MARX: 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.
MARX
Largest movements
- Receivables within one year +€18,115
up €18,115 (+108.8%), from €16,651 to €34,767
of which Trade receivables: +€28,634
- Cash -€4,556
down €4,556 (-12.8%), from €35,503 to €30,947
mainly Trade debts (-€21,057) and Receivables within one year (-€18,115)
- Stocks and contracts -€2,243
down €2,243 (-38.3%), from €5,862 to €3,619
- Tangible fixed assets -€1,137
down €1,137 (-2.6%), from €43,827 to €42,689
of which Furniture and vehicles: -€1,137
- Other debts +€49,290
up €49,290 (+142.2%), from €34,661 to €83,951
- Trade debts -€21,057
down €21,057 (-84.6%), from €24,890 to €3,833
- Tax, wage and social debts -€16,881
down €16,881 (-61.3%), from €27,533 to €10,652
of which Remuneration and social security: -€19,715
- Accrued charges and deferred income -€2,250
down €2,250 (-100.0%), from €2,250 to €0
- Profit (loss) carried forward +€1,408
up €1,408 (+23.0%), from €6,110 to €7,518
- Gross operating margin +€16,428
up €16,428 (+36.0%), from €45,693 to €62,122
- Staff costs +€7,315
up €7,315 (+19.9%), from €36,833 to €44,148
- Taxes +€3,227
up €3,227 (+2234.5%), from €144 to €3,371
- Depreciation +€2,699
up €2,699 (+24.7%), from €10,938 to €13,637
- Financial income +€1,853
up €1,853 (+354.2%), from €523 to €2,376
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 | €101,843 | €112,354 | +€10,511 | +10.3% |
| Fixed assets | 21/28 | €43,827 | €42,689 | -€1,137 | -2.6% |
| Tangible fixed assets | 22/27 | €43,827 | €42,689 | -€1,137 | -2.6% |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €43,827 | €42,689 | -€1,137 | -2.6% |
| Current assets | 29/58 | €58,016 | €69,665 | +€11,648 | +20.1% |
| Stocks and contracts in progress | 3 | €5,862 | €3,619 | -€2,243 | -38.3% |
| Stocks | 30/36 | €5,862 | €3,619 | -€2,243 | -38.3% |
| Amounts receivable within one year | 40/41 | €16,651 | €34,767 | +€18,115 | +108.8% |
| Trade receivables | 40 | €73 | €28,707 | +€28,634 | +39085.6% |
| Other amounts receivable | 41 | €16,578 | €6,059 | -€10,519 | -63.5% |
| Cash at bank and in hand | 54/58 | €35,503 | €30,947 | -€4,556 | -12.8% |
| Deferred charges and accrued income | 490/1 | - | €331 | +€331 | |
| Total equity and liabilities | 10/49 | €101,843 | €112,354 | +€10,511 | +10.3% |
| Equity | 10/15 | €12,510 | €13,918 | +€1,408 | +11.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €200 | €200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €200 | €0 | -€200 | -100.0% |
| Reserves not available under the articles | 1311 | €200 | €0 | -€200 | -100.0% |
| Distributable reserves | 133 | - | €200 | +€200 | |
| Profit (loss) carried forward | 14 | €6,110 | €7,518 | +€1,408 | +23.0% |
| Amounts payable | 17/49 | €89,333 | €98,436 | +€9,102 | +10.2% |
| Amounts payable within one year | 42/48 | €87,083 | €98,436 | +€11,352 | +13.0% |
| Trade debts | 44 | €24,890 | €3,833 | -€21,057 | -84.6% |
| Suppliers | 440/4 | €24,890 | €3,833 | -€21,057 | -84.6% |
| Taxes, remuneration and social security | 45 | €27,533 | €10,652 | -€16,881 | -61.3% |
| Taxes | 450/3 | €1,315 | €4,150 | +€2,835 | +215.6% |
| Remuneration and social security | 454/9 | €26,218 | €6,503 | -€19,715 | -75.2% |
| Other amounts payable | 47/48 | €34,661 | €83,951 | +€49,290 | +142.2% |
| Accrued charges and deferred income | 492/3 | €2,250 | €0 | -€2,250 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €36,833 | €44,148 | +€7,315 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,938 | €13,637 | +€2,699 | +24.7% |
| Other operating charges | 640/8 | €1,019 | €1,301 | +€282 | +27.7% |
| Non-recurring operating charges | 66A | €3,512 | €0 | -€3,512 | -100.0% |
| Gross operating margin | 9900 | €45,693 | €62,122 | +€16,428 | +36.0% |
| Operating profit (loss) | 9901 | -€6,609 | €3,035 | +€9,644 | |
| Financial income | 75/76B | €523 | €2,376 | +€1,853 | +354.2% |
| Recurring financial income | 75 | €523 | €2,376 | +€1,853 | +354.2% |
| Financial charges | 65/66B | €325 | €631 | +€307 | +94.3% |
| Recurring financial charges | 65 | €325 | €631 | +€307 | +94.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,410 | €4,780 | +€11,190 | |
| Income taxes | 67/77 | €144 | €3,371 | +€3,227 | +2234.5% |
| Profit (loss) for the period | 9904 | -€6,555 | €1,408 | +€7,963 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,555 | €1,408 | +€7,963 |
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 6 October 2026 via checked.be.