MARVADO: 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.
MARVADO
Largest movements
- Receivables within one year -€28,657
down €28,657 (-88.3%), from €32,461 to €3,804
of which Other amounts receivable: -€24,369
- Cash -€19,354
down €19,354 (-7.8%), from €249,728 to €230,374
mainly Net result for the year (-€55,036) and Other debts (-€347)
- Reserves -€55,036
down €55,036 (-4.0%), from €1.4m to €1.3m
of which Tax-exempt reserves: -€168,400
- Taxes +€11,336
up €11,336, from €0 to €11,336
- Financial income -€5,655
down €5,655 (-20.8%), from €27,161 to €21,506
- Gross operating margin -€4,054
down €4,054 (-7.6%), from -€53,176 to -€57,230
- Other operating charges -€1,648
down €1,648 (-25.4%), from €6,496 to €4,848
- Financial charges +€661
up €661 (+26.8%), from €2,466 to €3,127
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 | €1,577,117 | €1,527,756 | -€49,361 | -3.1% |
| Fixed assets | 21/28 | €1,590 | €240 | -€1,350 | -84.9% |
| Tangible fixed assets | 22/27 | €1,350 | €0 | -€1,350 | -100.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €1,350 | €0 | -€1,350 | -100.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €1,575,527 | €1,527,516 | -€48,011 | -3.0% |
| Amounts receivable within one year | 40/41 | €32,461 | €3,804 | -€28,657 | -88.3% |
| Trade receivables | 40 | €7,135 | €2,847 | -€4,288 | -60.1% |
| Other amounts receivable | 41 | €25,326 | €957 | -€24,369 | -96.2% |
| Current investments | 50/53 | €1,293,338 | €1,293,338 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €249,728 | €230,374 | -€19,354 | -7.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,577,117 | €1,527,756 | -€49,361 | -3.1% |
| Equity | 10/15 | €1,567,621 | €1,512,585 | -€55,036 | -3.5% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,367,621 | €1,312,585 | -€55,036 | -4.0% |
| Tax-exempt reserves | 132 | €168,400 | €0 | -€168,400 | -100.0% |
| Distributable reserves | 133 | €1,199,221 | €1,312,585 | +€113,364 | +9.5% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €9,496 | €15,171 | +€5,675 | +59.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €9,496 | €15,171 | +€5,675 | +59.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,932 | €5,495 | +€2,562 | +87.4% |
| Suppliers | 440/4 | €2,932 | €5,495 | +€2,562 | +87.4% |
| Taxes, remuneration and social security | 45 | €2,200 | €5,660 | +€3,460 | +157.3% |
| Taxes | 450/3 | €0 | €1,260 | +€1,260 | |
| Remuneration and social security | 454/9 | €2,200 | €4,400 | +€2,200 | +100.0% |
| Other amounts payable | 47/48 | €4,363 | €4,016 | -€347 | -8.0% |
| Non-recurring operating income | 76A | €11,067 | €450 | -€10,617 | -95.9% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €450 | €0 | -€450 | -100.0% |
| Other operating charges | 640/8 | €6,496 | €4,848 | -€1,648 | -25.4% |
| Gross operating margin | 9900 | -€53,176 | -€57,230 | -€4,054 | -7.6% |
| Operating profit (loss) | 9901 | -€60,122 | -€62,078 | -€1,956 | -3.3% |
| Financial income | 75/76B | €27,161 | €21,506 | -€5,655 | -20.8% |
| Recurring financial income | 75 | €27,161 | €21,506 | -€5,655 | -20.8% |
| Financial charges | 65/66B | €2,466 | €3,127 | +€661 | +26.8% |
| Recurring financial charges | 65 | €2,466 | €3,127 | +€661 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | -€35,427 | -€43,700 | -€8,272 | -23.4% |
| Transfer from deferred taxes | 780 | €800 | €0 | -€800 | -100.0% |
| Income taxes | 67/77 | €0 | €11,336 | +€11,336 | |
| Profit (loss) for the period | 9904 | -€34,628 | -€55,036 | -€20,408 | -58.9% |
| Transfer from tax-exempt reserves | 789 | - | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,628 | €113,364 | +€147,992 |
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 4 October 2026 via checked.be.