MARINERO: 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.
MARINERO
Largest movements
- Receivables within one year +€24,530
up €24,530 (+127%), from €19,333 to €43,863
of which Other amounts receivable: +€27,983
- Stocks and contracts -€8,835
down €8,835 (-39.7%), from €22,267 to €13,432
- Cash -€996
down €996 (-38.0%), from €2,619 to €1,624
mainly Receivables within one year (-€24,530) and Trade debts (-€21,098)
- Tangible fixed assets +€628
up €628 (+127%), from €495 to €1,123
of which Furniture and vehicles: +€1,035
- Profit (loss) carried forward +€28,165
up €28,165 (+80.1%), from -€35,160 to -€6,995
- Trade debts -€21,098
down €21,098 (-78.4%), from €26,906 to €5,809
- Tax, wage and social debts +€8,784
up €8,784 (+62.8%), from €13,994 to €22,778
of which Taxes: +€7,064
- Accrued charges and deferred income -€3,736
down €3,736 (-60.8%), from €6,144 to €2,408
- Other debts +€3,065
up €3,065 (+18.9%), from €16,210 to €19,275
- Gross operating margin -€23,826
down €23,826 (-33.5%), from €71,080 to €47,254
- Taxes +€7,463
up €7,463 (+211%), from €3,530 to €10,993
- Write-downs +€6,500
new in 2025: €6,500
- Financial charges -€3,674
down €3,674 (-76.1%), from €4,825 to €1,151
- Other operating charges -€1,031
down €1,031 (-47.8%), from €2,156 to €1,125
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 | €46,644 | €61,825 | +€15,181 | +32.5% |
| Fixed assets | 21/28 | €495 | €1,123 | +€628 | +127% |
| Tangible fixed assets | 22/27 | €495 | €1,123 | +€628 | +127% |
| Plant, machinery and equipment | 23 | €495 | €88 | -€407 | -82.2% |
| Furniture and vehicles | 24 | - | €1,035 | +€1,035 | |
| Current assets | 29/58 | €46,149 | €60,702 | +€14,553 | +31.5% |
| Stocks and contracts in progress | 3 | €22,267 | €13,432 | -€8,835 | -39.7% |
| Stocks | 30/36 | €22,267 | €13,432 | -€8,835 | -39.7% |
| Amounts receivable within one year | 40/41 | €19,333 | €43,863 | +€24,530 | +127% |
| Trade receivables | 40 | €19,333 | €15,881 | -€3,453 | -17.9% |
| Other amounts receivable | 41 | €0 | €27,983 | +€27,983 | |
| Cash at bank and in hand | 54/58 | €2,619 | €1,624 | -€996 | -38.0% |
| Deferred charges and accrued income | 490/1 | €1,930 | €1,783 | -€146 | -7.6% |
| Total equity and liabilities | 10/49 | €46,644 | €61,825 | +€15,181 | +32.5% |
| Equity | 10/15 | -€16,610 | €11,555 | +€28,165 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,160 | -€6,995 | +€28,165 | +80.1% |
| Amounts payable | 17/49 | €63,254 | €50,270 | -€12,984 | -20.5% |
| Amounts payable within one year | 42/48 | €57,110 | €47,862 | -€9,248 | -16.2% |
| Trade debts | 44 | €26,906 | €5,809 | -€21,098 | -78.4% |
| Suppliers | 440/4 | €26,906 | €5,809 | -€21,098 | -78.4% |
| Taxes, remuneration and social security | 45 | €13,994 | €22,778 | +€8,784 | +62.8% |
| Taxes | 450/3 | €13,994 | €21,058 | +€7,064 | +50.5% |
| Remuneration and social security | 454/9 | - | €1,720 | +€1,720 | |
| Other amounts payable | 47/48 | €16,210 | €19,275 | +€3,065 | +18.9% |
| Accrued charges and deferred income | 492/3 | €6,144 | €2,408 | -€3,736 | -60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €407 | €423 | +€16 | +4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,500 | +€6,500 | |
| Other operating charges | 640/8 | €2,156 | €1,125 | -€1,031 | -47.8% |
| Gross operating margin | 9900 | €71,080 | €47,254 | -€23,826 | -33.5% |
| Operating profit (loss) | 9901 | €68,517 | €39,206 | -€29,311 | -42.8% |
| Financial income | 75/76B | €102 | €1,104 | +€1,001 | +977% |
| Recurring financial income | 75 | €102 | €1,104 | +€1,001 | +977% |
| Financial charges | 65/66B | €4,825 | €1,151 | -€3,674 | -76.1% |
| Recurring financial charges | 65 | €4,825 | €1,151 | -€3,674 | -76.1% |
| Profit (loss) for the period before taxes | 9903 | €63,795 | €39,158 | -€24,637 | -38.6% |
| Income taxes | 67/77 | €3,530 | €10,993 | +€7,463 | +211% |
| Profit (loss) for the period | 9904 | €60,265 | €28,165 | -€32,099 | -53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €60,265 | €28,165 | -€32,099 | -53.3% |
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 19 October 2026 via checked.be.