MARJAN: 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.
MARJAN
Largest movements
- Tangible fixed assets -€41,954
down €41,954 (-2.7%), from €1.6m to €1.5m
of which Land and buildings: -€41,544
- Cash +€17,904
up €17,904 (+9.9%), from €180,910 to €198,814
mainly Depreciation (+€54,503) and Net result for the year (+€20,850)
- Profit (loss) carried forward +€39,556
up €39,556 (+20.1%), from -€196,839 to -€157,282
- Debts after one year -€28,675
down €28,675 (-6.3%), from €451,667 to €422,992
- Reserves -€18,706
down €18,706 (-2.5%), from €756,667 to €737,960
of which Tax-exempt reserves: -€18,706
- Gross operating margin +€51,911
up €51,911 (+114%), from €45,360 to €97,271
- Depreciation +€8,995
up €8,995 (+19.8%), from €45,508 to €54,503
- Other operating charges +€4,113
up €4,113 (+37.2%), from €11,054 to €15,167
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 | €1,753,012 | €1,734,728 | -€18,283 | -1.0% |
| Fixed assets | 21/28 | €1,571,833 | €1,529,879 | -€41,954 | -2.7% |
| Tangible fixed assets | 22/27 | €1,571,833 | €1,529,879 | -€41,954 | -2.7% |
| Land and buildings | 22 | €1,569,606 | €1,528,063 | -€41,544 | -2.6% |
| Furniture and vehicles | 24 | €2,227 | €1,816 | -€410 | -18.4% |
| Current assets | 29/58 | €181,179 | €204,849 | +€23,670 | +13.1% |
| Amounts receivable within one year | 40/41 | €147 | €6,035 | +€5,888 | +4,006% |
| Trade receivables | 40 | €98 | €1,620 | +€1,522 | +1,545% |
| Other amounts receivable | 41 | €48 | €4,415 | +€4,367 | +9,006% |
| Cash at bank and in hand | 54/58 | €180,910 | €198,814 | +€17,904 | +9.9% |
| Deferred charges and accrued income | 490/1 | €122 | - | -€122 | |
| Total equity and liabilities | 10/49 | €1,753,012 | €1,734,728 | -€18,283 | -1.0% |
| Equity | 10/15 | €1,054,116 | €1,074,966 | +€20,850 | +2.0% |
| Contributions | 10/11 | €494,288 | €494,288 | = | 0.0% |
| Capital | 10 | €492,713 | €492,713 | = | 0.0% |
| Issued capital | 100 | €492,713 | €492,713 | = | 0.0% |
| Contributions outside capital | 11 | €1,575 | €1,575 | = | 0.0% |
| Share premium | 1100/10 | €1,575 | €1,575 | = | 0.0% |
| Reserves | 13 | €756,667 | €737,960 | -€18,706 | -2.5% |
| Non-distributable reserves | 130/1 | €33,058 | €33,058 | = | 0.0% |
| Legal reserve | 130 | €33,058 | €33,058 | = | 0.0% |
| Tax-exempt reserves | 132 | €562,209 | €543,503 | -€18,706 | -3.3% |
| Distributable reserves | 133 | €161,400 | €161,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€196,839 | -€157,282 | +€39,556 | +20.1% |
| Provisions and deferred taxes | 16 | €187,403 | €181,168 | -€6,235 | -3.3% |
| Deferred taxes | 168 | €187,403 | €181,168 | -€6,235 | -3.3% |
| Amounts payable | 17/49 | €511,492 | €478,595 | -€32,898 | -6.4% |
| Amounts payable after more than one year | 17 | €451,667 | €422,992 | -€28,675 | -6.3% |
| Financial debts | 170/4 | €451,667 | €422,992 | -€28,675 | -6.3% |
| Amounts payable within one year | 42/48 | €59,175 | €53,631 | -€5,544 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €27,902 | €28,675 | +€773 | +2.8% |
| Other amounts payable | 47/48 | €31,274 | €24,956 | -€6,318 | -20.2% |
| Accrued charges and deferred income | 492/3 | €650 | €1,972 | +€1,322 | +203% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,508 | €54,503 | +€8,995 | +19.8% |
| Other operating charges | 640/8 | €11,054 | €15,167 | +€4,113 | +37.2% |
| Gross operating margin | 9900 | €45,360 | €97,271 | +€51,911 | +114% |
| Operating profit (loss) | 9901 | -€11,201 | €27,602 | +€38,803 | |
| Financial income | 75/76B | €165 | €616 | +€451 | +274% |
| Recurring financial income | 75 | €165 | €616 | +€451 | +274% |
| Financial charges | 65/66B | €14,047 | €13,605 | -€442 | -3.1% |
| Recurring financial charges | 65 | €14,047 | €13,605 | -€442 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | -€25,083 | €14,613 | +€39,696 | |
| Transfer from deferred taxes | 780 | €6,235 | €6,235 | = | 0.0% |
| Income taxes | 67/77 | -€2 | -€1 | +€1 | +34.2% |
| Profit (loss) for the period | 9904 | -€18,846 | €20,850 | +€39,696 | |
| Transfer from tax-exempt reserves | 789 | €18,706 | €18,706 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€140 | €39,556 | +€39,696 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.