Marineau: 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.
Marineau
Largest movements
- Cash +€196,223
up €196,223 (+83.3%), from €235,478 to €431,701
mainly Receivables within one year (+€96,152) and Net result for the year (+€73,664)
- Receivables within one year -€96,152
down €96,152 (-78.8%), from €122,047 to €25,895
of which Trade receivables: -€104,807
- Reserves +€73,664
up €73,664 (+20.9%), from €351,700 to €425,364
- Tax, wage and social debts +€26,225
up €26,225 (+60.9%), from €43,069 to €69,294
- Gross operating margin +€116,103
up €116,103 (+136%), from €85,492 to €201,595
- Financial charges +€80,014
up €80,014 (+59,269%), from €135 to €80,149
- Financial income -€79,572
down €79,572 (-99.5%), from €80,003 to €431
- Taxes +€30,394
up €30,394 (+176%), from €17,300 to €47,694
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 | €397,525 | €497,596 | +€100,071 | +25.2% |
| Current assets | 29/58 | €397,525 | €497,596 | +€100,071 | +25.2% |
| Amounts receivable within one year | 40/41 | €122,047 | €25,895 | -€96,152 | -78.8% |
| Trade receivables | 40 | €118,416 | €13,609 | -€104,807 | -88.5% |
| Other amounts receivable | 41 | €3,631 | €12,285 | +€8,655 | +238% |
| Current investments | 50/53 | €40,000 | €40,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €235,478 | €431,701 | +€196,223 | +83.3% |
| Total equity and liabilities | 10/49 | €397,525 | €497,596 | +€100,071 | +25.2% |
| Equity | 10/15 | €353,700 | €427,364 | +€73,664 | +20.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €351,700 | €425,364 | +€73,664 | +20.9% |
| Distributable reserves | 133 | €351,700 | €425,364 | +€73,664 | +20.9% |
| Amounts payable | 17/49 | €43,825 | €70,231 | +€26,407 | +60.3% |
| Amounts payable within one year | 42/48 | €43,825 | €70,231 | +€26,407 | +60.3% |
| Trade debts | 44 | €756 | €938 | +€182 | +24.0% |
| Suppliers | 440/4 | €756 | €938 | +€182 | +24.0% |
| Taxes, remuneration and social security | 45 | €43,069 | €69,294 | +€26,225 | +60.9% |
| Taxes | 450/3 | €43,069 | €69,294 | +€26,225 | +60.9% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340% |
| Gross operating margin | 9900 | €85,492 | €201,595 | +€116,103 | +136% |
| Operating profit (loss) | 9901 | €85,374 | €201,076 | +€115,701 | +136% |
| Financial income | 75/76B | €80,003 | €431 | -€79,572 | -99.5% |
| Recurring financial income | 75 | €80,003 | €431 | -€79,572 | -99.5% |
| Financial charges | 65/66B | €135 | €80,149 | +€80,014 | +59,269% |
| Recurring financial charges | 65 | €135 | €80,149 | +€80,014 | +59,269% |
| Profit (loss) for the period before taxes | 9903 | €165,242 | €121,358 | -€43,884 | -26.6% |
| Income taxes | 67/77 | €17,300 | €47,694 | +€30,394 | +176% |
| Profit (loss) for the period | 9904 | €147,942 | €73,664 | -€74,278 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €147,942 | €73,664 | -€74,278 | -50.2% |
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 26 October 2026 via checked.be.