MARIEN-DENEYER: 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.
MARIEN-DENEYER
Largest movements
- Current investments +€40,266
up €40,266 (+25.3%), from €159,364 to €199,630
- Cash -€20,460
down €20,460 (-72.1%), from €28,388 to €7,928
mainly Current investments (-€40,266) and Investment in fixed assets (net) (-€4,554)
- Receivables within one year -€8,851
down €8,851 (-71.9%), from €12,310 to €3,459
of which Trade receivables: -€6,822
- Tangible fixed assets +€3,903
up €3,903, from €0 to €3,903
of which Furniture and vehicles: +€3,903
- Reserves +€19,222
up €19,222 (+14.0%), from €137,387 to €156,609
of which Distributable reserves: +€19,222
- Trade debts -€3,280
down €3,280 (-63.3%), from €5,178 to €1,898
- Gross operating margin -€6,751
down €6,751 (-18.0%), from €37,486 to €30,735
- Depreciation -€5,596
down €5,596 (-89.6%), from €6,247 to €651
- Write-downs -€2,725
down €2,725 (-100%), from €2,725 to €0
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 | €202,507 | €217,443 | +€14,937 | +7.4% |
| Fixed assets | 21/28 | €709 | €4,612 | +€3,903 | +550% |
| Tangible fixed assets | 22/27 | €0 | €3,903 | +€3,903 | |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | €3,903 | +€3,903 | |
| Financial fixed assets | 28 | €709 | €709 | = | 0.0% |
| Current assets | 29/58 | €201,798 | €212,831 | +€11,034 | +5.5% |
| Amounts receivable within one year | 40/41 | €12,310 | €3,459 | -€8,851 | -71.9% |
| Trade receivables | 40 | €8,268 | €1,446 | -€6,822 | -82.5% |
| Other amounts receivable | 41 | €4,042 | €2,013 | -€2,028 | -50.2% |
| Current investments | 50/53 | €159,364 | €199,630 | +€40,266 | +25.3% |
| Cash at bank and in hand | 54/58 | €28,388 | €7,928 | -€20,460 | -72.1% |
| Deferred charges and accrued income | 490/1 | €1,736 | €1,814 | +€78 | +4.5% |
| Total equity and liabilities | 10/49 | €202,507 | €217,443 | +€14,937 | +7.4% |
| Equity | 10/15 | €193,282 | €212,504 | +€19,222 | +9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €137,387 | €156,609 | +€19,222 | +14.0% |
| 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 | €135,527 | €154,749 | +€19,222 | +14.2% |
| Profit (loss) carried forward | 14 | €37,295 | €37,295 | = | 0.0% |
| Amounts payable | 17/49 | €9,224 | €4,939 | -€4,285 | -46.5% |
| Amounts payable within one year | 42/48 | €9,224 | €4,939 | -€4,285 | -46.5% |
| Trade debts | 44 | €5,178 | €1,898 | -€3,280 | -63.3% |
| Suppliers | 440/4 | €5,178 | €1,898 | -€3,280 | -63.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,591 | €1,591 | = | 0.0% |
| Taxes | 450/3 | €1,591 | €1,591 | = | 0.0% |
| Other amounts payable | 47/48 | €2,455 | €1,450 | -€1,005 | -40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,247 | €651 | -€5,596 | -89.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,725 | €0 | -€2,725 | -100% |
| Other operating charges | 640/8 | €1,211 | €1,057 | -€154 | -12.8% |
| Gross operating margin | 9900 | €37,486 | €30,735 | -€6,751 | -18.0% |
| Operating profit (loss) | 9901 | €27,303 | €29,027 | +€1,724 | +6.3% |
| Financial income | 75/76B | €1,677 | €1,796 | +€119 | +7.1% |
| Recurring financial income | 75 | €1,677 | €1,796 | +€119 | +7.1% |
| Financial charges | 65/66B | €846 | €746 | -€100 | -11.8% |
| Recurring financial charges | 65 | €846 | €746 | -€100 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €28,135 | €30,078 | +€1,943 | +6.9% |
| Income taxes | 67/77 | €10,860 | €10,856 | -€4 | 0.0% |
| Profit (loss) for the period | 9904 | €17,275 | €19,222 | +€1,947 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,275 | €19,222 | +€1,947 | +11.3% |
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 26 October 2026 via checked.be.