MARINVEST: 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.
MARINVEST
Largest movements
- Cash -€23.1m
down €23.1m (-96.0%), from €24.1m to €970,560
mainly Investment in fixed assets (net) (-€22.4m) and Other debts (-€1.0m)
- Financial fixed assets +€22.4m
up €22.4m (+118%), from €19.0m to €41.3m
- Receivables within one year -€590,425
down €590,425 (-15.2%), from €3.9m to €3.3m
- Other debts -€1.0m
down €1.0m (-19.6%), from €5.3m to €4.3m
- Financial income -€4.8m
down €4.8m (-86.9%), from €5.5m to €716,906
of which Non-recurring financial income: -€5.1m
- Financial charges -€22,278
down €22,278 (-19.4%), from €115,127 to €92,850
- Gross operating margin -€5,643
down €5,643 (-133%), from -€4,238 to -€9,881
- Taxes +€5,414
up €5,414 (+167%), from €3,245 to €8,659
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 | €54,385,534 | €53,199,642 | -€1.2m | -2.2% |
| Fixed assets | 21/28 | €18,952,250 | €41,341,140 | +€22.4m | +118% |
| Financial fixed assets | 28 | €18,952,250 | €41,341,140 | +€22.4m | +118% |
| Current assets | 29/58 | €35,433,284 | €11,858,502 | -€23.6m | -66.5% |
| Amounts receivable within one year | 40/41 | €3,876,982 | €3,286,556 | -€590,425 | -15.2% |
| Other amounts receivable | 41 | €3,876,982 | €3,286,556 | -€590,425 | -15.2% |
| Current investments | 50/53 | €7,500,000 | €7,500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €24,056,302 | €970,560 | -€23.1m | -96.0% |
| Deferred charges and accrued income | 490/1 | - | €101,385 | +€101,385 | |
| Total equity and liabilities | 10/49 | €54,385,534 | €53,199,642 | -€1.2m | -2.2% |
| Equity | 10/15 | €39,092,731 | €38,941,579 | -€151,152 | -0.4% |
| Contributions | 10/11 | €37,785,000 | €37,785,000 | = | 0.0% |
| Capital | 10 | €37,785,000 | €37,785,000 | = | 0.0% |
| Issued capital | 100 | €37,785,000 | €37,785,000 | = | 0.0% |
| Reserves | 13 | €1,117,008 | €1,147,235 | +€30,227 | +2.7% |
| Non-distributable reserves | 130/1 | €1,117,008 | €1,147,235 | +€30,227 | +2.7% |
| Legal reserve | 130 | €1,117,008 | €1,147,235 | +€30,227 | +2.7% |
| Profit (loss) carried forward | 14 | €190,723 | €9,344 | -€181,379 | -95.1% |
| Amounts payable | 17/49 | €15,292,803 | €14,258,063 | -€1.0m | -6.8% |
| Amounts payable after more than one year | 17 | €10,000,000 | €10,000,000 | = | 0.0% |
| Financial debts | 170/4 | €10,000,000 | €10,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,290,553 | €4,256,063 | -€1.0m | -19.6% |
| Trade debts | 44 | €653 | €363 | -€290 | -44.4% |
| Suppliers | 440/4 | €653 | €363 | -€290 | -44.4% |
| Other amounts payable | 47/48 | €5,289,900 | €4,255,700 | -€1.0m | -19.6% |
| Accrued charges and deferred income | 492/3 | €2,250 | €2,000 | -€250 | -11.1% |
| Other operating charges | 640/8 | €960 | €968 | +€7 | +0.8% |
| Gross operating margin | 9900 | -€4,238 | -€9,881 | -€5,643 | -133% |
| Operating profit (loss) | 9901 | -€5,198 | -€10,849 | -€5,650 | -109% |
| Financial income | 75/76B | €5,478,481 | €716,906 | -€4.8m | -86.9% |
| Recurring financial income | 75 | €360,306 | €716,906 | +€356,599 | +99.0% |
| Non-recurring financial income | 76B | €5,118,175 | - | -€5.1m | |
| Financial charges | 65/66B | €115,127 | €92,850 | -€22,278 | -19.4% |
| Recurring financial charges | 65 | €115,127 | €92,850 | -€22,278 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €5,358,155 | €613,207 | -€4.7m | -88.6% |
| Income taxes | 67/77 | €3,245 | €8,659 | +€5,414 | +167% |
| Profit (loss) for the period | 9904 | €5,354,910 | €604,548 | -€4.8m | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,354,910 | €604,548 | -€4.8m | -88.7% |
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 1 November 2026 via checked.be.