MARINE +: 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.
MARINE +
Largest movements
- Receivables within one year +€961,700
up €961,700 (+34.0%), from €2.8m to €3.8m
of which Trade receivables: +€989,788
- Deferred charges and accrued income -€528,123
down €528,123 (-66.1%), from €798,697 to €270,574
- Trade debts +€575,288
up €575,288 (+19.9%), from €2.9m to €3.5m
- Tax, wage and social debts -€145,544
down €145,544 (-58.4%), from €249,302 to €103,758
of which Taxes: -€137,345
- Gross operating margin -€101,757
down €101,757 (-14.7%), from €691,072 to €589,315
- Taxes -€29,778
down €29,778 (-75.9%), from €39,242 to €9,464
- Financial income -€10,470
down €10,470 (-86.0%), from €12,177 to €1,707
- Staff costs -€9,777
down €9,777 (-2.0%), from €482,508 to €472,730
- Depreciation +€7,604
up €7,604 (+15.3%), from €49,782 to €57,386
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 | €4,222,662 | €4,647,123 | +€424,461 | +10.1% |
| Fixed assets | 21/28 | €571,050 | €516,853 | -€54,197 | -9.5% |
| Intangible fixed assets | 21 | €48,213 | €40,250 | -€7,962 | -16.5% |
| Tangible fixed assets | 22/27 | €510,442 | €464,208 | -€46,234 | -9.1% |
| Land and buildings | 22 | €351,751 | €331,029 | -€20,722 | -5.9% |
| Plant, machinery and equipment | 23 | €129,184 | €117,299 | -€11,886 | -9.2% |
| Furniture and vehicles | 24 | €29,507 | €15,880 | -€13,627 | -46.2% |
| Financial fixed assets | 28 | €12,395 | €12,395 | = | 0.0% |
| Current assets | 29/58 | €3,651,613 | €4,130,270 | +€478,658 | +13.1% |
| Amounts receivable within one year | 40/41 | €2,831,796 | €3,793,496 | +€961,700 | +34.0% |
| Trade receivables | 40 | €2,775,256 | €3,765,044 | +€989,788 | +35.7% |
| Other amounts receivable | 41 | €56,541 | €28,452 | -€28,089 | -49.7% |
| Cash at bank and in hand | 54/58 | €21,120 | €66,200 | +€45,081 | +213.5% |
| Deferred charges and accrued income | 490/1 | €798,697 | €270,574 | -€528,123 | -66.1% |
| Total equity and liabilities | 10/49 | €4,222,662 | €4,647,123 | +€424,461 | +10.1% |
| Equity | 10/15 | €764,390 | €784,906 | +€20,516 | +2.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €702,390 | €722,906 | +€20,516 | +2.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €696,190 | €716,706 | +€20,516 | +2.9% |
| Amounts payable | 17/49 | €3,458,272 | €3,862,217 | +€403,945 | +11.7% |
| Amounts payable after more than one year | 17 | €285,131 | €258,844 | -€26,288 | -9.2% |
| Financial debts | 170/4 | €285,131 | €258,844 | -€26,288 | -9.2% |
| Amounts payable within one year | 42/48 | €3,173,141 | €3,603,373 | +€430,232 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €25,800 | €26,288 | +€488 | +1.9% |
| Trade debts | 44 | €2,897,944 | €3,473,233 | +€575,288 | +19.9% |
| Suppliers | 440/4 | €2,897,944 | €3,473,233 | +€575,288 | +19.9% |
| Taxes, remuneration and social security | 45 | €249,302 | €103,758 | -€145,544 | -58.4% |
| Taxes | 450/3 | €186,051 | €48,706 | -€137,345 | -73.8% |
| Remuneration and social security | 454/9 | €63,251 | €55,052 | -€8,199 | -13.0% |
| Other amounts payable | 47/48 | €95 | €95 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €482,508 | €472,730 | -€9,777 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,782 | €57,386 | +€7,604 | +15.3% |
| Other operating charges | 640/8 | €5,477 | €10,770 | +€5,292 | +96.6% |
| Gross operating margin | 9900 | €691,072 | €589,315 | -€101,757 | -14.7% |
| Operating profit (loss) | 9901 | €153,304 | €48,428 | -€104,876 | -68.4% |
| Financial income | 75/76B | €12,177 | €1,707 | -€10,470 | -86.0% |
| Recurring financial income | 75 | €12,177 | €1,707 | -€10,470 | -86.0% |
| Financial charges | 65/66B | €19,854 | €20,155 | +€301 | +1.5% |
| Recurring financial charges | 65 | €19,854 | €20,155 | +€301 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €145,627 | €29,980 | -€115,647 | -79.4% |
| Income taxes | 67/77 | €39,242 | €9,464 | -€29,778 | -75.9% |
| Profit (loss) for the period | 9904 | €106,386 | €20,516 | -€85,870 | -80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €106,386 | €20,516 | -€85,870 | -80.7% |
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 12 October 2026 via checked.be.