MARJA: 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.
MARJA
Largest movements
- Cash +€56,625
up €56,625 (+41.4%), from €136,735 to €193,361
mainly Net result for the year (+€59,258) and Trade debts (+€14,869)
- Receivables within one year +€12,206
up €12,206 (+19.7%), from €61,923 to €74,129
of which Trade receivables: +€12,067
- Tangible fixed assets -€7,903
down €7,903 (-25.3%), from €31,284 to €23,380
of which Plant, machinery and equipment: -€4,319
- Intangible fixed assets -€3,500
down €3,500 (-35.6%), from €9,819 to €6,319
- Reserves +€59,258
up €59,258 (+29.9%), from €198,446 to €257,703
of which Distributable reserves: +€59,258
- Tax, wage and social debts -€15,651
down €15,651 (-39.8%), from €39,369 to €23,717
of which Taxes: -€14,796
- Trade debts +€14,869
up €14,869 (+687%), from €2,165 to €17,034
- Taxes -€6,283
down €6,283 (-28.1%), from €22,394 to €16,111
- Staff costs -€3,961
down €3,961 (-1.6%), from €242,790 to €238,829
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 | €246,177 | €304,652 | +€58,475 | +23.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €41,566 | €30,163 | -€11,403 | -27.4% |
| Intangible fixed assets | 21 | €9,819 | €6,319 | -€3,500 | -35.6% |
| Tangible fixed assets | 22/27 | €31,284 | €23,380 | -€7,903 | -25.3% |
| Plant, machinery and equipment | 23 | €22,235 | €17,916 | -€4,319 | -19.4% |
| Furniture and vehicles | 24 | €9,049 | €5,464 | -€3,585 | -39.6% |
| Financial fixed assets | 28 | €464 | €464 | = | 0.0% |
| Current assets | 29/58 | €204,611 | €274,489 | +€69,878 | +34.2% |
| Stocks and contracts in progress | 3 | €3,459 | €2,082 | -€1,378 | -39.8% |
| Stocks | 30/36 | €3,459 | €2,082 | -€1,378 | -39.8% |
| Amounts receivable within one year | 40/41 | €61,923 | €74,129 | +€12,206 | +19.7% |
| Trade receivables | 40 | €58,537 | €70,604 | +€12,067 | +20.6% |
| Other amounts receivable | 41 | €3,386 | €3,525 | +€139 | +4.1% |
| Cash at bank and in hand | 54/58 | €136,735 | €193,361 | +€56,625 | +41.4% |
| Deferred charges and accrued income | 490/1 | €2,493 | €4,918 | +€2,424 | +97.2% |
| Total equity and liabilities | 10/49 | €246,177 | €304,652 | +€58,475 | +23.8% |
| Equity | 10/15 | €204,643 | €263,901 | +€59,258 | +29.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €198,446 | €257,703 | +€59,258 | +29.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €196,586 | €255,844 | +€59,258 | +30.1% |
| Amounts payable | 17/49 | €41,534 | €40,751 | -€783 | -1.9% |
| Amounts payable within one year | 42/48 | €41,534 | €40,751 | -€783 | -1.9% |
| Trade debts | 44 | €2,165 | €17,034 | +€14,869 | +687% |
| Suppliers | 440/4 | €2,165 | €17,034 | +€14,869 | +687% |
| Taxes, remuneration and social security | 45 | €39,369 | €23,717 | -€15,651 | -39.8% |
| Taxes | 450/3 | €15,405 | €609 | -€14,796 | -96.0% |
| Remuneration and social security | 454/9 | €23,963 | €23,108 | -€855 | -3.6% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €242,790 | €238,829 | -€3,961 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,624 | €11,403 | -€2,220 | -16.3% |
| Other operating charges | 640/8 | €1,942 | €1,140 | -€802 | -41.3% |
| Gross operating margin | 9900 | €334,859 | €331,522 | -€3,337 | -1.0% |
| Operating profit (loss) | 9901 | €76,504 | €80,150 | +€3,647 | +4.8% |
| Financial income | 75/76B | €582 | €0 | -€582 | -100% |
| Recurring financial income | 75 | €582 | €0 | -€582 | -100% |
| Financial charges | 65/66B | €4,377 | €4,781 | +€405 | +9.2% |
| Recurring financial charges | 65 | €4,377 | €4,781 | +€405 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €72,709 | €75,369 | +€2,660 | +3.7% |
| Income taxes | 67/77 | €22,394 | €16,111 | -€6,283 | -28.1% |
| Profit (loss) for the period | 9904 | €50,315 | €59,258 | +€8,943 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,315 | €59,258 | +€8,943 | +17.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.