MARVOL: 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.
MARVOL
Largest movements
- Cash +€36,322
up €36,322 (+40.7%), from €89,342 to €125,664
mainly Other debts (+€143,000) and Depreciation (+€38,783)
- Tangible fixed assets -€34,541
down €34,541 (-18.8%), from €184,009 to €149,468
of which Furniture and vehicles: -€24,268
- Receivables within one year +€19,086
up €19,086 (+62.2%), from €30,671 to €49,757
of which Other amounts receivable: +€12,167
- Stocks and contracts -€4,526
down €4,526 (-21.0%), from €21,526 to €17,000
- Other debts +€143,000
new in 2025: €143,000
- Reserves -€122,000
down €122,000 (-44.8%), from €272,610 to €150,610
of which Distributable reserves: -€122,000
- Debts after one year -€7,704
down €7,704 (-53.6%), from €14,377 to €6,672
- Tax, wage and social debts +€5,506
up €5,506 (+172%), from €3,206 to €8,712
of which Taxes: +€2,876
- Financial charges +€17,231
up €17,231 (+304%), from €5,670 to €22,902
of which Non-recurring financial charges: +€14,282
- Financial income +€6,120
up €6,120 (+369%), from €1,658 to €7,778
- Depreciation +€3,715
up €3,715 (+10.6%), from €35,068 to €38,783
- Taxes +€3,160
up €3,160 (+17.6%), from €18,000 to €21,160
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €340,549 | €356,889 | +€16,341 | +4.8% |
| Fixed assets | 21/28 | €184,009 | €149,468 | -€34,541 | -18.8% |
| Tangible fixed assets | 22/27 | €184,009 | €149,468 | -€34,541 | -18.8% |
| Plant, machinery and equipment | 23 | €102,150 | €91,876 | -€10,273 | -10.1% |
| Furniture and vehicles | 24 | €81,860 | €57,592 | -€24,268 | -29.6% |
| Current assets | 29/58 | €156,539 | €207,421 | +€50,882 | +32.5% |
| Amounts receivable after more than one year | 29 | €15,000 | €15,000 | = | 0.0% |
| Other amounts receivable | 291 | €15,000 | €15,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €21,526 | €17,000 | -€4,526 | -21.0% |
| Stocks | 30/36 | €21,526 | €17,000 | -€4,526 | -21.0% |
| Amounts receivable within one year | 40/41 | €30,671 | €49,757 | +€19,086 | +62.2% |
| Trade receivables | 40 | €16,399 | €23,318 | +€6,919 | +42.2% |
| Other amounts receivable | 41 | €14,272 | €26,439 | +€12,167 | +85.3% |
| Cash at bank and in hand | 54/58 | €89,342 | €125,664 | +€36,322 | +40.7% |
| Total equity and liabilities | 10/49 | €340,549 | €356,889 | +€16,341 | +4.8% |
| Equity | 10/15 | €311,419 | €189,444 | -€121,975 | -39.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €272,610 | €150,610 | -€122,000 | -44.8% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €253,860 | €131,860 | -€122,000 | -48.1% |
| Profit (loss) carried forward | 14 | €26,409 | €26,434 | +€25 | +0.1% |
| Amounts payable | 17/49 | €29,130 | €167,446 | +€138,316 | +475% |
| Amounts payable after more than one year | 17 | €14,377 | €6,672 | -€7,704 | -53.6% |
| Financial debts | 170/4 | €14,377 | €6,672 | -€7,704 | -53.6% |
| Amounts payable within one year | 42/48 | €14,753 | €160,773 | +€146,020 | +990% |
| Current portion of amounts payable after more than one year | 42 | €7,387 | €7,703 | +€316 | +4.3% |
| Trade debts | 44 | €4,160 | €1,358 | -€2,803 | -67.4% |
| Suppliers | 440/4 | €4,160 | €1,358 | -€2,803 | -67.4% |
| Taxes, remuneration and social security | 45 | €3,206 | €8,712 | +€5,506 | +172% |
| Taxes | 450/3 | €3,206 | €6,082 | +€2,876 | +89.7% |
| Remuneration and social security | 454/9 | - | €2,630 | +€2,630 | |
| Other amounts payable | 47/48 | - | €143,000 | +€143,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,068 | €38,783 | +€3,715 | +10.6% |
| Other operating charges | 640/8 | €1,987 | €2,171 | +€184 | +9.3% |
| Gross operating margin | 9900 | €99,201 | €98,262 | -€939 | -0.9% |
| Operating profit (loss) | 9901 | €62,146 | €57,308 | -€4,838 | -7.8% |
| Financial income | 75/76B | €1,658 | €7,778 | +€6,120 | +369% |
| Recurring financial income | 75 | €1,658 | €7,778 | +€6,120 | +369% |
| Financial charges | 65/66B | €5,670 | €22,902 | +€17,231 | +304% |
| Recurring financial charges | 65 | €5,670 | €8,620 | +€2,949 | +52.0% |
| Non-recurring financial charges | 66B | - | €14,282 | +€14,282 | |
| Profit (loss) for the period before taxes | 9903 | €58,134 | €42,184 | -€15,949 | -27.4% |
| Income taxes | 67/77 | €18,000 | €21,160 | +€3,160 | +17.6% |
| Profit (loss) for the period | 9904 | €40,134 | €21,025 | -€19,109 | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €40,134 | €21,025 | -€19,109 | -47.6% |
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 23 October 2026 via checked.be.