MARENGO: 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.
MARENGO
Largest movements
- Tangible fixed assets -€10,295
down €10,295 (-3.8%), from €270,378 to €260,083
- Other debts +€31,283
up €31,283 (+19.6%), from €159,453 to €190,736
- Profit (loss) carried forward -€21,526
down €21,526 (-33.2%), from -€64,838 to -€86,364
- Debts after one year -€17,270
down €17,270 (-15.6%), from €110,973 to €93,703
of which Financial debts: -€17,270
- Current portion of long-term debt -€3,972
down €3,972 (-17.2%), from €23,066 to €19,094
- Depreciation -€1,774
down €1,774 (-14.7%), from €12,069 to €10,295
- Financial charges -€603
down €603 (-3.6%), from €16,714 to €16,111
- Gross operating margin -€547
down €547 (-7.0%), from €7,823 to €7,277
- Other operating charges -€165
down €165 (-6.4%), from €2,562 to €2,397
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 | €271,423 | €260,785 | -€10,638 | -3.9% |
| Fixed assets | 21/28 | €270,378 | €260,083 | -€10,295 | -3.8% |
| Tangible fixed assets | 22/27 | €270,378 | €260,083 | -€10,295 | -3.8% |
| Land and buildings | 22 | €270,378 | €260,083 | -€10,295 | -3.8% |
| Current assets | 29/58 | €1,045 | €702 | -€343 | -32.9% |
| Amounts receivable within one year | 40/41 | €424 | - | -€424 | |
| Other amounts receivable | 41 | €424 | - | -€424 | |
| Cash at bank and in hand | 54/58 | €621 | €268 | -€354 | -56.9% |
| Deferred charges and accrued income | 490/1 | - | €434 | +€434 | |
| Total equity and liabilities | 10/49 | €271,423 | €260,785 | -€10,638 | -3.9% |
| Equity | 10/15 | -€22,881 | -€44,407 | -€21,526 | -94.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €23,357 | €23,357 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,780 | €14,780 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,130 | €3,130 | = | 0.0% |
| Other | 1319 | €11,650 | €11,650 | = | 0.0% |
| Distributable reserves | 133 | €8,577 | €8,577 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,838 | -€86,364 | -€21,526 | -33.2% |
| Amounts payable | 17/49 | €294,304 | €305,191 | +€10,888 | +3.7% |
| Amounts payable after more than one year | 17 | €110,973 | €93,703 | -€17,270 | -15.6% |
| Financial debts | 170/4 | €107,001 | €89,731 | -€17,270 | -16.1% |
| Other amounts payable | 178/9 | €3,972 | €3,972 | = | 0.0% |
| Amounts payable within one year | 42/48 | €182,519 | €209,830 | +€27,311 | +15.0% |
| Current portion of amounts payable after more than one year | 42 | €23,066 | €19,094 | -€3,972 | -17.2% |
| Other amounts payable | 47/48 | €159,453 | €190,736 | +€31,283 | +19.6% |
| Accrued charges and deferred income | 492/3 | €811 | €1,658 | +€847 | +104.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,069 | €10,295 | -€1,774 | -14.7% |
| Other operating charges | 640/8 | €2,562 | €2,397 | -€165 | -6.4% |
| Gross operating margin | 9900 | €7,823 | €7,277 | -€547 | -7.0% |
| Operating profit (loss) | 9901 | -€6,807 | -€5,415 | +€1,392 | +20.5% |
| Financial charges | 65/66B | €16,714 | €16,111 | -€603 | -3.6% |
| Recurring financial charges | 65 | €16,714 | €16,111 | -€603 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | -€23,521 | -€21,526 | +€1,995 | +8.5% |
| Profit (loss) for the period | 9904 | -€23,521 | -€21,526 | +€1,995 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,521 | -€21,526 | +€1,995 | +8.5% |
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 30 September 2026 via checked.be.