MARINVEST: what changed
What changed
MARINVEST
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€250,753
2024 · €14,596+€236,157
Equity
€6.6m
2024 · €6.4m+€250,753
Cash
€1.5m
2024 · €95,439+€1.4m
Balance sheet total
€14.2m
2024 · €16.3m-€2.1m
Largest movements
Assets
- Stocks and contracts -€2.7m
down €2.7m (-21.9%), from €12.2m to €9.5m
- Cash +€1.4m
up €1.4m (+1,420%), from €95,439 to €1.5m
mainly Stocks and contracts (+€2.7m) and Receivables within one year (+€832,055)
- Receivables within one year -€832,055
down €832,055 (-25.4%), from €3.3m to €2.4m
of which Other amounts receivable: -€760,116
Equity and liabilities
- Short-term financial debts -€1.6m
down €1.6m (-24.7%), from €6.5m to €4.9m
- Trade debts -€524,442
down €524,442 (-86.4%), from €606,712 to €82,270
- Debts after one year -€295,238
down €295,238 (-15.8%), from €1.9m to €1.6m
- Profit (loss) carried forward +€166,553
up €166,553 (+4.5%), from €3.7m to €3.9m
Income statement
- Gross operating margin +€235,553
up €235,553 (+56.3%), from €418,236 to €653,789
- Financial charges -€119,305
down €119,305 (-24.3%), from €490,150 to €370,845
- Taxes +€78,786
up €78,786 (+685%), from €11,502 to €90,288
- Financial income -€25,290
down €25,290 (-16.8%), from €150,237 to €124,946
- Other operating charges +€14,624
up €14,624 (+41.1%), from €35,612 to €50,236
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€14,596
Gross operating margin
+€235,553
Other operating charges
-€14,624
Financial income
-€25,290
Financial charges
+€119,305
Taxes
-€78,786
Result 2025
€250,753
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€3.3m
Investment
-€36,098
Financing
-€1.9m
Cash 2024
€95,439
From operations (derived)
+€3.3m
Net result for the year
+€250,753
Depreciation
+€16,613
Receivables after one year
-€15,000
Stocks and contracts
+€2.7m
Receivables within one year
+€832,055
Smaller working-capital items
+€3,352
Trade debts
-€524,442
Tax, wage and social debts
-€30,974
Other debts
+€92,839
Investment (derived)
-€36,098
Investment in fixed assets (net)
-€36,098
Financing
-€1.9m
Debts after one year
-€295,238
Short-term financial debts
-€1.6m
Cash 2025
€1.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,323,530 | €14,204,433 | -€2.1m | -13.0% |
| Fixed assets | 21/28 | €729,432 | €748,918 | +€19,486 | +2.7% |
| Tangible fixed assets | 22/27 | €411,437 | €430,923 | +€19,486 | +4.7% |
| Land and buildings | 22 | €163,484 | €158,305 | -€5,179 | -3.2% |
| Furniture and vehicles | 24 | - | €18,064 | +€18,064 | |
| Assets under construction and advance payments | 27 | €247,953 | €254,554 | +€6,601 | +2.7% |
| Financial fixed assets | 28 | €317,995 | €317,995 | = | 0.0% |
| Current assets | 29/58 | €15,594,098 | €13,455,515 | -€2.1m | -13.7% |
| Amounts receivable after more than one year | 29 | €13,600 | €28,600 | +€15,000 | +110% |
| Other amounts receivable | 291 | €13,600 | €28,600 | +€15,000 | +110% |
| Stocks and contracts in progress | 3 | €12,208,299 | €9,532,828 | -€2.7m | -21.9% |
| Stocks | 30/36 | €12,208,299 | €9,532,828 | -€2.7m | -21.9% |
| Amounts receivable within one year | 40/41 | €3,274,898 | €2,442,843 | -€832,055 | -25.4% |
| Trade receivables | 40 | €205,039 | €133,100 | -€71,939 | -35.1% |
| Other amounts receivable | 41 | €3,069,859 | €2,309,743 | -€760,116 | -24.8% |
| Cash at bank and in hand | 54/58 | €95,439 | €1,451,133 | +€1.4m | +1,420% |
| Deferred charges and accrued income | 490/1 | €1,863 | €112 | -€1,751 | -94.0% |
| Total equity and liabilities | 10/49 | €16,323,530 | €14,204,433 | -€2.1m | -13.0% |
| Equity | 10/15 | €6,351,756 | €6,602,509 | +€250,753 | +3.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,602,955 | €2,687,155 | +€84,200 | +3.2% |
| Non-distributable reserves | 130/1 | €34,705 | €34,705 | = | 0.0% |
| Legal reserve | 130 | €34,705 | €34,705 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,342,883 | €1,099,978 | -€242,906 | -18.1% |
| Distributable reserves | 133 | €1,225,367 | €1,552,472 | +€327,106 | +26.7% |
| Profit (loss) carried forward | 14 | €3,686,801 | €3,853,354 | +€166,553 | +4.5% |
| Amounts payable | 17/49 | €9,971,774 | €7,601,923 | -€2.4m | -23.8% |
| Amounts payable after more than one year | 17 | €1,866,905 | €1,571,667 | -€295,238 | -15.8% |
| Other amounts payable | 178/9 | €1,866,905 | €1,571,667 | -€295,238 | -15.8% |
| Amounts payable within one year | 42/48 | €8,104,870 | €6,028,656 | -€2.1m | -25.6% |
| Financial debts | 43 | €6,539,369 | €4,925,732 | -€1.6m | -24.7% |
| Credit institutions | 430/8 | €6,539,369 | €4,925,732 | -€1.6m | -24.7% |
| Trade debts | 44 | €606,712 | €82,270 | -€524,442 | -86.4% |
| Suppliers | 440/4 | €606,712 | €82,270 | -€524,442 | -86.4% |
| Taxes, remuneration and social security | 45 | €59,040 | €28,067 | -€30,974 | -52.5% |
| Taxes | 450/3 | €59,040 | €28,067 | -€30,974 | -52.5% |
| Other amounts payable | 47/48 | €899,749 | €992,588 | +€92,839 | +10.3% |
| Accrued charges and deferred income | 492/3 | - | €1,601 | +€1,601 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,613 | €16,613 | = | 0.0% |
| Other operating charges | 640/8 | €35,612 | €50,236 | +€14,624 | +41.1% |
| Gross operating margin | 9900 | €418,236 | €653,789 | +€235,553 | +56.3% |
| Operating profit (loss) | 9901 | €366,012 | €586,940 | +€220,929 | +60.4% |
| Financial income | 75/76B | €150,237 | €124,946 | -€25,290 | -16.8% |
| Recurring financial income | 75 | €150,237 | €124,946 | -€25,290 | -16.8% |
| Financial charges | 65/66B | €490,150 | €370,845 | -€119,305 | -24.3% |
| Recurring financial charges | 65 | €490,150 | €370,845 | -€119,305 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €26,098 | €341,042 | +€314,943 | +1,207% |
| Income taxes | 67/77 | €11,502 | €90,288 | +€78,786 | +685% |
| Profit (loss) for the period | 9904 | €14,596 | €250,753 | +€236,157 | +1,618% |
| Transfer from tax-exempt reserves | 789 | €25,367 | €327,106 | +€301,739 | +1,190% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,963 | €493,659 | +€453,696 | +1,135% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.