +8.4% |
| Gross operating margin | 9900 | €1,530,158 | €1,386,349 | -€143,809 | -9.4% |
| Operating profit (loss) | 9901 | €700,013 | €505,007 | -€195,006 | -27.9% |
| Financial income | 75/76B | €25,210 | €61,873 | +€36,663 | +145% |
| Recurring financial income | 75 | €17,210 | €61,873 | +€44,663 | +260% |
| Non-recurring financial income | 76B | €8,000 | - | -€8,000 | |
| Financial charges | 65/66B | €143,141 | €144,242 | +€1,100 | +0.8% |
| Recurring financial charges | 65 | €143,141 | €144,242 | +€1,100 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €582,081 | €422,638 | -€159,443 | -27.4% |
| Transfer from deferred taxes | 780 | €101 | €101 | = | 0.0% |
| Income taxes | 67/77 | €115,812 | €137,521 | +€21,710 | +18.7% |
| Profit (loss) for the period | 9904 | €466,370 | €285,217 | -€181,153 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €466,370 | €285,217 | -€181,153 | -38.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.