MARVECO: 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.
MARVECO
Largest movements
- Cash +€259,252
up €259,252 (+51.5%), from €503,802 to €763,054
mainly Net result for the year (+€413,420) and Other debts (+€249,919)
- Tangible fixed assets -€66,827
down €66,827 (-8.8%), from €755,628 to €688,801
of which Land and buildings: -€66,082
- Deferred charges and accrued income -€44,949
down €44,949 (-68.3%), from €65,770 to €20,821
- Stocks and contracts -€41,549
down €41,549 (-33.6%), from €123,755 to €82,206
- Receivables within one year -€41,188
down €41,188 (-92.2%), from €44,670 to €3,481
of which Other amounts receivable: -€37,367
- Profit (loss) carried forward -€584,275
down €584,275 (-100%), from €584,275 to €0
- Reserves +€504,695
up €504,695 (+58.1%), from €868,614 to €1.4m
- Other debts +€249,919
up €249,919 (+465%), from €53,785 to €303,704
- Trade debts -€102,249
down €102,249 (-99.8%), from €102,435 to €186
- Tax, wage and social debts +€20,437
up €20,437 (+111%), from €18,403 to €38,840
of which Taxes: +€21,664
- Gross operating margin +€137,012
up €137,012 (+15.1%), from €905,685 to €1.0m
- Taxes +€68,987
up €68,987 (+53.9%), from €128,081 to €197,067
- Staff costs +€24,970
up €24,970 (+10.3%), from €241,315 to €266,285
- Depreciation +€12,111
up €12,111 (+8.2%), from €147,663 to €159,774
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 | €1,703,788 | €1,773,426 | +€69,638 | +4.1% |
| Fixed assets | 21/28 | €756,170 | €689,343 | -€66,827 | -8.8% |
| Tangible fixed assets | 22/27 | €755,628 | €688,801 | -€66,827 | -8.8% |
| Land and buildings | 22 | €529,009 | €462,926 | -€66,082 | -12.5% |
| Plant, machinery and equipment | 23 | €168,390 | €188,899 | +€20,509 | +12.2% |
| Furniture and vehicles | 24 | €58,229 | €36,976 | -€21,254 | -36.5% |
| Financial fixed assets | 28 | €542 | €542 | = | 0.0% |
| Current assets | 29/58 | €947,618 | €1,084,083 | +€136,465 | +14.4% |
| Stocks and contracts in progress | 3 | €123,755 | €82,206 | -€41,549 | -33.6% |
| Stocks | 30/36 | €123,755 | €82,206 | -€41,549 | -33.6% |
| Amounts receivable within one year | 40/41 | €44,670 | €3,481 | -€41,188 | -92.2% |
| Trade receivables | 40 | €6,825 | €3,004 | -€3,821 | -56.0% |
| Other amounts receivable | 41 | €37,844 | €477 | -€37,367 | -98.7% |
| Current investments | 50/53 | €209,621 | €214,521 | +€4,900 | +2.3% |
| Cash at bank and in hand | 54/58 | €503,802 | €763,054 | +€259,252 | +51.5% |
| Deferred charges and accrued income | 490/1 | €65,770 | €20,821 | -€44,949 | -68.3% |
| Total equity and liabilities | 10/49 | €1,703,788 | €1,773,426 | +€69,638 | +4.1% |
| Equity | 10/15 | €1,510,276 | €1,430,696 | -€79,580 | -5.3% |
| Contributions | 10/11 | €57,387 | €57,387 | = | 0.0% |
| Reserves | 13 | €868,614 | €1,373,308 | +€504,695 | +58.1% |
| Distributable reserves | 133 | €868,614 | €1,373,308 | +€504,695 | +58.1% |
| Profit (loss) carried forward | 14 | €584,275 | €0 | -€584,275 | -100% |
| Amounts payable | 17/49 | €193,512 | €342,730 | +€149,218 | +77.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €193,512 | €342,730 | +€149,218 | +77.1% |
| Current portion of amounts payable after more than one year | 42 | €18,889 | €0 | -€18,889 | -100% |
| Trade debts | 44 | €102,435 | €186 | -€102,249 | -99.8% |
| Suppliers | 440/4 | €102,435 | €186 | -€102,249 | -99.8% |
| Taxes, remuneration and social security | 45 | €18,403 | €38,840 | +€20,437 | +111% |
| Taxes | 450/3 | €0 | €21,664 | +€21,664 | |
| Remuneration and social security | 454/9 | €18,403 | €17,175 | -€1,228 | -6.7% |
| Other amounts payable | 47/48 | €53,785 | €303,704 | +€249,919 | +465% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €241,315 | €266,285 | +€24,970 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,663 | €159,774 | +€12,111 | +8.2% |
| Other operating charges | 640/8 | €20,382 | €13,611 | -€6,771 | -33.2% |
| Gross operating margin | 9900 | €905,685 | €1,042,697 | +€137,012 | +15.1% |
| Operating profit (loss) | 9901 | €496,325 | €603,027 | +€106,702 | +21.5% |
| Financial income | 75/76B | €16,916 | €9,407 | -€7,510 | -44.4% |
| Recurring financial income | 75 | €16,916 | €9,407 | -€7,510 | -44.4% |
| Financial charges | 65/66B | €6,395 | €1,945 | -€4,450 | -69.6% |
| Recurring financial charges | 65 | €6,395 | €1,945 | -€4,450 | -69.6% |
| Profit (loss) for the period before taxes | 9903 | €506,846 | €610,488 | +€103,642 | +20.4% |
| Income taxes | 67/77 | €128,081 | €197,067 | +€68,987 | +53.9% |
| Profit (loss) for the period | 9904 | €378,765 | €413,420 | +€34,655 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €378,765 | €413,420 | +€34,655 | +9.1% |
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 20 October 2026 via checked.be.