MARVAVER: 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.
MARVAVER
Largest movements
- Tangible fixed assets -€38,648
down €38,648 (-2.9%), from €1.4m to €1.3m
- Debts after one year -€41,228
down €41,228 (-6.5%), from €630,646 to €589,417
of which Financial debts: -€42,928
- Profit (loss) carried forward -€22,933
down €22,933 (-10.1%), from -€226,099 to -€249,032
- Gross operating margin -€18,871
down €18,871 (-32.0%), from €59,038 to €40,167
- Depreciation -€6,671
down €6,671 (-14.7%), from €45,319 to €38,648
- Financial charges -€1,065
down €1,065 (-5.9%), from €18,115 to €17,049
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 | €1,373,002 | €1,319,643 | -€53,359 | -3.9% |
| Fixed assets | 21/28 | €1,352,703 | €1,314,055 | -€38,648 | -2.9% |
| Tangible fixed assets | 22/27 | €1,352,453 | €1,313,805 | -€38,648 | -2.9% |
| Land and buildings | 22 | €1,352,453 | €1,313,805 | -€38,648 | -2.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €20,298 | €5,588 | -€14,711 | -72.5% |
| Cash at bank and in hand | 54/58 | €16,559 | €3,503 | -€13,056 | -78.8% |
| Deferred charges and accrued income | 490/1 | €3,739 | €2,085 | -€1,655 | -44.2% |
| Total equity and liabilities | 10/49 | €1,373,002 | €1,319,643 | -€53,359 | -3.9% |
| Equity | 10/15 | €698,645 | €675,712 | -€22,933 | -3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €918,544 | €918,544 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€226,099 | -€249,032 | -€22,933 | -10.1% |
| Amounts payable | 17/49 | €674,357 | €643,931 | -€30,426 | -4.5% |
| Amounts payable after more than one year | 17 | €630,646 | €589,417 | -€41,228 | -6.5% |
| Financial debts | 170/4 | €630,646 | €587,717 | -€42,928 | -6.8% |
| Other amounts payable | 178/9 | - | €1,700 | +€1,700 | |
| Amounts payable within one year | 42/48 | €42,986 | €51,095 | +€8,109 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €41,828 | €42,928 | +€1,101 | +2.6% |
| Trade debts | 44 | €621 | €93 | -€528 | -85.0% |
| Suppliers | 440/4 | €621 | €93 | -€528 | -85.0% |
| Other amounts payable | 47/48 | €538 | €8,074 | +€7,536 | +1401.5% |
| Accrued charges and deferred income | 492/3 | €725 | €3,419 | +€2,694 | +371.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,319 | €38,648 | -€6,671 | -14.7% |
| Other operating charges | 640/8 | €7,734 | €7,402 | -€332 | -4.3% |
| Gross operating margin | 9900 | €59,038 | €40,167 | -€18,871 | -32.0% |
| Operating profit (loss) | 9901 | €5,985 | -€5,884 | -€11,869 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +17.6% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +17.6% |
| Financial charges | 65/66B | €18,115 | €17,049 | -€1,065 | -5.9% |
| Recurring financial charges | 65 | €18,115 | €17,049 | -€1,065 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,129 | -€22,933 | -€10,803 | -89.1% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€12,129 | -€22,933 | -€10,803 | -89.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,129 | -€22,933 | -€10,803 | -89.1% |
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.