MARIHOLD: 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
MARIHOLD
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3,851
2024 · €16,069-€12,218
Equity
€5.0m
2024 · €5.0m+€3,851
Cash
€2,313
2024 · €3,789-€1,476
Balance sheet total
€7.7m
2024 · €7.2m+€510,271
Largest movements
Assets
- Tangible fixed assets +€340,491
up €340,491 (+4.9%), from €6.9m to €7.3m
of which Plant, machinery and equipment: +€536,570
- Receivables within one year +€159,562
up €159,562 (+55.1%), from €289,773 to €449,335
of which Trade receivables: +€147,605
Equity and liabilities
- Other debts +€383,241
up €383,241 (+37.3%), from €1.0m to €1.4m
Income statement
- Depreciation +€138,831
up €138,831 (+28.4%), from €488,803 to €627,634
- Gross operating margin +€135,294
up €135,294 (+19.2%), from €705,548 to €840,842
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
€16,069
Gross operating margin
+€135,294
Depreciation
-€138,831
Other operating charges
+€1,801
Other operating items
-€6,231
Financial income
-€9
Financial charges
-€5,161
Taxes
+€918
Result 2025
€3,851
Cash bridge derived
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
+€913,817
Investment
-€968,125
Financing
+€52,832
Cash 2024
€3,789
From operations (derived)
+€913,817
Net result for the year
+€3,851
Depreciation
+€627,634
Receivables within one year
-€159,562
Deferred charges and accrued income
-€11,695
Trade debts
+€70,398
Smaller working-capital items
-€51
Other debts
+€383,241
Investment (derived)
-€968,125
Investment in fixed assets (net)
-€968,125
Financing
+€52,832
Debts after one year
+€3,174
Current portion of long-term debt
+€49,715
Short-term financial debts
-€58
Cash 2025
€2,313
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,217,580 | €7,727,852 | +€510,271 | +7.1% |
| Fixed assets | 21/28 | €6,919,725 | €7,260,216 | +€340,491 | +4.9% |
| Tangible fixed assets | 22/27 | €6,919,725 | €7,260,216 | +€340,491 | +4.9% |
| Land and buildings | 22 | €5,872,085 | €5,667,638 | -€204,447 | -3.5% |
| Plant, machinery and equipment | 23 | €427,777 | €964,347 | +€536,570 | +125.4% |
| Furniture and vehicles | 24 | €147,128 | €323,121 | +€175,994 | +119.6% |
| Leasing and similar rights | 25 | €471,241 | €304,373 | -€166,868 | -35.4% |
| Other tangible fixed assets | 26 | €1,495 | €737 | -€758 | -50.7% |
| Current assets | 29/58 | €297,855 | €467,636 | +€169,781 | +57.0% |
| Amounts receivable within one year | 40/41 | €289,773 | €449,335 | +€159,562 | +55.1% |
| Trade receivables | 40 | €288,032 | €435,637 | +€147,605 | +51.2% |
| Other amounts receivable | 41 | €1,742 | €13,699 | +€11,957 | +686.5% |
| Cash at bank and in hand | 54/58 | €3,789 | €2,313 | -€1,476 | -38.9% |
| Deferred charges and accrued income | 490/1 | €4,293 | €15,987 | +€11,695 | +272.4% |
| Total equity and liabilities | 10/49 | €7,217,580 | €7,727,852 | +€510,271 | +7.1% |
| Equity | 10/15 | €5,044,186 | €5,048,037 | +€3,851 | +0.1% |
| Contributions | 10/11 | €4,466,032 | €4,466,032 | = | 0.0% |
| Reserves | 13 | €10,240 | €10,240 | = | 0.0% |
| Distributable reserves | 133 | €10,240 | €10,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | €567,915 | €571,765 | +€3,851 | +0.7% |
| Amounts payable | 17/49 | €2,173,394 | €2,679,815 | +€506,420 | +23.3% |
| Amounts payable after more than one year | 17 | €775,299 | €778,473 | +€3,174 | +0.4% |
| Financial debts | 170/4 | €775,299 | €778,473 | +€3,174 | +0.4% |
| Amounts payable within one year | 42/48 | €1,396,568 | €1,899,206 | +€502,639 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €316,966 | €366,680 | +€49,715 | +15.7% |
| Financial debts | 43 | €8,520 | €8,462 | -€58 | -0.7% |
| Credit institutions | 430/8 | €8,520 | €8,462 | -€58 | -0.7% |
| Trade debts | 44 | €39,906 | €110,303 | +€70,398 | +176.4% |
| Suppliers | 440/4 | €39,906 | €110,303 | +€70,398 | +176.4% |
| Taxes, remuneration and social security | 45 | €4,301 | €3,643 | -€658 | -15.3% |
| Taxes | 450/3 | €4,301 | €3,643 | -€658 | -15.3% |
| Other amounts payable | 47/48 | €1,026,876 | €1,410,117 | +€383,241 | +37.3% |
| Accrued charges and deferred income | 492/3 | €1,528 | €2,135 | +€607 | +39.8% |
| Non-recurring operating income | 76A | - | €6,500 | +€6,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €488,803 | €627,634 | +€138,831 | +28.4% |
| Other operating charges | 640/8 | €101,812 | €100,011 | -€1,801 | -1.8% |
| Non-recurring operating charges | 66A | - | €6,231 | +€6,231 | |
| Gross operating margin | 9900 | €705,548 | €840,842 | +€135,294 | +19.2% |
| Operating profit (loss) | 9901 | €114,933 | €106,966 | -€7,966 | -6.9% |
| Financial income | 75/76B | €10 | €1 | -€9 | -90.8% |
| Recurring financial income | 75 | €10 | €1 | -€9 | -90.8% |
| Financial charges | 65/66B | €85,227 | €90,389 | +€5,161 | +6.1% |
| Recurring financial charges | 65 | €85,227 | €90,389 | +€5,161 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €29,715 | €16,579 | -€13,137 | -44.2% |
| Income taxes | 67/77 | €13,646 | €12,728 | -€918 | -6.7% |
| Profit (loss) for the period | 9904 | €16,069 | €3,851 | -€12,218 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,069 | €3,851 | -€12,218 | -76.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.