MARIGNAN - VAUBAN: 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.
MARIGNAN - VAUBAN
Largest movements
- Financial fixed assets +€147,300
up €147,300 (+3.4%), from €4.4m to €4.5m
- Tangible fixed assets -€121,727
down €121,727 (-4.0%), from €3.1m to €3.0m
of which Land and buildings: -€90,149
- Cash -€89,018
down €89,018 (-42.3%), from €210,422 to €121,404
mainly Investment in fixed assets (net) (-€147,300) and Net result for the year (-€62,657)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€74,920
down €74,920 (-45.0%), from €166,351 to €91,431
- Financial income -€39,998
down €39,998 (-52.7%), from €75,913 to €35,915
- Taxes -€21,049
down €21,049, from €10,715 to -€10,334
- Financial charges +€18,647
up €18,647 (+1,602%), from €1,164 to €19,811
- Other operating charges +€3,307
up €3,307 (+6.1%), from €54,365 to €57,672
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 | €7,693,833 | €7,647,342 | -€46,491 | -0.6% |
| Fixed assets | 21/28 | €7,470,484 | €7,496,057 | +€25,573 | +0.3% |
| Tangible fixed assets | 22/27 | €3,079,099 | €2,957,372 | -€121,727 | -4.0% |
| Land and buildings | 22 | €2,788,726 | €2,698,577 | -€90,149 | -3.2% |
| Plant, machinery and equipment | 23 | €288,409 | €257,144 | -€31,265 | -10.8% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €1,964 | €1,651 | -€313 | -15.9% |
| Financial fixed assets | 28 | €4,391,385 | €4,538,685 | +€147,300 | +3.4% |
| Current assets | 29/58 | €223,349 | €151,285 | -€72,064 | -32.3% |
| Amounts receivable within one year | 40/41 | €1,315 | €18,180 | +€16,865 | +1,283% |
| Trade receivables | 40 | €717 | €6,200 | +€5,483 | +765% |
| Other amounts receivable | 41 | €598 | €11,980 | +€11,382 | +1,903% |
| Cash at bank and in hand | 54/58 | €210,422 | €121,404 | -€89,018 | -42.3% |
| Deferred charges and accrued income | 490/1 | €11,612 | €11,701 | +€89 | +0.8% |
| Total equity and liabilities | 10/49 | €7,693,833 | €7,647,342 | -€46,491 | -0.6% |
| Equity | 10/15 | €7,643,728 | €7,581,071 | -€62,657 | -0.8% |
| Contributions | 10/11 | €2,130,961 | €2,130,961 | = | 0.0% |
| Capital | 10 | €2,130,961 | €2,130,961 | = | 0.0% |
| Issued capital | 100 | €2,130,961 | €2,130,961 | = | 0.0% |
| Revaluation surpluses | 12 | €3,370,525 | €3,370,525 | = | 0.0% |
| Reserves | 13 | €834,523 | €834,523 | = | 0.0% |
| Non-distributable reserves | 130/1 | €676,539 | €676,539 | = | 0.0% |
| Legal reserve | 130 | €213,096 | €213,096 | = | 0.0% |
| Reserves not available under the articles | 1311 | €463,443 | €463,443 | = | 0.0% |
| Distributable reserves | 133 | €157,984 | €157,984 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,307,719 | €1,245,062 | -€62,657 | -4.8% |
| Amounts payable | 17/49 | €50,105 | €66,271 | +€16,166 | +32.3% |
| Amounts payable after more than one year | 17 | €44,581 | €38,521 | -€6,060 | -13.6% |
| Other amounts payable | 178/9 | €44,581 | €38,521 | -€6,060 | -13.6% |
| Amounts payable within one year | 42/48 | €2,060 | €18,317 | +€16,257 | +789% |
| Trade debts | 44 | €1,833 | €5,011 | +€3,178 | +173% |
| Suppliers | 440/4 | €1,833 | €5,011 | +€3,178 | +173% |
| Advances received on contracts in progress | 46 | €125 | €11,850 | +€11,725 | +9,380% |
| Taxes, remuneration and social security | 45 | €102 | €1,456 | +€1,354 | +1,327% |
| Taxes | 450/3 | €102 | €1,456 | +€1,354 | +1,327% |
| Accrued charges and deferred income | 492/3 | €3,464 | €9,433 | +€5,969 | +172% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,061 | €121,727 | -€2,334 | -1.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €980 | €1,022 | +€42 | +4.3% |
| Other operating charges | 640/8 | €54,365 | €57,672 | +€3,307 | +6.1% |
| Non-recurring operating charges | 66A | €93 | €105 | +€12 | +12.9% |
| Gross operating margin | 9900 | €166,351 | €91,431 | -€74,920 | -45.0% |
| Operating profit (loss) | 9901 | -€13,148 | -€89,095 | -€75,947 | -578% |
| Financial income | 75/76B | €75,913 | €35,915 | -€39,998 | -52.7% |
| Recurring financial income | 75 | €75,913 | €35,915 | -€39,998 | -52.7% |
| Financial charges | 65/66B | €1,164 | €19,811 | +€18,647 | +1,602% |
| Recurring financial charges | 65 | €1,164 | €19,811 | +€18,647 | +1,602% |
| Profit (loss) for the period before taxes | 9903 | €61,601 | -€72,991 | -€134,592 | |
| Income taxes | 67/77 | €10,715 | -€10,334 | -€21,049 | |
| Profit (loss) for the period | 9904 | €50,886 | -€62,657 | -€113,543 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,886 | -€62,657 | -€113,543 |
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 31 October 2026 via checked.be.