MARLES: 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.
MARLES
Largest movements
- Receivables within one year -€101,935
down €101,935 (-64.6%), from €157,779 to €55,844
of which Other amounts receivable: -€61,770
- Tangible fixed assets -€69,220
down €69,220 (-8.3%), from €837,788 to €768,568
of which Other tangible fixed assets: -€106,636
- Cash -€19,287
down €19,287 (-68.3%), from €28,257 to €8,970
mainly Trade debts (-€183,198) and Debts after one year (-€86,830)
- Trade debts -€183,198
down €183,198 (-68.7%), from €266,850 to €83,652
- Debts after one year -€86,830
down €86,830 (-15.3%), from €565,947 to €479,118
- Tax, wage and social debts +€41,718
up €41,718 (+103.7%), from €40,219 to €81,937
of which Remuneration and social security: +€35,144
- Profit (loss) carried forward +€17,831
up €17,831 (+456.2%), from €3,909 to €21,740
- Gross operating margin +€520,753
up €520,753 (+425.7%), from €122,325 to €643,078
- Staff costs +€372,605
up €372,605 (+501.5%), from €74,293 to €446,899
- Depreciation +€56,589
up €56,589 (+248.2%), from €22,797 to €79,386
- Taxes +€21,077
up €21,077 (+383.2%), from €5,500 to €26,577
- Financial charges +€19,409
up €19,409 (+516.0%), from €3,762 to €23,171
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 | €1,074,038 | €874,574 | -€199,463 | -18.6% |
| Formation expenses | 20 | €25,130 | €19,926 | -€5,204 | -20.7% |
| Fixed assets | 21/28 | €840,788 | €768,568 | -€72,220 | -8.6% |
| Tangible fixed assets | 22/27 | €837,788 | €768,568 | -€69,220 | -8.3% |
| Plant, machinery and equipment | 23 | €239,451 | €275,848 | +€36,398 | +15.2% |
| Furniture and vehicles | 24 | €4,104 | €5,122 | +€1,018 | +24.8% |
| Other tangible fixed assets | 26 | €594,234 | €487,598 | -€106,636 | -17.9% |
| Financial fixed assets | 28 | €3,000 | €0 | -€3,000 | -100.0% |
| Current assets | 29/58 | €208,119 | €86,080 | -€122,039 | -58.6% |
| Stocks and contracts in progress | 3 | €17,574 | €14,329 | -€3,245 | -18.5% |
| Stocks | 30/36 | €17,574 | €14,329 | -€3,245 | -18.5% |
| Amounts receivable within one year | 40/41 | €157,779 | €55,844 | -€101,935 | -64.6% |
| Trade receivables | 40 | €73,414 | €33,249 | -€40,165 | -54.7% |
| Other amounts receivable | 41 | €84,365 | €22,595 | -€61,770 | -73.2% |
| Cash at bank and in hand | 54/58 | €28,257 | €8,970 | -€19,287 | -68.3% |
| Deferred charges and accrued income | 490/1 | €4,509 | €6,937 | +€2,428 | +53.9% |
| Total equity and liabilities | 10/49 | €1,074,038 | €874,574 | -€199,463 | -18.6% |
| Equity | 10/15 | €71,559 | €89,390 | +€17,831 | +24.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,909 | €21,740 | +€17,831 | +456.2% |
| Amounts payable | 17/49 | €1,002,479 | €785,184 | -€217,295 | -21.7% |
| Amounts payable after more than one year | 17 | €565,947 | €479,118 | -€86,830 | -15.3% |
| Financial debts | 170/4 | €565,947 | €479,118 | -€86,830 | -15.3% |
| Amounts payable within one year | 42/48 | €435,591 | €305,409 | -€130,183 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €84,053 | €86,830 | +€2,777 | +3.3% |
| Trade debts | 44 | €266,850 | €83,652 | -€183,198 | -68.7% |
| Suppliers | 440/4 | €266,850 | €83,652 | -€183,198 | -68.7% |
| Taxes, remuneration and social security | 45 | €40,219 | €81,937 | +€41,718 | +103.7% |
| Taxes | 450/3 | €4,999 | €11,572 | +€6,574 | +131.5% |
| Remuneration and social security | 454/9 | €35,220 | €70,364 | +€35,144 | +99.8% |
| Other amounts payable | 47/48 | €44,470 | €52,991 | +€8,521 | +19.2% |
| Accrued charges and deferred income | 492/3 | €940 | €658 | -€282 | -30.0% |
| Non-recurring operating income | 76A | €950 | €2,416 | +€1,465 | +154.2% |
| Remuneration, social security and pensions | 62 | €74,293 | €446,899 | +€372,605 | +501.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,797 | €79,386 | +€56,589 | +248.2% |
| Other operating charges | 640/8 | €1,637 | €1,075 | -€562 | -34.3% |
| Non-recurring operating charges | 66A | €5,510 | €3,138 | -€2,372 | -43.0% |
| Gross operating margin | 9900 | €122,325 | €643,078 | +€520,753 | +425.7% |
| Operating profit (loss) | 9901 | €18,087 | €112,580 | +€94,492 | +522.4% |
| Financial income | 75/76B | €1,233 | €0 | -€1,233 | -100.0% |
| Recurring financial income | 75 | €1,233 | €0 | -€1,233 | -100.0% |
| Financial charges | 65/66B | €3,762 | €23,171 | +€19,409 | +516.0% |
| Recurring financial charges | 65 | €3,762 | €23,171 | +€19,409 | +516.0% |
| Profit (loss) for the period before taxes | 9903 | €15,559 | €89,408 | +€73,850 | +474.7% |
| Income taxes | 67/77 | €5,500 | €26,577 | +€21,077 | +383.2% |
| Profit (loss) for the period | 9904 | €10,059 | €62,831 | +€52,773 | +524.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,059 | €62,831 | +€52,773 | +524.6% |
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 4 October 2026 via checked.be.