MARINA: 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.
MARINA
Largest movements
- Financial fixed assets -€16.4m
down €16.4m (-23.5%), from €69.9m to €53.5m
- Debts after one year -€17.4m
down €17.4m (-18.0%), from €96.5m to €79.2m
of which Financial debts: -€17.4m
- Profit (loss) carried forward +€1.5m
up €1.5m (+0.8%), from -€189.6m to -€188.1m
- Other debts -€1.0m
down €1.0m (-33.1%), from €3.1m to €2.1m
- Financial charges -€23.3m
down €23.3m (-79.0%), from €29.5m to €6.2m
of which Non-recurring financial charges: -€23.3m
- Financial income -€22.9m
down €22.9m (-78.2%), from €29.2m to €6.4m
of which Non-recurring financial income: -€29.2m
- Gross operating margin -€73,873
down €73,873 (-5.1%), from €1.5m to €1.4m
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 | €71,769,713 | €54,819,761 | -€16.9m | -23.6% |
| Fixed assets | 21/28 | €69,856,633 | €53,455,701 | -€16.4m | -23.5% |
| Financial fixed assets | 28 | €69,856,633 | €53,455,701 | -€16.4m | -23.5% |
| Current assets | 29/58 | €1,913,079 | €1,364,061 | -€549,019 | -28.7% |
| Amounts receivable within one year | 40/41 | €1,495,522 | €1,339,305 | -€156,216 | -10.4% |
| Trade receivables | 40 | €960,000 | €960,000 | = | 0.0% |
| Other amounts receivable | 41 | €535,522 | €379,305 | -€156,216 | -29.2% |
| Current investments | 50/53 | €239,987 | - | -€239,987 | |
| Cash at bank and in hand | 54/58 | €174,652 | €4,091 | -€170,560 | -97.7% |
| Deferred charges and accrued income | 490/1 | €2,919 | €20,664 | +€17,745 | +607.8% |
| Total equity and liabilities | 10/49 | €71,769,713 | €54,819,761 | -€16.9m | -23.6% |
| Equity | 10/15 | -€28,142,209 | -€26,601,273 | +€1.5m | +5.5% |
| Contributions | 10/11 | €160,246,170 | €160,246,170 | = | 0.0% |
| Capital | 10 | €160,246,170 | €160,246,170 | = | 0.0% |
| Issued capital | 100 | €160,246,170 | €160,246,170 | = | 0.0% |
| Reserves | 13 | €1,232,767 | €1,232,767 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,232,767 | €1,232,767 | = | 0.0% |
| Legal reserve | 130 | €1,232,767 | €1,232,767 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189,621,146 | -€188,080,211 | +€1.5m | +0.8% |
| Amounts payable | 17/49 | €99,911,922 | €81,421,035 | -€18.5m | -18.5% |
| Amounts payable after more than one year | 17 | €96,545,329 | €79,158,070 | -€17.4m | -18.0% |
| Financial debts | 170/4 | €96,511,329 | €79,124,070 | -€17.4m | -18.0% |
| Other amounts payable | 178/9 | €34,000 | €34,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,325,573 | €2,262,965 | -€1.1m | -32.0% |
| Trade debts | 44 | €128,110 | €137,540 | +€9,430 | +7.4% |
| Suppliers | 440/4 | €128,110 | €137,540 | +€9,430 | +7.4% |
| Taxes, remuneration and social security | 45 | €84,930 | €43,042 | -€41,889 | -49.3% |
| Taxes | 450/3 | €84,930 | €43,042 | -€41,889 | -49.3% |
| Other amounts payable | 47/48 | €3,112,532 | €2,082,383 | -€1.0m | -33.1% |
| Accrued charges and deferred income | 492/3 | €41,020 | - | -€41,020 | |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €1,456,326 | €1,382,454 | -€73,873 | -5.1% |
| Operating profit (loss) | 9901 | €1,455,359 | €1,381,455 | -€73,904 | -5.1% |
| Financial income | 75/76B | €29,248,061 | €6,379,270 | -€22.9m | -78.2% |
| Recurring financial income | 75 | €36,683 | €6,379,270 | +€6.3m | +17290.2% |
| Non-recurring financial income | 76B | €29,211,377 | - | -€29.2m | |
| Financial charges | 65/66B | €29,540,402 | €6,212,989 | -€23.3m | -79.0% |
| Recurring financial charges | 65 | €349,398 | €342,462 | -€6,935 | -2.0% |
| Non-recurring financial charges | 66B | €29,191,005 | €5,870,527 | -€23.3m | -79.9% |
| Profit (loss) for the period before taxes | 9903 | €1,163,017 | €1,547,736 | +€384,719 | +33.1% |
| Income taxes | 67/77 | €11,745 | €6,800 | -€4,945 | -42.1% |
| Profit (loss) for the period | 9904 | €1,151,272 | €1,540,936 | +€389,664 | +33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,151,272 | €1,540,936 | +€389,664 | +33.8% |
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 6 October 2026 via checked.be.