MARISAN: 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.
MARISAN
Largest movements
- Receivables within one year -€114,965
down €114,965 (-45.9%), from €250,540 to €135,574
of which Trade receivables: -€105,300
- Cash +€91,417
up €91,417 (+28.0%), from €326,399 to €417,816
mainly Receivables within one year (+€114,965) and Depreciation (+€42,376)
- Stocks and contracts +€36,564
up €36,564 (+12.1%), from €301,834 to €338,398
- Deferred charges and accrued income -€27,371
down €27,371 (-77.8%), from €35,198 to €7,828
- Intangible fixed assets +€17,526
up €17,526 (+110.9%), from €15,804 to €33,330
- Reserves +€137,943
up €137,943 (+16.7%), from €825,418 to €963,361
of which Distributable reserves: +€137,943
- Profit (loss) carried forward -€127,326
down €127,326 (-100.0%), from €127,326 to €0
- Debts after one year -€14,360
down €14,360 (-30.1%), from €47,666 to €33,306
- Gross operating margin +€37,001
up €37,001 (+15.8%), from €234,437 to €271,438
- Staff costs +€31,342
up €31,342 (+18.6%), from €168,373 to €199,715
- Depreciation +€4,145
up €4,145 (+10.8%), from €38,231 to €42,376
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 | €1,269,767 | €1,259,562 | -€10,205 | -0.8% |
| Fixed assets | 21/28 | €355,796 | €359,947 | +€4,150 | +1.2% |
| Intangible fixed assets | 21 | €15,804 | €33,330 | +€17,526 | +110.9% |
| Tangible fixed assets | 22/27 | €339,992 | €326,617 | -€13,376 | -3.9% |
| Land and buildings | 22 | €251,880 | €239,763 | -€12,117 | -4.8% |
| Plant, machinery and equipment | 23 | €27,460 | €44,665 | +€17,205 | +62.7% |
| Furniture and vehicles | 24 | €60,653 | €42,189 | -€18,464 | -30.4% |
| Current assets | 29/58 | €913,971 | €899,616 | -€14,355 | -1.6% |
| Stocks and contracts in progress | 3 | €301,834 | €338,398 | +€36,564 | +12.1% |
| Stocks | 30/36 | €301,834 | €338,398 | +€36,564 | +12.1% |
| Amounts receivable within one year | 40/41 | €250,540 | €135,574 | -€114,965 | -45.9% |
| Trade receivables | 40 | €238,770 | €133,470 | -€105,300 | -44.1% |
| Other amounts receivable | 41 | €11,770 | €2,105 | -€9,665 | -82.1% |
| Cash at bank and in hand | 54/58 | €326,399 | €417,816 | +€91,417 | +28.0% |
| Deferred charges and accrued income | 490/1 | €35,198 | €7,828 | -€27,371 | -77.8% |
| Total equity and liabilities | 10/49 | €1,269,767 | €1,259,562 | -€10,205 | -0.8% |
| Equity | 10/15 | €1,014,743 | €1,025,361 | +€10,618 | +1.0% |
| 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 | €825,418 | €963,361 | +€137,943 | +16.7% |
| Non-distributable reserves | 130/1 | €57,767 | €57,767 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €192 | €192 | = | 0.0% |
| Other | 1319 | €51,375 | €51,375 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,504 | €52,504 | = | 0.0% |
| Distributable reserves | 133 | €715,147 | €853,091 | +€137,943 | +19.3% |
| Profit (loss) carried forward | 14 | €127,326 | €0 | -€127,326 | -100.0% |
| Amounts payable | 17/49 | €255,024 | €234,201 | -€20,823 | -8.2% |
| Amounts payable after more than one year | 17 | €47,666 | €33,306 | -€14,360 | -30.1% |
| Financial debts | 170/4 | €47,666 | €33,306 | -€14,360 | -30.1% |
| Amounts payable within one year | 42/48 | €207,358 | €200,895 | -€6,463 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €14,187 | €14,360 | +€173 | +1.2% |
| Trade debts | 44 | €149,230 | €148,509 | -€721 | -0.5% |
| Suppliers | 440/4 | €149,230 | €148,509 | -€721 | -0.5% |
| Taxes, remuneration and social security | 45 | €43,941 | €38,026 | -€5,914 | -13.5% |
| Taxes | 450/3 | €24,954 | €10,517 | -€14,437 | -57.9% |
| Remuneration and social security | 454/9 | €18,986 | €27,509 | +€8,523 | +44.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €1,665 | €5,705 | +€4,040 | +242.6% |
| Remuneration, social security and pensions | 62 | €168,373 | €199,715 | +€31,342 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,231 | €42,376 | +€4,145 | +10.8% |
| Other operating charges | 640/8 | €9,759 | €8,048 | -€1,711 | -17.5% |
| Gross operating margin | 9900 | €234,437 | €271,438 | +€37,001 | +15.8% |
| Operating profit (loss) | 9901 | €18,075 | €21,300 | +€3,226 | +17.8% |
| Financial income | 75/76B | €26 | €60 | +€33 | +126.8% |
| Recurring financial income | 75 | €26 | €60 | +€33 | +126.8% |
| Financial charges | 65/66B | €6,097 | €5,861 | -€237 | -3.9% |
| Recurring financial charges | 65 | €6,097 | €5,861 | -€237 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €12,003 | €15,499 | +€3,496 | +29.1% |
| Income taxes | 67/77 | €5,506 | €4,882 | -€625 | -11.3% |
| Profit (loss) for the period | 9904 | €6,497 | €10,618 | +€4,121 | +63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,497 | €10,618 | +€4,121 | +63.4% |
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 2 October 2026 via checked.be.