MARINZEE: 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.
MARINZEE
Largest movements
- Receivables after one year -€498,939
down €498,939 (-17.2%), from €2.9m to €2.4m
- Receivables within one year +€103,999
up €103,999 (+32.9%), from €315,994 to €419,993
of which Trade receivables: +€80,420
- Debts after one year -€612,284
down €612,284 (-34.6%), from €1.8m to €1.2m
- Reserves +€154,670
up €154,670 (+15.7%), from €985,220 to €1.1m
of which Distributable reserves: +€154,670
- Tax, wage and social debts +€41,725
new in 2025: €41,725
- Trade debts +€34,152
up €34,152 (+290%), from €11,768 to €45,920
- Gross operating margin -€34,938
down €34,938 (-31.8%), from €109,926 to €74,988
- Financial charges -€29,816
down €29,816 (-32.2%), from €92,586 to €62,770
- Financial income -€23,102
down €23,102 (-14.2%), from €162,246 to €139,144
- Taxes -€7,430
down €7,430 (-21.1%), from €35,276 to €27,846
- Other operating charges +€2,215
up €2,215 (+7.9%), from €27,949 to €30,164
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,265,299 | €2,888,399 | -€376,900 | -11.5% |
| Fixed assets | 21/28 | €55,870 | €73,981 | +€18,111 | +32.4% |
| Tangible fixed assets | 22/27 | €55,870 | €73,981 | +€18,111 | +32.4% |
| Land and buildings | 22 | €55,870 | €73,981 | +€18,111 | +32.4% |
| Current assets | 29/58 | €3,209,428 | €2,814,417 | -€395,011 | -12.3% |
| Amounts receivable after more than one year | 29 | €2,893,363 | €2,394,424 | -€498,939 | -17.2% |
| Other amounts receivable | 291 | €2,893,363 | €2,394,424 | -€498,939 | -17.2% |
| Amounts receivable within one year | 40/41 | €315,994 | €419,993 | +€103,999 | +32.9% |
| Trade receivables | 40 | €83,881 | €164,301 | +€80,420 | +95.9% |
| Other amounts receivable | 41 | €232,113 | €255,692 | +€23,579 | +10.2% |
| Deferred charges and accrued income | 490/1 | €71 | - | -€71 | |
| Total equity and liabilities | 10/49 | €3,265,299 | €2,888,399 | -€376,900 | -11.5% |
| Equity | 10/15 | €1,485,220 | €1,639,891 | +€154,670 | +10.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €985,220 | €1,139,891 | +€154,670 | +15.7% |
| Non-distributable reserves | 130/1 | €50,767 | €50,767 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Other | 1319 | €767 | €767 | = | 0.0% |
| Distributable reserves | 133 | €934,453 | €1,089,123 | +€154,670 | +16.6% |
| Amounts payable | 17/49 | €1,780,079 | €1,248,508 | -€531,570 | -29.9% |
| Amounts payable after more than one year | 17 | €1,768,310 | €1,156,026 | -€612,284 | -34.6% |
| Financial debts | 170/4 | €1,768,310 | €1,156,026 | -€612,284 | -34.6% |
| Amounts payable within one year | 42/48 | €11,768 | €92,482 | +€80,714 | +686% |
| Trade debts | 44 | €11,768 | €45,920 | +€34,152 | +290% |
| Suppliers | 440/4 | €11,768 | €45,920 | +€34,152 | +290% |
| Taxes, remuneration and social security | 45 | - | €41,725 | +€41,725 | |
| Taxes | 450/3 | - | €41,725 | +€41,725 | |
| Other amounts payable | 47/48 | - | €4,837 | +€4,837 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,533 | €10,317 | -€216 | -2.1% |
| Other operating charges | 640/8 | €27,949 | €30,164 | +€2,215 | +7.9% |
| Gross operating margin | 9900 | €109,926 | €74,988 | -€34,938 | -31.8% |
| Operating profit (loss) | 9901 | €71,443 | €34,507 | -€36,936 | -51.7% |
| Financial income | 75/76B | €162,246 | €139,144 | -€23,102 | -14.2% |
| Recurring financial income | 75 | €162,246 | €139,144 | -€23,102 | -14.2% |
| Financial charges | 65/66B | €92,586 | €62,770 | -€29,816 | -32.2% |
| Recurring financial charges | 65 | €92,586 | €62,770 | -€29,816 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €141,104 | €110,881 | -€30,223 | -21.4% |
| Income taxes | 67/77 | €35,276 | €27,846 | -€7,430 | -21.1% |
| Profit (loss) for the period | 9904 | €105,828 | €83,035 | -€22,793 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €105,828 | €83,035 | -€22,793 | -21.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.