MARVER: 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.
MARVER
Largest movements
- Receivables within one year +€13,838
up €13,838 (+154%), from €9,001 to €22,839
of which Trade receivables: +€13,124
- Cash +€1,371
up €1,371 (+4.3%), from €31,737 to €33,109
mainly Net result for the year (+€16,826) and Depreciation (+€1,468)
- Reserves +€16,826
up €16,826 (+27.7%), from €60,731 to €77,557
- Other debts -€1,238
down €1,238 (-100%), from €1,238 to €0
- Gross operating margin +€9,440
up €9,440 (+57.1%), from €16,527 to €25,967
- Taxes +€2,598
up €2,598 (+50.1%), from €5,182 to €7,780
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 | €91,802 | €107,032 | +€15,230 | +16.6% |
| Fixed assets | 21/28 | €5,246 | €4,620 | -€626 | -11.9% |
| Tangible fixed assets | 22/27 | €5,171 | €4,545 | -€626 | -12.1% |
| Plant, machinery and equipment | 23 | - | €726 | +€726 | |
| Furniture and vehicles | 24 | €5,171 | €3,819 | -€1,352 | -26.2% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €86,556 | €102,413 | +€15,857 | +18.3% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Trade receivables | 290 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,001 | €22,839 | +€13,838 | +154% |
| Trade receivables | 40 | €7,181 | €20,306 | +€13,124 | +183% |
| Other amounts receivable | 41 | €1,820 | €2,534 | +€714 | +39.2% |
| Current investments | 50/53 | €35,019 | €35,746 | +€727 | +2.1% |
| Cash at bank and in hand | 54/58 | €31,737 | €33,109 | +€1,371 | +4.3% |
| Deferred charges and accrued income | 490/1 | €798 | €719 | -€80 | -10.0% |
| Total equity and liabilities | 10/49 | €91,802 | €107,032 | +€15,230 | +16.6% |
| Equity | 10/15 | €79,331 | €96,157 | +€16,826 | +21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,731 | €77,557 | +€16,826 | +27.7% |
| Distributable reserves | 133 | €60,731 | €77,557 | +€16,826 | +27.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €12,471 | €10,875 | -€1,596 | -12.8% |
| Amounts payable within one year | 42/48 | €12,471 | €10,875 | -€1,596 | -12.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €847 | €1,333 | +€486 | +57.5% |
| Suppliers | 440/4 | €847 | €1,333 | +€486 | +57.5% |
| Taxes, remuneration and social security | 45 | €10,386 | €9,542 | -€844 | -8.1% |
| Taxes | 450/3 | €10,386 | €9,542 | -€844 | -8.1% |
| Other amounts payable | 47/48 | €1,238 | €0 | -€1,238 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,409 | €1,468 | +€58 | +4.1% |
| Other operating charges | 640/8 | €655 | €651 | -€3 | -0.5% |
| Gross operating margin | 9900 | €16,527 | €25,967 | +€9,440 | +57.1% |
| Operating profit (loss) | 9901 | €14,463 | €23,848 | +€9,385 | +64.9% |
| Financial income | 75/76B | €825 | €900 | +€75 | +9.1% |
| Recurring financial income | 75 | €825 | €900 | +€75 | +9.1% |
| Financial charges | 65/66B | €202 | €142 | -€60 | -29.6% |
| Recurring financial charges | 65 | €202 | €142 | -€60 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €15,086 | €24,606 | +€9,520 | +63.1% |
| Income taxes | 67/77 | €5,182 | €7,780 | +€2,598 | +50.1% |
| Profit (loss) for the period | 9904 | €9,904 | €16,826 | +€6,922 | +69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,904 | €16,826 | +€6,922 | +69.9% |
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 16 October 2026 via checked.be.