MARINAZUR: 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.
MARINAZUR
Largest movements
- Tangible fixed assets -€14,703
down €14,703 (-6.8%), from €217,452 to €202,748
- Other debts -€170,410
no longer reported in 2025 (was €170,410)
- Debts after one year +€165,432
new in 2025: €165,432
- Reserves -€4,674
down €4,674 (-6.6%), from €71,045 to €66,370
of which Tax-exempt reserves: -€4,674
- Trade debts -€3,146
down €3,146 (-85.1%), from €3,699 to €552
- Provisions -€2,407
down €2,407 (-9.8%), from €24,511 to €22,104
- Gross operating margin +€1,015
up €1,015 (+9.4%), from €10,804 to €11,819
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 | €221,409 | €207,440 | -€13,969 | -6.3% |
| Fixed assets | 21/28 | €217,867 | €203,164 | -€14,703 | -6.7% |
| Tangible fixed assets | 22/27 | €217,452 | €202,748 | -€14,703 | -6.8% |
| Land and buildings | 22 | €217,452 | €202,748 | -€14,703 | -6.8% |
| Financial fixed assets | 28 | €416 | €416 | = | 0.0% |
| Current assets | 29/58 | €3,542 | €4,276 | +€735 | +20.7% |
| Cash at bank and in hand | 54/58 | €3 | €37 | +€34 | +1,078% |
| Deferred charges and accrued income | 490/1 | €3,539 | €4,240 | +€701 | +19.8% |
| Total equity and liabilities | 10/49 | €221,409 | €207,440 | -€13,969 | -6.3% |
| Equity | 10/15 | €22,789 | €19,351 | -€3,438 | -15.1% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €71,045 | €66,370 | -€4,674 | -6.6% |
| Tax-exempt reserves | 132 | €67,946 | €63,272 | -€4,674 | -6.9% |
| Distributable reserves | 133 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,243 | -€78,006 | +€1,237 | +1.6% |
| Provisions and deferred taxes | 16 | €24,511 | €22,104 | -€2,407 | -9.8% |
| Deferred taxes | 168 | €24,511 | €22,104 | -€2,407 | -9.8% |
| Amounts payable | 17/49 | €174,109 | €165,985 | -€8,124 | -4.7% |
| Amounts payable after more than one year | 17 | - | €165,432 | +€165,432 | |
| Other amounts payable | 178/9 | - | €165,432 | +€165,432 | |
| Amounts payable within one year | 42/48 | €174,109 | €552 | -€173,557 | -99.7% |
| Trade debts | 44 | €3,699 | €552 | -€3,146 | -85.1% |
| Suppliers | 440/4 | €3,699 | €552 | -€3,146 | -85.1% |
| Other amounts payable | 47/48 | €170,410 | - | -€170,410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,703 | €14,703 | +€0 | 0.0% |
| Other operating charges | 640/8 | €2,679 | €2,760 | +€81 | +3.0% |
| Gross operating margin | 9900 | €10,804 | €11,819 | +€1,015 | +9.4% |
| Operating profit (loss) | 9901 | -€6,578 | -€5,644 | +€934 | +14.2% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €190 | €201 | +€11 | +5.6% |
| Recurring financial charges | 65 | €190 | €201 | +€11 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,767 | -€5,845 | +€922 | +13.6% |
| Transfer from deferred taxes | 780 | €2,407 | €2,407 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€4,360 | -€3,438 | +€922 | +21.2% |
| Transfer from tax-exempt reserves | 789 | €4,674 | €4,674 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €314 | €1,237 | +€922 | +294% |
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 13 October 2026 via checked.be.