MARELLI: 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.
MARELLI
Largest movements
- Current investments +€166,000
up €166,000 (+167.7%), from €99,000 to €265,000
- Cash -€133,483
down €133,483 (-34.2%), from €390,229 to €256,747
mainly Contributions, distributions and other (-€520,886) and Current investments (-€166,000)
- Receivables within one year -€52,952
down €52,952 (-22.4%), from €236,154 to €183,203
of which Trade receivables: -€38,410
- Tangible fixed assets +€34,785
up €34,785 (+118.9%), from €29,251 to €64,036
of which Furniture and vehicles: +€35,730
- Intangible fixed assets +€9,213
up €9,213 (+2947.7%), from €313 to €9,526
- Other debts +€526,053
new in 2025: €526,053
- Reserves -€402,552
down €402,552 (-99.5%), from €404,412 to €1,860
of which Distributable reserves: -€402,552
- Tax, wage and social debts -€60,627
down €60,627 (-67.1%), from €90,350 to €29,723
of which Remuneration and social security: -€46,563
- Advances received -€36,009
no longer reported in 2025 (was €36,009)
- Taxes -€14,957
down €14,957 (-29.5%), from €50,713 to €35,756
- Gross operating margin -€10,366
down €10,366 (-6.0%), from €173,304 to €162,939
- Depreciation +€5,084
up €5,084 (+149.4%), from €3,402 to €8,486
- Other operating charges +€1,833
up €1,833 (+314.8%), from €582 to €2,415
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 | €763,997 | €789,953 | +€25,956 | +3.4% |
| Fixed assets | 21/28 | €30,921 | €74,928 | +€44,007 | +142.3% |
| Intangible fixed assets | 21 | €313 | €9,526 | +€9,213 | +2947.7% |
| Tangible fixed assets | 22/27 | €29,251 | €64,036 | +€34,785 | +118.9% |
| Land and buildings | 22 | €27,655 | €26,709 | -€945 | -3.4% |
| Furniture and vehicles | 24 | €1,597 | €37,327 | +€35,730 | +2237.7% |
| Financial fixed assets | 28 | €1,358 | €1,367 | +€9 | +0.7% |
| Current assets | 29/58 | €733,076 | €715,025 | -€18,051 | -2.5% |
| Stocks and contracts in progress | 3 | €3,061 | €3,998 | +€937 | +30.6% |
| Stocks | 30/36 | €3,061 | €3,998 | +€937 | +30.6% |
| Amounts receivable within one year | 40/41 | €236,154 | €183,203 | -€52,952 | -22.4% |
| Trade receivables | 40 | €206,476 | €168,066 | -€38,410 | -18.6% |
| Other amounts receivable | 41 | €29,678 | €15,136 | -€14,541 | -49.0% |
| Current investments | 50/53 | €99,000 | €265,000 | +€166,000 | +167.7% |
| Cash at bank and in hand | 54/58 | €390,229 | €256,747 | -€133,483 | -34.2% |
| Deferred charges and accrued income | 490/1 | €4,631 | €6,078 | +€1,446 | +31.2% |
| Total equity and liabilities | 10/49 | €763,997 | €789,953 | +€25,956 | +3.4% |
| Equity | 10/15 | €549,595 | €148,723 | -€400,873 | -72.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €404,412 | €1,860 | -€402,552 | -99.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €402,552 | - | -€402,552 | |
| Profit (loss) carried forward | 14 | €132,784 | €132,784 | = | 0.0% |
| Investment grants | 15 | - | €1,679 | +€1,679 | |
| Amounts payable | 17/49 | €214,402 | €641,230 | +€426,829 | +199.1% |
| Amounts payable within one year | 42/48 | €214,402 | €641,230 | +€426,829 | +199.1% |
| Trade debts | 44 | €88,042 | €85,455 | -€2,587 | -2.9% |
| Suppliers | 440/4 | €88,042 | €85,455 | -€2,587 | -2.9% |
| Advances received on contracts in progress | 46 | €36,009 | - | -€36,009 | |
| Taxes, remuneration and social security | 45 | €90,350 | €29,723 | -€60,627 | -67.1% |
| Taxes | 450/3 | €43,788 | €29,723 | -€14,065 | -32.1% |
| Remuneration and social security | 454/9 | €46,563 | - | -€46,563 | |
| Other amounts payable | 47/48 | - | €526,053 | +€526,053 | |
| Non-recurring operating income | 76A | - | €10,744 | +€10,744 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,402 | €8,486 | +€5,084 | +149.4% |
| Other operating charges | 640/8 | €582 | €2,415 | +€1,833 | +314.8% |
| Gross operating margin | 9900 | €173,304 | €162,939 | -€10,366 | -6.0% |
| Operating profit (loss) | 9901 | €169,320 | €152,038 | -€17,282 | -10.2% |
| Financial income | 75/76B | €2,612 | €4,157 | +€1,545 | +59.2% |
| Recurring financial income | 75 | €2,612 | €2,550 | -€61 | -2.4% |
| Non-recurring financial income | 76B | - | €1,607 | +€1,607 | |
| Financial charges | 65/66B | €567 | €426 | -€141 | -24.9% |
| Recurring financial charges | 65 | €567 | €426 | -€141 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €171,365 | €155,769 | -€15,595 | -9.1% |
| Income taxes | 67/77 | €50,713 | €35,756 | -€14,957 | -29.5% |
| Profit (loss) for the period | 9904 | €120,651 | €120,013 | -€638 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €120,651 | €120,013 | -€638 | -0.5% |
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 8 October 2026 via checked.be.