MARINS: 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.
MARINS
Largest movements
- Cash +€123,369
up €123,369 (+58.8%), from €209,844 to €333,213
mainly Net result for the year (+€129,118) and Other debts (+€61,776)
- Current investments -€32,687
down €32,687 (-11.3%), from €288,701 to €256,013
- Tangible fixed assets -€18,977
down €18,977 (-27.6%), from €68,704 to €49,726
of which Furniture and vehicles: -€17,280
- Other debts +€61,776
up €61,776 (+36.2%), from €170,725 to €232,502
- Tax, wage and social debts +€17,573
up €17,573 (+265.6%), from €6,617 to €24,189
- Reserves -€13,513
down €13,513 (-3.5%), from €386,565 to €373,052
- Financial income +€29,226
up €29,226 (+307.7%), from €9,499 to €38,724
- Gross operating margin +€26,966
up €26,966 (+17.7%), from €152,227 to €179,193
- Taxes +€17,699
up €17,699 (+47.5%), from €37,243 to €54,942
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 | €614,753 | €680,016 | +€65,263 | +10.6% |
| Fixed assets | 21/28 | €71,494 | €52,517 | -€18,977 | -26.5% |
| Tangible fixed assets | 22/27 | €68,704 | €49,726 | -€18,977 | -27.6% |
| Plant, machinery and equipment | 23 | €2,515 | €3,230 | +€715 | +28.4% |
| Furniture and vehicles | 24 | €61,364 | €44,084 | -€17,280 | -28.2% |
| Other tangible fixed assets | 26 | €4,824 | €2,412 | -€2,412 | -50.0% |
| Financial fixed assets | 28 | €2,790 | €2,790 | = | 0.0% |
| Current assets | 29/58 | €543,259 | €627,500 | +€84,241 | +15.5% |
| Amounts receivable within one year | 40/41 | €599 | - | -€599 | |
| Other amounts receivable | 41 | €599 | - | -€599 | |
| Current investments | 50/53 | €288,701 | €256,013 | -€32,687 | -11.3% |
| Cash at bank and in hand | 54/58 | €209,844 | €333,213 | +€123,369 | +58.8% |
| Deferred charges and accrued income | 490/1 | €44,116 | €38,274 | -€5,842 | -13.2% |
| Total equity and liabilities | 10/49 | €614,753 | €680,016 | +€65,263 | +10.6% |
| Equity | 10/15 | €396,565 | €383,052 | -€13,513 | -3.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €386,565 | €373,052 | -€13,513 | -3.5% |
| Distributable reserves | 133 | €386,565 | €373,052 | -€13,513 | -3.5% |
| Amounts payable | 17/49 | €218,188 | €296,965 | +€78,777 | +36.1% |
| Amounts payable after more than one year | 17 | €35,000 | €35,000 | = | 0.0% |
| Other amounts payable | 178/9 | €35,000 | €35,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €177,863 | €257,125 | +€79,262 | +44.6% |
| Trade debts | 44 | €521 | €433 | -€87 | -16.8% |
| Suppliers | 440/4 | €521 | €433 | -€87 | -16.8% |
| Taxes, remuneration and social security | 45 | €6,617 | €24,189 | +€17,573 | +265.6% |
| Taxes | 450/3 | €6,617 | €24,189 | +€17,573 | +265.6% |
| Other amounts payable | 47/48 | €170,725 | €232,502 | +€61,776 | +36.2% |
| Accrued charges and deferred income | 492/3 | €5,325 | €4,840 | -€485 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,601 | €21,387 | -€214 | -1.0% |
| Other operating charges | 640/8 | €884 | €907 | +€23 | +2.6% |
| Non-recurring operating charges | 66A | €63 | €116 | +€53 | +84.5% |
| Gross operating margin | 9900 | €152,227 | €179,193 | +€26,966 | +17.7% |
| Operating profit (loss) | 9901 | €129,678 | €156,783 | +€27,105 | +20.9% |
| Financial income | 75/76B | €9,499 | €38,724 | +€29,226 | +307.7% |
| Recurring financial income | 75 | €9,499 | €38,724 | +€29,226 | +307.7% |
| Financial charges | 65/66B | €11,029 | €11,447 | +€419 | +3.8% |
| Recurring financial charges | 65 | €11,029 | €11,447 | +€419 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €128,148 | €184,060 | +€55,912 | +43.6% |
| Income taxes | 67/77 | €37,243 | €54,942 | +€17,699 | +47.5% |
| Profit (loss) for the period | 9904 | €90,906 | €129,118 | +€38,212 | +42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,906 | €129,118 | +€38,212 | +42.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.