MARJUS: 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.
MARJUS
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Cash -€45,808
down €45,808 (-41.1%), from €111,531 to €65,723
mainly Current investments (-€150,000) and Advances received (-€69,515)
- Tangible fixed assets -€32,019
down €32,019 (-7.7%), from €417,264 to €385,245
of which Other tangible fixed assets: -€21,082
- Receivables within one year +€31,791
up €31,791 (+92.5%), from €34,354 to €66,146
of which Trade receivables: +€18,313
- Stocks and contracts +€21,004
up €21,004 (+30.9%), from €67,927 to €88,932
- Reserves +€142,196
up €142,196 (+283%), from €50,273 to €192,468
of which Distributable reserves: +€142,196
- Advances received -€69,515
down €69,515 (-18.9%), from €367,978 to €298,463
- Other debts +€59,712
up €59,712 (+130%), from €46,002 to €105,715
- Debts after one year -€39,393
no longer reported in 2025 (was €39,393)
- Tax, wage and social debts +€31,187
up €31,187 (+77.7%), from €40,127 to €71,314
of which Taxes: +€27,860
- Gross operating margin +€223,805
up €223,805 (+88.9%), from €251,852 to €475,657
- Staff costs +€22,191
up €22,191 (+13.8%), from €161,182 to €183,373
- Taxes +€22,066
new in 2025: €22,066
- Depreciation +€6,348
up €6,348 (+9.2%), from €68,683 to €75,031
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 | €644,648 | €764,087 | +€119,439 | +18.5% |
| Fixed assets | 21/28 | €427,836 | €390,187 | -€37,649 | -8.8% |
| Intangible fixed assets | 21 | €10,498 | €4,868 | -€5,630 | -53.6% |
| Tangible fixed assets | 22/27 | €417,264 | €385,245 | -€32,019 | -7.7% |
| Land and buildings | 22 | €231,465 | €214,285 | -€17,180 | -7.4% |
| Plant, machinery and equipment | 23 | €43,895 | €46,156 | +€2,261 | +5.2% |
| Furniture and vehicles | 24 | - | €3,982 | +€3,982 | |
| Other tangible fixed assets | 26 | €141,904 | €120,822 | -€21,082 | -14.9% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €216,812 | €373,900 | +€157,088 | +72.5% |
| Stocks and contracts in progress | 3 | €67,927 | €88,932 | +€21,004 | +30.9% |
| Stocks | 30/36 | €67,927 | €88,932 | +€21,004 | +30.9% |
| Amounts receivable within one year | 40/41 | €34,354 | €66,146 | +€31,791 | +92.5% |
| Trade receivables | 40 | €34,236 | €52,550 | +€18,313 | +53.5% |
| Other amounts receivable | 41 | €118 | €13,596 | +€13,478 | +11,432% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €111,531 | €65,723 | -€45,808 | -41.1% |
| Deferred charges and accrued income | 490/1 | €3,000 | €3,100 | +€100 | +3.3% |
| Total equity and liabilities | 10/49 | €644,648 | €764,087 | +€119,439 | +18.5% |
| Equity | 10/15 | €96,598 | €254,468 | +€157,870 | +163% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €50,273 | €192,468 | +€142,196 | +283% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €42,073 | €184,268 | +€142,196 | +338% |
| Profit (loss) carried forward | 14 | -€15,674 | - | +€15,674 | |
| Amounts payable | 17/49 | €548,050 | €509,618 | -€38,432 | -7.0% |
| Amounts payable after more than one year | 17 | €39,393 | - | -€39,393 | |
| Financial debts | 170/4 | €39,393 | - | -€39,393 | |
| Amounts payable within one year | 42/48 | €508,657 | €509,618 | +€961 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €11,381 | - | -€11,381 | |
| Trade debts | 44 | €43,170 | €34,127 | -€9,043 | -20.9% |
| Suppliers | 440/4 | €43,170 | €34,127 | -€9,043 | -20.9% |
| Advances received on contracts in progress | 46 | €367,978 | €298,463 | -€69,515 | -18.9% |
| Taxes, remuneration and social security | 45 | €40,127 | €71,314 | +€31,187 | +77.7% |
| Taxes | 450/3 | €27,142 | €55,002 | +€27,860 | +103% |
| Remuneration and social security | 454/9 | €12,985 | €16,312 | +€3,327 | +25.6% |
| Other amounts payable | 47/48 | €46,002 | €105,715 | +€59,712 | +130% |
| Remuneration, social security and pensions | 62 | €161,182 | €183,373 | +€22,191 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,683 | €75,031 | +€6,348 | +9.2% |
| Other operating charges | 640/8 | €12,741 | €12,648 | -€93 | -0.7% |
| Gross operating margin | 9900 | €251,852 | €475,657 | +€223,805 | +88.9% |
| Operating profit (loss) | 9901 | €9,245 | €204,605 | +€195,359 | +2,113% |
| Financial income | 75/76B | €324 | €2,226 | +€1,903 | +588% |
| Recurring financial income | 75 | €324 | €2,226 | +€1,903 | +588% |
| Financial charges | 65/66B | €6,509 | €6,902 | +€393 | +6.0% |
| Recurring financial charges | 65 | €6,509 | €6,902 | +€393 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €3,060 | €199,929 | +€196,869 | +6,433% |
| Income taxes | 67/77 | - | €22,066 | +€22,066 | |
| Profit (loss) for the period | 9904 | €3,060 | €177,863 | +€174,803 | +5,712% |
| Profit (loss) for the period to be appropriated | 9905 | €3,060 | €177,863 | +€174,803 | +5,712% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.