MARVARK: 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.
MARVARK
Largest movements
- Tangible fixed assets +€192,613
up €192,613 (+1313.4%), from €14,665 to €207,278
of which Land and buildings: +€192,962
- Receivables within one year -€33,143
down €33,143 (-87.6%), from €37,830 to €4,687
of which Trade receivables: -€37,433
- Cash +€27,866
up €27,866 (+18991.4%), from €147 to €28,013
mainly Contributions, distributions and other (+€192,962) and Trade debts (+€133,554)
- Stocks and contracts +€5,954
up €5,954 (+3.7%), from €159,544 to €165,498
- Revaluation surpluses +€192,962
new in 2025: €192,962
- Trade debts +€133,554
up €133,554 (+33.1%), from €403,591 to €537,145
- Profit (loss) carried forward -€82,888
down €82,888 (-26.3%), from -€315,248 to -€398,137
- Debts after one year -€29,206
no longer reported in 2025 (was €29,206)
- Current portion of long-term debt -€19,898
down €19,898 (-74.8%), from €26,604 to €6,706
- Gross operating margin -€93,095
down €93,095, from €13,160 to -€79,934
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 | €212,186 | €405,475 | +€193,290 | +91.1% |
| Fixed assets | 21/28 | €14,665 | €207,278 | +€192,613 | +1313.4% |
| Tangible fixed assets | 22/27 | €14,665 | €207,278 | +€192,613 | +1313.4% |
| Land and buildings | 22 | €14,316 | €207,278 | +€192,962 | +1347.9% |
| Plant, machinery and equipment | 23 | €349 | - | -€349 | |
| Current assets | 29/58 | €197,520 | €198,197 | +€677 | +0.3% |
| Stocks and contracts in progress | 3 | €159,544 | €165,498 | +€5,954 | +3.7% |
| Stocks | 30/36 | €159,544 | €165,498 | +€5,954 | +3.7% |
| Amounts receivable within one year | 40/41 | €37,830 | €4,687 | -€33,143 | -87.6% |
| Trade receivables | 40 | €37,433 | - | -€37,433 | |
| Other amounts receivable | 41 | €397 | €4,687 | +€4,290 | +1080.4% |
| Cash at bank and in hand | 54/58 | €147 | €28,013 | +€27,866 | +18991.4% |
| Total equity and liabilities | 10/49 | €212,186 | €405,475 | +€193,290 | +91.1% |
| Equity | 10/15 | -€248,619 | -€138,546 | +€110,074 | +44.3% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Revaluation surpluses | 12 | - | €192,962 | +€192,962 | |
| Reserves | 13 | €29,429 | €29,429 | = | 0.0% |
| Distributable reserves | 133 | €29,429 | €29,429 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€315,248 | -€398,137 | -€82,888 | -26.3% |
| Amounts payable | 17/49 | €460,805 | €544,021 | +€83,216 | +18.1% |
| Amounts payable after more than one year | 17 | €29,206 | - | -€29,206 | |
| Financial debts | 170/4 | €29,206 | - | -€29,206 | |
| Amounts payable within one year | 42/48 | €430,365 | €544,021 | +€113,656 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €26,604 | €6,706 | -€19,898 | -74.8% |
| Trade debts | 44 | €403,591 | €537,145 | +€133,554 | +33.1% |
| Suppliers | 440/4 | €403,591 | €537,145 | +€133,554 | +33.1% |
| Other amounts payable | 47/48 | €170 | €170 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,234 | - | -€1,234 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,040 | €349 | -€690 | -66.4% |
| Other operating charges | 640/8 | €1,885 | €2,296 | +€411 | +21.8% |
| Gross operating margin | 9900 | €13,160 | -€79,934 | -€93,095 | |
| Operating profit (loss) | 9901 | €10,236 | -€82,580 | -€92,816 | |
| Financial income | 75/76B | - | €137 | +€137 | |
| Recurring financial income | 75 | - | €137 | +€137 | |
| Financial charges | 65/66B | €1,097 | €445 | -€651 | -59.4% |
| Recurring financial charges | 65 | €1,097 | €445 | -€651 | -59.4% |
| Profit (loss) for the period before taxes | 9903 | €9,139 | -€82,888 | -€92,027 | |
| Profit (loss) for the period | 9904 | €9,139 | -€82,888 | -€92,027 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,139 | -€82,888 | -€92,027 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.