MARVOS: 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.
MARVOS
Largest movements
- Tangible fixed assets -€14,229
down €14,229 (-4.5%), from €316,354 to €302,124
of which Land and buildings: -€14,986
- Cash -€8,316
down €8,316 (-80.4%), from €10,341 to €2,026
mainly Debts after one year (-€18,812) and Net result for the year (-€15,648)
- Receivables within one year -€8,303
down €8,303 (-11.3%), from €73,586 to €65,283
of which Trade receivables: -€10,397
- Debts after one year -€18,812
down €18,812 (-7.7%), from €244,665 to €225,853
- Profit (loss) carried forward -€15,648
down €15,648 (-461%), from -€3,397 to -€19,045
- Other debts +€4,804
up €4,804 (+6.9%), from €69,471 to €74,275
- Financial charges -€28,705
down €28,705 (-69.0%), from €41,627 to €12,921
- Gross operating margin -€16,762
down €16,762 (-54.4%), from €30,825 to €14,063
- Depreciation +€6,063
up €6,063 (+67.1%), from €9,033 to €15,096
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 | €400,281 | €369,433 | -€30,848 | -7.7% |
| Fixed assets | 21/28 | €316,354 | €302,124 | -€14,229 | -4.5% |
| Tangible fixed assets | 22/27 | €316,354 | €302,124 | -€14,229 | -4.5% |
| Land and buildings | 22 | €316,354 | €301,368 | -€14,986 | -4.7% |
| Furniture and vehicles | 24 | - | €756 | +€756 | |
| Current assets | 29/58 | €83,927 | €67,309 | -€16,619 | -19.8% |
| Amounts receivable within one year | 40/41 | €73,586 | €65,283 | -€8,303 | -11.3% |
| Trade receivables | 40 | €71,313 | €60,916 | -€10,397 | -14.6% |
| Other amounts receivable | 41 | €2,273 | €4,367 | +€2,094 | +92.1% |
| Cash at bank and in hand | 54/58 | €10,341 | €2,026 | -€8,316 | -80.4% |
| Total equity and liabilities | 10/49 | €400,281 | €369,433 | -€30,848 | -7.7% |
| Equity | 10/15 | €64,063 | €48,415 | -€15,648 | -24.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €47,000 | €47,000 | = | 0.0% |
| Distributable reserves | 133 | €47,000 | €47,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,397 | -€19,045 | -€15,648 | -461% |
| Amounts payable | 17/49 | €336,218 | €321,018 | -€15,200 | -4.5% |
| Amounts payable after more than one year | 17 | €244,665 | €225,853 | -€18,812 | -7.7% |
| Financial debts | 170/4 | €244,665 | €225,853 | -€18,812 | -7.7% |
| Amounts payable within one year | 42/48 | €91,553 | €95,166 | +€3,613 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €18,001 | €18,812 | +€812 | +4.5% |
| Trade debts | 44 | €956 | €2,078 | +€1,122 | +117% |
| Suppliers | 440/4 | €956 | €2,078 | +€1,122 | +117% |
| Taxes, remuneration and social security | 45 | €3,125 | - | -€3,125 | |
| Taxes | 450/3 | €3,125 | - | -€3,125 | |
| Other amounts payable | 47/48 | €69,471 | €74,275 | +€4,804 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,033 | €15,096 | +€6,063 | +67.1% |
| Other operating charges | 640/8 | €1,205 | €1,482 | +€277 | +23.0% |
| Gross operating margin | 9900 | €30,825 | €14,063 | -€16,762 | -54.4% |
| Operating profit (loss) | 9901 | €20,587 | -€2,515 | -€23,102 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +100% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100% |
| Financial charges | 65/66B | €41,627 | €12,921 | -€28,705 | -69.0% |
| Recurring financial charges | 65 | €41,627 | €12,921 | -€28,705 | -69.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,039 | -€15,436 | +€5,603 | +26.6% |
| Income taxes | 67/77 | €227 | €211 | -€15 | -6.8% |
| Profit (loss) for the period | 9904 | -€21,266 | -€15,648 | +€5,619 | +26.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,266 | -€15,648 | +€5,619 | +26.4% |
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 28 October 2026 via checked.be.