Marathon: what changed
What changed
Marathon
NACE 43.320, Joinery installation
filed annual accounts (NBB)
Net result for the year
€25,508
2024 · €54,752-€29,245
Equity
€149,718
2024 · €124,210+€25,508
Cash
€185,757
2024 · €236,002-€50,246
Balance sheet total
€800,430
2024 · €743,320+€57,110
Largest movements
Assets
- Tangible fixed assets +€64,093
up €64,093 (+16.6%), from €386,223 to €450,316
of which Furniture and vehicles: +€98,549
- Cash -€50,246
down €50,246 (-21.3%), from €236,002 to €185,757
mainly Investment in fixed assets (net) (-€128,969) and Receivables within one year (-€35,832)
- Receivables within one year +€35,832
up €35,832 (+47.4%), from €75,664 to €111,496
of which Trade receivables: +€51,317
Equity and liabilities
- Debts after one year +€57,736
up €57,736 (+19.6%), from €295,032 to €352,768
- Other debts -€34,082
down €34,082 (-97.8%), from €34,836 to €753
- Reserves +€25,508
up €25,508 (+21.4%), from €119,210 to €144,718
- Trade debts -€24,431
down €24,431 (-18.0%), from €135,432 to €111,001
- Current portion of long-term debt +€22,653
up €22,653 (+47.6%), from €47,632 to €70,285
Income statement
- Staff costs +€62,512
up €62,512 (+40.9%), from €152,814 to €215,326
- Financial charges -€21,635
down €21,635 (-64.8%), from €33,367 to €11,733
- Depreciation -€16,615
down €16,615 (-20.4%), from €81,491 to €64,876
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€54,752
Gross operating margin
-€174
Staff costs
-€62,512
Depreciation
+€16,615
Other operating charges
-€1,952
Other operating items
-€3,936
Financial income
-€57
Financial charges
+€21,635
Taxes
+€1,138
Result 2025
€25,508
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€1,665
Investment
-€128,969
Financing
+€80,389
Cash 2024
€236,002
From operations (derived)
-€1,665
Net result for the year
+€25,508
Depreciation
+€64,876
Stocks and contracts
-€3,501
Receivables within one year
-€35,832
Deferred charges and accrued income
-€3,931
Trade debts
-€24,431
Tax, wage and social debts
-€6,598
Advances received
+€16,326
Other debts
-€34,082
Investment (derived)
-€128,969
Investment in fixed assets (net)
-€128,969
Financing
+€80,389
Debts after one year
+€57,736
Current portion of long-term debt
+€22,653
Cash 2025
€185,757
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €743,320 | €800,430 | +€57,110 | +7.7% |
| Fixed assets | 21/28 | €386,223 | €450,316 | +€64,093 | +16.6% |
| Tangible fixed assets | 22/27 | €386,223 | €450,316 | +€64,093 | +16.6% |
| Land and buildings | 22 | €162,136 | €149,620 | -€12,516 | -7.7% |
| Plant, machinery and equipment | 23 | €7,664 | €10,957 | +€3,293 | +43.0% |
| Furniture and vehicles | 24 | €72,682 | €171,231 | +€98,549 | +136% |
| Leasing and similar rights | 25 | €143,742 | €118,508 | -€25,234 | -17.6% |
| Current assets | 29/58 | €357,097 | €350,115 | -€6,982 | -2.0% |
| Stocks and contracts in progress | 3 | €11,004 | €14,505 | +€3,501 | +31.8% |
| Stocks | 30/36 | €11,004 | €14,505 | +€3,501 | +31.8% |
| Amounts receivable within one year | 40/41 | €75,664 | €111,496 | +€35,832 | +47.4% |
| Trade receivables | 40 | €37,304 | €88,622 | +€51,317 | +138% |
| Other amounts receivable | 41 | €38,360 | €22,875 | -€15,485 | -40.4% |
| Cash at bank and in hand | 54/58 | €236,002 | €185,757 | -€50,246 | -21.3% |
| Deferred charges and accrued income | 490/1 | €34,427 | €38,358 | +€3,931 | +11.4% |
| Total equity and liabilities | 10/49 | €743,320 | €800,430 | +€57,110 | +7.7% |
| Equity | 10/15 | €124,210 | €149,718 | +€25,508 | +20.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €119,210 | €144,718 | +€25,508 | +21.4% |
| Distributable reserves | 133 | €119,210 | €144,718 | +€25,508 | +21.4% |
| Amounts payable | 17/49 | €619,110 | €650,712 | +€31,603 | +5.1% |
| Amounts payable after more than one year | 17 | €295,032 | €352,768 | +€57,736 | +19.6% |
| Financial debts | 170/4 | €295,032 | €352,768 | +€57,736 | +19.6% |
| Amounts payable within one year | 42/48 | €324,078 | €297,945 | -€26,133 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €47,632 | €70,285 | +€22,653 | +47.6% |
| Trade debts | 44 | €135,432 | €111,001 | -€24,431 | -18.0% |
| Suppliers | 440/4 | €135,432 | €111,001 | -€24,431 | -18.0% |
| Advances received on contracts in progress | 46 | €99,580 | €115,906 | +€16,326 | +16.4% |
| Taxes, remuneration and social security | 45 | €6,598 | - | -€6,598 | |
| Taxes | 450/3 | €6,000 | - | -€6,000 | |
| Remuneration and social security | 454/9 | €598 | - | -€598 | |
| Other amounts payable | 47/48 | €34,836 | €753 | -€34,082 | -97.8% |
| Non-recurring operating income | 76A | €661 | €14,000 | +€13,339 | +2,017% |
| Remuneration, social security and pensions | 62 | €152,814 | €215,326 | +€62,512 | +40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,491 | €64,876 | -€16,615 | -20.4% |
| Other operating charges | 640/8 | €10,709 | €12,661 | +€1,952 | +18.2% |
| Non-recurring operating charges | 66A | €1,175 | €5,111 | +€3,936 | +335% |
| Gross operating margin | 9900 | €352,138 | €351,964 | -€174 | 0.0% |
| Operating profit (loss) | 9901 | €105,949 | €53,989 | -€51,960 | -49.0% |
| Financial income | 75/76B | €66 | €9 | -€57 | -86.8% |
| Recurring financial income | 75 | €66 | €9 | -€57 | -86.8% |
| Financial charges | 65/66B | €33,367 | €11,733 | -€21,635 | -64.8% |
| Recurring financial charges | 65 | €33,367 | €11,733 | -€21,635 | -64.8% |
| Profit (loss) for the period before taxes | 9903 | €72,647 | €42,265 | -€30,382 | -41.8% |
| Income taxes | 67/77 | €17,895 | €16,757 | -€1,138 | -6.4% |
| Profit (loss) for the period | 9904 | €54,752 | €25,508 | -€29,245 | -53.4% |
| Profit (loss) for the period to be appropriated | 9905 | €54,752 | €25,508 | -€29,245 | -53.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.