MARVAL: 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.
MARVAL
Largest movements
- Tangible fixed assets -€5,887
down €5,887 (-2.1%), from €284,982 to €279,095
- Cash -€5,748
down €5,748 (-77.7%), from €7,402 to €1,654
mainly Trade debts (-€16,736) and Investment in fixed assets (net) (-€2,439)
- Trade debts -€16,736
down €16,736 (-93.0%), from €18,002 to €1,265
- Debts after one year +€4,821
up €4,821 (+2.8%), from €170,225 to €175,046
- Depreciation -€11,721
down €11,721 (-58.5%), from €20,047 to €8,326
- Gross operating margin -€1,658
down €1,658 (-9.3%), from €17,747 to €16,089
- Other operating charges +€276
up €276 (+4.9%), from €5,666 to €5,942
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 | €292,868 | €280,749 | -€12,119 | -4.1% |
| Fixed assets | 21/28 | €284,982 | €279,095 | -€5,887 | -2.1% |
| Tangible fixed assets | 22/27 | €284,982 | €279,095 | -€5,887 | -2.1% |
| Land and buildings | 22 | €284,982 | €279,095 | -€5,887 | -2.1% |
| Current assets | 29/58 | €7,886 | €1,654 | -€6,232 | -79.0% |
| Amounts receivable within one year | 40/41 | €484 | €0 | -€484 | -100% |
| Trade receivables | 40 | €484 | €0 | -€484 | -100% |
| Cash at bank and in hand | 54/58 | €7,402 | €1,654 | -€5,748 | -77.7% |
| Total equity and liabilities | 10/49 | €292,868 | €280,749 | -€12,119 | -4.1% |
| Equity | 10/15 | €103,959 | €103,755 | -€204 | -0.2% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Capital | 10 | €30,987 | €30,987 | = | 0.0% |
| Issued capital | 100 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €72,972 | €72,768 | -€204 | -0.3% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €69,873 | €69,670 | -€204 | -0.3% |
| Amounts payable | 17/49 | €188,910 | €176,995 | -€11,915 | -6.3% |
| Amounts payable after more than one year | 17 | €170,225 | €175,046 | +€4,821 | +2.8% |
| Other amounts payable | 178/9 | €170,225 | €175,046 | +€4,821 | +2.8% |
| Amounts payable within one year | 42/48 | €18,685 | €1,948 | -€16,736 | -89.6% |
| Trade debts | 44 | €18,002 | €1,265 | -€16,736 | -93.0% |
| Suppliers | 440/4 | €18,002 | €1,265 | -€16,736 | -93.0% |
| Other amounts payable | 47/48 | €683 | €683 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,047 | €8,326 | -€11,721 | -58.5% |
| Other operating charges | 640/8 | €5,666 | €5,942 | +€276 | +4.9% |
| Non-recurring operating charges | 66A | - | €150 | +€150 | |
| Gross operating margin | 9900 | €17,747 | €16,089 | -€1,658 | -9.3% |
| Operating profit (loss) | 9901 | -€7,966 | €1,671 | +€9,637 | |
| Financial charges | 65/66B | €1,873 | €1,875 | +€1 | +0.1% |
| Recurring financial charges | 65 | €1,873 | €1,875 | +€1 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,839 | -€204 | +€9,636 | +97.9% |
| Profit (loss) for the period | 9904 | -€9,839 | -€204 | +€9,636 | +97.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,839 | -€204 | +€9,636 | +97.9% |
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 24 October 2026 via checked.be.