MARIENS WALTER: 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.
MARIENS WALTER
Largest movements
- Cash +€63,028
up €63,028 (+31.1%), from €202,648 to €265,676
mainly Net result for the year (+€71,555) and Depreciation (+€26,998)
- Tangible fixed assets -€26,998
down €26,998 (-33.3%), from €81,047 to €54,049
of which Land and buildings: -€16,300
- Reserves +€71,555
up €71,555 (+40.0%), from €178,771 to €250,327
- Debts after one year -€24,621
down €24,621 (-39.7%), from €62,025 to €37,405
- Tax, wage and social debts -€5,058
down €5,058 (-24.7%), from €20,470 to €15,412
- Financial charges -€1,593
down €1,593 (-21.4%), from €7,447 to €5,854
- Gross operating margin -€1,543
down €1,543 (-1.1%), from €134,321 to €132,778
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 | €303,040 | €343,365 | +€40,324 | +13.3% |
| Fixed assets | 21/28 | €81,080 | €54,082 | -€26,998 | -33.3% |
| Tangible fixed assets | 22/27 | €81,047 | €54,049 | -€26,998 | -33.3% |
| Land and buildings | 22 | €48,900 | €32,600 | -€16,300 | -33.3% |
| Plant, machinery and equipment | 23 | €98 | - | -€98 | |
| Furniture and vehicles | 24 | €2,098 | €1,268 | -€830 | -39.5% |
| Other tangible fixed assets | 26 | €29,952 | €20,181 | -€9,771 | -32.6% |
| Financial fixed assets | 28 | €33 | €33 | = | 0.0% |
| Current assets | 29/58 | €221,960 | €289,282 | +€67,322 | +30.3% |
| Amounts receivable within one year | 40/41 | €19,312 | €21,026 | +€1,715 | +8.9% |
| Trade receivables | 40 | €19,312 | €20,231 | +€920 | +4.8% |
| Other amounts receivable | 41 | - | €795 | +€795 | |
| Cash at bank and in hand | 54/58 | €202,648 | €265,676 | +€63,028 | +31.1% |
| Deferred charges and accrued income | 490/1 | - | €2,580 | +€2,580 | |
| Total equity and liabilities | 10/49 | €303,040 | €343,365 | +€40,324 | +13.3% |
| Equity | 10/15 | €191,271 | €262,827 | +€71,555 | +37.4% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €178,771 | €250,327 | +€71,555 | +40.0% |
| Distributable reserves | 133 | €178,771 | €250,327 | +€71,555 | +40.0% |
| Amounts payable | 17/49 | €111,769 | €80,538 | -€31,231 | -27.9% |
| Amounts payable after more than one year | 17 | €62,025 | €37,405 | -€24,621 | -39.7% |
| Financial debts | 170/4 | €62,025 | €37,405 | -€24,621 | -39.7% |
| Amounts payable within one year | 42/48 | €49,744 | €43,133 | -€6,610 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €23,239 | €24,621 | +€1,382 | +5.9% |
| Trade debts | 44 | €4,667 | €2,429 | -€2,238 | -48.0% |
| Suppliers | 440/4 | €4,667 | €2,429 | -€2,238 | -48.0% |
| Taxes, remuneration and social security | 45 | €20,470 | €15,412 | -€5,058 | -24.7% |
| Taxes | 450/3 | €20,470 | €15,412 | -€5,058 | -24.7% |
| Other amounts payable | 47/48 | €1,368 | €672 | -€696 | -50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,109 | €26,998 | -€111 | -0.4% |
| Other operating charges | 640/8 | €239 | €167 | -€72 | -30.1% |
| Gross operating margin | 9900 | €134,321 | €132,778 | -€1,543 | -1.1% |
| Operating profit (loss) | 9901 | €106,973 | €105,613 | -€1,360 | -1.3% |
| Financial income | 75/76B | €3 | €1 | -€1 | -44.7% |
| Recurring financial income | 75 | €3 | €1 | -€1 | -44.7% |
| Financial charges | 65/66B | €7,447 | €5,854 | -€1,593 | -21.4% |
| Recurring financial charges | 65 | €7,447 | €5,854 | -€1,593 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €99,529 | €99,761 | +€232 | +0.2% |
| Income taxes | 67/77 | €28,212 | €28,206 | -€7 | 0.0% |
| Profit (loss) for the period | 9904 | €71,317 | €71,555 | +€239 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,317 | €71,555 | +€239 | +0.3% |
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.