MARBAT: 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.
MARBAT
Largest movements
- Cash -€14,790
down €14,790 (-68.1%), from €21,718 to €6,927
mainly Trade debts (-€33,248) and Investment in fixed assets (net) (-€20,750)
- Receivables within one year -€8,970
down €8,970 (-4.3%), from €209,808 to €200,838
of which Other amounts receivable: -€20,024
- Tangible fixed assets -€3,476
down €3,476 (-5.1%), from €67,865 to €64,389
of which Furniture and vehicles: -€1,746
- Trade debts -€33,248
down €33,248 (-38.8%), from €85,641 to €52,393
- Debts after one year -€20,650
down €20,650 (-63.4%), from €32,549 to €11,899
- Tax, wage and social debts +€14,730
up €14,730 (+21.2%), from €69,637 to €84,368
of which Remuneration and social security: +€17,728
- Reserves +€11,650
up €11,650 (+12.2%), from €95,786 to €107,436
of which Distributable reserves: +€11,650
- Gross operating margin -€27,424
down €27,424 (-37.2%), from €73,748 to €46,324
- Taxes -€9,914
down €9,914 (-67.2%), from €14,754 to €4,840
- Financial charges -€943
down €943 (-37.7%), from €2,498 to €1,555
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 | €321,791 | €294,554 | -€27,237 | -8.5% |
| Fixed assets | 21/28 | €67,865 | €64,389 | -€3,476 | -5.1% |
| Tangible fixed assets | 22/27 | €67,865 | €64,389 | -€3,476 | -5.1% |
| Plant, machinery and equipment | 23 | €10,160 | €8,430 | -€1,730 | -17.0% |
| Furniture and vehicles | 24 | €57,706 | €55,960 | -€1,746 | -3.0% |
| Current assets | 29/58 | €253,925 | €230,165 | -€23,760 | -9.4% |
| Stocks and contracts in progress | 3 | €22,400 | €22,400 | = | 0.0% |
| Stocks | 30/36 | €22,400 | €22,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €209,808 | €200,838 | -€8,970 | -4.3% |
| Trade receivables | 40 | €153,598 | €164,652 | +€11,054 | +7.2% |
| Other amounts receivable | 41 | €56,210 | €36,186 | -€20,024 | -35.6% |
| Cash at bank and in hand | 54/58 | €21,718 | €6,927 | -€14,790 | -68.1% |
| Total equity and liabilities | 10/49 | €321,791 | €294,554 | -€27,237 | -8.5% |
| Equity | 10/15 | €100,878 | €112,528 | +€11,650 | +11.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €95,786 | €107,436 | +€11,650 | +12.2% |
| Non-distributable reserves | 130/1 | €30 | €30 | = | 0.0% |
| Other | 1319 | €30 | €30 | = | 0.0% |
| Distributable reserves | 133 | €95,756 | €107,406 | +€11,650 | +12.2% |
| Profit (loss) carried forward | 14 | €92 | €92 | = | 0.0% |
| Amounts payable | 17/49 | €220,913 | €182,026 | -€38,886 | -17.6% |
| Amounts payable after more than one year | 17 | €32,549 | €11,899 | -€20,650 | -63.4% |
| Financial debts | 170/4 | €32,549 | €11,899 | -€20,650 | -63.4% |
| Amounts payable within one year | 42/48 | €182,808 | €165,093 | -€17,715 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €20,079 | €20,650 | +€571 | +2.8% |
| Trade debts | 44 | €85,641 | €52,393 | -€33,248 | -38.8% |
| Suppliers | 440/4 | €85,641 | €52,393 | -€33,248 | -38.8% |
| Taxes, remuneration and social security | 45 | €69,637 | €84,368 | +€14,730 | +21.2% |
| Taxes | 450/3 | €35,400 | €32,402 | -€2,998 | -8.5% |
| Remuneration and social security | 454/9 | €34,238 | €51,966 | +€17,728 | +51.8% |
| Other amounts payable | 47/48 | €7,451 | €7,682 | +€231 | +3.1% |
| Accrued charges and deferred income | 492/3 | €5,556 | €5,035 | -€521 | -9.4% |
| Remuneration, social security and pensions | 62 | €749 | €328 | -€421 | -56.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,856 | €24,226 | -€629 | -2.5% |
| Other operating charges | 640/8 | €3,406 | €3,739 | +€334 | +9.8% |
| Gross operating margin | 9900 | €73,748 | €46,324 | -€27,424 | -37.2% |
| Operating profit (loss) | 9901 | €44,738 | €18,031 | -€26,707 | -59.7% |
| Financial income | 75/76B | €17 | €14 | -€4 | -20.2% |
| Recurring financial income | 75 | €17 | €14 | -€4 | -20.2% |
| Financial charges | 65/66B | €2,498 | €1,555 | -€943 | -37.7% |
| Recurring financial charges | 65 | €2,498 | €1,555 | -€943 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €42,258 | €16,490 | -€25,768 | -61.0% |
| Income taxes | 67/77 | €14,754 | €4,840 | -€9,914 | -67.2% |
| Profit (loss) for the period | 9904 | €27,504 | €11,650 | -€15,854 | -57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,504 | €11,650 | -€15,854 | -57.6% |
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 1 November 2026 via checked.be.