MARNAV: 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.
MARNAV
Largest movements
- Receivables within one year -€46,178
down €46,178 (-75.0%), from €61,579 to €15,401
of which Other amounts receivable: -€40,178
- Current investments +€15,334
up €15,334 (+51.1%), from €30,000 to €45,334
- Tangible fixed assets -€15,219
down €15,219 (-24.9%), from €61,163 to €45,944
- Cash -€13,153
down €13,153 (-26.6%), from €49,534 to €36,381
mainly Other debts (-€43,075) and Current investments (-€15,334)
- Other debts -€43,075
down €43,075 (-26.3%), from €164,076 to €121,002
- Profit (loss) carried forward -€11,590
down €11,590 (-165%), from -€7,015 to -€18,605
- Gross operating margin -€8,288
down €8,288 (-44.3%), from €18,699 to €10,411
- Financial charges -€4,705
down €4,705 (-36.9%), from €12,766 to €8,062
- Financial income -€2,060
down €2,060 (-54.2%), from €3,798 to €1,738
- Depreciation +€922
up €922 (+6.4%), from €14,298 to €15,219
- Taxes -€338
down €338 (-85.9%), from €394 to €56
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 | €734,290 | €672,810 | -€61,480 | -8.4% |
| Fixed assets | 21/28 | €587,663 | €572,444 | -€15,219 | -2.6% |
| Tangible fixed assets | 22/27 | €61,163 | €45,944 | -€15,219 | -24.9% |
| Furniture and vehicles | 24 | €61,163 | €45,944 | -€15,219 | -24.9% |
| Financial fixed assets | 28 | €526,500 | €526,500 | = | 0.0% |
| Current assets | 29/58 | €146,627 | €100,366 | -€46,261 | -31.6% |
| Amounts receivable within one year | 40/41 | €61,579 | €15,401 | -€46,178 | -75.0% |
| Trade receivables | 40 | €12,922 | €6,922 | -€6,000 | -46.4% |
| Other amounts receivable | 41 | €48,657 | €8,479 | -€40,178 | -82.6% |
| Current investments | 50/53 | €30,000 | €45,334 | +€15,334 | +51.1% |
| Cash at bank and in hand | 54/58 | €49,534 | €36,381 | -€13,153 | -26.6% |
| Deferred charges and accrued income | 490/1 | €5,514 | €3,251 | -€2,264 | -41.1% |
| Total equity and liabilities | 10/49 | €734,290 | €672,810 | -€61,480 | -8.4% |
| Equity | 10/15 | €542,707 | €531,117 | -€11,590 | -2.1% |
| Contributions | 10/11 | €334,000 | €334,000 | = | 0.0% |
| Reserves | 13 | €215,722 | €215,722 | = | 0.0% |
| Distributable reserves | 133 | €215,722 | €215,722 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,015 | -€18,605 | -€11,590 | -165% |
| Amounts payable | 17/49 | €191,583 | €141,693 | -€49,890 | -26.0% |
| Amounts payable within one year | 42/48 | €174,233 | €129,934 | -€44,299 | -25.4% |
| Trade debts | 44 | €1,633 | €4,310 | +€2,677 | +164% |
| Suppliers | 440/4 | €1,633 | €4,310 | +€2,677 | +164% |
| Taxes, remuneration and social security | 45 | €8,523 | €4,622 | -€3,901 | -45.8% |
| Taxes | 450/3 | €6,123 | €4,622 | -€1,501 | -24.5% |
| Remuneration and social security | 454/9 | €2,400 | - | -€2,400 | |
| Other amounts payable | 47/48 | €164,076 | €121,002 | -€43,075 | -26.3% |
| Accrued charges and deferred income | 492/3 | €17,350 | €11,759 | -€5,591 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,298 | €15,219 | +€922 | +6.4% |
| Other operating charges | 640/8 | €693 | €402 | -€292 | -42.0% |
| Gross operating margin | 9900 | €18,699 | €10,411 | -€8,288 | -44.3% |
| Operating profit (loss) | 9901 | €3,708 | -€5,210 | -€8,919 | |
| Financial income | 75/76B | €3,798 | €1,738 | -€2,060 | -54.2% |
| Recurring financial income | 75 | €3,798 | €1,738 | -€2,060 | -54.2% |
| Financial charges | 65/66B | €12,766 | €8,062 | -€4,705 | -36.9% |
| Recurring financial charges | 65 | €12,766 | €8,062 | -€4,705 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,260 | -€11,534 | -€6,274 | -119% |
| Income taxes | 67/77 | €394 | €56 | -€338 | -85.9% |
| Profit (loss) for the period | 9904 | -€5,654 | -€11,590 | -€5,936 | -105% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,654 | -€11,590 | -€5,936 | -105% |
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.