Marine de Thibault: 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 de Thibault
Largest movements
- Tangible fixed assets -€12,282
down €12,282 (-4.7%), from €262,649 to €250,367
of which Land and buildings: -€12,471
- Cash +€5,123
new in 2025: €5,123
mainly Depreciation (+€13,748) and Net result for the year (+€2,352)
- Other debts -€10,261
down €10,261 (-5.6%), from €183,842 to €173,580
- Gross operating margin +€17,561
up €17,561 (+535%), from €3,282 to €20,843
- Taxes -€12,949
no longer reported in 2025 (was €12,949)
- Depreciation +€1,013
up €1,013 (+8.0%), from €12,735 to €13,748
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 | €264,947 | €256,419 | -€8,529 | -3.2% |
| Fixed assets | 21/28 | €262,872 | €250,590 | -€12,282 | -4.7% |
| Tangible fixed assets | 22/27 | €262,649 | €250,367 | -€12,282 | -4.7% |
| Land and buildings | 22 | €257,904 | €245,433 | -€12,471 | -4.8% |
| Plant, machinery and equipment | 23 | €1,127 | €2,096 | +€968 | +85.9% |
| Furniture and vehicles | 24 | €3,618 | €2,838 | -€780 | -21.6% |
| Financial fixed assets | 28 | €223 | €223 | = | 0.0% |
| Current assets | 29/58 | €2,075 | €5,829 | +€3,754 | +181% |
| Amounts receivable within one year | 40/41 | €2,075 | €706 | -€1,369 | -66.0% |
| Trade receivables | 40 | €851 | - | -€851 | |
| Other amounts receivable | 41 | €1,224 | €706 | -€518 | -42.3% |
| Cash at bank and in hand | 54/58 | - | €5,123 | +€5,123 | |
| Total equity and liabilities | 10/49 | €264,947 | €256,419 | -€8,529 | -3.2% |
| Equity | 10/15 | -€55,521 | -€53,169 | +€2,352 | +4.2% |
| Contributions | 10/11 | €68,171 | €68,171 | = | 0.0% |
| Reserves | 13 | €649 | €649 | = | 0.0% |
| Non-distributable reserves | 130/1 | €649 | €649 | = | 0.0% |
| Reserves not available under the articles | 1311 | €649 | €649 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€124,341 | -€121,989 | +€2,352 | +1.9% |
| Amounts payable | 17/49 | €320,468 | €309,588 | -€10,880 | -3.4% |
| Amounts payable after more than one year | 17 | €135,224 | €135,224 | = | 0.0% |
| Other amounts payable | 178/9 | €135,224 | €135,224 | = | 0.0% |
| Amounts payable within one year | 42/48 | €185,245 | €174,364 | -€10,880 | -5.9% |
| Trade debts | 44 | €1,028 | €784 | -€244 | -23.7% |
| Suppliers | 440/4 | €1,028 | €784 | -€244 | -23.7% |
| Taxes, remuneration and social security | 45 | €375 | - | -€375 | |
| Taxes | 450/3 | €375 | - | -€375 | |
| Other amounts payable | 47/48 | €183,842 | €173,580 | -€10,261 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,735 | €13,748 | +€1,013 | +8.0% |
| Other operating charges | 640/8 | €4,836 | €4,744 | -€92 | -1.9% |
| Gross operating margin | 9900 | €3,282 | €20,843 | +€17,561 | +535% |
| Operating profit (loss) | 9901 | -€14,289 | €2,352 | +€16,640 | |
| Profit (loss) for the period before taxes | 9903 | -€14,289 | €2,352 | +€16,640 | |
| Income taxes | 67/77 | €12,949 | - | -€12,949 | |
| Profit (loss) for the period | 9904 | -€27,238 | €2,352 | +€29,589 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,238 | €2,352 | +€29,589 |
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 27 October 2026 via checked.be.