MARINELLI +: 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.
MARINELLI +
Largest movements
- Tangible fixed assets +€179,320
up €179,320 (+1,380%), from €12,993 to €192,313
of which Assets under construction and advance payments: +€117,992
- Cash -€13,015
down €13,015 (-48.2%), from €26,977 to €13,962
mainly Investment in fixed assets (net) (-€184,637) and Trade debts (-€51,700)
- Other debts +€166,071
up €166,071 (+12,304%), from €1,350 to €167,420
- Trade debts -€51,700
down €51,700 (-20.8%), from €248,920 to €197,220
- Debts after one year +€35,550
up €35,550 (+597%), from €5,950 to €41,500
- Short-term financial debts +€20,000
new in 2025: €20,000
- Tax, wage and social debts -€12,937
down €12,937 (-36.4%), from €35,528 to €22,591
of which Remuneration and social security: -€18,014
- Staff costs -€151,456
down €151,456 (-48.5%), from €312,220 to €160,765
- Gross operating margin -€148,811
down €148,811 (-43.9%), from €339,166 to €190,355
- Other operating charges -€10,576
down €10,576 (-71.0%), from €14,890 to €4,314
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 | €440,483 | €605,152 | +€164,668 | +37.4% |
| Fixed assets | 21/28 | €28,573 | €203,918 | +€175,345 | +614% |
| Intangible fixed assets | 21 | €15,530 | €11,555 | -€3,975 | -25.6% |
| Tangible fixed assets | 22/27 | €12,993 | €192,313 | +€179,320 | +1,380% |
| Furniture and vehicles | 24 | €6,322 | €59,765 | +€53,443 | +845% |
| Other tangible fixed assets | 26 | €6,672 | €14,556 | +€7,884 | +118% |
| Assets under construction and advance payments | 27 | - | €117,992 | +€117,992 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €411,910 | €401,234 | -€10,676 | -2.6% |
| Stocks and contracts in progress | 3 | €62,490 | €67,430 | +€4,940 | +7.9% |
| Stocks | 30/36 | €62,490 | €67,430 | +€4,940 | +7.9% |
| Amounts receivable within one year | 40/41 | €311,523 | €312,975 | +€1,452 | +0.5% |
| Trade receivables | 40 | €282,219 | €290,089 | +€7,870 | +2.8% |
| Other amounts receivable | 41 | €29,304 | €22,886 | -€6,417 | -21.9% |
| Cash at bank and in hand | 54/58 | €26,977 | €13,962 | -€13,015 | -48.2% |
| Deferred charges and accrued income | 490/1 | €10,920 | €6,866 | -€4,054 | -37.1% |
| Total equity and liabilities | 10/49 | €440,483 | €605,152 | +€164,668 | +37.4% |
| Equity | 10/15 | €131,398 | €137,102 | +€5,704 | +4.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,338 | €129,042 | +€5,704 | +4.6% |
| Amounts payable | 17/49 | €309,085 | €468,049 | +€158,964 | +51.4% |
| Amounts payable after more than one year | 17 | €5,950 | €41,500 | +€35,550 | +597% |
| Financial debts | 170/4 | €5,950 | €41,500 | +€35,550 | +597% |
| Amounts payable within one year | 42/48 | €303,135 | €426,550 | +€123,414 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €14,152 | €19,318 | +€5,166 | +36.5% |
| Financial debts | 43 | - | €20,000 | +€20,000 | |
| Credit institutions | 430/8 | - | €20,000 | +€20,000 | |
| Trade debts | 44 | €248,920 | €197,220 | -€51,700 | -20.8% |
| Suppliers | 440/4 | €248,920 | €197,220 | -€51,700 | -20.8% |
| Advances received on contracts in progress | 46 | €3,185 | - | -€3,185 | |
| Taxes, remuneration and social security | 45 | €35,528 | €22,591 | -€12,937 | -36.4% |
| Taxes | 450/3 | - | €5,077 | +€5,077 | |
| Remuneration and social security | 454/9 | €35,528 | €17,514 | -€18,014 | -50.7% |
| Other amounts payable | 47/48 | €1,350 | €167,420 | +€166,071 | +12,304% |
| Remuneration, social security and pensions | 62 | €312,220 | €160,765 | -€151,456 | -48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,839 | €9,293 | +€2,454 | +35.9% |
| Other operating charges | 640/8 | €14,890 | €4,314 | -€10,576 | -71.0% |
| Gross operating margin | 9900 | €339,166 | €190,355 | -€148,811 | -43.9% |
| Operating profit (loss) | 9901 | €5,217 | €15,984 | +€10,767 | +206% |
| Financial income | 75/76B | €201 | €200 | -€2 | -0.8% |
| Recurring financial income | 75 | €201 | €200 | -€2 | -0.8% |
| Financial charges | 65/66B | €8,622 | €10,166 | +€1,544 | +17.9% |
| Recurring financial charges | 65 | €8,622 | €10,166 | +€1,544 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,204 | €6,018 | +€9,221 | |
| Income taxes | 67/77 | €384 | €313 | -€71 | -18.5% |
| Profit (loss) for the period | 9904 | -€3,588 | €5,704 | +€9,292 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,588 | €5,704 | +€9,292 |
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 20 October 2026 via checked.be.