MARWAY: 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.
MARWAY
Largest movements
- Cash +€4,027
up €4,027 (+362.5%), from €1,111 to €5,138
mainly Other debts (+€4,920) and Deferred charges and accrued income (+€4,000)
- Deferred charges and accrued income -€4,000
no longer reported in 2025 (was €4,000)
- Tangible fixed assets +€1,596
up €1,596 (+2.4%), from €66,918 to €68,514
- Other debts +€4,920
up €4,920 (+16.3%), from €30,139 to €35,059
- Profit (loss) carried forward -€4,397
down €4,397 (-5.9%), from -€74,610 to -€79,007
- Trade debts +€1,100
up €1,100 (+73.3%), from €1,500 to €2,600
- Depreciation +€463
up €463 (+18.0%), from €2,573 to €3,036
- Gross operating margin -€374
down €374 (-122.2%), from -€306 to -€680
- Other operating charges -€171
down €171 (-26.0%), from €658 to €487
- Financial charges +€30
up €30 (+18.3%), from €164 to €194
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 | €72,029 | €73,652 | +€1,623 | +2.3% |
| Fixed assets | 21/28 | €66,918 | €68,514 | +€1,596 | +2.4% |
| Tangible fixed assets | 22/27 | €66,918 | €68,514 | +€1,596 | +2.4% |
| Land and buildings | 22 | €66,918 | €68,514 | +€1,596 | +2.4% |
| Current assets | 29/58 | €5,111 | €5,138 | +€27 | +0.5% |
| Cash at bank and in hand | 54/58 | €1,111 | €5,138 | +€4,027 | +362.5% |
| Deferred charges and accrued income | 490/1 | €4,000 | - | -€4,000 | |
| Total equity and liabilities | 10/49 | €72,029 | €73,652 | +€1,623 | +2.3% |
| Equity | 10/15 | €40,390 | €35,993 | -€4,397 | -10.9% |
| Contributions | 10/11 | €115,000 | €115,000 | = | 0.0% |
| Capital | 10 | €115,000 | €115,000 | = | 0.0% |
| Issued capital | 100 | €115,000 | €115,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,610 | -€79,007 | -€4,397 | -5.9% |
| Amounts payable | 17/49 | €31,639 | €37,659 | +€6,020 | +19.0% |
| Amounts payable within one year | 42/48 | €31,639 | €37,659 | +€6,020 | +19.0% |
| Trade debts | 44 | €1,500 | €2,600 | +€1,100 | +73.3% |
| Suppliers | 440/4 | €1,500 | €2,600 | +€1,100 | +73.3% |
| Other amounts payable | 47/48 | €30,139 | €35,059 | +€4,920 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,573 | €3,036 | +€463 | +18.0% |
| Other operating charges | 640/8 | €658 | €487 | -€171 | -26.0% |
| Non-recurring operating charges | 66A | €19,016 | - | -€19,016 | |
| Gross operating margin | 9900 | -€306 | -€680 | -€374 | -122.2% |
| Operating profit (loss) | 9901 | -€22,553 | -€4,203 | +€18,350 | +81.4% |
| Financial charges | 65/66B | €164 | €194 | +€30 | +18.3% |
| Recurring financial charges | 65 | €164 | €194 | +€30 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | -€22,717 | -€4,397 | +€18,320 | +80.6% |
| Profit (loss) for the period | 9904 | -€22,717 | -€4,397 | +€18,320 | +80.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,717 | -€4,397 | +€18,320 | +80.6% |
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.