MARINO: what changed
Two fiscal 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.
MARINO
Largest movements
- Receivables after one year -€38,000
down €38,000 (-69.1%), from €55,000 to €17,000
- Cash -€23,685
down €23,685 (-84.6%), from €27,994 to €4,309
mainly Net result for the year (-€39,942) and Receivables within one year (-€20,456)
- Receivables within one year +€20,456
up €20,456 (+140.8%), from €14,526 to €34,982
of which Trade receivables: +€20,728
- Tangible fixed assets -€7,031
down €7,031 (-20.3%), from €34,572 to €27,541
of which Furniture and vehicles: -€6,426
- Financial fixed assets +€1,900
up €1,900 (+90.5%), from €2,100 to €4,000
- Profit (loss) carried forward -€39,942
down €39,942, from €0 to -€39,942
- Trade debts +€17,264
up €17,264 (+66.1%), from €26,121 to €43,385
- Other debts -€9,249
down €9,249 (-35.8%), from €25,846 to €16,596
- Tax, wage and social debts -€7,010
down €7,010 (-65.2%), from €10,751 to €3,740
of which Taxes: -€6,010
- Debts after one year -€4,957
down €4,957 (-100.0%), from €4,957 to €0
of which Financial debts: -€4,957
- Gross operating margin -€38,087
down €38,087, from €16,113 to -€21,974
- Other operating charges +€2,738
up €2,738 (+210.5%), from €1,301 to €4,039
- Taxes -€1,702
down €1,702 (-100.0%), from €1,702 to €0
- Depreciation +€885
up €885 (+7.4%), from €11,889 to €12,774
- Financial income -€651
down €651 (-33.0%), from €1,973 to €1,322
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 | €137,597 | €91,511 | -€46,086 | -33.5% |
| Fixed assets | 21/28 | €36,672 | €31,541 | -€5,131 | -14.0% |
| Tangible fixed assets | 22/27 | €34,572 | €27,541 | -€7,031 | -20.3% |
| Plant, machinery and equipment | 23 | €2,956 | €4,851 | +€1,896 | +64.1% |
| Furniture and vehicles | 24 | €13,960 | €7,534 | -€6,426 | -46.0% |
| Other tangible fixed assets | 26 | €17,656 | €15,156 | -€2,500 | -14.2% |
| Financial fixed assets | 28 | €2,100 | €4,000 | +€1,900 | +90.5% |
| Current assets | 29/58 | €100,925 | €59,969 | -€40,956 | -40.6% |
| Amounts receivable after more than one year | 29 | €55,000 | €17,000 | -€38,000 | -69.1% |
| Other amounts receivable | 291 | €55,000 | €17,000 | -€38,000 | -69.1% |
| Stocks and contracts in progress | 3 | €1,795 | €912 | -€883 | -49.2% |
| Stocks | 30/36 | €1,795 | €912 | -€883 | -49.2% |
| Amounts receivable within one year | 40/41 | €14,526 | €34,982 | +€20,456 | +140.8% |
| Trade receivables | 40 | €12,955 | €33,682 | +€20,728 | +160.0% |
| Other amounts receivable | 41 | €1,571 | €1,300 | -€271 | -17.3% |
| Cash at bank and in hand | 54/58 | €27,994 | €4,309 | -€23,685 | -84.6% |
| Deferred charges and accrued income | 490/1 | €1,610 | €2,767 | +€1,157 | +71.9% |
| Total equity and liabilities | 10/49 | €137,597 | €91,511 | -€46,086 | -33.5% |
| Equity | 10/15 | €57,375 | €17,433 | -€39,942 | -69.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €44,975 | €44,975 | = | 0.0% |
| Distributable reserves | 133 | €44,975 | €44,975 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€39,942 | -€39,942 | |
| Amounts payable | 17/49 | €80,222 | €74,078 | -€6,144 | -7.7% |
| Amounts payable after more than one year | 17 | €4,957 | €0 | -€4,957 | -100.0% |
| Financial debts | 170/4 | €4,957 | €0 | -€4,957 | -100.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €67,379 | €68,678 | +€1,300 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €4,661 | €4,957 | +€296 | +6.3% |
| Trade debts | 44 | €26,121 | €43,385 | +€17,264 | +66.1% |
| Suppliers | 440/4 | €26,121 | €43,385 | +€17,264 | +66.1% |
| Taxes, remuneration and social security | 45 | €10,751 | €3,740 | -€7,010 | -65.2% |
| Taxes | 450/3 | €9,751 | €3,740 | -€6,010 | -61.6% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100.0% |
| Other amounts payable | 47/48 | €25,846 | €16,596 | -€9,249 | -35.8% |
| Accrued charges and deferred income | 492/3 | €7,887 | €5,400 | -€2,487 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,889 | €12,774 | +€885 | +7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €400 | €710 | +€310 | +77.6% |
| Other operating charges | 640/8 | €1,301 | €4,039 | +€2,738 | +210.5% |
| Gross operating margin | 9900 | €16,113 | -€21,974 | -€38,087 | |
| Operating profit (loss) | 9901 | €2,523 | -€39,498 | -€42,021 | |
| Financial income | 75/76B | €1,973 | €1,322 | -€651 | -33.0% |
| Recurring financial income | 75 | €1,973 | €1,322 | -€651 | -33.0% |
| Financial charges | 65/66B | €1,181 | €1,766 | +€585 | +49.5% |
| Recurring financial charges | 65 | €1,181 | €1,766 | +€585 | +49.5% |
| Profit (loss) for the period before taxes | 9903 | €3,315 | -€39,942 | -€43,257 | |
| Income taxes | 67/77 | €1,702 | €0 | -€1,702 | -100.0% |
| Profit (loss) for the period | 9904 | €1,613 | -€39,942 | -€41,555 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,613 | -€39,942 | -€41,555 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.