Marfinesse: 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.
Marfinesse
Largest movements
- Stocks and contracts +€18,616
up €18,616 (+116%), from €16,080 to €34,696
of which Contracts in progress: +€19,851
- Receivables within one year -€15,253
down €15,253 (-40.7%), from €37,505 to €22,252
of which Trade receivables: -€16,347
- Tangible fixed assets -€14,769
down €14,769 (-21.8%), from €67,839 to €53,070
of which Furniture and vehicles: -€13,995
- Cash -€5,459
down €5,459 (-6.2%), from €87,817 to €82,358
mainly Stocks and contracts (-€18,616) and Debts after one year (-€11,013)
- Debts after one year -€11,013
down €11,013 (-23.5%), from €46,947 to €35,934
- Reserves +€9,237
up €9,237 (+11.7%), from €78,668 to €87,905
of which Distributable reserves: +€9,237
- Tax, wage and social debts -€7,807
down €7,807 (-83.5%), from €9,351 to €1,544
- Trade debts -€5,818
down €5,818 (-22.9%), from €25,388 to €19,570
- Other debts -€2,416
down €2,416 (-7.4%), from €32,788 to €30,372
- Gross operating margin -€22,965
down €22,965 (-37.4%), from €61,411 to €38,446
- Taxes -€11,856
down €11,856 (-66.7%), from €17,775 to €5,920
- Depreciation +€11,784
up €11,784 (+395%), from €2,985 to €14,769
- Write-downs +€1,507
new in 2025: €1,507
- Financial charges +€1,088
up €1,088 (+23.8%), from €4,570 to €5,659
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 | €213,465 | €196,032 | -€17,433 | -8.2% |
| Fixed assets | 21/28 | €69,414 | €54,645 | -€14,769 | -21.3% |
| Tangible fixed assets | 22/27 | €67,839 | €53,070 | -€14,769 | -21.8% |
| Plant, machinery and equipment | 23 | €1,694 | €921 | -€774 | -45.7% |
| Furniture and vehicles | 24 | €66,145 | €52,150 | -€13,995 | -21.2% |
| Financial fixed assets | 28 | €1,575 | €1,575 | = | 0.0% |
| Current assets | 29/58 | €144,051 | €141,387 | -€2,664 | -1.8% |
| Stocks and contracts in progress | 3 | €16,080 | €34,696 | +€18,616 | +116% |
| Stocks | 30/36 | €13,106 | €11,871 | -€1,235 | -9.4% |
| Contracts in progress | 37 | €2,974 | €22,825 | +€19,851 | +667% |
| Amounts receivable within one year | 40/41 | €37,505 | €22,252 | -€15,253 | -40.7% |
| Trade receivables | 40 | €37,505 | €21,157 | -€16,347 | -43.6% |
| Other amounts receivable | 41 | - | €1,095 | +€1,095 | |
| Cash at bank and in hand | 54/58 | €87,817 | €82,358 | -€5,459 | -6.2% |
| Deferred charges and accrued income | 490/1 | €2,649 | €2,081 | -€568 | -21.5% |
| Total equity and liabilities | 10/49 | €213,465 | €196,032 | -€17,433 | -8.2% |
| Equity | 10/15 | €84,868 | €94,105 | +€9,237 | +10.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €78,668 | €87,905 | +€9,237 | +11.7% |
| Tax-exempt reserves | 132 | €24,000 | €24,000 | = | 0.0% |
| Distributable reserves | 133 | €54,668 | €63,905 | +€9,237 | +16.9% |
| Amounts payable | 17/49 | €128,598 | €101,928 | -€26,670 | -20.7% |
| Amounts payable after more than one year | 17 | €46,947 | €35,934 | -€11,013 | -23.5% |
| Financial debts | 170/4 | €46,947 | €35,934 | -€11,013 | -23.5% |
| Amounts payable within one year | 42/48 | €79,840 | €64,250 | -€15,591 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €10,563 | €11,013 | +€450 | +4.3% |
| Financial debts | 43 | €1,750 | €1,750 | = | 0.0% |
| Credit institutions | 430/8 | €1,750 | €1,750 | = | 0.0% |
| Trade debts | 44 | €25,388 | €19,570 | -€5,818 | -22.9% |
| Suppliers | 440/4 | €25,388 | €19,570 | -€5,818 | -22.9% |
| Taxes, remuneration and social security | 45 | €9,351 | €1,544 | -€7,807 | -83.5% |
| Taxes | 450/3 | €9,351 | €1,544 | -€7,807 | -83.5% |
| Other amounts payable | 47/48 | €32,788 | €30,372 | -€2,416 | -7.4% |
| Accrued charges and deferred income | 492/3 | €1,810 | €1,744 | -€66 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,985 | €14,769 | +€11,784 | +395% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,507 | +€1,507 | |
| Other operating charges | 640/8 | €1,679 | €1,500 | -€180 | -10.7% |
| Gross operating margin | 9900 | €61,411 | €38,446 | -€22,965 | -37.4% |
| Operating profit (loss) | 9901 | €56,747 | €20,670 | -€36,077 | -63.6% |
| Financial income | 75/76B | €50 | €1,053 | +€1,003 | +1,989% |
| Recurring financial income | 75 | €50 | €1,053 | +€1,003 | +1,989% |
| Financial charges | 65/66B | €4,570 | €5,659 | +€1,088 | +23.8% |
| Recurring financial charges | 65 | €4,570 | €5,659 | +€1,088 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €52,227 | €16,065 | -€36,163 | -69.2% |
| Income taxes | 67/77 | €17,775 | €5,920 | -€11,856 | -66.7% |
| Profit (loss) for the period | 9904 | €34,452 | €10,145 | -€24,307 | -70.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,452 | €10,145 | -€24,307 | -70.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.