MARMINA: 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.
What changed
MARMINA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€10,707
2024 · -€7,926-€2,781
Equity
€426,250
2024 · €436,957-€10,707
Cash
€17,867
2024 · €13,189+€4,678
Balance sheet total
€1.4m
2024 · €1.4m-€52,369
Largest movements
Assets
- Tangible fixed assets -€58,027
down €58,027 (-4.1%), from €1.4m to €1.4m
of which Land and buildings: -€58,325
Equity and liabilities
- Debts after one year -€75,336
down €75,336 (-9.4%), from €804,706 to €729,369
- Reserves -€60,330
down €60,330 (-12.1%), from €500,641 to €440,311
of which Distributable reserves: -€44,209
- Profit (loss) carried forward +€49,623
up €49,623 (+60.3%), from -€82,284 to -€32,661
Income statement
- Other operating charges +€9,977
up €9,977 (+107%), from €9,285 to €19,262
- Gross operating margin +€9,698
up €9,698 (+10.9%), from €89,098 to €98,796
- Taxes +€5,007
new in 2025: €5,007
- Depreciation -€1,827
down €1,827 (-2.9%), from €62,313 to €60,487
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.
Result 2024
-€7,926
Gross operating margin
+€9,698
Depreciation
+€1,827
Other operating charges
-€9,977
Other operating items
+€1,077
Financial income
+€24
Financial charges
-€423
Taxes
-€5,007
Result 2025
-€10,707
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€82,474
Investment
-€2,460
Financing
-€75,336
Cash 2024
€13,189
From operations (derived)
+€82,474
Net result for the year
-€10,707
Depreciation
+€60,487
Receivables within one year
-€980
Provisions
-€5,374
Trade debts
+€9,570
Tax, wage and social debts
+€5,007
Other debts
+€11,064
Accrued charges and deferred income
+€13,408
Investment (derived)
-€2,460
Investment in fixed assets (net)
-€2,460
Financing
-€75,336
Debts after one year
-€75,336
Cash 2025
€17,867
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,443,079 | €1,390,710 | -€52,369 | -3.6% |
| Fixed assets | 21/28 | €1,429,267 | €1,371,241 | -€58,027 | -4.1% |
| Tangible fixed assets | 22/27 | €1,429,267 | €1,371,241 | -€58,027 | -4.1% |
| Land and buildings | 22 | €1,422,279 | €1,363,954 | -€58,325 | -4.1% |
| Plant, machinery and equipment | 23 | €880 | €624 | -€256 | -29.1% |
| Furniture and vehicles | 24 | €6,109 | €6,663 | +€554 | +9.1% |
| Current assets | 29/58 | €13,811 | €19,469 | +€5,658 | +41.0% |
| Amounts receivable within one year | 40/41 | €623 | €1,603 | +€980 | +157% |
| Trade receivables | 40 | €620 | €1,600 | +€980 | +158% |
| Other amounts receivable | 41 | €3 | €3 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,189 | €17,867 | +€4,678 | +35.5% |
| Total equity and liabilities | 10/49 | €1,443,079 | €1,390,710 | -€52,369 | -3.6% |
| Equity | 10/15 | €436,957 | €426,250 | -€10,707 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €500,641 | €440,311 | -€60,330 | -12.1% |
| Tax-exempt reserves | 132 | €404,821 | €388,701 | -€16,121 | -4.0% |
| Distributable reserves | 133 | €95,820 | €51,611 | -€44,209 | -46.1% |
| Profit (loss) carried forward | 14 | -€82,284 | -€32,661 | +€49,623 | +60.3% |
| Provisions and deferred taxes | 16 | €134,940 | €129,567 | -€5,374 | -4.0% |
| Deferred taxes | 168 | €134,940 | €129,567 | -€5,374 | -4.0% |
| Amounts payable | 17/49 | €871,181 | €834,893 | -€36,288 | -4.2% |
| Amounts payable after more than one year | 17 | €804,706 | €729,369 | -€75,336 | -9.4% |
| Financial debts | 170/4 | €804,706 | €729,369 | -€75,336 | -9.4% |
| Amounts payable within one year | 42/48 | €66,476 | €92,116 | +€25,641 | +38.6% |
| Current portion of amounts payable after more than one year | 42 | €40,336 | €40,336 | = | 0.0% |
| Trade debts | 44 | €5,468 | €15,039 | +€9,570 | +175% |
| Suppliers | 440/4 | €5,468 | €15,039 | +€9,570 | +175% |
| Taxes, remuneration and social security | 45 | - | €5,007 | +€5,007 | |
| Taxes | 450/3 | - | €5,007 | +€5,007 | |
| Other amounts payable | 47/48 | €20,671 | €31,735 | +€11,064 | +53.5% |
| Accrued charges and deferred income | 492/3 | - | €13,408 | +€13,408 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,313 | €60,487 | -€1,827 | -2.9% |
| Other operating charges | 640/8 | €9,285 | €19,262 | +€9,977 | +107% |
| Non-recurring operating charges | 66A | €2,427 | €1,350 | -€1,077 | -44.4% |
| Gross operating margin | 9900 | €89,098 | €98,796 | +€9,698 | +10.9% |
| Operating profit (loss) | 9901 | €15,074 | €17,698 | +€2,625 | +17.4% |
| Financial income | 75/76B | €9 | €33 | +€24 | +267% |
| Recurring financial income | 75 | €9 | €33 | +€24 | +267% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €28,383 | €28,805 | +€423 | +1.5% |
| Recurring financial charges | 65 | €28,383 | €28,805 | +€423 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | -€13,300 | -€11,074 | +€2,226 | +16.7% |
| Transfer from deferred taxes | 780 | €5,374 | €5,374 | = | 0.0% |
| Income taxes | 67/77 | - | €5,007 | +€5,007 | |
| Profit (loss) for the period | 9904 | -€7,926 | -€10,707 | -€2,781 | -35.1% |
| Transfer from tax-exempt reserves | 789 | €16,121 | €16,121 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,194 | €5,414 | -€2,781 | -33.9% |
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 16 October 2026 via checked.be.