MARMARY: 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.
MARMARY
Largest movements
- Receivables within one year +€29,367
up €29,367 (+87.1%), from €33,728 to €63,095
of which Other amounts receivable: +€63,095
- Cash -€18,373
down €18,373 (-38.9%), from €47,282 to €28,910
mainly Receivables within one year (-€29,367) and Other debts (-€21,479)
- Tangible fixed assets -€18,331
down €18,331 (-4.5%), from €403,988 to €385,657
of which Plant, machinery and equipment: -€18,331
- Reserves +€44,891
up €44,891 (+60.3%), from €74,452 to €119,342
- Other debts -€21,479
down €21,479 (-22.3%), from €96,399 to €74,920
- Provisions -€20,000
down €20,000 (-27.8%), from €71,940 to €51,940
- Debts after one year -€10,495
down €10,495 (-27.4%), from €38,261 to €27,767
- Gross operating margin +€23,445
up €23,445 (+38.8%), from €60,422 to €83,867
- Taxes +€3,936
up €3,936 (+30.7%), from €12,818 to €16,753
- Financial income +€2,058
new in 2025: €2,058
- Other operating charges +€1,609
up €1,609 (+69.6%), from €2,312 to €3,921
- Depreciation -€977
down €977 (-5.1%), from €19,308 to €18,331
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 | €486,588 | €479,328 | -€7,259 | -1.5% |
| Fixed assets | 21/28 | €403,988 | €385,657 | -€18,331 | -4.5% |
| Tangible fixed assets | 22/27 | €403,988 | €385,657 | -€18,331 | -4.5% |
| Land and buildings | 22 | €360,346 | €360,346 | = | 0.0% |
| Plant, machinery and equipment | 23 | €43,642 | €25,311 | -€18,331 | -42.0% |
| Current assets | 29/58 | €82,599 | €93,671 | +€11,072 | +13.4% |
| Amounts receivable within one year | 40/41 | €33,728 | €63,095 | +€29,367 | +87.1% |
| Trade receivables | 40 | €33,728 | - | -€33,728 | |
| Other amounts receivable | 41 | - | €63,095 | +€63,095 | |
| Cash at bank and in hand | 54/58 | €47,282 | €28,910 | -€18,373 | -38.9% |
| Deferred charges and accrued income | 490/1 | €1,589 | €1,667 | +€78 | +4.9% |
| Total equity and liabilities | 10/49 | €486,588 | €479,328 | -€7,259 | -1.5% |
| Equity | 10/15 | €240,092 | €284,983 | +€44,891 | +18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €320,683 | €320,683 | = | 0.0% |
| Reserves | 13 | €74,452 | €119,342 | +€44,891 | +60.3% |
| Distributable reserves | 133 | €74,452 | €119,342 | +€44,891 | +60.3% |
| Profit (loss) carried forward | 14 | -€173,643 | -€173,643 | = | 0.0% |
| Provisions and deferred taxes | 16 | €71,940 | €51,940 | -€20,000 | -27.8% |
| Provisions for liabilities and charges | 160/5 | €71,940 | €51,940 | -€20,000 | -27.8% |
| Major repairs and maintenance | 162 | €71,940 | €51,940 | -€20,000 | -27.8% |
| Amounts payable | 17/49 | €174,556 | €142,406 | -€32,150 | -18.4% |
| Amounts payable after more than one year | 17 | €38,261 | €27,767 | -€10,495 | -27.4% |
| Financial debts | 170/4 | €38,261 | €27,767 | -€10,495 | -27.4% |
| Amounts payable within one year | 42/48 | €133,595 | €114,639 | -€18,956 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €9,979 | €10,495 | +€515 | +5.2% |
| Trade debts | 44 | €387 | €400 | +€12 | +3.2% |
| Suppliers | 440/4 | €387 | €400 | +€12 | +3.2% |
| Taxes, remuneration and social security | 45 | €26,829 | €28,824 | +€1,996 | +7.4% |
| Taxes | 450/3 | €26,829 | €28,824 | +€1,996 | +7.4% |
| Other amounts payable | 47/48 | €96,399 | €74,920 | -€21,479 | -22.3% |
| Accrued charges and deferred income | 492/3 | €2,700 | - | -€2,700 | |
| Non-recurring operating income | 76A | - | €20,000 | +€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,308 | €18,331 | -€977 | -5.1% |
| Other operating charges | 640/8 | €2,312 | €3,921 | +€1,609 | +69.6% |
| Gross operating margin | 9900 | €60,422 | €83,867 | +€23,445 | +38.8% |
| Operating profit (loss) | 9901 | €38,801 | €61,614 | +€22,813 | +58.8% |
| Financial income | 75/76B | - | €2,058 | +€2,058 | |
| Recurring financial income | 75 | - | €2,058 | +€2,058 | |
| Financial charges | 65/66B | €1,860 | €2,028 | +€168 | +9.0% |
| Recurring financial charges | 65 | €1,860 | €2,028 | +€168 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €36,941 | €61,644 | +€24,703 | +66.9% |
| Income taxes | 67/77 | €12,818 | €16,753 | +€3,936 | +30.7% |
| Profit (loss) for the period | 9904 | €24,123 | €44,891 | +€20,767 | +86.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,123 | €44,891 | +€20,767 | +86.1% |
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 6 October 2026 via checked.be.