MARENZO: 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.
MARENZO
Largest movements
- Tangible fixed assets -€3,900
down €3,900 (-57.8%), from €6,742 to €2,842
- Financial fixed assets -€3,000
down €3,000 (-100%), from €3,000 to €0
- Receivables within one year +€269
up €269 (+288%), from €94 to €363
of which Trade receivables: +€363
- Cash -€230
no longer reported in 2025 (was €230)
mainly Net result for the year (-€8,004) and Trade debts (-€4,635)
- Other debts +€8,841
up €8,841 (+11.1%), from €79,346 to €88,187
- Profit (loss) carried forward -€8,004
down €8,004 (-7.2%), from -€110,645 to -€118,649
- Trade debts -€4,635
down €4,635 (-64.0%), from €7,237 to €2,602
- Tax, wage and social debts -€3,278
down €3,278 (-88.1%), from €3,721 to €443
of which Remuneration and social security: -€2,085
- Short-term financial debts +€1,365
up €1,365 (+12.8%), from €10,657 to €12,022
- Staff costs -€25,209
no longer reported in 2025 (was €25,209)
- Gross operating margin -€20,991
down €20,991, from €20,835 to -€156
- Financial charges +€2,058
up €2,058 (+174%), from €1,184 to €3,242
- Other operating charges -€482
down €482 (-48.9%), from €985 to €503
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 | €10,065 | €3,205 | -€6,860 | -68.2% |
| Fixed assets | 21/28 | €9,742 | €2,842 | -€6,900 | -70.8% |
| Tangible fixed assets | 22/27 | €6,742 | €2,842 | -€3,900 | -57.8% |
| Furniture and vehicles | 24 | €6,742 | €2,842 | -€3,900 | -57.8% |
| Financial fixed assets | 28 | €3,000 | €0 | -€3,000 | -100% |
| Current assets | 29/58 | €323 | €363 | +€40 | +12.3% |
| Amounts receivable within one year | 40/41 | €94 | €363 | +€269 | +288% |
| Trade receivables | 40 | - | €363 | +€363 | |
| Other amounts receivable | 41 | €94 | - | -€94 | |
| Cash at bank and in hand | 54/58 | €230 | - | -€230 | |
| Total equity and liabilities | 10/49 | €10,065 | €3,205 | -€6,860 | -68.2% |
| Equity | 10/15 | -€92,045 | -€100,049 | -€8,004 | -8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,645 | -€118,649 | -€8,004 | -7.2% |
| Amounts payable | 17/49 | €102,110 | €103,253 | +€1,144 | +1.1% |
| Amounts payable within one year | 42/48 | €100,960 | €103,253 | +€2,294 | +2.3% |
| Financial debts | 43 | €10,657 | €12,022 | +€1,365 | +12.8% |
| Credit institutions | 430/8 | €10,657 | €12,022 | +€1,365 | +12.8% |
| Trade debts | 44 | €7,237 | €2,602 | -€4,635 | -64.0% |
| Suppliers | 440/4 | €7,237 | €2,602 | -€4,635 | -64.0% |
| Taxes, remuneration and social security | 45 | €3,721 | €443 | -€3,278 | -88.1% |
| Taxes | 450/3 | €1,636 | €443 | -€1,193 | -72.9% |
| Remuneration and social security | 454/9 | €2,085 | - | -€2,085 | |
| Other amounts payable | 47/48 | €79,346 | €88,187 | +€8,841 | +11.1% |
| Accrued charges and deferred income | 492/3 | €1,150 | - | -€1,150 | |
| Remuneration, social security and pensions | 62 | €25,209 | - | -€25,209 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,900 | €3,900 | = | 0.0% |
| Other operating charges | 640/8 | €985 | €503 | -€482 | -48.9% |
| Gross operating margin | 9900 | €20,835 | -€156 | -€20,991 | |
| Operating profit (loss) | 9901 | -€9,258 | -€4,559 | +€4,700 | +50.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,184 | €3,242 | +€2,058 | +174% |
| Recurring financial charges | 65 | €1,184 | €3,242 | +€2,058 | +174% |
| Profit (loss) for the period before taxes | 9903 | -€10,442 | -€7,801 | +€2,642 | +25.3% |
| Income taxes | 67/77 | €197 | €203 | +€6 | +3.2% |
| Profit (loss) for the period | 9904 | -€10,639 | -€8,004 | +€2,635 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,639 | -€8,004 | +€2,635 | +24.8% |
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 16 October 2026 via checked.be.