MARIN R.: what changed
MARIN R.
Largest movements
- Receivables within one year +€67,810
up €67,810 (+61.1%), from €110,893 to €178,703
of which Other amounts receivable: +€156,710
- Current investments +€44,605
up €44,605 (+333%), from €13,392 to €57,997
- Reserves +€78,659
up €78,659 (+146%), from €53,939 to €132,598
of which Distributable reserves: +€78,659
- Tax, wage and social debts +€36,064
up €36,064 (+579%), from €6,227 to €42,290
- Other debts -€3,454
no longer reported in 2025 (was €3,454)
- Financial income +€118,524
up €118,524 (+22,871%), from €518 to €119,043
- Taxes +€34,520
up €34,520 (+750%), from €4,600 to €39,120
- Gross operating margin -€12,787
down €12,787 (-84.5%), from €15,136 to €2,349
- Financial charges +€2,735
up €2,735, from -€1,236 to €1,499
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,699 | €239,285 | +€111,586 | +87.4% |
| Fixed assets | 21/28 | €2,869 | €1,304 | -€1,565 | -54.5% |
| Tangible fixed assets | 22/27 | €2,869 | €1,304 | -€1,565 | -54.5% |
| Furniture and vehicles | 24 | €2,869 | €1,304 | -€1,565 | -54.5% |
| Current assets | 29/58 | €124,830 | €237,981 | +€113,151 | +90.6% |
| Amounts receivable within one year | 40/41 | €110,893 | €178,703 | +€67,810 | +61.1% |
| Trade receivables | 40 | €88,900 | - | -€88,900 | |
| Other amounts receivable | 41 | €21,993 | €178,703 | +€156,710 | +713% |
| Current investments | 50/53 | €13,392 | €57,997 | +€44,605 | +333% |
| Cash at bank and in hand | 54/58 | €250 | €912 | +€662 | +265% |
| Deferred charges and accrued income | 490/1 | €295 | €369 | +€74 | +25.0% |
| Total equity and liabilities | 10/49 | €127,699 | €239,285 | +€111,586 | +87.4% |
| Equity | 10/15 | €115,939 | €194,598 | +€78,659 | +67.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €53,939 | €132,598 | +€78,659 | +146% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €41,439 | €120,098 | +€78,659 | +190% |
| Amounts payable | 17/49 | €11,760 | €44,687 | +€32,927 | +280% |
| Amounts payable within one year | 42/48 | €11,760 | €44,687 | +€32,927 | +280% |
| Financial debts | 43 | €2,000 | €2,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,000 | €2,000 | = | 0.0% |
| Trade debts | 44 | €80 | €397 | +€317 | +397% |
| Suppliers | 440/4 | €80 | €397 | +€317 | +397% |
| Taxes, remuneration and social security | 45 | €6,227 | €42,290 | +€36,064 | +579% |
| Taxes | 450/3 | €6,227 | €42,290 | +€36,064 | +579% |
| Other amounts payable | 47/48 | €3,454 | - | -€3,454 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,565 | €1,565 | = | 0.0% |
| Other operating charges | 640/8 | €536 | €548 | +€12 | +2.3% |
| Gross operating margin | 9900 | €15,136 | €2,349 | -€12,787 | -84.5% |
| Operating profit (loss) | 9901 | €13,035 | €235 | -€12,800 | -98.2% |
| Financial income | 75/76B | €518 | €119,043 | +€118,524 | +22,871% |
| Recurring financial income | 75 | €518 | €119,043 | +€118,524 | +22,871% |
| Financial charges | 65/66B | -€1,236 | €1,499 | +€2,735 | |
| Recurring financial charges | 65 | -€1,236 | €1,499 | +€2,735 | |
| Profit (loss) for the period before taxes | 9903 | €14,789 | €117,779 | +€102,990 | +696% |
| Income taxes | 67/77 | €4,600 | €39,120 | +€34,520 | +750% |
| Profit (loss) for the period | 9904 | €10,189 | €78,659 | +€68,470 | +672% |
| Profit (loss) for the period to be appropriated | 9905 | €10,189 | €78,659 | +€68,470 | +672% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.