Marinbel: 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.
Marinbel
Largest movements
- Receivables within one year -€154,012
down €154,012 (-27.7%), from €555,697 to €401,685
- Tangible fixed assets -€71,202
down €71,202 (-2.7%), from €2.6m to €2.5m
of which Land and buildings: -€71,202
- Short-term financial debts -€500,000
down €500,000 (-71.4%), from €700,000 to €200,000
- Reserves +€239,612
up €239,612 (+9.2%), from €2.6m to €2.8m
of which Distributable reserves: +€245,749
- Financial income +€209,253
up €209,253 (+277.7%), from €75,360 to €284,614
- Taxes +€30,221
up €30,221 (+937.5%), from €3,224 to €33,444
- Gross operating margin +€10,025
up €10,025 (+10.5%), from €95,830 to €105,856
- Financial charges -€9,148
down €9,148 (-25.7%), from €35,655 to €26,507
- Depreciation -€5,953
down €5,953 (-7.7%), from €77,156 to €71,202
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 | €5,339,321 | €5,089,134 | -€250,187 | -4.7% |
| Fixed assets | 21/28 | €3,418,401 | €3,347,198 | -€71,202 | -2.1% |
| Tangible fixed assets | 22/27 | €2,619,024 | €2,547,822 | -€71,202 | -2.7% |
| Land and buildings | 22 | €2,213,468 | €2,142,266 | -€71,202 | -3.2% |
| Furniture and vehicles | 24 | €390,000 | €390,000 | = | 0.0% |
| Other tangible fixed assets | 26 | €15,556 | €15,556 | = | 0.0% |
| Financial fixed assets | 28 | €799,377 | €799,377 | = | 0.0% |
| Current assets | 29/58 | €1,920,921 | €1,741,936 | -€178,985 | -9.3% |
| Amounts receivable within one year | 40/41 | €555,697 | €401,685 | -€154,012 | -27.7% |
| Other amounts receivable | 41 | €555,697 | €401,685 | -€154,012 | -27.7% |
| Current investments | 50/53 | €1,171,641 | €1,132,790 | -€38,851 | -3.3% |
| Cash at bank and in hand | 54/58 | €189,846 | €203,308 | +€13,462 | +7.1% |
| Deferred charges and accrued income | 490/1 | €3,736 | €4,153 | +€417 | +11.2% |
| Total equity and liabilities | 10/49 | €5,339,321 | €5,089,134 | -€250,187 | -4.7% |
| Equity | 10/15 | €4,594,512 | €4,834,124 | +€239,612 | +5.2% |
| Contributions | 10/11 | €473,477 | €473,477 | = | 0.0% |
| Capital | 10 | €473,477 | €473,477 | = | 0.0% |
| Issued capital | 100 | €473,477 | €473,477 | = | 0.0% |
| Reserves | 13 | €2,593,850 | €2,833,462 | +€239,612 | +9.2% |
| Non-distributable reserves | 130/1 | €47,348 | €47,348 | = | 0.0% |
| Legal reserve | 130 | €47,348 | €47,348 | = | 0.0% |
| Tax-exempt reserves | 132 | €53,273 | €47,136 | -€6,137 | -11.5% |
| Distributable reserves | 133 | €2,493,230 | €2,738,979 | +€245,749 | +9.9% |
| Profit (loss) carried forward | 14 | €1,527,185 | €1,527,185 | = | 0.0% |
| Provisions and deferred taxes | 16 | €22,356 | €19,780 | -€2,575 | -11.5% |
| Deferred taxes | 168 | €22,356 | €19,780 | -€2,575 | -11.5% |
| Amounts payable | 17/49 | €722,453 | €235,229 | -€487,224 | -67.4% |
| Amounts payable within one year | 42/48 | €719,253 | €230,904 | -€488,349 | -67.9% |
| Financial debts | 43 | €700,000 | €200,000 | -€500,000 | -71.4% |
| Credit institutions | 430/8 | €700,000 | €200,000 | -€500,000 | -71.4% |
| Trade debts | 44 | €3,824 | €4,844 | +€1,021 | +26.7% |
| Suppliers | 440/4 | €3,824 | €4,844 | +€1,021 | +26.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €10,922 | €23,959 | +€13,037 | +119.4% |
| Taxes | 450/3 | €7,967 | €20,986 | +€13,019 | +163.4% |
| Remuneration and social security | 454/9 | €2,955 | €2,973 | +€18 | +0.6% |
| Other amounts payable | 47/48 | €4,507 | €2,100 | -€2,407 | -53.4% |
| Accrued charges and deferred income | 492/3 | €3,201 | €4,326 | +€1,125 | +35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,156 | €71,202 | -€5,953 | -7.7% |
| Other operating charges | 640/8 | €19,764 | €22,279 | +€2,515 | +12.7% |
| Gross operating margin | 9900 | €95,830 | €105,856 | +€10,025 | +10.5% |
| Operating profit (loss) | 9901 | -€1,089 | €12,375 | +€13,464 | |
| Financial income | 75/76B | €75,360 | €284,614 | +€209,253 | +277.7% |
| Recurring financial income | 75 | €75,360 | €284,614 | +€209,253 | +277.7% |
| Financial charges | 65/66B | €35,655 | €26,507 | -€9,148 | -25.7% |
| Recurring financial charges | 65 | €35,655 | €26,507 | -€9,148 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €38,616 | €270,481 | +€231,865 | +600.4% |
| Transfer from deferred taxes | 780 | €2,575 | €2,575 | = | 0.0% |
| Income taxes | 67/77 | €3,224 | €33,444 | +€30,221 | +937.5% |
| Profit (loss) for the period | 9904 | €37,968 | €239,612 | +€201,644 | +531.1% |
| Transfer from tax-exempt reserves | 789 | €6,137 | €6,137 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,105 | €245,749 | +€201,644 | +457.2% |
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 8 October 2026 via checked.be.