MARINO: 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.
MARINO
Largest movements
- Current investments -€51,292
down €51,292 (-93.1%), from €55,106 to €3,814
- Receivables within one year +€41,284
up €41,284 (+81.2%), from €50,847 to €92,131
of which Other amounts receivable: +€63,002
- Tangible fixed assets -€30,929
down €30,929 (-2.7%), from €1.2m to €1.1m
of which Land and buildings: -€30,838
- Receivables after one year +€25,911
up €25,911 (+4.7%), from €553,638 to €579,549
- Short-term financial debts +€28,947
new in 2025: €28,947
- Debts after one year -€21,067
down €21,067 (-10.3%), from €204,283 to €183,216
- Reserves -€20,727
down €20,727 (-1.7%), from €1.2m to €1.2m
of which Tax-exempt reserves: -€20,727
- Gross operating margin +€55,176
up €55,176 (+98.4%), from -€56,077 to -€901
- Other operating charges -€3,841
down €3,841 (-49.2%), from €7,814 to €3,973
- Depreciation +€3,402
up €3,402 (+12.4%), from €27,527 to €30,929
- Financial charges -€1,114
down €1,114 (-10.8%), from €10,359 to €9,245
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 | €1,825,584 | €1,811,626 | -€13,958 | -0.8% |
| Fixed assets | 21/28 | €1,165,702 | €1,134,773 | -€30,929 | -2.7% |
| Tangible fixed assets | 22/27 | €1,165,702 | €1,134,773 | -€30,929 | -2.7% |
| Land and buildings | 22 | €1,164,858 | €1,134,020 | -€30,838 | -2.6% |
| Furniture and vehicles | 24 | €844 | €753 | -€91 | -10.8% |
| Current assets | 29/58 | €659,882 | €676,853 | +€16,971 | +2.6% |
| Amounts receivable after more than one year | 29 | €553,638 | €579,549 | +€25,911 | +4.7% |
| Other amounts receivable | 291 | €553,638 | €579,549 | +€25,911 | +4.7% |
| Amounts receivable within one year | 40/41 | €50,847 | €92,131 | +€41,284 | +81.2% |
| Trade receivables | 40 | €26,704 | €4,987 | -€21,717 | -81.3% |
| Other amounts receivable | 41 | €24,143 | €87,144 | +€63,002 | +261% |
| Current investments | 50/53 | €55,106 | €3,814 | -€51,292 | -93.1% |
| Cash at bank and in hand | 54/58 | €32 | €1,143 | +€1,110 | +3,443% |
| Deferred charges and accrued income | 490/1 | €259 | €216 | -€43 | -16.7% |
| Total equity and liabilities | 10/49 | €1,825,584 | €1,811,626 | -€13,958 | -0.8% |
| Equity | 10/15 | €1,235,190 | €1,222,891 | -€12,298 | -1.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €1,221,361 | €1,200,635 | -€20,727 | -1.7% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,091,888 | €1,071,162 | -€20,727 | -1.9% |
| Distributable reserves | 133 | €122,973 | €122,973 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,171 | -€42,743 | +€8,428 | +16.5% |
| Provisions and deferred taxes | 16 | €362,239 | €355,330 | -€6,909 | -1.9% |
| Deferred taxes | 168 | €362,239 | €355,330 | -€6,909 | -1.9% |
| Amounts payable | 17/49 | €228,155 | €233,404 | +€5,249 | +2.3% |
| Amounts payable after more than one year | 17 | €204,283 | €183,216 | -€21,067 | -10.3% |
| Financial debts | 170/4 | €204,283 | €183,216 | -€21,067 | -10.3% |
| Amounts payable within one year | 42/48 | €23,873 | €50,188 | +€26,316 | +110% |
| Current portion of amounts payable after more than one year | 42 | €20,865 | €21,067 | +€202 | +1.0% |
| Financial debts | 43 | - | €28,947 | +€28,947 | |
| Credit institutions | 430/8 | - | €28,947 | +€28,947 | |
| Taxes, remuneration and social security | 45 | €2,579 | €174 | -€2,404 | -93.2% |
| Taxes | 450/3 | €2,579 | €174 | -€2,404 | -93.2% |
| Other amounts payable | 47/48 | €429 | €0 | -€429 | -100% |
| Non-recurring operating income | 76A | - | €7,161 | +€7,161 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,527 | €30,929 | +€3,402 | +12.4% |
| Other operating charges | 640/8 | €7,814 | €3,973 | -€3,841 | -49.2% |
| Gross operating margin | 9900 | -€56,077 | -€901 | +€55,176 | +98.4% |
| Operating profit (loss) | 9901 | -€91,417 | -€35,803 | +€55,614 | +60.8% |
| Financial income | 75/76B | €26,123 | €26,172 | +€50 | +0.2% |
| Recurring financial income | 75 | €26,123 | €26,172 | +€50 | +0.2% |
| Financial charges | 65/66B | €10,359 | €9,245 | -€1,114 | -10.8% |
| Recurring financial charges | 65 | €10,359 | €9,245 | -€1,114 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | -€75,653 | -€18,876 | +€56,778 | +75.0% |
| Transfer from deferred taxes | 780 | €7,454 | €6,909 | -€545 | -7.3% |
| Income taxes | 67/77 | €162 | €332 | +€170 | +105% |
| Profit (loss) for the period | 9904 | -€68,362 | -€12,298 | +€56,063 | +82.0% |
| Transfer from tax-exempt reserves | 789 | €17,190 | €20,727 | +€3,537 | +20.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,171 | €8,428 | +€59,600 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.