MARJAN: 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.
MARJAN
Largest movements
- Tangible fixed assets -€86,655
down €86,655 (-10.9%), from €798,290 to €711,635
- Cash +€60,787
up €60,787 (+135.5%), from €44,864 to €105,651
mainly Depreciation (+€86,717) and Net result for the year (+€32,669)
- Debts after one year -€40,812
no longer reported in 2025 (was €40,812)
- Reserves +€32,669
up €32,669 (+10.1%), from €323,923 to €356,592
- Current portion of long-term debt -€15,551
down €15,551 (-27.6%), from €56,359 to €40,808
- Other operating charges -€11,491
down €11,491 (-83.5%), from €13,755 to €2,264
- Gross operating margin -€8,495
down €8,495 (-5.7%), from €149,911 to €141,416
- Financial charges -€5,978
down €5,978 (-66.9%), from €8,935 to €2,956
- Taxes +€3,427
up €3,427 (+25.3%), from €13,556 to €16,983
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 | €844,257 | €819,014 | -€25,243 | -3.0% |
| Formation expenses | 20 | €185 | €124 | -€61 | -33.0% |
| Fixed assets | 21/28 | €798,290 | €711,635 | -€86,655 | -10.9% |
| Tangible fixed assets | 22/27 | €798,290 | €711,635 | -€86,655 | -10.9% |
| Land and buildings | 22 | €798,290 | €711,635 | -€86,655 | -10.9% |
| Current assets | 29/58 | €45,782 | €107,256 | +€61,474 | +134.3% |
| Cash at bank and in hand | 54/58 | €44,864 | €105,651 | +€60,787 | +135.5% |
| Deferred charges and accrued income | 490/1 | €918 | €1,605 | +€686 | +74.8% |
| Total equity and liabilities | 10/49 | €844,257 | €819,014 | -€25,243 | -3.0% |
| Equity | 10/15 | €621,288 | €653,957 | +€32,669 | +5.3% |
| Contributions | 10/11 | €297,365 | €297,365 | = | 0.0% |
| Reserves | 13 | €323,923 | €356,592 | +€32,669 | +10.1% |
| Distributable reserves | 133 | €323,923 | €356,592 | +€32,669 | +10.1% |
| Amounts payable | 17/49 | €222,969 | €165,058 | -€57,911 | -26.0% |
| Amounts payable after more than one year | 17 | €40,812 | - | -€40,812 | |
| Financial debts | 170/4 | €40,812 | - | -€40,812 | |
| Amounts payable within one year | 42/48 | €182,157 | €165,058 | -€17,099 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €56,359 | €40,808 | -€15,551 | -27.6% |
| Trade debts | 44 | €2,023 | €1,130 | -€893 | -44.2% |
| Suppliers | 440/4 | €2,023 | €1,130 | -€893 | -44.2% |
| Taxes, remuneration and social security | 45 | €5,025 | €6,487 | +€1,462 | +29.1% |
| Taxes | 450/3 | €5,025 | €6,487 | +€1,462 | +29.1% |
| Other amounts payable | 47/48 | €118,750 | €116,633 | -€2,117 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,303 | €86,717 | -€586 | -0.7% |
| Other operating charges | 640/8 | €13,755 | €2,264 | -€11,491 | -83.5% |
| Gross operating margin | 9900 | €149,911 | €141,416 | -€8,495 | -5.7% |
| Operating profit (loss) | 9901 | €48,854 | €52,435 | +€3,582 | +7.3% |
| Financial income | 75/76B | €0 | €173 | +€173 | +1727800.0% |
| Recurring financial income | 75 | €0 | €173 | +€173 | +1727800.0% |
| Financial charges | 65/66B | €8,935 | €2,956 | -€5,978 | -66.9% |
| Recurring financial charges | 65 | €8,935 | €2,956 | -€5,978 | -66.9% |
| Profit (loss) for the period before taxes | 9903 | €39,919 | €49,652 | +€9,733 | +24.4% |
| Income taxes | 67/77 | €13,556 | €16,983 | +€3,427 | +25.3% |
| Profit (loss) for the period | 9904 | €26,363 | €32,669 | +€6,306 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,363 | €32,669 | +€6,306 | +23.9% |
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 30 September 2026 via checked.be.