MARFROY: 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.
MARFROY
Largest movements
- Cash -€67,798
down €67,798 (-54.2%), from €125,074 to €57,276
mainly Other debts (-€57,490) and Net result for the year (-€20,882)
- Tangible fixed assets -€13,341
down €13,341 (-4.3%), from €311,586 to €298,245
of which Land and buildings: -€15,692
- Other debts -€57,490
down €57,490 (-66.9%), from €85,973 to €28,484
- Profit (loss) carried forward -€17,579
down €17,579 (-3,150%), from -€558 to -€18,137
- Gross operating margin -€26,180
down €26,180, from €21,802 to -€4,378
- Financial charges -€3,639
down €3,639 (-98.1%), from €3,709 to €70
- Taxes -€957
no longer reported in 2025 (was €957)
- Other operating charges -€225
down €225 (-25.2%), from €895 to €670
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 | €444,557 | €364,901 | -€79,656 | -17.9% |
| Fixed assets | 21/28 | €311,586 | €298,245 | -€13,341 | -4.3% |
| Tangible fixed assets | 22/27 | €311,586 | €298,245 | -€13,341 | -4.3% |
| Land and buildings | 22 | €311,586 | €295,894 | -€15,692 | -5.0% |
| Furniture and vehicles | 24 | - | €2,351 | +€2,351 | |
| Current assets | 29/58 | €132,970 | €66,656 | -€66,315 | -49.9% |
| Amounts receivable within one year | 40/41 | €7,480 | €9,380 | +€1,900 | +25.4% |
| Trade receivables | 40 | €7,475 | €8,934 | +€1,459 | +19.5% |
| Other amounts receivable | 41 | €4 | €445 | +€441 | +9,909% |
| Cash at bank and in hand | 54/58 | €125,074 | €57,276 | -€67,798 | -54.2% |
| Deferred charges and accrued income | 490/1 | €417 | - | -€417 | |
| Total equity and liabilities | 10/49 | €444,557 | €364,901 | -€79,656 | -17.9% |
| Equity | 10/15 | €138,562 | €117,680 | -€20,882 | -15.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €77,147 | €73,844 | -€3,303 | -4.3% |
| Non-distributable reserves | 130/1 | €3,229 | €3,229 | = | 0.0% |
| Legal reserve | 130 | €3,229 | €3,229 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,460 | €60,157 | -€3,303 | -5.2% |
| Distributable reserves | 133 | €10,457 | €10,457 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€558 | -€18,137 | -€17,579 | -3,150% |
| Provisions and deferred taxes | 16 | €32,692 | €30,990 | -€1,702 | -5.2% |
| Deferred taxes | 168 | €32,692 | €30,990 | -€1,702 | -5.2% |
| Amounts payable | 17/49 | €273,303 | €216,231 | -€57,073 | -20.9% |
| Amounts payable after more than one year | 17 | €182,000 | €184,548 | +€2,548 | +1.4% |
| Financial debts | 170/4 | €24,000 | €24,336 | +€336 | +1.4% |
| Other amounts payable | 178/9 | €158,000 | €160,212 | +€2,212 | +1.4% |
| Amounts payable within one year | 42/48 | €91,303 | €31,683 | -€59,621 | -65.3% |
| Trade debts | 44 | €1,896 | €2,210 | +€314 | +16.6% |
| Suppliers | 440/4 | €1,896 | €2,210 | +€314 | +16.6% |
| Taxes, remuneration and social security | 45 | €3,434 | €989 | -€2,445 | -71.2% |
| Taxes | 450/3 | €3,434 | €989 | -€2,445 | -71.2% |
| Other amounts payable | 47/48 | €85,973 | €28,484 | -€57,490 | -66.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,257 | €17,465 | +€208 | +1.2% |
| Other operating charges | 640/8 | €895 | €670 | -€225 | -25.2% |
| Gross operating margin | 9900 | €21,802 | -€4,378 | -€26,180 | |
| Operating profit (loss) | 9901 | €3,650 | -€22,513 | -€26,163 | |
| Financial charges | 65/66B | €3,709 | €70 | -€3,639 | -98.1% |
| Recurring financial charges | 65 | €3,709 | €70 | -€3,639 | -98.1% |
| Profit (loss) for the period before taxes | 9903 | -€59 | -€22,583 | -€22,525 | -38,307% |
| Transfer from deferred taxes | 780 | €1,702 | €1,702 | = | 0.0% |
| Income taxes | 67/77 | €957 | - | -€957 | |
| Profit (loss) for the period | 9904 | €685 | -€20,882 | -€21,567 | |
| Transfer from tax-exempt reserves | 789 | €3,303 | €3,303 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,988 | -€17,579 | -€21,567 |
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 26 October 2026 via checked.be.