MARJOZA: 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.
MARJOZA
Largest movements
- Tangible fixed assets +€8,160
up €8,160 (+11.2%), from €72,673 to €80,833
of which Land and buildings: +€21,296
- Cash -€4,448
down €4,448 (-8.9%), from €49,720 to €45,272
mainly Investment in fixed assets (net) (-€26,185) and Other debts (-€14,899)
- Other debts -€14,899
down €14,899 (-47.5%), from €31,373 to €16,475
- Reserves +€13,661
up €13,661 (+22.8%), from €60,023 to €73,684
- Tax, wage and social debts -€11,486
down €11,486 (-53.6%), from €21,409 to €9,923
- Debts after one year +€8,981
up €8,981 (+99.0%), from €9,074 to €18,055
- Current portion of long-term debt +€5,057
up €5,057 (+96.4%), from €5,244 to €10,302
- Gross operating margin -€6,579
down €6,579 (-14.5%), from €45,280 to €38,701
- Depreciation +€2,545
up €2,545 (+15.6%), from €16,310 to €18,855
- Taxes -€2,489
down €2,489 (-43.8%), from €5,683 to €3,194
- Financial charges +€1,062
up €1,062 (+60.4%), from €1,757 to €2,819
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 | €139,896 | €142,528 | +€2,632 | +1.9% |
| Fixed assets | 21/28 | €75,877 | €83,208 | +€7,330 | +9.7% |
| Intangible fixed assets | 21 | €3,204 | €2,374 | -€830 | -25.9% |
| Tangible fixed assets | 22/27 | €72,673 | €80,833 | +€8,160 | +11.2% |
| Land and buildings | 22 | €16,115 | €37,411 | +€21,296 | +132.2% |
| Plant, machinery and equipment | 23 | €41,138 | €31,632 | -€9,505 | -23.1% |
| Furniture and vehicles | 24 | €6,613 | €5,511 | -€1,101 | -16.7% |
| Leasing and similar rights | 25 | €8,808 | €6,279 | -€2,529 | -28.7% |
| Current assets | 29/58 | €64,018 | €59,320 | -€4,698 | -7.3% |
| Stocks and contracts in progress | 3 | €8,992 | €9,092 | +€100 | +1.1% |
| Stocks | 30/36 | €8,992 | €9,092 | +€100 | +1.1% |
| Amounts receivable within one year | 40/41 | €1,830 | €2,513 | +€684 | +37.4% |
| Trade receivables | 40 | €1,830 | - | -€1,830 | |
| Other amounts receivable | 41 | - | €2,513 | +€2,513 | |
| Cash at bank and in hand | 54/58 | €49,720 | €45,272 | -€4,448 | -8.9% |
| Deferred charges and accrued income | 490/1 | €3,477 | €2,444 | -€1,033 | -29.7% |
| Total equity and liabilities | 10/49 | €139,896 | €142,528 | +€2,632 | +1.9% |
| Equity | 10/15 | €70,023 | €83,684 | +€13,661 | +19.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €60,023 | €73,684 | +€13,661 | +22.8% |
| Distributable reserves | 133 | €60,023 | €73,684 | +€13,661 | +22.8% |
| Amounts payable | 17/49 | €69,873 | €58,844 | -€11,029 | -15.8% |
| Amounts payable after more than one year | 17 | €9,074 | €18,055 | +€8,981 | +99.0% |
| Financial debts | 170/4 | €9,074 | €18,055 | +€8,981 | +99.0% |
| Amounts payable within one year | 42/48 | €58,680 | €40,788 | -€17,891 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | €5,244 | €10,302 | +€5,057 | +96.4% |
| Trade debts | 44 | €53 | €3,339 | +€3,286 | +6163.5% |
| Suppliers | 440/4 | €53 | €3,339 | +€3,286 | +6163.5% |
| Advances received on contracts in progress | 46 | €600 | €750 | +€150 | +25.0% |
| Taxes, remuneration and social security | 45 | €21,409 | €9,923 | -€11,486 | -53.6% |
| Taxes | 450/3 | €21,409 | €9,923 | -€11,486 | -53.6% |
| Other amounts payable | 47/48 | €31,373 | €16,475 | -€14,899 | -47.5% |
| Accrued charges and deferred income | 492/3 | €2,119 | - | -€2,119 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,310 | €18,855 | +€2,545 | +15.6% |
| Other operating charges | 640/8 | €872 | €776 | -€96 | -11.0% |
| Non-recurring operating charges | 66A | €207 | - | -€207 | |
| Gross operating margin | 9900 | €45,280 | €38,701 | -€6,579 | -14.5% |
| Operating profit (loss) | 9901 | €27,891 | €19,069 | -€8,822 | -31.6% |
| Financial income | 75/76B | €925 | €605 | -€320 | -34.6% |
| Recurring financial income | 75 | €925 | €605 | -€320 | -34.6% |
| Financial charges | 65/66B | €1,757 | €2,819 | +€1,062 | +60.4% |
| Recurring financial charges | 65 | €1,757 | €2,819 | +€1,062 | +60.4% |
| Profit (loss) for the period before taxes | 9903 | €27,059 | €16,855 | -€10,204 | -37.7% |
| Income taxes | 67/77 | €5,683 | €3,194 | -€2,489 | -43.8% |
| Profit (loss) for the period | 9904 | €21,376 | €13,661 | -€7,715 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,376 | €13,661 | -€7,715 | -36.1% |
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 12 October 2026 via checked.be.