MARVIN: 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.
MARVIN
Largest movements
- Receivables after one year -€92,371
no longer reported in 2025 (was €92,371)
- Receivables within one year -€68,419
down €68,419 (-41.6%), from €164,311 to €95,892
of which Trade receivables: -€56,978
- Cash +€27,676
up €27,676 (+80.1%), from €34,557 to €62,233
mainly Net result for the year (+€195,488) and Receivables after one year (+€92,371)
- Deferred charges and accrued income -€3,523
down €3,523 (-24.2%), from €14,580 to €11,057
- Tangible fixed assets -€3,347
down €3,347 (-59.7%), from €5,610 to €2,263
- Other debts -€170,500
no longer reported in 2025 (was €170,500)
- Profit (loss) carried forward +€53,488
up €53,488 (+188.4%), from €28,388 to €81,875
- Tax, wage and social debts -€22,008
down €22,008 (-58.6%), from €37,534 to €15,526
of which Taxes: -€21,928
- Trade debts -€4,916
down €4,916 (-7.0%), from €69,734 to €64,818
- Gross operating margin -€140,201
down €140,201 (-34.9%), from €401,817 to €261,615
- Taxes -€35,943
down €35,943 (-37.4%), from €96,212 to €60,269
- Financial income -€5,213
down €5,213 (-51.9%), from €10,047 to €4,835
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 | €311,429 | €171,445 | -€139,984 | -44.9% |
| Fixed assets | 21/28 | €5,610 | €2,263 | -€3,347 | -59.7% |
| Tangible fixed assets | 22/27 | €5,610 | €2,263 | -€3,347 | -59.7% |
| Plant, machinery and equipment | 23 | €5,610 | €2,263 | -€3,347 | -59.7% |
| Current assets | 29/58 | €305,819 | €169,182 | -€136,637 | -44.7% |
| Amounts receivable after more than one year | 29 | €92,371 | - | -€92,371 | |
| Other amounts receivable | 291 | €92,371 | - | -€92,371 | |
| Amounts receivable within one year | 40/41 | €164,311 | €95,892 | -€68,419 | -41.6% |
| Trade receivables | 40 | €128,002 | €71,024 | -€56,978 | -44.5% |
| Other amounts receivable | 41 | €36,310 | €24,868 | -€11,441 | -31.5% |
| Cash at bank and in hand | 54/58 | €34,557 | €62,233 | +€27,676 | +80.1% |
| Deferred charges and accrued income | 490/1 | €14,580 | €11,057 | -€3,523 | -24.2% |
| Total equity and liabilities | 10/49 | €311,429 | €171,445 | -€139,984 | -44.9% |
| Equity | 10/15 | €29,388 | €82,875 | +€53,488 | +182.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,388 | €81,875 | +€53,488 | +188.4% |
| Amounts payable | 17/49 | €282,041 | €88,569 | -€193,472 | -68.6% |
| Amounts payable after more than one year | 17 | €4,273 | €6,285 | +€2,013 | +47.1% |
| Other amounts payable | 178/9 | €4,273 | €6,285 | +€2,013 | +47.1% |
| Amounts payable within one year | 42/48 | €277,769 | €80,345 | -€197,424 | -71.1% |
| Trade debts | 44 | €69,734 | €64,818 | -€4,916 | -7.0% |
| Suppliers | 440/4 | €69,734 | €64,818 | -€4,916 | -7.0% |
| Taxes, remuneration and social security | 45 | €37,534 | €15,526 | -€22,008 | -58.6% |
| Taxes | 450/3 | €34,734 | €12,806 | -€21,928 | -63.1% |
| Remuneration and social security | 454/9 | €2,800 | €2,720 | -€80 | -2.9% |
| Other amounts payable | 47/48 | €170,500 | - | -€170,500 | |
| Accrued charges and deferred income | 492/3 | - | €1,939 | +€1,939 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,861 | €3,803 | -€58 | -1.5% |
| Other operating charges | 640/8 | €2,277 | €1,889 | -€389 | -17.1% |
| Gross operating margin | 9900 | €401,817 | €261,615 | -€140,201 | -34.9% |
| Operating profit (loss) | 9901 | €395,679 | €255,924 | -€139,755 | -35.3% |
| Financial income | 75/76B | €10,047 | €4,835 | -€5,213 | -51.9% |
| Recurring financial income | 75 | €10,047 | €4,835 | -€5,213 | -51.9% |
| Financial charges | 65/66B | €4,067 | €5,002 | +€935 | +23.0% |
| Recurring financial charges | 65 | €4,067 | €5,002 | +€935 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €401,659 | €255,756 | -€145,903 | -36.3% |
| Income taxes | 67/77 | €96,212 | €60,269 | -€35,943 | -37.4% |
| Profit (loss) for the period | 9904 | €305,448 | €195,488 | -€109,960 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €305,448 | €195,488 | -€109,960 | -36.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.