MARVEL: 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.
MARVEL
Largest movements
- Receivables within one year +€23,890
up €23,890 (+72.3%), from €33,065 to €56,955
of which Other amounts receivable: +€28,141
- Cash -€23,802
down €23,802 (-59.5%), from €39,988 to €16,186
mainly Receivables within one year (-€23,890) and Debts after one year (-€22,835)
- Tangible fixed assets -€18,671
down €18,671 (-6.1%), from €307,827 to €289,156
of which Land and buildings: -€18,386
- Debts after one year -€22,835
down €22,835 (-21.6%), from €105,666 to €82,831
- Gross operating margin +€14,321
up €14,321 (+59.8%), from €23,948 to €38,269
- Financial income +€1,462
up €1,462 (+63,821%), from €2 to €1,464
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 | €418,675 | €396,346 | -€22,329 | -5.3% |
| Fixed assets | 21/28 | €313,902 | €295,232 | -€18,671 | -5.9% |
| Tangible fixed assets | 22/27 | €307,827 | €289,156 | -€18,671 | -6.1% |
| Land and buildings | 22 | €307,542 | €289,156 | -€18,386 | -6.0% |
| Plant, machinery and equipment | 23 | €285 | €0 | -€285 | -100% |
| Financial fixed assets | 28 | €6,076 | €6,076 | = | 0.0% |
| Current assets | 29/58 | €104,773 | €101,115 | -€3,659 | -3.5% |
| Amounts receivable within one year | 40/41 | €33,065 | €56,955 | +€23,890 | +72.3% |
| Trade receivables | 40 | €5,871 | €1,621 | -€4,251 | -72.4% |
| Other amounts receivable | 41 | €27,194 | €55,334 | +€28,141 | +103% |
| Current investments | 50/53 | €24,789 | €24,789 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €39,988 | €16,186 | -€23,802 | -59.5% |
| Deferred charges and accrued income | 490/1 | €6,930 | €3,184 | -€3,746 | -54.1% |
| Total equity and liabilities | 10/49 | €418,675 | €396,346 | -€22,329 | -5.3% |
| Equity | 10/15 | €279,676 | €278,188 | -€1,488 | -0.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €217,676 | €216,188 | -€1,488 | -0.7% |
| Non-distributable reserves | 130/1 | €8,284 | €8,284 | = | 0.0% |
| Legal reserve | 130 | €8,284 | €8,284 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €171,892 | €170,404 | -€1,488 | -0.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €138,999 | €118,158 | -€20,841 | -15.0% |
| Amounts payable after more than one year | 17 | €105,666 | €82,831 | -€22,835 | -21.6% |
| Financial debts | 170/4 | €105,666 | €82,831 | -€22,835 | -21.6% |
| Amounts payable within one year | 42/48 | €32,668 | €34,622 | +€1,954 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €22,477 | €22,835 | +€359 | +1.6% |
| Trade debts | 44 | €7,346 | €11,374 | +€4,027 | +54.8% |
| Suppliers | 440/4 | €7,346 | €11,374 | +€4,027 | +54.8% |
| Taxes, remuneration and social security | 45 | €295 | €413 | +€118 | +39.9% |
| Taxes | 450/3 | €295 | €413 | +€118 | +39.9% |
| Other amounts payable | 47/48 | €2,550 | €0 | -€2,550 | -100% |
| Accrued charges and deferred income | 492/3 | €665 | €705 | +€40 | +6.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,635 | €30,302 | -€333 | -1.1% |
| Other operating charges | 640/8 | €7,693 | €7,986 | +€293 | +3.8% |
| Gross operating margin | 9900 | €23,948 | €38,269 | +€14,321 | +59.8% |
| Operating profit (loss) | 9901 | -€14,380 | -€19 | +€14,362 | +99.9% |
| Financial income | 75/76B | €2 | €1,464 | +€1,462 | +63,821% |
| Recurring financial income | 75 | €2 | €1,464 | +€1,462 | +63,821% |
| Financial charges | 65/66B | €2,399 | €2,414 | +€15 | +0.6% |
| Recurring financial charges | 65 | €2,399 | €2,414 | +€15 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | -€16,777 | -€969 | +€15,808 | +94.2% |
| Income taxes | 67/77 | €295 | €519 | +€224 | +76.0% |
| Profit (loss) for the period | 9904 | -€17,072 | -€1,488 | +€15,584 | +91.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,072 | -€1,488 | +€15,584 | +91.3% |
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 13 October 2026 via checked.be.