MARINAUD: 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.
MARINAUD
Largest movements
- Receivables within one year +€556,666
up €556,666 (+675%), from €82,512 to €639,179
of which Trade receivables: +€606,735
- Cash -€47,539
down €47,539 (-6.5%), from €735,887 to €688,348
mainly Receivables within one year (-€556,666) and Advances received (-€110,703)
- Tangible fixed assets -€18,800
down €18,800 (-29.3%), from €64,212 to €45,412
of which Land and buildings: -€9,965
- Trade debts +€263,488
up €263,488 (+1,763%), from €14,943 to €278,431
- Profit (loss) carried forward +€240,997
up €240,997 (+312%), from €77,288 to €318,284
- Advances received -€110,703
down €110,703 (-28.3%), from €391,468 to €280,765
- Tax, wage and social debts +€57,422
up €57,422 (+604%), from €9,512 to €66,934
of which Taxes: +€52,280
- Other debts +€35,000
up €35,000 (+233%), from €15,000 to €50,000
- Gross operating margin +€397,538
up €397,538 (+425%), from €93,537 to €491,076
- Taxes +€101,149
up €101,149 (+2,239%), from €4,518 to €105,667
- Other operating charges +€17,014
up €17,014 (+410%), from €4,150 to €21,164
- Staff costs +€5,773
up €5,773 (+13.8%), from €41,978 to €47,751
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
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 | €908,591 | €1,394,656 | +€486,064 | +53.5% |
| Fixed assets | 21/28 | €77,902 | €59,102 | -€18,800 | -24.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €64,212 | €45,412 | -€18,800 | -29.3% |
| Land and buildings | 22 | €26,344 | €16,379 | -€9,965 | -37.8% |
| Plant, machinery and equipment | 23 | - | €1,056 | +€1,056 | |
| Furniture and vehicles | 24 | €34,945 | €26,113 | -€8,832 | -25.3% |
| Leasing and similar rights | 25 | €1,023 | €344 | -€679 | -66.4% |
| Other tangible fixed assets | 26 | €1,900 | €1,520 | -€380 | -20.0% |
| Financial fixed assets | 28 | €13,690 | €13,690 | = | 0.0% |
| Current assets | 29/58 | €830,690 | €1,335,553 | +€504,864 | +60.8% |
| Amounts receivable within one year | 40/41 | €82,512 | €639,179 | +€556,666 | +675% |
| Trade receivables | 40 | €31,685 | €638,420 | +€606,735 | +1,915% |
| Other amounts receivable | 41 | €50,827 | €759 | -€50,068 | -98.5% |
| Cash at bank and in hand | 54/58 | €735,887 | €688,348 | -€47,539 | -6.5% |
| Deferred charges and accrued income | 490/1 | €12,290 | €8,027 | -€4,263 | -34.7% |
| Total equity and liabilities | 10/49 | €908,591 | €1,394,656 | +€486,064 | +53.5% |
| Equity | 10/15 | €468,191 | €709,188 | +€240,997 | +51.5% |
| Contributions | 10/11 | €23,140 | €23,140 | = | 0.0% |
| Reserves | 13 | €367,764 | €367,764 | = | 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 | €365,904 | €365,904 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,288 | €318,284 | +€240,997 | +312% |
| Amounts payable | 17/49 | €440,400 | €685,468 | +€245,068 | +55.6% |
| Amounts payable within one year | 42/48 | €440,090 | €685,297 | +€245,207 | +55.7% |
| Current portion of amounts payable after more than one year | 42 | €9,167 | €9,167 | = | 0.0% |
| Trade debts | 44 | €14,943 | €278,431 | +€263,488 | +1,763% |
| Suppliers | 440/4 | €14,943 | €278,431 | +€263,488 | +1,763% |
| Advances received on contracts in progress | 46 | €391,468 | €280,765 | -€110,703 | -28.3% |
| Taxes, remuneration and social security | 45 | €9,512 | €66,934 | +€57,422 | +604% |
| Taxes | 450/3 | €1,529 | €53,809 | +€52,280 | +3,420% |
| Remuneration and social security | 454/9 | €7,984 | €13,125 | +€5,142 | +64.4% |
| Other amounts payable | 47/48 | €15,000 | €50,000 | +€35,000 | +233% |
| Accrued charges and deferred income | 492/3 | €310 | €171 | -€139 | -44.9% |
| Remuneration, social security and pensions | 62 | €41,978 | €47,751 | +€5,773 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,350 | €19,879 | -€471 | -2.3% |
| Other operating charges | 640/8 | €4,150 | €21,164 | +€17,014 | +410% |
| Gross operating margin | 9900 | €93,537 | €491,076 | +€397,538 | +425% |
| Operating profit (loss) | 9901 | €27,059 | €402,282 | +€375,223 | +1,387% |
| Financial income | 75/76B | €425 | €1,247 | +€822 | +193% |
| Recurring financial income | 75 | €425 | €1,247 | +€822 | +193% |
| Financial charges | 65/66B | €7,970 | €6,865 | -€1,105 | -13.9% |
| Recurring financial charges | 65 | €7,970 | €6,865 | -€1,105 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €19,514 | €396,663 | +€377,149 | +1,933% |
| Income taxes | 67/77 | €4,518 | €105,667 | +€101,149 | +2,239% |
| Profit (loss) for the period | 9904 | €14,996 | €290,997 | +€276,001 | +1,840% |
| Profit (loss) for the period to be appropriated | 9905 | €14,996 | €290,997 | +€276,001 | +1,840% |
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 15 October 2026 via checked.be.