MARVELS: 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.
MARVELS
Largest movements
- Receivables within one year -€52,059
down €52,059 (-69.3%), from €75,139 to €23,080
of which Trade receivables: -€49,800
- Cash +€25,883
up €25,883 (+92.2%), from €28,075 to €53,958
mainly Receivables within one year (+€52,059) and Depreciation (+€17,383)
- Tangible fixed assets -€17,383
down €17,383 (-11.4%), from €152,027 to €134,644
of which Furniture and vehicles: -€10,595
- Profit (loss) carried forward -€28,749
down €28,749, from €15,514 to -€13,235
- Reserves -€9,013
down €9,013 (-35.7%), from €25,230 to €16,217
of which Distributable reserves: -€9,013
- Debts after one year -€2,968
down €2,968 (-1.9%), from €152,886 to €149,918
- Gross operating margin -€41,737
down €41,737, from €37,372 to -€4,364
- Taxes -€3,470
down €3,470 (-94.8%), from €3,661 to €190
- Other operating charges +€584
up €584 (+46.5%), from €1,257 to €1,841
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 | €255,240 | €211,682 | -€43,558 | -17.1% |
| Fixed assets | 21/28 | €152,027 | €134,644 | -€17,383 | -11.4% |
| Tangible fixed assets | 22/27 | €152,027 | €134,644 | -€17,383 | -11.4% |
| Plant, machinery and equipment | 23 | €1,781 | €903 | -€877 | -49.3% |
| Furniture and vehicles | 24 | €34,911 | €24,316 | -€10,595 | -30.3% |
| Leasing and similar rights | 25 | €115,143 | €109,410 | -€5,733 | -5.0% |
| Other tangible fixed assets | 26 | €192 | €15 | -€177 | -92.3% |
| Current assets | 29/58 | €103,214 | €77,038 | -€26,176 | -25.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €75,139 | €23,080 | -€52,059 | -69.3% |
| Trade receivables | 40 | €49,800 | €0 | -€49,800 | -100.0% |
| Other amounts receivable | 41 | €25,339 | €23,080 | -€2,259 | -8.9% |
| Cash at bank and in hand | 54/58 | €28,075 | €53,958 | +€25,883 | +92.2% |
| Total equity and liabilities | 10/49 | €255,240 | €211,682 | -€43,558 | -17.1% |
| Equity | 10/15 | €48,244 | €10,482 | -€37,762 | -78.3% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €25,230 | €16,217 | -€9,013 | -35.7% |
| Tax-exempt reserves | 132 | €9,288 | €9,288 | = | 0.0% |
| Distributable reserves | 133 | €15,942 | €6,929 | -€9,013 | -56.5% |
| Profit (loss) carried forward | 14 | €15,514 | -€13,235 | -€28,749 | |
| Amounts payable | 17/49 | €206,997 | €201,200 | -€5,797 | -2.8% |
| Amounts payable after more than one year | 17 | €152,886 | €149,918 | -€2,968 | -1.9% |
| Financial debts | 170/4 | €152,886 | €149,918 | -€2,968 | -1.9% |
| Amounts payable within one year | 42/48 | €54,111 | €51,282 | -€2,829 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €2,713 | €2,968 | +€255 | +9.4% |
| Trade debts | 44 | €344 | €304 | -€40 | -11.6% |
| Suppliers | 440/4 | €344 | €304 | -€40 | -11.6% |
| Taxes, remuneration and social security | 45 | €1,385 | €190 | -€1,195 | -86.3% |
| Taxes | 450/3 | €1,385 | €190 | -€1,195 | -86.3% |
| Other amounts payable | 47/48 | €49,668 | €47,820 | -€1,849 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,712 | €17,383 | -€330 | -1.9% |
| Other operating charges | 640/8 | €1,257 | €1,841 | +€584 | +46.5% |
| Gross operating margin | 9900 | €37,372 | -€4,364 | -€41,737 | |
| Operating profit (loss) | 9901 | €18,403 | -€23,588 | -€41,991 | |
| Financial charges | 65/66B | €14,173 | €13,984 | -€189 | -1.3% |
| Recurring financial charges | 65 | €14,173 | €13,984 | -€189 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €4,231 | -€37,572 | -€41,802 | |
| Income taxes | 67/77 | €3,661 | €190 | -€3,470 | -94.8% |
| Profit (loss) for the period | 9904 | €570 | -€37,762 | -€38,332 | |
| Profit (loss) for the period to be appropriated | 9905 | €570 | -€37,762 | -€38,332 |
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 5 October 2026 via checked.be.