MARVINIC: 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.
MARVINIC
Largest movements
- Tangible fixed assets -€31,237
down €31,237 (-10.5%), from €298,485 to €267,247
of which Land and buildings: -€25,862
- Cash -€8,844
down €8,844 (-8.0%), from €110,418 to €101,574
mainly Contributions, distributions and other (-€43,000) and Debts after one year (-€24,000)
- Reserves -€30,000
down €30,000 (-11.5%), from €260,827 to €230,827
of which Distributable reserves: -€30,000
- Debts after one year -€24,000
down €24,000 (-32.4%), from €74,000 to €50,000
- Other debts +€12,991
up €12,991 (+36.8%), from €35,278 to €48,269
- Gross operating margin -€24,834
down €24,834 (-25.8%), from €96,399 to €71,565
- Other operating charges -€16,997
down €16,997 (-55.9%), from €30,391 to €13,394
- Depreciation +€6,969
up €6,969 (+22.9%), from €30,423 to €37,392
- Taxes -€3,890
down €3,890 (-41.4%), from €9,406 to €5,516
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 | €427,476 | €388,575 | -€38,901 | -9.1% |
| Fixed assets | 21/28 | €298,485 | €267,247 | -€31,237 | -10.5% |
| Tangible fixed assets | 22/27 | €298,485 | €267,247 | -€31,237 | -10.5% |
| Land and buildings | 22 | €273,245 | €247,383 | -€25,862 | -9.5% |
| Plant, machinery and equipment | 23 | - | €467 | +€467 | |
| Furniture and vehicles | 24 | €25,239 | €19,397 | -€5,842 | -23.1% |
| Current assets | 29/58 | €128,991 | €121,328 | -€7,664 | -5.9% |
| Amounts receivable within one year | 40/41 | €12,908 | €15,078 | +€2,170 | +16.8% |
| Trade receivables | 40 | €2,033 | €0 | -€2,033 | -100.0% |
| Other amounts receivable | 41 | €10,875 | €15,078 | +€4,203 | +38.6% |
| Cash at bank and in hand | 54/58 | €110,418 | €101,574 | -€8,844 | -8.0% |
| Deferred charges and accrued income | 490/1 | €5,665 | €4,675 | -€990 | -17.5% |
| Total equity and liabilities | 10/49 | €427,476 | €388,575 | -€38,901 | -9.1% |
| Equity | 10/15 | €291,611 | €262,368 | -€29,243 | -10.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €260,827 | €230,827 | -€30,000 | -11.5% |
| Tax-exempt reserves | 132 | €82,553 | €82,553 | = | 0.0% |
| Distributable reserves | 133 | €178,275 | €148,275 | -€30,000 | -16.8% |
| Profit (loss) carried forward | 14 | €784 | €1,540 | +€757 | +96.6% |
| Amounts payable | 17/49 | €135,865 | €126,207 | -€9,658 | -7.1% |
| Amounts payable after more than one year | 17 | €74,000 | €50,000 | -€24,000 | -32.4% |
| Financial debts | 170/4 | €74,000 | €50,000 | -€24,000 | -32.4% |
| Amounts payable within one year | 42/48 | €61,800 | €76,140 | +€14,341 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €24,000 | €24,000 | = | 0.0% |
| Trade debts | 44 | €423 | €1,843 | +€1,420 | +336.0% |
| Suppliers | 440/4 | €423 | €1,843 | +€1,420 | +336.0% |
| Taxes, remuneration and social security | 45 | €2,099 | €2,028 | -€71 | -3.4% |
| Taxes | 450/3 | €2,099 | €2,028 | -€71 | -3.4% |
| Other amounts payable | 47/48 | €35,278 | €48,269 | +€12,991 | +36.8% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,423 | €37,392 | +€6,969 | +22.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€218 | €0 | +€218 | |
| Other operating charges | 640/8 | €30,391 | €13,394 | -€16,997 | -55.9% |
| Gross operating margin | 9900 | €96,399 | €71,565 | -€24,834 | -25.8% |
| Operating profit (loss) | 9901 | €35,804 | €20,780 | -€15,024 | -42.0% |
| Financial income | 75/76B | €70 | €0 | -€70 | -100.0% |
| Recurring financial income | 75 | €70 | €0 | -€70 | -100.0% |
| Financial charges | 65/66B | €1,841 | €1,507 | -€334 | -18.1% |
| Recurring financial charges | 65 | €1,841 | €1,507 | -€334 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €34,033 | €19,273 | -€14,760 | -43.4% |
| Income taxes | 67/77 | €9,406 | €5,516 | -€3,890 | -41.4% |
| Profit (loss) for the period | 9904 | €24,627 | €13,757 | -€10,870 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,627 | €13,757 | -€10,870 | -44.1% |
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 3 October 2026 via checked.be.