MARINA LEONARD: 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.
MARINA LEONARD
Largest movements
- Receivables within one year +€13,911
up €13,911 (+5.4%), from €257,545 to €271,456
- Tangible fixed assets -€12,095
down €12,095 (-7.2%), from €167,099 to €155,004
- Other debts +€25,986
up €25,986 (+439%), from €5,922 to €31,908
- Debts after one year -€17,187
down €17,187 (-70.0%), from €24,558 to €7,371
- Profit (loss) carried forward -€12,705
down €12,705 (-15.6%), from €81,209 to €68,504
- Current portion of long-term debt +€8,686
up €8,686 (+36.6%), from €23,716 to €32,402
- Gross operating margin -€19,642
down €19,642 (-82.2%), from €23,904 to €4,262
- Financial income -€17,849
no longer reported in 2025 (was €17,849)
- Depreciation -€10,434
down €10,434 (-46.3%), from €22,529 to €12,095
- Taxes -€4,201
down €4,201 (-77.1%), from €5,449 to €1,247
- Financial charges -€1,454
down €1,454 (-50.4%), from €2,887 to €1,433
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.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €427,877 | €429,803 | +€1,926 | +0.5% |
| Fixed assets | 21/28 | €167,099 | €155,004 | -€12,095 | -7.2% |
| Tangible fixed assets | 22/27 | €167,099 | €155,004 | -€12,095 | -7.2% |
| Land and buildings | 22 | €167,099 | €155,004 | -€12,095 | -7.2% |
| Current assets | 29/58 | €260,778 | €274,799 | +€14,021 | +5.4% |
| Amounts receivable within one year | 40/41 | €257,545 | €271,456 | +€13,911 | +5.4% |
| Other amounts receivable | 41 | €257,545 | €271,456 | +€13,911 | +5.4% |
| Deferred charges and accrued income | 490/1 | €3,233 | €3,343 | +€110 | +3.4% |
| Total equity and liabilities | 10/49 | €427,877 | €429,803 | +€1,926 | +0.5% |
| Equity | 10/15 | €360,402 | €347,697 | -€12,705 | -3.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €272,993 | €272,993 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €271,133 | €271,133 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,209 | €68,504 | -€12,705 | -15.6% |
| Amounts payable | 17/49 | €67,476 | €82,106 | +€14,631 | +21.7% |
| Amounts payable after more than one year | 17 | €24,558 | €7,371 | -€17,187 | -70.0% |
| Financial debts | 170/4 | €24,558 | €7,371 | -€17,187 | -70.0% |
| Amounts payable within one year | 42/48 | €40,318 | €72,735 | +€32,417 | +80.4% |
| Current portion of amounts payable after more than one year | 42 | €23,716 | €32,402 | +€8,686 | +36.6% |
| Trade debts | 44 | €387 | €1,652 | +€1,265 | +326% |
| Suppliers | 440/4 | €387 | €1,652 | +€1,265 | +326% |
| Taxes, remuneration and social security | 45 | €10,292 | €6,772 | -€3,519 | -34.2% |
| Taxes | 450/3 | €10,292 | €6,772 | -€3,519 | -34.2% |
| Other amounts payable | 47/48 | €5,922 | €31,908 | +€25,986 | +439% |
| Accrued charges and deferred income | 492/3 | €2,600 | €2,000 | -€600 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,529 | €12,095 | -€10,434 | -46.3% |
| Other operating charges | 640/8 | €3,141 | €2,191 | -€950 | -30.2% |
| Gross operating margin | 9900 | €23,904 | €4,262 | -€19,642 | -82.2% |
| Operating profit (loss) | 9901 | -€1,766 | -€10,024 | -€8,258 | -468% |
| Financial income | 75/76B | €17,849 | - | -€17,849 | |
| Recurring financial income | 75 | €17,849 | - | -€17,849 | |
| Financial charges | 65/66B | €2,887 | €1,433 | -€1,454 | -50.4% |
| Recurring financial charges | 65 | €2,887 | €1,433 | -€1,454 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | €13,196 | -€11,457 | -€24,653 | |
| Income taxes | 67/77 | €5,449 | €1,247 | -€4,201 | -77.1% |
| Profit (loss) for the period | 9904 | €7,747 | -€12,705 | -€20,452 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,747 | -€12,705 | -€20,452 |
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 28 October 2026 via checked.be.