MARFIN HOLDING: 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.
MARFIN HOLDING
Largest movements
- Tangible fixed assets +€721,785
up €721,785 (+2,621%), from €27,540 to €749,325
of which Land and buildings: +€721,785
- Receivables within one year -€522,381
down €522,381 (-78.9%), from €661,714 to €139,333
of which Other amounts receivable: -€604,389
- Cash -€45,213
down €45,213 (-82.2%), from €55,000 to €9,787
mainly Investment in fixed assets (net) (-€721,785) and Trade debts (-€14,907)
- Other debts +€139,056
up €139,056 (+237%), from €58,741 to €197,797
- Staff costs -€43,614
down €43,614 (-37.1%), from €117,416 to €73,803
- Gross operating margin -€42,991
down €42,991 (-29.6%), from €145,360 to €102,369
- Depreciation -€13,497
no longer reported in 2025 (was €13,497)
- Taxes +€6,831
up €6,831 (+243%), from €2,817 to €9,648
- Other operating charges +€1,482
up €1,482 (+64.8%), from €2,285 to €3,767
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 | €2,706,938 | €2,861,128 | +€154,190 | +5.7% |
| Fixed assets | 21/28 | €1,990,224 | €2,712,008 | +€721,785 | +36.3% |
| Tangible fixed assets | 22/27 | €27,540 | €749,325 | +€721,785 | +2,621% |
| Land and buildings | 22 | - | €721,785 | +€721,785 | |
| Furniture and vehicles | 24 | €27,540 | €27,540 | = | 0.0% |
| Financial fixed assets | 28 | €1,962,684 | €1,962,684 | = | 0.0% |
| Current assets | 29/58 | €716,714 | €149,120 | -€567,595 | -79.2% |
| Amounts receivable within one year | 40/41 | €661,714 | €139,333 | -€522,381 | -78.9% |
| Trade receivables | 40 | €30,769 | €112,777 | +€82,008 | +267% |
| Other amounts receivable | 41 | €630,945 | €26,556 | -€604,389 | -95.8% |
| Cash at bank and in hand | 54/58 | €55,000 | €9,787 | -€45,213 | -82.2% |
| Total equity and liabilities | 10/49 | €2,706,938 | €2,861,128 | +€154,190 | +5.7% |
| Equity | 10/15 | €2,616,769 | €2,629,838 | +€13,068 | +0.5% |
| Contributions | 10/11 | €782,177 | €782,177 | = | 0.0% |
| Capital | 10 | €782,015 | €782,015 | = | 0.0% |
| Issued capital | 100 | €782,015 | €782,015 | = | 0.0% |
| Contributions outside capital | 11 | €162 | €162 | = | 0.0% |
| Share premium | 1100/10 | €162 | €162 | = | 0.0% |
| Reserves | 13 | €1,834,593 | €1,847,661 | +€13,068 | +0.7% |
| Non-distributable reserves | 130/1 | €44,386 | €44,386 | = | 0.0% |
| Legal reserve | 130 | €44,386 | €44,386 | = | 0.0% |
| Distributable reserves | 133 | €1,790,207 | €1,803,275 | +€13,068 | +0.7% |
| Amounts payable | 17/49 | €90,169 | €231,290 | +€141,122 | +157% |
| Amounts payable within one year | 42/48 | €90,169 | €231,290 | +€141,122 | +157% |
| Trade debts | 44 | €14,907 | - | -€14,907 | |
| Suppliers | 440/4 | €14,907 | - | -€14,907 | |
| Taxes, remuneration and social security | 45 | €16,521 | €33,493 | +€16,972 | +103% |
| Taxes | 450/3 | €3,950 | €26,471 | +€22,521 | +570% |
| Remuneration and social security | 454/9 | €12,571 | €7,022 | -€5,549 | -44.1% |
| Other amounts payable | 47/48 | €58,741 | €197,797 | +€139,056 | +237% |
| Remuneration, social security and pensions | 62 | €117,416 | €73,803 | -€43,614 | -37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,497 | - | -€13,497 | |
| Other operating charges | 640/8 | €2,285 | €3,767 | +€1,482 | +64.8% |
| Gross operating margin | 9900 | €145,360 | €102,369 | -€42,991 | -29.6% |
| Operating profit (loss) | 9901 | €12,162 | €24,799 | +€12,638 | +104% |
| Financial charges | 65/66B | €2,373 | €2,084 | -€290 | -12.2% |
| Recurring financial charges | 65 | €2,373 | €2,084 | -€290 | -12.2% |
| Non-recurring financial charges | 66B | €2,373 | €2,084 | -€290 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €9,788 | €22,716 | +€12,927 | +132% |
| Income taxes | 67/77 | €2,817 | €9,648 | +€6,831 | +243% |
| Profit (loss) for the period | 9904 | €6,972 | €13,068 | +€6,097 | +87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,972 | €13,068 | +€6,097 | +87.4% |
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 27 October 2026 via checked.be.