MAREFINA: 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.
MAREFINA
Largest movements
- Financial fixed assets -€585,600
no longer reported in 2025 (was €585,600)
- Profit (loss) carried forward -€275,485
down €275,485 (-148%), from -€185,968 to -€461,453
- Reserves -€184,477
down €184,477 (-76.1%), from €242,300 to €57,824
of which Tax-exempt reserves: -€184,477
- Provisions -€95,033
no longer reported in 2025 (was €95,033)
- Debts after one year -€12,980
down €12,980 (-22.4%), from €58,051 to €45,071
of which Financial debts: -€12,980
- Accrued charges and deferred income -€10,820
no longer reported in 2025 (was €10,820)
- Financial charges +€561,891
up €561,891 (+3,304%), from €17,006 to €578,897
of which Non-recurring financial charges: +€585,600
- Write-downs -€43,877
down €43,877, from €21,939 to -€21,939
- Other operating charges +€29,386
up €29,386 (+6,242%), from €471 to €29,857
- Depreciation -€679
down €679 (-72.6%), from €935 to €256
- Gross operating margin +€407
up €407 (+1.3%), from €31,846 to €32,252
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 | €633,737 | €47,425 | -€586,312 | -92.5% |
| Fixed assets | 21/28 | €624,596 | €38,740 | -€585,856 | -93.8% |
| Tangible fixed assets | 22/27 | €38,996 | €38,740 | -€256 | -0.7% |
| Land and buildings | 22 | €38,500 | €38,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €496 | €240 | -€256 | -51.6% |
| Financial fixed assets | 28 | €585,600 | - | -€585,600 | |
| Current assets | 29/58 | €9,141 | €8,685 | -€456 | -5.0% |
| Amounts receivable within one year | 40/41 | €4,544 | €5,688 | +€1,144 | +25.2% |
| Trade receivables | 40 | €3,963 | €5,688 | +€1,725 | +43.5% |
| Other amounts receivable | 41 | €581 | - | -€581 | |
| Cash at bank and in hand | 54/58 | €4,391 | €2,649 | -€1,742 | -39.7% |
| Deferred charges and accrued income | 490/1 | €206 | €347 | +€141 | +68.5% |
| Total equity and liabilities | 10/49 | €633,737 | €47,425 | -€586,312 | -92.5% |
| Equity | 10/15 | €336,514 | -€123,448 | -€459,962 | |
| Contributions | 10/11 | €280,182 | €280,182 | = | 0.0% |
| Capital | 10 | €280,182 | €280,182 | = | 0.0% |
| Issued capital | 100 | €280,182 | €280,182 | = | 0.0% |
| Reserves | 13 | €242,300 | €57,824 | -€184,477 | -76.1% |
| Non-distributable reserves | 130/1 | €28,018 | €28,018 | = | 0.0% |
| Legal reserve | 130 | €28,018 | €28,018 | = | 0.0% |
| Tax-exempt reserves | 132 | €184,477 | - | -€184,477 | |
| Distributable reserves | 133 | €29,806 | €29,806 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€185,968 | -€461,453 | -€275,485 | -148% |
| Provisions and deferred taxes | 16 | €95,033 | - | -€95,033 | |
| Deferred taxes | 168 | €95,033 | - | -€95,033 | |
| Amounts payable | 17/49 | €202,190 | €170,873 | -€31,317 | -15.5% |
| Amounts payable after more than one year | 17 | €58,051 | €45,071 | -€12,980 | -22.4% |
| Financial debts | 170/4 | €56,931 | €43,951 | -€12,980 | -22.8% |
| Other amounts payable | 178/9 | €1,120 | €1,120 | = | 0.0% |
| Amounts payable within one year | 42/48 | €133,319 | €125,802 | -€7,517 | -5.6% |
| Trade debts | 44 | €2,056 | €3,488 | +€1,432 | +69.7% |
| Suppliers | 440/4 | €2,056 | €3,488 | +€1,432 | +69.7% |
| Advances received on contracts in progress | 46 | €1,443 | €1,478 | +€34 | +2.4% |
| Taxes, remuneration and social security | 45 | €140 | €408 | +€269 | +193% |
| Taxes | 450/3 | €140 | €408 | +€269 | +193% |
| Other amounts payable | 47/48 | €129,681 | €120,428 | -€9,252 | -7.1% |
| Accrued charges and deferred income | 492/3 | €10,820 | - | -€10,820 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €935 | €256 | -€679 | -72.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,939 | -€21,939 | -€43,877 | |
| Other operating charges | 640/8 | €471 | €29,857 | +€29,386 | +6,242% |
| Gross operating margin | 9900 | €31,846 | €32,252 | +€407 | +1.3% |
| Operating profit (loss) | 9901 | €8,501 | €24,078 | +€15,577 | +183% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €17,006 | €578,897 | +€561,891 | +3,304% |
| Recurring financial charges | 65 | €17,006 | -€6,703 | -€23,709 | |
| Non-recurring financial charges | 66B | - | €585,600 | +€585,600 | |
| Profit (loss) for the period before taxes | 9903 | -€8,505 | -€554,819 | -€546,314 | -6,424% |
| Transfer from deferred taxes | 780 | - | €95,033 | +€95,033 | |
| Income taxes | 67/77 | -€112 | €176 | +€289 | |
| Profit (loss) for the period | 9904 | -€8,392 | -€459,962 | -€451,569 | -5,381% |
| Transfer from tax-exempt reserves | 789 | - | €184,477 | +€184,477 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,392 | -€275,485 | -€267,093 | -3,183% |
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 18 October 2026 via checked.be.