MARVAN: 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.
MARVAN
Largest movements
- Tangible fixed assets +€2.0m
up €2.0m (+189.4%), from €1.1m to €3.1m
of which Land and buildings: +€2.0m
- Cash -€759,897
down €759,897 (-83.4%), from €910,830 to €150,932
mainly Investment in fixed assets (net) (-€2.2m) and Net result for the year (-€155,649)
- Receivables within one year -€56,116
down €56,116 (-94.6%), from €59,335 to €3,219
of which Other amounts receivable: -€47,316
- Debts after one year +€1.3m
up €1.3m (+260.4%), from €513,387 to €1.9m
of which Financial debts: +€1.3m
- Profit (loss) carried forward -€97,143
down €97,143 (-6217.2%), from -€1,562 to -€98,705
- Current portion of long-term debt +€78,939
up €78,939 (+236.0%), from €33,453 to €112,391
- Reserves -€58,506
down €58,506 (-5.5%), from €1.1m to €1.0m
of which Tax-exempt reserves: -€58,506
- Depreciation +€117,538
up €117,538 (+268.8%), from €43,734 to €161,271
- Financial income -€29,380
down €29,380 (-92.6%), from €31,736 to €2,355
- Gross operating margin -€25,687
down €25,687 (-47.0%), from €54,689 to €29,002
- Financial charges +€20,755
up €20,755 (+122.2%), from €16,978 to €37,733
- Taxes -€13,857
down €13,857 (-100.0%), from €13,857 to €0
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 | €2,051,274 | €3,283,691 | +€1.2m | +60.1% |
| Fixed assets | 21/28 | €1,079,772 | €3,125,372 | +€2.0m | +189.4% |
| Tangible fixed assets | 22/27 | €1,079,772 | €3,125,372 | +€2.0m | +189.4% |
| Land and buildings | 22 | €1,079,772 | €3,121,935 | +€2.0m | +189.1% |
| Plant, machinery and equipment | 23 | - | €2,318 | +€2,318 | |
| Furniture and vehicles | 24 | - | €1,118 | +€1,118 | |
| Current assets | 29/58 | €971,502 | €158,319 | -€813,183 | -83.7% |
| Amounts receivable within one year | 40/41 | €59,335 | €3,219 | -€56,116 | -94.6% |
| Trade receivables | 40 | €8,800 | €0 | -€8,800 | -100.0% |
| Other amounts receivable | 41 | €50,535 | €3,219 | -€47,316 | -93.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €910,830 | €150,932 | -€759,897 | -83.4% |
| Deferred charges and accrued income | 490/1 | €1,337 | €4,167 | +€2,830 | +211.6% |
| Total equity and liabilities | 10/49 | €2,051,274 | €3,283,691 | +€1.2m | +60.1% |
| Equity | 10/15 | €1,145,835 | €990,186 | -€155,649 | -13.6% |
| Contributions | 10/11 | €87,000 | €87,000 | = | 0.0% |
| Capital | 10 | €87,000 | €87,000 | = | 0.0% |
| Issued capital | 100 | €87,000 | €87,000 | = | 0.0% |
| Reserves | 13 | €1,060,398 | €1,001,892 | -€58,506 | -5.5% |
| Non-distributable reserves | 130/1 | €8,700 | €8,700 | = | 0.0% |
| Legal reserve | 130 | €8,700 | €8,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €970,308 | €911,802 | -€58,506 | -6.0% |
| Distributable reserves | 133 | €81,390 | €81,390 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,562 | -€98,705 | -€97,143 | -6217.2% |
| Provisions and deferred taxes | 16 | €323,436 | €303,934 | -€19,502 | -6.0% |
| Deferred taxes | 168 | €323,436 | €303,934 | -€19,502 | -6.0% |
| Amounts payable | 17/49 | €582,003 | €1,989,571 | +€1.4m | +241.8% |
| Amounts payable after more than one year | 17 | €513,387 | €1,850,023 | +€1.3m | +260.4% |
| Financial debts | 170/4 | €506,697 | €1,822,473 | +€1.3m | +259.7% |
| Other amounts payable | 178/9 | €6,690 | €27,550 | +€20,860 | +311.8% |
| Amounts payable within one year | 42/48 | €68,616 | €139,548 | +€70,932 | +103.4% |
| Current portion of amounts payable after more than one year | 42 | €33,453 | €112,391 | +€78,939 | +236.0% |
| Trade debts | 44 | €30,827 | €22,820 | -€8,007 | -26.0% |
| Suppliers | 440/4 | €30,827 | €22,820 | -€8,007 | -26.0% |
| Taxes, remuneration and social security | 45 | €4,336 | €4,336 | = | 0.0% |
| Taxes | 450/3 | €4,336 | €4,336 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,734 | €161,271 | +€117,538 | +268.8% |
| Other operating charges | 640/8 | €1,679 | €7,505 | +€5,826 | +346.9% |
| Gross operating margin | 9900 | €54,689 | €29,002 | -€25,687 | -47.0% |
| Operating profit (loss) | 9901 | €9,276 | -€139,774 | -€149,050 | |
| Financial income | 75/76B | €31,736 | €2,355 | -€29,380 | -92.6% |
| Recurring financial income | 75 | €31,736 | €2,355 | -€29,380 | -92.6% |
| Financial charges | 65/66B | €16,978 | €37,733 | +€20,755 | +122.2% |
| Recurring financial charges | 65 | €16,978 | €37,733 | +€20,755 | +122.2% |
| Profit (loss) for the period before taxes | 9903 | €24,034 | -€175,151 | -€199,185 | |
| Transfer from deferred taxes | 780 | €5,443 | €19,502 | +€14,059 | +258.3% |
| Income taxes | 67/77 | €13,857 | €0 | -€13,857 | -100.0% |
| Profit (loss) for the period | 9904 | €15,620 | -€155,649 | -€171,269 | |
| Transfer from tax-exempt reserves | 789 | €16,328 | €58,506 | +€42,178 | +258.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,948 | -€97,143 | -€129,091 |
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 29 September 2026 via checked.be.