MARNA: 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.
MARNA
Largest movements
- Deferred charges and accrued income +€39,225
new in 2025: €39,225
- Cash +€35,623
up €35,623 (+25.0%), from €142,364 to €177,987
mainly Net result for the year (+€54,827) and Depreciation (+€50,930)
- Tangible fixed assets +€22,970
up €22,970 (+8.5%), from €268,814 to €291,785
of which Land and buildings: +€70,426
- Receivables within one year +€18,533
up €18,533 (+727%), from €2,551 to €21,084
of which Other amounts receivable: +€16,089
- Stocks and contracts -€10,858
down €10,858 (-4.5%), from €243,791 to €232,933
- Reserves +€54,827
up €54,827 (+56.2%), from €97,636 to €152,464
of which Distributable reserves: +€54,827
- Debts after one year +€48,190
up €48,190 (+276%), from €17,448 to €65,639
- Other debts -€27,601
down €27,601 (-14.4%), from €191,552 to €163,951
- Trade debts +€16,389
up €16,389 (+118%), from €13,918 to €30,307
- Current portion of long-term debt +€14,454
up €14,454 (+271%), from €5,334 to €19,789
- Gross operating margin -€28,045
down €28,045 (-16.4%), from €171,071 to €143,026
- Taxes +€15,404
up €15,404 (+197%), from €7,832 to €23,236
- Financial charges -€4,824
down €4,824 (-28.4%), from €16,957 to €12,133
- Depreciation +€2,683
up €2,683 (+5.6%), from €48,248 to €50,930
- Other operating charges -€2,277
down €2,277 (-39.8%), from €5,724 to €3,446
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 | €657,673 | €763,166 | +€105,493 | +16.0% |
| Fixed assets | 21/28 | €268,967 | €291,938 | +€22,970 | +8.5% |
| Tangible fixed assets | 22/27 | €268,814 | €291,785 | +€22,970 | +8.5% |
| Land and buildings | 22 | - | €70,426 | +€70,426 | |
| Plant, machinery and equipment | 23 | €13,741 | €584 | -€13,157 | -95.8% |
| Furniture and vehicles | 24 | €22,113 | €16,934 | -€5,179 | -23.4% |
| Other tangible fixed assets | 26 | €232,960 | €203,840 | -€29,120 | -12.5% |
| Financial fixed assets | 28 | €153 | €153 | = | 0.0% |
| Current assets | 29/58 | €388,706 | €471,228 | +€82,522 | +21.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €243,791 | €232,933 | -€10,858 | -4.5% |
| Stocks | 30/36 | €243,791 | €232,933 | -€10,858 | -4.5% |
| Amounts receivable within one year | 40/41 | €2,551 | €21,084 | +€18,533 | +727% |
| Trade receivables | 40 | €1,907 | €4,351 | +€2,445 | +128% |
| Other amounts receivable | 41 | €644 | €16,733 | +€16,089 | +2,498% |
| Cash at bank and in hand | 54/58 | €142,364 | €177,987 | +€35,623 | +25.0% |
| Deferred charges and accrued income | 490/1 | - | €39,225 | +€39,225 | |
| Total equity and liabilities | 10/49 | €657,673 | €763,166 | +€105,493 | +16.0% |
| Equity | 10/15 | €298,636 | €353,464 | +€54,827 | +18.4% |
| Contributions | 10/11 | €201,000 | €201,000 | = | 0.0% |
| Reserves | 13 | €97,636 | €152,464 | +€54,827 | +56.2% |
| Tax-exempt reserves | 132 | €19,900 | €19,900 | = | 0.0% |
| Distributable reserves | 133 | €77,736 | €132,564 | +€54,827 | +70.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €359,037 | €409,703 | +€50,666 | +14.1% |
| Amounts payable after more than one year | 17 | €17,448 | €65,639 | +€48,190 | +276% |
| Financial debts | 170/4 | €17,448 | €65,639 | +€48,190 | +276% |
| Amounts payable within one year | 42/48 | €341,589 | €344,064 | +€2,475 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €5,334 | €19,789 | +€14,454 | +271% |
| Financial debts | 43 | €75,000 | €64,413 | -€10,587 | -14.1% |
| Credit institutions | 430/8 | €75,000 | €64,413 | -€10,587 | -14.1% |
| Trade debts | 44 | €13,918 | €30,307 | +€16,389 | +118% |
| Suppliers | 440/4 | €13,918 | €30,307 | +€16,389 | +118% |
| Taxes, remuneration and social security | 45 | €55,784 | €65,605 | +€9,821 | +17.6% |
| Taxes | 450/3 | €55,784 | €65,605 | +€9,821 | +17.6% |
| Other amounts payable | 47/48 | €191,552 | €163,951 | -€27,601 | -14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,248 | €50,930 | +€2,683 | +5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €515 | - | -€515 | |
| Other operating charges | 640/8 | €5,724 | €3,446 | -€2,277 | -39.8% |
| Gross operating margin | 9900 | €171,071 | €143,026 | -€28,045 | -16.4% |
| Operating profit (loss) | 9901 | €116,584 | €88,649 | -€27,935 | -24.0% |
| Financial income | 75/76B | - | €1,546 | +€1,546 | |
| Recurring financial income | 75 | - | €1,546 | +€1,546 | |
| Financial charges | 65/66B | €16,957 | €12,133 | -€4,824 | -28.4% |
| Recurring financial charges | 65 | €16,957 | €12,133 | -€4,824 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €99,628 | €78,063 | -€21,565 | -21.6% |
| Income taxes | 67/77 | €7,832 | €23,236 | +€15,404 | +197% |
| Profit (loss) for the period | 9904 | €91,796 | €54,827 | -€36,969 | -40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €91,796 | €54,827 | -€36,969 | -40.3% |
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 18 October 2026 via checked.be.