MARBAS: what changed
MARBAS
Largest movements
- Cash +€53,352
up €53,352 (+40.2%), from €132,877 to €186,228
mainly Net result for the year (+€119,415) and Other debts (+€69,344)
- Tangible fixed assets -€25,136
down €25,136 (-14.5%), from €173,928 to €148,792
of which Furniture and vehicles: -€16,853
- Receivables within one year -€16,250
down €16,250 (-19.5%), from €83,457 to €67,207
of which Other amounts receivable: -€13,969
- Other debts +€69,344
up €69,344 (+69.3%), from €100,000 to €169,344
- Reserves -€30,585
down €30,585 (-14.0%), from €218,419 to €187,833
of which Distributable reserves: -€30,585
- Current portion of long-term debt -€25,709
down €25,709 (-100%), from €25,709 to €0
- Trade debts -€5,249
down €5,249 (-47.8%), from €10,991 to €5,742
- Depreciation -€12,937
down €12,937 (-26.4%), from €49,073 to €36,136
- Taxes +€2,941
up €2,941 (+8.3%), from €35,233 to €38,175
- Gross operating margin -€2,612
down €2,612 (-1.3%), from €202,646 to €200,034
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €396,554 | €406,044 | +€9,490 | +2.4% |
| Fixed assets | 21/28 | €173,928 | €148,792 | -€25,136 | -14.5% |
| Tangible fixed assets | 22/27 | €173,928 | €148,792 | -€25,136 | -14.5% |
| Land and buildings | 22 | €82,128 | €73,870 | -€8,258 | -10.1% |
| Plant, machinery and equipment | 23 | €25 | €0 | -€25 | -100% |
| Furniture and vehicles | 24 | €87,775 | €70,922 | -€16,853 | -19.2% |
| Other tangible fixed assets | 26 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €222,626 | €257,252 | +€34,626 | +15.6% |
| Amounts receivable within one year | 40/41 | €83,457 | €67,207 | -€16,250 | -19.5% |
| Trade receivables | 40 | €69,488 | €67,207 | -€2,281 | -3.3% |
| Other amounts receivable | 41 | €13,969 | €0 | -€13,969 | -100% |
| Cash at bank and in hand | 54/58 | €132,877 | €186,228 | +€53,352 | +40.2% |
| Deferred charges and accrued income | 490/1 | €6,293 | €3,817 | -€2,476 | -39.3% |
| Total equity and liabilities | 10/49 | €396,554 | €406,044 | +€9,490 | +2.4% |
| Equity | 10/15 | €238,419 | €207,833 | -€30,585 | -12.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €218,419 | €187,833 | -€30,585 | -14.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €218,419 | €187,833 | -€30,585 | -14.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €158,135 | €198,210 | +€40,075 | +25.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €154,263 | €194,017 | +€39,754 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €25,709 | €0 | -€25,709 | -100% |
| Trade debts | 44 | €10,991 | €5,742 | -€5,249 | -47.8% |
| Suppliers | 440/4 | €10,991 | €5,742 | -€5,249 | -47.8% |
| Taxes, remuneration and social security | 45 | €17,563 | €18,932 | +€1,368 | +7.8% |
| Taxes | 450/3 | €11,498 | €12,742 | +€1,244 | +10.8% |
| Remuneration and social security | 454/9 | €6,066 | €6,190 | +€124 | +2.0% |
| Other amounts payable | 47/48 | €100,000 | €169,344 | +€69,344 | +69.3% |
| Accrued charges and deferred income | 492/3 | €3,872 | €4,193 | +€322 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,073 | €36,136 | -€12,937 | -26.4% |
| Other operating charges | 640/8 | €1,735 | €1,796 | +€61 | +3.5% |
| Gross operating margin | 9900 | €202,646 | €200,034 | -€2,612 | -1.3% |
| Operating profit (loss) | 9901 | €151,837 | €162,101 | +€10,264 | +6.8% |
| Financial income | 75/76B | €6 | €0 | -€6 | -99.8% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -99.8% |
| Financial charges | 65/66B | €4,932 | €4,512 | -€420 | -8.5% |
| Recurring financial charges | 65 | €4,932 | €4,512 | -€420 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €146,911 | €157,589 | +€10,678 | +7.3% |
| Income taxes | 67/77 | €35,233 | €38,175 | +€2,941 | +8.3% |
| Profit (loss) for the period | 9904 | €111,678 | €119,415 | +€7,737 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €111,678 | €119,415 | +€7,737 | +6.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.