MARIMORELI: 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.
MARIMORELI
Largest movements
- Receivables within one year -€152,570
down €152,570 (-86.7%), from €176,006 to €23,436
of which Trade receivables: -€120,652
- Cash +€75,695
up €75,695 (+32.3%), from €234,183 to €309,878
mainly Other debts (+€153,381) and Receivables within one year (+€152,570)
- Stocks and contracts +€41,454
up €41,454 (+26.1%), from €158,616 to €200,071
- Tangible fixed assets -€37,653
down €37,653 (-6.7%), from €561,432 to €523,779
- Other debts +€153,381
up €153,381 (+139.0%), from €110,320 to €263,701
- Reserves -€149,321
down €149,321 (-31.0%), from €482,348 to €333,026
- Tax, wage and social debts -€30,462
down €30,462 (-20.8%), from €146,794 to €116,332
of which Taxes: -€23,447
- Current portion of long-term debt -€19,167
down €19,167 (-40.1%), from €47,785 to €28,617
- Debts after one year -€18,450
down €18,450 (-5.9%), from €312,746 to €294,296
- Gross operating margin -€49,628
down €49,628 (-12.1%), from €409,576 to €359,948
- Taxes -€17,215
down €17,215 (-54.0%), from €31,889 to €14,674
- Staff costs +€13,656
up €13,656 (+7.0%), from €195,142 to €208,798
- Depreciation +€11,664
up €11,664 (+44.9%), from €25,989 to €37,653
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 | €1,131,174 | €1,057,214 | -€73,960 | -6.5% |
| Fixed assets | 21/28 | €561,482 | €523,829 | -€37,653 | -6.7% |
| Tangible fixed assets | 22/27 | €561,432 | €523,779 | -€37,653 | -6.7% |
| Land and buildings | 22 | €405,584 | €389,205 | -€16,379 | -4.0% |
| Plant, machinery and equipment | 23 | €146,162 | €129,018 | -€17,144 | -11.7% |
| Furniture and vehicles | 24 | €5,550 | €2,035 | -€3,514 | -63.3% |
| Other tangible fixed assets | 26 | €4,137 | €3,521 | -€616 | -14.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €569,692 | €533,384 | -€36,307 | -6.4% |
| Stocks and contracts in progress | 3 | €158,616 | €200,071 | +€41,454 | +26.1% |
| Stocks | 30/36 | €158,616 | €200,071 | +€41,454 | +26.1% |
| Amounts receivable within one year | 40/41 | €176,006 | €23,436 | -€152,570 | -86.7% |
| Trade receivables | 40 | €120,652 | - | -€120,652 | |
| Other amounts receivable | 41 | €55,354 | €23,436 | -€31,918 | -57.7% |
| Cash at bank and in hand | 54/58 | €234,183 | €309,878 | +€75,695 | +32.3% |
| Deferred charges and accrued income | 490/1 | €887 | - | -€887 | |
| Total equity and liabilities | 10/49 | €1,131,174 | €1,057,214 | -€73,960 | -6.5% |
| Equity | 10/15 | €488,548 | €339,226 | -€149,321 | -30.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €482,348 | €333,026 | -€149,321 | -31.0% |
| Distributable reserves | 133 | €482,348 | €333,026 | -€149,321 | -31.0% |
| Amounts payable | 17/49 | €642,626 | €717,987 | +€75,362 | +11.7% |
| Amounts payable after more than one year | 17 | €312,746 | €294,296 | -€18,450 | -5.9% |
| Financial debts | 170/4 | €312,746 | €294,296 | -€18,450 | -5.9% |
| Amounts payable within one year | 42/48 | €329,880 | €423,692 | +€93,812 | +28.4% |
| Current portion of amounts payable after more than one year | 42 | €47,785 | €28,617 | -€19,167 | -40.1% |
| Trade debts | 44 | €24,981 | €15,041 | -€9,940 | -39.8% |
| Suppliers | 440/4 | €24,981 | €15,041 | -€9,940 | -39.8% |
| Taxes, remuneration and social security | 45 | €146,794 | €116,332 | -€30,462 | -20.8% |
| Taxes | 450/3 | €87,121 | €63,674 | -€23,447 | -26.9% |
| Remuneration and social security | 454/9 | €59,673 | €52,658 | -€7,015 | -11.8% |
| Other amounts payable | 47/48 | €110,320 | €263,701 | +€153,381 | +139.0% |
| Remuneration, social security and pensions | 62 | €195,142 | €208,798 | +€13,656 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,989 | €37,653 | +€11,664 | +44.9% |
| Other operating charges | 640/8 | €2,141 | €3,314 | +€1,173 | +54.8% |
| Non-recurring operating charges | 66A | - | €1,120 | +€1,120 | |
| Gross operating margin | 9900 | €409,576 | €359,948 | -€49,628 | -12.1% |
| Operating profit (loss) | 9901 | €186,304 | €109,064 | -€77,241 | -41.5% |
| Financial income | 75/76B | €559 | €4 | -€556 | -99.4% |
| Recurring financial income | 75 | €559 | €4 | -€556 | -99.4% |
| Financial charges | 65/66B | €26,254 | €23,866 | -€2,388 | -9.1% |
| Recurring financial charges | 65 | €26,254 | €23,866 | -€2,388 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €160,609 | €85,201 | -€75,409 | -47.0% |
| Income taxes | 67/77 | €31,889 | €14,674 | -€17,215 | -54.0% |
| Profit (loss) for the period | 9904 | €128,720 | €70,526 | -€58,194 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €128,720 | €70,526 | -€58,194 | -45.2% |
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 3 October 2026 via checked.be.