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
- Cash +€568
up €568 (+3758.4%), from €15 to €583
mainly Net result for the year (+€936) and Stocks and contracts (+€477)
- Stocks and contracts -€477
down €477 (-5.0%), from €9,464 to €8,987
- Receivables within one year -€375
down €375 (-42.6%), from €880 to €505
of which Other amounts receivable: -€661
- Profit (loss) carried forward +€936
up €936 (+4.9%), from -€19,177 to -€18,241
- Trade debts -€466
down €466 (-50.6%), from €920 to €454
- Tax, wage and social debts -€400
down €400 (-42.3%), from €945 to €545
- Debts after one year -€345
down €345 (-1.7%), from €19,798 to €19,453
- Gross operating margin +€206
up €206 (+15.0%), from €1,376 to €1,582
- Financial charges +€44
up €44 (+33.5%), from €132 to €176
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 | €10,547 | €10,271 | -€275 | -2.6% |
| Fixed assets | 21/28 | €179 | €108 | -€70 | -39.4% |
| Tangible fixed assets | 22/27 | €179 | €108 | -€70 | -39.4% |
| Plant, machinery and equipment | 23 | €179 | €108 | -€70 | -39.4% |
| Current assets | 29/58 | €10,368 | €10,163 | -€205 | -2.0% |
| Stocks and contracts in progress | 3 | €9,464 | €8,987 | -€477 | -5.0% |
| Stocks | 30/36 | €9,464 | €8,987 | -€477 | -5.0% |
| Amounts receivable within one year | 40/41 | €880 | €505 | -€375 | -42.6% |
| Trade receivables | 40 | €122 | €408 | +€286 | +234.8% |
| Other amounts receivable | 41 | €758 | €97 | -€661 | -87.3% |
| Cash at bank and in hand | 54/58 | €15 | €583 | +€568 | +3758.4% |
| Deferred charges and accrued income | 490/1 | €9 | €88 | +€79 | +860.1% |
| Total equity and liabilities | 10/49 | €10,547 | €10,271 | -€275 | -2.6% |
| Equity | 10/15 | -€11,117 | -€10,181 | +€936 | +8.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,177 | -€18,241 | +€936 | +4.9% |
| Amounts payable | 17/49 | €21,663 | €20,452 | -€1,211 | -5.6% |
| Amounts payable after more than one year | 17 | €19,798 | €19,453 | -€345 | -1.7% |
| Financial debts | 170/4 | €19,798 | €19,453 | -€345 | -1.7% |
| Amounts payable within one year | 42/48 | €1,865 | €999 | -€866 | -46.4% |
| Trade debts | 44 | €920 | €454 | -€466 | -50.6% |
| Suppliers | 440/4 | €920 | €454 | -€466 | -50.6% |
| Taxes, remuneration and social security | 45 | €945 | €545 | -€400 | -42.3% |
| Taxes | 450/3 | €945 | €545 | -€400 | -42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70 | €70 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €1,376 | €1,582 | +€206 | +15.0% |
| Operating profit (loss) | 9901 | €918 | €1,112 | +€194 | +21.1% |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.7% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.7% |
| Financial charges | 65/66B | €132 | €176 | +€44 | +33.5% |
| Recurring financial charges | 65 | €132 | €176 | +€44 | +33.5% |
| Profit (loss) for the period before taxes | 9903 | €789 | €936 | +€146 | +18.5% |
| Profit (loss) for the period | 9904 | €789 | €936 | +€146 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €789 | €936 | +€146 | +18.5% |
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 5 October 2026 via checked.be.