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 -€36,951
down €36,951 (-32.9%), from €112,339 to €75,388
of which Furniture and vehicles: -€29,195
- Receivables within one year +€18,269
up €18,269 (+211.8%), from €8,625 to €26,894
of which Trade receivables: +€25,523
- Deferred charges and accrued income -€10,655
down €10,655 (-92.8%), from €11,482 to €827
- Other debts -€24,282
down €24,282 (-49.9%), from €48,646 to €24,363
- Debts after one year -€21,445
down €21,445 (-66.4%), from €32,281 to €10,836
- Trade debts +€8,948
up €8,948 (+164.5%), from €5,441 to €14,390
- Tax, wage and social debts +€8,529
up €8,529 (+1411.3%), from €604 to €9,133
- Current portion of long-term debt -€4,537
down €4,537 (-17.5%), from €25,981 to €21,445
- Gross operating margin +€42,911
up €42,911, from -€599 to €42,311
- Depreciation +€1,077
up €1,077 (+3.1%), from €34,384 to €35,461
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 | €135,107 | €105,226 | -€29,881 | -22.1% |
| Fixed assets | 21/28 | €112,339 | €75,388 | -€36,951 | -32.9% |
| Tangible fixed assets | 22/27 | €112,339 | €75,388 | -€36,951 | -32.9% |
| Land and buildings | 22 | €31,687 | €28,120 | -€3,566 | -11.3% |
| Plant, machinery and equipment | 23 | €9,644 | €5,453 | -€4,191 | -43.5% |
| Furniture and vehicles | 24 | €71,009 | €41,814 | -€29,195 | -41.1% |
| Current assets | 29/58 | €22,768 | €29,838 | +€7,070 | +31.1% |
| Amounts receivable within one year | 40/41 | €8,625 | €26,894 | +€18,269 | +211.8% |
| Trade receivables | 40 | €1,210 | €26,733 | +€25,523 | +2109.3% |
| Other amounts receivable | 41 | €7,415 | €162 | -€7,253 | -97.8% |
| Cash at bank and in hand | 54/58 | €2,661 | €2,117 | -€544 | -20.4% |
| Deferred charges and accrued income | 490/1 | €11,482 | €827 | -€10,655 | -92.8% |
| Total equity and liabilities | 10/49 | €135,107 | €105,226 | -€29,881 | -22.1% |
| Equity | 10/15 | €22,154 | €24,827 | +€2,673 | +12.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €12,112 | €12,112 | = | 0.0% |
| Distributable reserves | 133 | €12,112 | €12,112 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,959 | -€37,286 | +€2,673 | +6.7% |
| Amounts payable | 17/49 | €112,954 | €80,399 | -€32,554 | -28.8% |
| Amounts payable after more than one year | 17 | €32,281 | €10,836 | -€21,445 | -66.4% |
| Financial debts | 170/4 | €32,281 | €10,836 | -€21,445 | -66.4% |
| Amounts payable within one year | 42/48 | €80,673 | €69,330 | -€11,342 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €25,981 | €21,445 | -€4,537 | -17.5% |
| Trade debts | 44 | €5,441 | €14,390 | +€8,948 | +164.5% |
| Suppliers | 440/4 | €5,441 | €14,390 | +€8,948 | +164.5% |
| Taxes, remuneration and social security | 45 | €604 | €9,133 | +€8,529 | +1411.3% |
| Taxes | 450/3 | €604 | €9,133 | +€8,529 | +1411.3% |
| Other amounts payable | 47/48 | €48,646 | €24,363 | -€24,282 | -49.9% |
| Accrued charges and deferred income | 492/3 | - | €233 | +€233 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,384 | €35,461 | +€1,077 | +3.1% |
| Other operating charges | 640/8 | €2,288 | €2,667 | +€379 | +16.6% |
| Non-recurring operating charges | 66A | €859 | - | -€859 | |
| Gross operating margin | 9900 | -€599 | €42,311 | +€42,911 | |
| Operating profit (loss) | 9901 | -€38,130 | €4,183 | +€42,313 | |
| Financial income | 75/76B | €83 | - | -€83 | |
| Recurring financial income | 75 | €83 | - | -€83 | |
| Financial charges | 65/66B | €1,547 | €1,176 | -€370 | -23.9% |
| Recurring financial charges | 65 | €1,547 | €1,176 | -€370 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | -€39,594 | €3,007 | +€42,601 | |
| Income taxes | 67/77 | €365 | €334 | -€31 | -8.6% |
| Profit (loss) for the period | 9904 | -€39,959 | €2,673 | +€42,632 | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,959 | €2,673 | +€42,632 |
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.