MARNAMAI: 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.
MARNAMAI
Largest movements
- Receivables within one year +€11,902
up €11,902 (+6698.4%), from €178 to €12,079
of which Trade receivables: +€10,037
- Cash +€2,198
up €2,198 (+31.6%), from €6,956 to €9,153
mainly Net result for the year (+€11,480) and Tax, wage and social debts (+€9,000)
- Deferred charges and accrued income +€714
new in 2025: €714
- Reserves +€11,480
up €11,480 (+31.4%), from €36,592 to €48,073
- Tax, wage and social debts +€9,000
up €9,000 (+214.0%), from €4,206 to €13,206
of which Taxes: +€5,650
- Other debts -€5,247
down €5,247 (-100.0%), from €5,247 to €0
- Trade debts -€886
down €886 (-24.8%), from €3,568 to €2,682
- Gross operating margin +€3,200
up €3,200 (+15.6%), from €20,458 to €23,658
- Financial charges +€2,064
up €2,064 (+1258.8%), from €164 to €2,228
- Taxes +€846
up €846 (+13.9%), from €6,104 to €6,950
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 | €49,713 | €64,061 | +€14,348 | +28.9% |
| Fixed assets | 21/28 | €42,579 | €42,114 | -€466 | -1.1% |
| Tangible fixed assets | 22/27 | €42,579 | €42,114 | -€466 | -1.1% |
| Plant, machinery and equipment | 23 | €661 | €1,682 | +€1,021 | +154.5% |
| Other tangible fixed assets | 26 | €41,918 | €40,432 | -€1,487 | -3.5% |
| Current assets | 29/58 | €7,133 | €21,947 | +€14,814 | +207.7% |
| Amounts receivable within one year | 40/41 | €178 | €12,079 | +€11,902 | +6698.4% |
| Trade receivables | 40 | €178 | €10,214 | +€10,037 | +5648.7% |
| Other amounts receivable | 41 | - | €1,865 | +€1,865 | |
| Cash at bank and in hand | 54/58 | €6,956 | €9,153 | +€2,198 | +31.6% |
| Deferred charges and accrued income | 490/1 | - | €714 | +€714 | |
| Total equity and liabilities | 10/49 | €49,713 | €64,061 | +€14,348 | +28.9% |
| Equity | 10/15 | €36,692 | €48,173 | +€11,480 | +31.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €36,592 | €48,073 | +€11,480 | +31.4% |
| Distributable reserves | 133 | €36,592 | €48,073 | +€11,480 | +31.4% |
| Amounts payable | 17/49 | €13,020 | €15,888 | +€2,868 | +22.0% |
| Amounts payable within one year | 42/48 | €13,020 | €15,888 | +€2,868 | +22.0% |
| Trade debts | 44 | €3,568 | €2,682 | -€886 | -24.8% |
| Suppliers | 440/4 | €3,568 | €2,682 | -€886 | -24.8% |
| Taxes, remuneration and social security | 45 | €4,206 | €13,206 | +€9,000 | +214.0% |
| Taxes | 450/3 | €4,206 | €9,856 | +€5,650 | +134.3% |
| Remuneration and social security | 454/9 | - | €3,350 | +€3,350 | |
| Other amounts payable | 47/48 | €5,247 | €0 | -€5,247 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,608 | €1,786 | +€178 | +11.0% |
| Other operating charges | 640/8 | €1,400 | €1,213 | -€187 | -13.3% |
| Gross operating margin | 9900 | €20,458 | €23,658 | +€3,200 | +15.6% |
| Operating profit (loss) | 9901 | €17,451 | €20,659 | +€3,209 | +18.4% |
| Financial charges | 65/66B | €164 | €2,228 | +€2,064 | +1258.8% |
| Recurring financial charges | 65 | €164 | €2,228 | +€2,064 | +1258.8% |
| Profit (loss) for the period before taxes | 9903 | €17,287 | €18,431 | +€1,144 | +6.6% |
| Income taxes | 67/77 | €6,104 | €6,950 | +€846 | +13.9% |
| Profit (loss) for the period | 9904 | €11,183 | €11,480 | +€298 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,183 | €11,480 | +€298 | +2.7% |
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 8 October 2026 via checked.be.