MARIM: what changed
Two fiscal 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.
MARIM
Largest movements
- Cash -€416,843
down €416,843 (-81.1%), from €514,033 to €97,190
mainly Investment in fixed assets (net) (-€424,915) and Other debts (-€21,011)
- Tangible fixed assets +€373,575
up €373,575 (+23.1%), from €1.6m to €2.0m
of which Land and buildings: +€375,855
No liability line moved by more than 1% of the balance sheet total.
- Depreciation +€17,270
up €17,270 (+50.7%), from €34,071 to €51,341
- Financial income +€9,821
up €9,821 (+204.4%), from €4,805 to €14,626
- Gross operating margin +€7,876
up €7,876 (+67.9%), from €11,605 to €19,481
- Taxes +€851
up €851 (+259.2%), from €328 to €1,179
- Other operating charges +€447
up €447 (+6.5%), from €6,842 to €7,289
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,418,815 | €2,376,759 | -€42,056 | -1.7% |
| Fixed assets | 21/28 | €1,617,279 | €1,990,853 | +€373,575 | +23.1% |
| Tangible fixed assets | 22/27 | €1,617,279 | €1,990,853 | +€373,575 | +23.1% |
| Land and buildings | 22 | €1,608,341 | €1,984,196 | +€375,855 | +23.4% |
| Plant, machinery and equipment | 23 | €8,551 | €6,576 | -€1,975 | -23.1% |
| Furniture and vehicles | 24 | €387 | €81 | -€305 | -79.0% |
| Current assets | 29/58 | €801,537 | €385,906 | -€415,631 | -51.9% |
| Amounts receivable within one year | 40/41 | €1,113 | €3,208 | +€2,095 | +188.2% |
| Other amounts receivable | 41 | €1,113 | €3,208 | +€2,095 | +188.2% |
| Current investments | 50/53 | €283,766 | €283,766 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €514,033 | €97,190 | -€416,843 | -81.1% |
| Deferred charges and accrued income | 490/1 | €2,625 | €1,741 | -€883 | -33.6% |
| Total equity and liabilities | 10/49 | €2,418,815 | €2,376,759 | -€42,056 | -1.7% |
| Equity | 10/15 | €1,656,393 | €1,638,886 | -€17,507 | -1.1% |
| Contributions | 10/11 | €261,201 | €261,201 | = | 0.0% |
| Capital | 10 | €261,201 | €261,201 | = | 0.0% |
| Issued capital | 100 | €261,201 | €261,201 | = | 0.0% |
| Reserves | 13 | €1,331,557 | €1,314,050 | -€17,507 | -1.3% |
| Non-distributable reserves | 130/1 | €37,184 | €37,184 | = | 0.0% |
| Legal reserve | 130 | €37,184 | €37,184 | = | 0.0% |
| Tax-exempt reserves | 132 | €987,331 | €961,328 | -€26,003 | -2.6% |
| Distributable reserves | 133 | €307,042 | €315,538 | +€8,496 | +2.8% |
| Profit (loss) carried forward | 14 | €63,635 | €63,636 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €329,110 | €320,441 | -€8,670 | -2.6% |
| Deferred taxes | 168 | €329,110 | €320,441 | -€8,670 | -2.6% |
| Amounts payable | 17/49 | €433,312 | €417,433 | -€15,879 | -3.7% |
| Amounts payable after more than one year | 17 | €3,690 | €8,810 | +€5,120 | +138.8% |
| Other amounts payable | 178/9 | €3,690 | €8,810 | +€5,120 | +138.8% |
| Amounts payable within one year | 42/48 | €429,622 | €408,623 | -€20,999 | -4.9% |
| Trade debts | 44 | €464 | €476 | +€11 | +2.5% |
| Suppliers | 440/4 | €464 | €476 | +€11 | +2.5% |
| Other amounts payable | 47/48 | €429,158 | €408,147 | -€21,011 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,071 | €51,341 | +€17,270 | +50.7% |
| Other operating charges | 640/8 | €6,842 | €7,289 | +€447 | +6.5% |
| Gross operating margin | 9900 | €11,605 | €19,481 | +€7,876 | +67.9% |
| Operating profit (loss) | 9901 | -€29,309 | -€39,149 | -€9,840 | -33.6% |
| Financial income | 75/76B | €4,805 | €14,626 | +€9,821 | +204.4% |
| Recurring financial income | 75 | €4,805 | €14,626 | +€9,821 | +204.4% |
| Financial charges | 65/66B | €480 | €474 | -€6 | -1.3% |
| Recurring financial charges | 65 | €480 | €474 | -€6 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | -€24,984 | -€24,997 | -€13 | -0.1% |
| Transfer from deferred taxes | 780 | €4,328 | €8,670 | +€4,342 | +100.3% |
| Income taxes | 67/77 | €328 | €1,179 | +€851 | +259.2% |
| Profit (loss) for the period | 9904 | -€20,985 | -€17,507 | +€3,478 | +16.6% |
| Transfer from tax-exempt reserves | 789 | €12,983 | €26,003 | +€13,020 | +100.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,002 | €8,496 | +€16,498 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.