MARIGONE: 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.
What changed
MARIGONE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€176,773
2024 · €305,686-€128,914
Equity
€831,346
2024 · €821,016+€10,329
Cash
€13,008
2024 · €22,964-€9,956
Balance sheet total
€2.0m
2024 · €1.9m+€84,200
Largest movements
Assets
- Receivables within one year +€141,552
up €141,552 (+33.5%), from €422,183 to €563,735
of which Other amounts receivable: +€91,802
- Tangible fixed assets -€76,333
down €76,333 (-5.7%), from €1.3m to €1.3m
of which Furniture and vehicles: -€41,727
- Deferred charges and accrued income +€28,937
up €28,937 (+101%), from €28,670 to €57,606
Equity and liabilities
- Other debts +€173,573
up €173,573 (+1,392%), from €12,471 to €186,044
- Debts after one year -€102,601
down €102,601 (-11.5%), from €893,418 to €790,817
of which Financial debts: -€102,601
- Trade debts +€30,233
up €30,233 (+4,097%), from €738 to €30,971
Income statement
- Gross operating margin -€179,741
down €179,741 (-33.3%), from €539,752 to €360,011
- Taxes -€55,692
down €55,692 (-40.5%), from €137,614 to €81,922
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.
Result 2024
€305,686
Gross operating margin
-€179,741
Depreciation
+€4,447
Other operating charges
-€965
Other operating items
-€2,269
Financial income
-€1,087
Financial charges
-€4,991
Taxes
+€55,692
Result 2025
€176,773
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€272,357
Investment
+€12,157
Financing
-€294,470
Cash 2024
€22,964
From operations (derived)
+€272,357
Net result for the year
+€176,773
Depreciation
+€64,176
Receivables within one year
-€141,552
Deferred charges and accrued income
-€28,937
Trade debts
+€30,233
Tax, wage and social debts
-€6,076
Other debts
+€173,573
Accrued charges and deferred income
+€4,168
Investment (derived)
+€12,157
Investment in fixed assets (net)
+€12,157
Financing
-€294,470
Debts after one year
-€102,601
Current portion of long-term debt
-€8,470
Short-term financial debts
-€16,956
Contributions, distributions and other
-€166,444
Cash 2025
€13,008
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,914,774 | €1,998,973 | +€84,200 | +4.4% |
| Fixed assets | 21/28 | €1,440,956 | €1,364,623 | -€76,333 | -5.3% |
| Tangible fixed assets | 22/27 | €1,330,844 | €1,254,511 | -€76,333 | -5.7% |
| Land and buildings | 22 | €1,200,058 | €1,166,998 | -€33,060 | -2.8% |
| Plant, machinery and equipment | 23 | €1,150 | €0 | -€1,150 | -100% |
| Furniture and vehicles | 24 | €126,853 | €85,126 | -€41,727 | -32.9% |
| Other tangible fixed assets | 26 | €2,783 | €2,387 | -€396 | -14.2% |
| Financial fixed assets | 28 | €110,113 | €110,113 | = | 0.0% |
| Current assets | 29/58 | €473,817 | €634,350 | +€160,533 | +33.9% |
| Amounts receivable within one year | 40/41 | €422,183 | €563,735 | +€141,552 | +33.5% |
| Trade receivables | 40 | €30,250 | €80,000 | +€49,750 | +164% |
| Other amounts receivable | 41 | €391,933 | €483,735 | +€91,802 | +23.4% |
| Cash at bank and in hand | 54/58 | €22,964 | €13,008 | -€9,956 | -43.4% |
| Deferred charges and accrued income | 490/1 | €28,670 | €57,606 | +€28,937 | +101% |
| Total equity and liabilities | 10/49 | €1,914,774 | €1,998,973 | +€84,200 | +4.4% |
| Equity | 10/15 | €821,016 | €831,346 | +€10,329 | +1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €802,416 | €812,746 | +€10,329 | +1.3% |
| Distributable reserves | 133 | €802,416 | €812,746 | +€10,329 | +1.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,093,757 | €1,167,628 | +€73,871 | +6.8% |
| Amounts payable after more than one year | 17 | €893,418 | €790,817 | -€102,601 | -11.5% |
| Financial debts | 170/4 | €876,918 | €774,317 | -€102,601 | -11.7% |
| Other amounts payable | 178/9 | €16,500 | €16,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €200,339 | €372,643 | +€172,304 | +86.0% |
| Current portion of amounts payable after more than one year | 42 | €111,071 | €102,601 | -€8,470 | -7.6% |
| Financial debts | 43 | €40,541 | €23,585 | -€16,956 | -41.8% |
| Credit institutions | 430/8 | €40,541 | €23,585 | -€16,956 | -41.8% |
| Trade debts | 44 | €738 | €30,971 | +€30,233 | +4,097% |
| Suppliers | 440/4 | €738 | €30,971 | +€30,233 | +4,097% |
| Taxes, remuneration and social security | 45 | €35,519 | €29,443 | -€6,076 | -17.1% |
| Taxes | 450/3 | €35,519 | €29,443 | -€6,076 | -17.1% |
| Other amounts payable | 47/48 | €12,471 | €186,044 | +€173,573 | +1,392% |
| Accrued charges and deferred income | 492/3 | - | €4,168 | +€4,168 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,624 | €64,176 | -€4,447 | -6.5% |
| Other operating charges | 640/8 | €18,630 | €19,595 | +€965 | +5.2% |
| Non-recurring operating charges | 66A | - | €2,269 | +€2,269 | |
| Gross operating margin | 9900 | €539,752 | €360,011 | -€179,741 | -33.3% |
| Operating profit (loss) | 9901 | €452,498 | €273,971 | -€178,528 | -39.5% |
| Financial income | 75/76B | €1,087 | €0 | -€1,087 | -100.0% |
| Recurring financial income | 75 | €1,087 | €0 | -€1,087 | -100.0% |
| Financial charges | 65/66B | €10,285 | €15,276 | +€4,991 | +48.5% |
| Recurring financial charges | 65 | €10,285 | €15,276 | +€4,991 | +48.5% |
| Profit (loss) for the period before taxes | 9903 | €443,301 | €258,695 | -€184,606 | -41.6% |
| Income taxes | 67/77 | €137,614 | €81,922 | -€55,692 | -40.5% |
| Profit (loss) for the period | 9904 | €305,686 | €176,773 | -€128,914 | -42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €305,686 | €176,773 | -€128,914 | -42.2% |
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 21 October 2026 via checked.be.