MARMILAN: 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.
MARMILAN
Largest movements
- Receivables within one year -€33,056
down €33,056 (-15.1%), from €218,215 to €185,160
of which Other amounts receivable: -€32,662
- Cash -€22,470
down €22,470 (-37.3%), from €60,203 to €37,734
mainly Investment in fixed assets (net) (-€40,115) and Tax, wage and social debts (-€35,813)
- Reserves +€47,312
up €47,312 (+19.8%), from €238,832 to €286,144
- Tax, wage and social debts -€35,813
down €35,813 (-65.1%), from €55,028 to €19,214
- Debts after one year -€31,987
down €31,987 (-4.3%), from €740,781 to €708,795
- Gross operating margin -€54,096
down €54,096 (-29.6%), from €182,599 to €128,503
- Taxes -€11,546
down €11,546 (-33.0%), from €34,957 to €23,411
- Other operating charges -€2,187
down €2,187 (-38.8%), from €5,641 to €3,454
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,243,650 | €2,206,133 | -€37,517 | -1.7% |
| Fixed assets | 21/28 | €1,953,603 | €1,972,916 | +€19,313 | +1.0% |
| Tangible fixed assets | 22/27 | €862,603 | €881,916 | +€19,313 | +2.2% |
| Land and buildings | 22 | €860,321 | €880,695 | +€20,374 | +2.4% |
| Plant, machinery and equipment | 23 | €860 | €450 | -€410 | -47.7% |
| Furniture and vehicles | 24 | €1,422 | €772 | -€650 | -45.7% |
| Financial fixed assets | 28 | €1,091,000 | €1,091,000 | = | 0.0% |
| Current assets | 29/58 | €290,047 | €233,216 | -€56,830 | -19.6% |
| Amounts receivable within one year | 40/41 | €218,215 | €185,160 | -€33,056 | -15.1% |
| Trade receivables | 40 | €2,517 | €2,124 | -€393 | -15.6% |
| Other amounts receivable | 41 | €215,698 | €183,036 | -€32,662 | -15.1% |
| Current investments | 50/53 | €9,034 | €9,034 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €60,203 | €37,734 | -€22,470 | -37.3% |
| Deferred charges and accrued income | 490/1 | €2,594 | €1,289 | -€1,305 | -50.3% |
| Total equity and liabilities | 10/49 | €2,243,650 | €2,206,133 | -€37,517 | -1.7% |
| Equity | 10/15 | €1,329,832 | €1,377,144 | +€47,312 | +3.6% |
| Contributions | 10/11 | €1,091,000 | €1,091,000 | = | 0.0% |
| Reserves | 13 | €238,832 | €286,144 | +€47,312 | +19.8% |
| Distributable reserves | 133 | €238,832 | €286,144 | +€47,312 | +19.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €913,818 | €828,989 | -€84,829 | -9.3% |
| Amounts payable after more than one year | 17 | €740,781 | €708,795 | -€31,987 | -4.3% |
| Financial debts | 170/4 | €740,781 | €708,795 | -€31,987 | -4.3% |
| Amounts payable within one year | 42/48 | €168,986 | €120,194 | -€48,791 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €30,836 | €31,987 | +€1,151 | +3.7% |
| Trade debts | 44 | €3,956 | €4,369 | +€413 | +10.4% |
| Suppliers | 440/4 | €3,956 | €4,369 | +€413 | +10.4% |
| Taxes, remuneration and social security | 45 | €55,028 | €19,214 | -€35,813 | -65.1% |
| Taxes | 450/3 | €55,028 | €19,214 | -€35,813 | -65.1% |
| Other amounts payable | 47/48 | €79,166 | €64,625 | -€14,541 | -18.4% |
| Accrued charges and deferred income | 492/3 | €4,051 | €0 | -€4,051 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,801 | €20,801 | = | 0.0% |
| Other operating charges | 640/8 | €5,641 | €3,454 | -€2,187 | -38.8% |
| Gross operating margin | 9900 | €182,599 | €128,503 | -€54,096 | -29.6% |
| Operating profit (loss) | 9901 | €156,157 | €104,248 | -€51,909 | -33.2% |
| Financial income | 75/76B | €36 | €0 | -€36 | -100% |
| Recurring financial income | 75 | €36 | €0 | -€36 | -100% |
| Financial charges | 65/66B | €34,714 | €33,525 | -€1,189 | -3.4% |
| Recurring financial charges | 65 | €34,714 | €33,525 | -€1,189 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €121,479 | €70,723 | -€50,756 | -41.8% |
| Income taxes | 67/77 | €34,957 | €23,411 | -€11,546 | -33.0% |
| Profit (loss) for the period | 9904 | €86,522 | €47,312 | -€39,210 | -45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,522 | €47,312 | -€39,210 | -45.3% |
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.