MARIN: 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.
MARIN
Largest movements
- Tangible fixed assets +€294,456
up €294,456 (+37.4%), from €787,616 to €1.1m
of which Land and buildings: +€346,480
- Cash +€120,067
up €120,067 (+370.9%), from €32,376 to €152,443
mainly Debts after one year (+€315,396) and Net result for the year (+€102,514)
- Receivables within one year -€75,116
down €75,116 (-90.5%), from €83,037 to €7,921
- Current investments -€57,834
down €57,834 (-9.9%), from €585,557 to €527,722
- Debts after one year +€315,396
up €315,396 (+3978.5%), from €7,928 to €323,324
- Reserves +€90,469
up €90,469 (+11.8%), from €768,678 to €859,147
of which Distributable reserves: +€51,573
- Trade debts -€87,541
down €87,541 (-98.7%), from €88,652 to €1,111
- Other debts -€47,745
down €47,745 (-57.5%), from €82,977 to €35,232
- Gross operating margin +€62,665
up €62,665 (+58.9%), from €106,444 to €169,109
- Financial income +€8,153
up €8,153 (+51.8%), from €15,745 to €23,897
of which Non-recurring financial income: +€10,655
- Financial charges +€7,419
up €7,419 (+122.6%), from €6,050 to €13,469
- Depreciation +€1,702
up €1,702 (+6.9%), from €24,589 to €26,291
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 | €1,496,885 | €1,777,299 | +€280,414 | +18.7% |
| Fixed assets | 21/28 | €787,616 | €1,082,072 | +€294,456 | +37.4% |
| Tangible fixed assets | 22/27 | €787,616 | €1,082,072 | +€294,456 | +37.4% |
| Land and buildings | 22 | €573,630 | €920,110 | +€346,480 | +60.4% |
| Plant, machinery and equipment | 23 | €658 | €316 | -€343 | -52.1% |
| Furniture and vehicles | 24 | €762 | €239 | -€523 | -68.6% |
| Assets under construction and advance payments | 27 | €212,566 | €161,407 | -€51,159 | -24.1% |
| Current assets | 29/58 | €709,269 | €695,227 | -€14,042 | -2.0% |
| Amounts receivable within one year | 40/41 | €83,037 | €7,921 | -€75,116 | -90.5% |
| Other amounts receivable | 41 | €83,037 | €7,921 | -€75,116 | -90.5% |
| Current investments | 50/53 | €585,557 | €527,722 | -€57,834 | -9.9% |
| Cash at bank and in hand | 54/58 | €32,376 | €152,443 | +€120,067 | +370.9% |
| Deferred charges and accrued income | 490/1 | €8,300 | €7,142 | -€1,158 | -14.0% |
| Total equity and liabilities | 10/49 | €1,496,885 | €1,777,299 | +€280,414 | +18.7% |
| Equity | 10/15 | €1,159,613 | €1,250,083 | +€90,469 | +7.8% |
| Contributions | 10/11 | €390,935 | €390,935 | = | 0.0% |
| Reserves | 13 | €768,678 | €859,147 | +€90,469 | +11.8% |
| Tax-exempt reserves | 132 | €403,285 | €442,182 | +€38,896 | +9.6% |
| Distributable reserves | 133 | €365,393 | €416,966 | +€51,573 | +14.1% |
| Provisions and deferred taxes | 16 | €134,428 | €147,394 | +€12,965 | +9.6% |
| Deferred taxes | 168 | €134,428 | €147,394 | +€12,965 | +9.6% |
| Amounts payable | 17/49 | €202,843 | €379,823 | +€176,979 | +87.2% |
| Amounts payable after more than one year | 17 | €7,928 | €323,324 | +€315,396 | +3978.5% |
| Financial debts | 170/4 | €7,928 | €323,324 | +€315,396 | +3978.5% |
| Amounts payable within one year | 42/48 | €180,013 | €43,053 | -€136,959 | -76.1% |
| Current portion of amounts payable after more than one year | 42 | €5,285 | €5,285 | = | 0.0% |
| Trade debts | 44 | €88,652 | €1,111 | -€87,541 | -98.7% |
| Suppliers | 440/4 | €88,652 | €1,111 | -€87,541 | -98.7% |
| Taxes, remuneration and social security | 45 | €3,099 | €1,425 | -€1,674 | -54.0% |
| Taxes | 450/3 | €3,099 | €1,425 | -€1,674 | -54.0% |
| Other amounts payable | 47/48 | €82,977 | €35,232 | -€47,745 | -57.5% |
| Accrued charges and deferred income | 492/3 | €14,903 | €13,446 | -€1,457 | -9.8% |
| Non-recurring operating income | 76A | - | €60,021 | +€60,021 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,589 | €26,291 | +€1,702 | +6.9% |
| Other operating charges | 640/8 | €6,923 | €6,147 | -€776 | -11.2% |
| Gross operating margin | 9900 | €106,444 | €169,109 | +€62,665 | +58.9% |
| Operating profit (loss) | 9901 | €74,932 | €136,671 | +€61,739 | +82.4% |
| Financial income | 75/76B | €15,745 | €23,897 | +€8,153 | +51.8% |
| Recurring financial income | 75 | €11,810 | €9,308 | -€2,503 | -21.2% |
| Non-recurring financial income | 76B | €3,934 | €14,589 | +€10,655 | +270.8% |
| Financial charges | 65/66B | €6,050 | €13,469 | +€7,419 | +122.6% |
| Recurring financial charges | 65 | €6,050 | €13,469 | +€7,419 | +122.6% |
| Profit (loss) for the period before taxes | 9903 | €84,627 | €147,099 | +€62,472 | +73.8% |
| Transfer from deferred taxes | 780 | €1,669 | €2,040 | +€371 | +22.2% |
| Transfer to deferred taxes | 680 | - | €15,005 | +€15,005 | |
| Income taxes | 67/77 | €31,217 | €31,620 | +€402 | +1.3% |
| Profit (loss) for the period | 9904 | €55,078 | €102,514 | +€47,436 | +86.1% |
| Transfer from tax-exempt reserves | 789 | €5,006 | €6,119 | +€1,113 | +22.2% |
| Transfer to tax-exempt reserves | 689 | - | €45,016 | +€45,016 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,084 | €63,617 | +€3,534 | +5.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.