MARJEAN: 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.
MARJEAN
Largest movements
- Stocks and contracts +€11,901
up €11,901 (+26.9%), from €44,296 to €56,198
- Tangible fixed assets -€5,884
down €5,884 (-14.2%), from €41,530 to €35,647
of which Land and buildings: -€5,482
- Cash +€5,414
up €5,414 (+52.6%), from €10,285 to €15,699
mainly Net result for the year (+€18,878) and Depreciation (+€9,607)
- Reserves +€20,980
up €20,980 (+34.0%), from €61,658 to €82,638
of which Distributable reserves: +€20,980
- Trade debts -€11,113
down €11,113 (-54.4%), from €20,425 to €9,312
- Tax, wage and social debts +€7,064
up €7,064 (+39.9%), from €17,720 to €24,784
of which Remuneration and social security: +€4,446
- Debts after one year -€4,130
down €4,130 (-31.2%), from €13,252 to €9,121
- Profit (loss) carried forward -€2,102
down €2,102 (-100%), from €2,102 to €0
- Gross operating margin +€35,501
up €35,501 (+63.3%), from €56,040 to €91,541
- Staff costs +€12,976
up €12,976 (+39.2%), from €33,079 to €46,055
- Taxes +€4,171
up €4,171 (+309%), from €1,348 to €5,520
- Depreciation +€1,298
up €1,298 (+15.6%), from €8,308 to €9,607
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 | €149,132 | €161,344 | +€12,212 | +8.2% |
| Fixed assets | 21/28 | €42,530 | €36,647 | -€5,884 | -13.8% |
| Tangible fixed assets | 22/27 | €41,530 | €35,647 | -€5,884 | -14.2% |
| Land and buildings | 22 | €35,197 | €29,715 | -€5,482 | -15.6% |
| Plant, machinery and equipment | 23 | €5,273 | €5,709 | +€436 | +8.3% |
| Furniture and vehicles | 24 | €1,061 | €223 | -€838 | -79.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €106,601 | €124,697 | +€18,096 | +17.0% |
| Stocks and contracts in progress | 3 | €44,296 | €56,198 | +€11,901 | +26.9% |
| Stocks | 30/36 | €44,296 | €56,198 | +€11,901 | +26.9% |
| Amounts receivable within one year | 40/41 | €5,377 | €5,862 | +€484 | +9.0% |
| Trade receivables | 40 | €3,263 | €5,434 | +€2,170 | +66.5% |
| Other amounts receivable | 41 | €2,114 | €428 | -€1,686 | -79.7% |
| Current investments | 50/53 | €45,000 | €45,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,285 | €15,699 | +€5,414 | +52.6% |
| Deferred charges and accrued income | 490/1 | €1,643 | €1,939 | +€296 | +18.0% |
| Total equity and liabilities | 10/49 | €149,132 | €161,344 | +€12,212 | +8.2% |
| Equity | 10/15 | €82,360 | €101,238 | +€18,878 | +22.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,658 | €82,638 | +€20,980 | +34.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,486 | €24,486 | = | 0.0% |
| Distributable reserves | 133 | €35,311 | €56,291 | +€20,980 | +59.4% |
| Profit (loss) carried forward | 14 | €2,102 | €0 | -€2,102 | -100% |
| Amounts payable | 17/49 | €66,772 | €60,106 | -€6,666 | -10.0% |
| Amounts payable after more than one year | 17 | €13,252 | €9,121 | -€4,130 | -31.2% |
| Financial debts | 170/4 | €13,252 | €9,121 | -€4,130 | -31.2% |
| Amounts payable within one year | 42/48 | €53,520 | €50,985 | -€2,535 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €5,278 | €6,772 | +€1,494 | +28.3% |
| Trade debts | 44 | €20,425 | €9,312 | -€11,113 | -54.4% |
| Suppliers | 440/4 | €20,425 | €9,312 | -€11,113 | -54.4% |
| Taxes, remuneration and social security | 45 | €17,720 | €24,784 | +€7,064 | +39.9% |
| Taxes | 450/3 | €12,987 | €15,605 | +€2,618 | +20.2% |
| Remuneration and social security | 454/9 | €4,733 | €9,179 | +€4,446 | +93.9% |
| Other amounts payable | 47/48 | €10,097 | €10,117 | +€20 | +0.2% |
| Remuneration, social security and pensions | 62 | €33,079 | €46,055 | +€12,976 | +39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,308 | €9,607 | +€1,298 | +15.6% |
| Other operating charges | 640/8 | €7,231 | €6,916 | -€314 | -4.3% |
| Gross operating margin | 9900 | €56,040 | €91,541 | +€35,501 | +63.3% |
| Operating profit (loss) | 9901 | €7,422 | €28,962 | +€21,540 | +290% |
| Financial income | 75/76B | €17 | €27 | +€10 | +57.1% |
| Recurring financial income | 75 | €17 | €27 | +€10 | +57.1% |
| Financial charges | 65/66B | €4,279 | €4,591 | +€312 | +7.3% |
| Recurring financial charges | 65 | €4,279 | €4,591 | +€312 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €3,160 | €24,398 | +€21,238 | +672% |
| Income taxes | 67/77 | €1,348 | €5,520 | +€4,171 | +309% |
| Profit (loss) for the period | 9904 | €1,811 | €18,878 | +€17,067 | +942% |
| Profit (loss) for the period to be appropriated | 9905 | €1,811 | €18,878 | +€17,067 | +942% |
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 19 October 2026 via checked.be.