Marin Sys: 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.
Marin Sys
Largest movements
- Intangible fixed assets -€75,000
down €75,000 (-25.0%), from €300,000 to €225,000
- Cash +€53,811
up €53,811 (+60.5%), from €88,937 to €142,748
mainly Depreciation (+€111,546) and Receivables within one year (+€28,926)
- Receivables within one year -€28,926
down €28,926 (-35.8%), from €80,866 to €51,940
of which Trade receivables: -€21,872
- Tangible fixed assets -€18,583
down €18,583 (-13.6%), from €136,903 to €118,320
of which Furniture and vehicles: -€25,940
- Stocks and contracts -€6,711
down €6,711 (-22.4%), from €29,940 to €23,229
- Debts after one year -€83,816
down €83,816 (-21.5%), from €389,024 to €305,208
- Trade debts -€32,255
down €32,255 (-41.0%), from €78,736 to €46,482
- Profit (loss) carried forward +€24,167
up €24,167 (+94.4%), from €25,594 to €49,762
- Tax, wage and social debts +€13,086
up €13,086 (+55.5%), from €23,557 to €36,643
of which Remuneration and social security: +€7,653
- Gross operating margin +€74,723
up €74,723 (+17.1%), from €436,017 to €510,741
- Staff costs +€36,821
up €36,821 (+12.0%), from €307,625 to €344,446
- Depreciation +€9,761
up €9,761 (+9.6%), from €101,785 to €111,546
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 | €638,453 | €563,055 | -€75,398 | -11.8% |
| Fixed assets | 21/28 | €437,294 | €343,711 | -€93,583 | -21.4% |
| Intangible fixed assets | 21 | €300,000 | €225,000 | -€75,000 | -25.0% |
| Tangible fixed assets | 22/27 | €136,903 | €118,320 | -€18,583 | -13.6% |
| Plant, machinery and equipment | 23 | €27,683 | €20,172 | -€7,512 | -27.1% |
| Furniture and vehicles | 24 | €109,220 | €83,280 | -€25,940 | -23.7% |
| Other tangible fixed assets | 26 | - | €14,868 | +€14,868 | |
| Financial fixed assets | 28 | €391 | €391 | = | 0.0% |
| Current assets | 29/58 | €201,159 | €219,344 | +€18,186 | +9.0% |
| Stocks and contracts in progress | 3 | €29,940 | €23,229 | -€6,711 | -22.4% |
| Stocks | 30/36 | €29,940 | €23,229 | -€6,711 | -22.4% |
| Amounts receivable within one year | 40/41 | €80,866 | €51,940 | -€28,926 | -35.8% |
| Trade receivables | 40 | €66,177 | €44,305 | -€21,872 | -33.1% |
| Other amounts receivable | 41 | €14,689 | €7,635 | -€7,054 | -48.0% |
| Cash at bank and in hand | 54/58 | €88,937 | €142,748 | +€53,811 | +60.5% |
| Deferred charges and accrued income | 490/1 | €1,415 | €1,427 | +€12 | +0.9% |
| Total equity and liabilities | 10/49 | €638,453 | €563,055 | -€75,398 | -11.8% |
| Equity | 10/15 | €26,594 | €50,762 | +€24,167 | +90.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,594 | €49,762 | +€24,167 | +94.4% |
| Amounts payable | 17/49 | €611,858 | €512,294 | -€99,565 | -16.3% |
| Amounts payable after more than one year | 17 | €389,024 | €305,208 | -€83,816 | -21.5% |
| Financial debts | 170/4 | €389,024 | €305,208 | -€83,816 | -21.5% |
| Amounts payable within one year | 42/48 | €222,834 | €207,086 | -€15,748 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €80,541 | €83,816 | +€3,276 | +4.1% |
| Trade debts | 44 | €78,736 | €46,482 | -€32,255 | -41.0% |
| Suppliers | 440/4 | €78,736 | €46,482 | -€32,255 | -41.0% |
| Taxes, remuneration and social security | 45 | €23,557 | €36,643 | +€13,086 | +55.5% |
| Taxes | 450/3 | €1,740 | €7,173 | +€5,433 | +312.3% |
| Remuneration and social security | 454/9 | €21,818 | €29,470 | +€7,653 | +35.1% |
| Other amounts payable | 47/48 | €40,000 | €40,145 | +€145 | +0.4% |
| Remuneration, social security and pensions | 62 | €307,625 | €344,446 | +€36,821 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,785 | €111,546 | +€9,761 | +9.6% |
| Other operating charges | 640/8 | €4,046 | €4,619 | +€574 | +14.2% |
| Gross operating margin | 9900 | €436,017 | €510,741 | +€74,723 | +17.1% |
| Operating profit (loss) | 9901 | €22,561 | €50,130 | +€27,568 | +122.2% |
| Financial income | 75/76B | €3 | €10 | +€8 | +317.6% |
| Recurring financial income | 75 | €3 | €10 | +€8 | +317.6% |
| Financial charges | 65/66B | €21,054 | €19,103 | -€1,951 | -9.3% |
| Recurring financial charges | 65 | €21,054 | €19,103 | -€1,951 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €1,510 | €31,037 | +€29,527 | +1955.8% |
| Income taxes | 67/77 | €3,500 | €6,869 | +€3,369 | +96.3% |
| Profit (loss) for the period | 9904 | -€1,990 | €24,167 | +€26,157 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,990 | €24,167 | +€26,157 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.