MARVINI: 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.
What changed
MARVINI
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€22,142
2024 · €29,609-€7,467
Equity
€2.3m
2024 · €1.1m+€1.2m
Cash
€5,759
2024 · €8,741-€2,983
Balance sheet total
€3.3m
2024 · €2.1m+€1.2m
Largest movements
Assets
- Tangible fixed assets +€1.1m
up €1.1m (+55.5%), from €2.1m to €3.2m
of which Land and buildings: +€1.2m
Equity and liabilities
- Revaluation surpluses +€1.2m
new in 2025: €1.2m
Income statement
- Gross operating margin -€15,641
down €15,641 (-16.0%), from €97,580 to €81,939
- Taxes -€4,679
down €4,679 (-27.1%), from €17,296 to €12,617
- Other operating charges -€4,597
down €4,597 (-32.6%), from €14,096 to €9,498
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.
Result 2024
€29,609
Gross operating margin
-€15,641
Depreciation
-€497
Other operating charges
+€4,597
Financial charges
-€605
Taxes
+€4,679
Result 2025
€22,142
raises the resultlowers the result
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.
From operations
+€23,909
Investment
-€1.2m
Financing
+€1.1m
Cash 2024
€8,741
From operations (derived)
+€23,909
Net result for the year
+€22,142
Depreciation
+€20,217
Receivables within one year
-€7,603
Deferred charges and accrued income
-€107
Trade debts
+€10,387
Tax, wage and social debts
-€3,056
Other debts
-€18,071
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€1.1m
Debts after one year
-€32,472
Current portion of long-term debt
+€5,580
Contributions, distributions and other
+€1.2m
Cash 2025
€5,759
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,101,784 | €3,253,361 | +€1.2m | +54.8% |
| Fixed assets | 21/28 | €2,066,452 | €3,213,303 | +€1.1m | +55.5% |
| Tangible fixed assets | 22/27 | €2,066,452 | €3,213,303 | +€1.1m | +55.5% |
| Land and buildings | 22 | €2,033,054 | €3,190,000 | +€1.2m | +56.9% |
| Plant, machinery and equipment | 23 | €10,115 | €6,379 | -€3,737 | -36.9% |
| Leasing and similar rights | 25 | €23,283 | €16,924 | -€6,359 | -27.3% |
| Current assets | 29/58 | €35,331 | €40,058 | +€4,727 | +13.4% |
| Amounts receivable within one year | 40/41 | €24,500 | €32,103 | +€7,603 | +31.0% |
| Trade receivables | 40 | €24,500 | €32,103 | +€7,603 | +31.0% |
| Cash at bank and in hand | 54/58 | €8,741 | €5,759 | -€2,983 | -34.1% |
| Deferred charges and accrued income | 490/1 | €2,090 | €2,197 | +€107 | +5.1% |
| Total equity and liabilities | 10/49 | €2,101,784 | €3,253,361 | +€1.2m | +54.8% |
| Equity | 10/15 | €1,074,185 | €2,263,395 | +€1.2m | +111% |
| Contributions | 10/11 | €995,000 | €995,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,167,068 | +€1.2m | |
| Reserves | 13 | €79,100 | €101,200 | +€22,100 | +27.9% |
| Distributable reserves | 133 | €79,100 | €101,200 | +€22,100 | +27.9% |
| Profit (loss) carried forward | 14 | €85 | €128 | +€42 | +49.6% |
| Amounts payable | 17/49 | €1,027,598 | €989,966 | -€37,633 | -3.7% |
| Amounts payable after more than one year | 17 | €306,120 | €273,649 | -€32,472 | -10.6% |
| Financial debts | 170/4 | €306,120 | €273,649 | -€32,472 | -10.6% |
| Amounts payable within one year | 42/48 | €721,478 | €716,317 | -€5,161 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €44,388 | €49,968 | +€5,580 | +12.6% |
| Trade debts | 44 | €17,667 | €28,053 | +€10,387 | +58.8% |
| Suppliers | 440/4 | €17,667 | €28,053 | +€10,387 | +58.8% |
| Taxes, remuneration and social security | 45 | €8,772 | €5,716 | -€3,056 | -34.8% |
| Taxes | 450/3 | €8,772 | €5,716 | -€3,056 | -34.8% |
| Other amounts payable | 47/48 | €650,651 | €632,580 | -€18,071 | -2.8% |
| Non-recurring operating income | 76A | €8,806 | - | -€8,806 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,720 | €20,217 | +€497 | +2.5% |
| Other operating charges | 640/8 | €14,096 | €9,498 | -€4,597 | -32.6% |
| Gross operating margin | 9900 | €97,580 | €81,939 | -€15,641 | -16.0% |
| Operating profit (loss) | 9901 | €63,764 | €52,224 | -€11,540 | -18.1% |
| Financial charges | 65/66B | €16,859 | €17,464 | +€605 | +3.6% |
| Recurring financial charges | 65 | €16,859 | €17,464 | +€605 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €46,905 | €34,759 | -€12,145 | -25.9% |
| Income taxes | 67/77 | €17,296 | €12,617 | -€4,679 | -27.1% |
| Profit (loss) for the period | 9904 | €29,609 | €22,142 | -€7,467 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,609 | €22,142 | -€7,467 | -25.2% |
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 14 October 2026 via checked.be.