MARWIN: 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.
MARWIN
Largest movements
- Receivables within one year -€38,113
down €38,113 (-92.4%), from €41,235 to €3,122
of which Trade receivables: -€36,815
- Cash -€8,400
down €8,400 (-53.9%), from €15,582 to €7,182
mainly Net result for the year (-€57,699) and Tax, wage and social debts (-€9,073)
- Tangible fixed assets -€4,327
down €4,327 (-73.0%), from €5,927 to €1,599
of which Furniture and vehicles: -€3,576
- Stocks and contracts -€4,122
down €4,122 (-6.8%), from €60,614 to €56,492
- Profit (loss) carried forward -€57,699
down €57,699 (-134.6%), from -€42,875 to -€100,574
- Other debts +€19,348
up €19,348 (+46.0%), from €42,035 to €61,384
- Tax, wage and social debts -€9,073
down €9,073 (-78.5%), from €11,565 to €2,492
of which Remuneration and social security: -€8,588
- Trade debts -€7,015
down €7,015 (-67.7%), from €10,363 to €3,348
- Gross operating margin -€88,686
down €88,686 (-87.7%), from €101,145 to €12,459
- Staff costs -€4,473
down €4,473 (-7.2%), from €62,284 to €57,811
- Depreciation -€3,663
down €3,663 (-45.8%), from €7,990 to €4,327
- Financial charges -€1,330
down €1,330 (-26.3%), from €5,057 to €3,727
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 | €126,470 | €71,862 | -€54,608 | -43.2% |
| Fixed assets | 21/28 | €5,927 | €1,599 | -€4,327 | -73.0% |
| Tangible fixed assets | 22/27 | €5,927 | €1,599 | -€4,327 | -73.0% |
| Plant, machinery and equipment | 23 | €2,262 | €1,510 | -€751 | -33.2% |
| Furniture and vehicles | 24 | €3,665 | €89 | -€3,576 | -97.6% |
| Current assets | 29/58 | €120,544 | €70,263 | -€50,281 | -41.7% |
| Stocks and contracts in progress | 3 | €60,614 | €56,492 | -€4,122 | -6.8% |
| Stocks | 30/36 | €60,614 | €56,492 | -€4,122 | -6.8% |
| Amounts receivable within one year | 40/41 | €41,235 | €3,122 | -€38,113 | -92.4% |
| Trade receivables | 40 | €37,949 | €1,134 | -€36,815 | -97.0% |
| Other amounts receivable | 41 | €3,286 | €1,988 | -€1,298 | -39.5% |
| Cash at bank and in hand | 54/58 | €15,582 | €7,182 | -€8,400 | -53.9% |
| Deferred charges and accrued income | 490/1 | €3,113 | €3,467 | +€354 | +11.4% |
| Total equity and liabilities | 10/49 | €126,470 | €71,862 | -€54,608 | -43.2% |
| Equity | 10/15 | €58,929 | €1,229 | -€57,699 | -97.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €83,211 | €83,211 | = | 0.0% |
| Distributable reserves | 133 | €83,211 | €83,211 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,875 | -€100,574 | -€57,699 | -134.6% |
| Amounts payable | 17/49 | €67,542 | €70,633 | +€3,091 | +4.6% |
| Amounts payable within one year | 42/48 | €63,964 | €67,224 | +€3,261 | +5.1% |
| Trade debts | 44 | €10,363 | €3,348 | -€7,015 | -67.7% |
| Suppliers | 440/4 | €10,363 | €3,348 | -€7,015 | -67.7% |
| Taxes, remuneration and social security | 45 | €11,565 | €2,492 | -€9,073 | -78.5% |
| Taxes | 450/3 | €1,328 | €843 | -€485 | -36.5% |
| Remuneration and social security | 454/9 | €10,237 | €1,649 | -€8,588 | -83.9% |
| Other amounts payable | 47/48 | €42,035 | €61,384 | +€19,348 | +46.0% |
| Accrued charges and deferred income | 492/3 | €3,578 | €3,409 | -€169 | -4.7% |
| Remuneration, social security and pensions | 62 | €62,284 | €57,811 | -€4,473 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,990 | €4,327 | -€3,663 | -45.8% |
| Other operating charges | 640/8 | €3,481 | €3,844 | +€363 | +10.4% |
| Gross operating margin | 9900 | €101,145 | €12,459 | -€88,686 | -87.7% |
| Operating profit (loss) | 9901 | €27,389 | -€53,523 | -€80,912 | |
| Financial income | 75/76B | €49 | €0 | -€49 | -99.2% |
| Recurring financial income | 75 | €49 | €0 | -€49 | -99.2% |
| Financial charges | 65/66B | €5,057 | €3,727 | -€1,330 | -26.3% |
| Recurring financial charges | 65 | €5,057 | €3,727 | -€1,330 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €22,381 | -€57,250 | -€79,631 | |
| Income taxes | 67/77 | €367 | €450 | +€82 | +22.4% |
| Profit (loss) for the period | 9904 | €22,014 | -€57,699 | -€79,713 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,014 | -€57,699 | -€79,713 |
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.