Marvo: 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.
Marvo
Largest movements
- Cash +€18,246
up €18,246 (+39.7%), from €45,909 to €64,155
mainly Depreciation (+€31,647) and Net result for the year (+€23,875)
- Tangible fixed assets -€14,281
down €14,281 (-3.0%), from €470,280 to €455,999
of which Leasing and similar rights: -€17,562
- Receivables within one year -€10,558
down €10,558 (-27.4%), from €38,591 to €28,033
- Debts after one year -€36,529
down €36,529 (-8.7%), from €418,838 to €382,310
- Reserves +€23,875
up €23,875 (+36.4%), from €65,551 to €89,427
- Staff costs +€1,957
new in 2025: €1,957
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 | €556,860 | €548,438 | -€8,422 | -1.5% |
| Fixed assets | 21/28 | €470,530 | €456,249 | -€14,281 | -3.0% |
| Tangible fixed assets | 22/27 | €470,280 | €455,999 | -€14,281 | -3.0% |
| Land and buildings | 22 | €2,994 | €2,768 | -€225 | -7.5% |
| Furniture and vehicles | 24 | €45,815 | €32,839 | -€12,975 | -28.3% |
| Leasing and similar rights | 25 | €415,616 | €398,054 | -€17,562 | -4.2% |
| Other tangible fixed assets | 26 | €5,856 | €22,338 | +€16,482 | +281.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €86,330 | €92,189 | +€5,859 | +6.8% |
| Amounts receivable within one year | 40/41 | €38,591 | €28,033 | -€10,558 | -27.4% |
| Trade receivables | 40 | €38,591 | €28,033 | -€10,558 | -27.4% |
| Cash at bank and in hand | 54/58 | €45,909 | €64,155 | +€18,246 | +39.7% |
| Deferred charges and accrued income | 490/1 | €1,829 | €0 | -€1,829 | -100.0% |
| Total equity and liabilities | 10/49 | €556,860 | €548,438 | -€8,422 | -1.5% |
| Equity | 10/15 | €80,551 | €104,427 | +€23,875 | +29.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €65,551 | €89,427 | +€23,875 | +36.4% |
| Distributable reserves | 133 | €65,551 | €89,427 | +€23,875 | +36.4% |
| Amounts payable | 17/49 | €476,309 | €444,011 | -€32,297 | -6.8% |
| Amounts payable after more than one year | 17 | €418,838 | €382,310 | -€36,529 | -8.7% |
| Financial debts | 170/4 | €418,838 | €382,310 | -€36,529 | -8.7% |
| Amounts payable within one year | 42/48 | €57,470 | €61,702 | +€4,231 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €38,084 | €38,541 | +€458 | +1.2% |
| Trade debts | 44 | €1,669 | €27 | -€1,642 | -98.4% |
| Suppliers | 440/4 | €1,669 | €27 | -€1,642 | -98.4% |
| Taxes, remuneration and social security | 45 | €17,718 | €20,793 | +€3,076 | +17.4% |
| Taxes | 450/3 | €17,718 | €20,793 | +€3,076 | +17.4% |
| Other amounts payable | 47/48 | - | €2,340 | +€2,340 | |
| Remuneration, social security and pensions | 62 | - | €1,957 | +€1,957 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,914 | €31,647 | +€733 | +2.4% |
| Other operating charges | 640/8 | €1,828 | €2,467 | +€639 | +34.9% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €90,256 | €90,925 | +€668 | +0.7% |
| Operating profit (loss) | 9901 | €57,514 | €54,853 | -€2,661 | -4.6% |
| Financial charges | 65/66B | €16,807 | €15,920 | -€887 | -5.3% |
| Recurring financial charges | 65 | €16,807 | €15,920 | -€887 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €40,707 | €38,933 | -€1,774 | -4.4% |
| Income taxes | 67/77 | €14,654 | €15,058 | +€404 | +2.8% |
| Profit (loss) for the period | 9904 | €26,052 | €23,875 | -€2,177 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,052 | €23,875 | -€2,177 | -8.4% |
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 8 October 2026 via checked.be.