MARVEN: 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.
MARVEN
Largest movements
- Receivables within one year -€69,651
down €69,651 (-94.1%), from €74,056 to €4,405
of which Trade receivables: -€73,098
- Tangible fixed assets -€64,151
down €64,151 (-7.4%), from €862,130 to €797,978
of which Land and buildings: -€79,794
- Cash -€13,859
down €13,859 (-72.7%), from €19,065 to €5,206
mainly Contributions, distributions and other (-€100,000) and Debts after one year (-€88,095)
- Contributions -€100,000
down €100,000 (-50.0%), from €200,000 to €100,000
- Debts after one year -€88,095
down €88,095 (-15.8%), from €557,589 to €469,494
- Other debts +€66,335
up €66,335 (+189%), from €35,012 to €101,347
- Profit (loss) carried forward -€40,389
down €40,389, from €0 to -€40,389
- Trade debts +€19,828
up €19,828 (+271%), from €7,329 to €27,157
- Gross operating margin -€55,869
down €55,869 (-37.3%), from €149,724 to €93,855
- Depreciation -€7,874
down €7,874 (-6.2%), from €126,433 to €118,559
- Financial charges -€2,326
down €2,326 (-15.0%), from €15,498 to €13,172
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 | €955,952 | €808,800 | -€147,152 | -15.4% |
| Fixed assets | 21/28 | €862,130 | €797,978 | -€64,151 | -7.4% |
| Tangible fixed assets | 22/27 | €862,130 | €797,978 | -€64,151 | -7.4% |
| Land and buildings | 22 | €651,742 | €571,948 | -€79,794 | -12.2% |
| Plant, machinery and equipment | 23 | €53,888 | €80,008 | +€26,120 | +48.5% |
| Furniture and vehicles | 24 | €17,610 | €21,022 | +€3,412 | +19.4% |
| Leasing and similar rights | 25 | €138,889 | €125,000 | -€13,889 | -10.0% |
| Current assets | 29/58 | €93,823 | €10,822 | -€83,001 | -88.5% |
| Amounts receivable within one year | 40/41 | €74,056 | €4,405 | -€69,651 | -94.1% |
| Trade receivables | 40 | €73,098 | €0 | -€73,098 | -100% |
| Other amounts receivable | 41 | €958 | €4,405 | +€3,447 | +360% |
| Cash at bank and in hand | 54/58 | €19,065 | €5,206 | -€13,859 | -72.7% |
| Deferred charges and accrued income | 490/1 | €701 | €1,211 | +€510 | +72.7% |
| Total equity and liabilities | 10/49 | €955,952 | €808,800 | -€147,152 | -15.4% |
| Equity | 10/15 | €263,519 | €119,627 | -€143,893 | -54.6% |
| Contributions | 10/11 | €200,000 | €100,000 | -€100,000 | -50.0% |
| Reserves | 13 | €63,519 | €60,016 | -€3,504 | -5.5% |
| Tax-exempt reserves | 132 | €35,036 | €31,533 | -€3,504 | -10.0% |
| Distributable reserves | 133 | €28,483 | €28,483 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€40,389 | -€40,389 | |
| Amounts payable | 17/49 | €692,433 | €689,173 | -€3,259 | -0.5% |
| Amounts payable after more than one year | 17 | €557,589 | €469,494 | -€88,095 | -15.8% |
| Financial debts | 170/4 | €557,589 | €469,494 | -€88,095 | -15.8% |
| Amounts payable within one year | 42/48 | €134,472 | €219,133 | +€84,661 | +63.0% |
| Current portion of amounts payable after more than one year | 42 | €84,816 | €88,095 | +€3,279 | +3.9% |
| Financial debts | 43 | €136 | €120 | -€16 | -11.8% |
| Credit institutions | 430/8 | €0 | €7 | +€7 | |
| Other loans | 439 | €136 | €112 | -€23 | -17.1% |
| Trade debts | 44 | €7,329 | €27,157 | +€19,828 | +271% |
| Suppliers | 440/4 | €7,329 | €27,157 | +€19,828 | +271% |
| Taxes, remuneration and social security | 45 | €7,179 | €2,414 | -€4,765 | -66.4% |
| Taxes | 450/3 | €5,929 | €1,164 | -€4,765 | -80.4% |
| Remuneration and social security | 454/9 | €1,250 | €1,250 | = | 0.0% |
| Other amounts payable | 47/48 | €35,012 | €101,347 | +€66,335 | +189% |
| Accrued charges and deferred income | 492/3 | €371 | €546 | +€175 | +47.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,433 | €118,559 | -€7,874 | -6.2% |
| Other operating charges | 640/8 | €6,345 | €6,099 | -€245 | -3.9% |
| Gross operating margin | 9900 | €149,724 | €93,855 | -€55,869 | -37.3% |
| Operating profit (loss) | 9901 | €16,946 | -€30,804 | -€47,750 | |
| Financial income | 75/76B | €102 | €118 | +€16 | +16.1% |
| Recurring financial income | 75 | €102 | €118 | +€16 | +16.1% |
| Financial charges | 65/66B | €15,498 | €13,172 | -€2,326 | -15.0% |
| Recurring financial charges | 65 | €15,498 | €13,172 | -€2,326 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €1,550 | -€43,858 | -€45,408 | |
| Income taxes | 67/77 | €949 | €35 | -€914 | -96.3% |
| Profit (loss) for the period | 9904 | €601 | -€43,893 | -€44,494 | |
| Transfer from tax-exempt reserves | 789 | €3,504 | €3,504 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,105 | -€40,389 | -€44,494 |
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 26 October 2026 via checked.be.