LUIGI MARRAZZA: 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.
LUIGI MARRAZZA
Largest movements
- Tangible fixed assets -€20,479
down €20,479 (-55.6%), from €36,845 to €16,366
of which Furniture and vehicles: -€17,145
- Cash +€13,790
up €13,790 (+3.8%), from €364,720 to €378,509
mainly Net result for the year (+€30,118) and Depreciation (+€17,072)
- Receivables within one year +€6,532
up €6,532 (+16.7%), from €39,055 to €45,587
of which Other amounts receivable: +€6,812
- Other debts +€10,143
up €10,143 (+45.0%), from €22,540 to €32,683
- Trade debts -€5,465
down €5,465 (-34.8%), from €15,716 to €10,251
- Gross operating margin -€62,341
down €62,341 (-29.7%), from €209,954 to €147,613
- Taxes -€8,295
down €8,295 (-37.2%), from €22,309 to €14,014
- Depreciation -€7,617
down €7,617 (-30.9%), from €24,688 to €17,072
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 | €544,234 | €545,590 | +€1,356 | +0.2% |
| Fixed assets | 21/28 | €37,079 | €16,465 | -€20,614 | -55.6% |
| Tangible fixed assets | 22/27 | €36,845 | €16,366 | -€20,479 | -55.6% |
| Plant, machinery and equipment | 23 | €2,565 | €1,366 | -€1,199 | -46.7% |
| Furniture and vehicles | 24 | €27,149 | €10,003 | -€17,145 | -63.2% |
| Other tangible fixed assets | 26 | €7,131 | €4,997 | -€2,134 | -29.9% |
| Financial fixed assets | 28 | €234 | €99 | -€135 | -57.7% |
| Current assets | 29/58 | €507,155 | €529,125 | +€21,970 | +4.3% |
| Stocks and contracts in progress | 3 | €102,855 | €105,029 | +€2,174 | +2.1% |
| Stocks | 30/36 | €102,855 | €105,029 | +€2,174 | +2.1% |
| Amounts receivable within one year | 40/41 | €39,055 | €45,587 | +€6,532 | +16.7% |
| Trade receivables | 40 | €39,055 | €38,775 | -€280 | -0.7% |
| Other amounts receivable | 41 | - | €6,812 | +€6,812 | |
| Cash at bank and in hand | 54/58 | €364,720 | €378,509 | +€13,790 | +3.8% |
| Deferred charges and accrued income | 490/1 | €526 | - | -€526 | |
| Total equity and liabilities | 10/49 | €544,234 | €545,590 | +€1,356 | +0.2% |
| Equity | 10/15 | €482,319 | €482,438 | +€118 | 0.0% |
| Contributions | 10/11 | €34,085 | €34,085 | = | 0.0% |
| Reserves | 13 | €445,000 | €445,000 | = | 0.0% |
| Distributable reserves | 133 | €445,000 | €445,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,234 | €3,352 | +€118 | +3.7% |
| Amounts payable | 17/49 | €61,914 | €63,152 | +€1,238 | +2.0% |
| Amounts payable within one year | 42/48 | €61,914 | €63,152 | +€1,238 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | - | €1,678 | +€1,678 | |
| Trade debts | 44 | €15,716 | €10,251 | -€5,465 | -34.8% |
| Suppliers | 440/4 | €15,716 | €10,251 | -€5,465 | -34.8% |
| Taxes, remuneration and social security | 45 | €23,658 | €18,540 | -€5,118 | -21.6% |
| Taxes | 450/3 | €17,067 | €12,176 | -€4,891 | -28.7% |
| Remuneration and social security | 454/9 | €6,592 | €6,364 | -€227 | -3.4% |
| Other amounts payable | 47/48 | €22,540 | €32,683 | +€10,143 | +45.0% |
| Non-recurring operating income | 76A | €18,883 | - | -€18,883 | |
| Remuneration, social security and pensions | 62 | €84,989 | €83,210 | -€1,779 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,688 | €17,072 | -€7,617 | -30.9% |
| Other operating charges | 640/8 | €4,819 | €4,121 | -€698 | -14.5% |
| Non-recurring operating charges | 66A | €18,883 | - | -€18,883 | |
| Gross operating margin | 9900 | €209,954 | €147,613 | -€62,341 | -29.7% |
| Operating profit (loss) | 9901 | €76,574 | €43,210 | -€33,364 | -43.6% |
| Financial income | 75/76B | €4,598 | €2,754 | -€1,844 | -40.1% |
| Recurring financial income | 75 | €4,598 | €2,754 | -€1,844 | -40.1% |
| Financial charges | 65/66B | €1,457 | €1,832 | +€375 | +25.7% |
| Recurring financial charges | 65 | €1,457 | €1,832 | +€375 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €79,715 | €44,132 | -€35,582 | -44.6% |
| Income taxes | 67/77 | €22,309 | €14,014 | -€8,295 | -37.2% |
| Profit (loss) for the period | 9904 | €57,406 | €30,118 | -€27,287 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €57,406 | €30,118 | -€27,287 | -47.5% |
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 20 October 2026 via checked.be.