MARNEF: 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.
MARNEF
Largest movements
- Cash -€133,779
down €133,779 (-61.1%), from €218,934 to €85,155
mainly Contributions, distributions and other (-€170,582) and Tax, wage and social debts (-€59,456)
- Current investments +€20,061
up €20,061 (+4.0%), from €500,000 to €520,061
- Receivables within one year -€16,779
down €16,779 (-46.8%), from €35,837 to €19,058
- Tangible fixed assets -€11,631
down €11,631 (-53.5%), from €21,732 to €10,101
- Reserves -€78,101
down €78,101 (-15.2%), from €513,390 to €435,289
- Tax, wage and social debts -€59,456
down €59,456 (-59.7%), from €99,534 to €40,078
- Gross operating margin -€5,480
down €5,480 (-3.8%), from €143,473 to €137,993
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 | €778,210 | €636,105 | -€142,105 | -18.3% |
| Fixed assets | 21/28 | €21,732 | €10,101 | -€11,631 | -53.5% |
| Tangible fixed assets | 22/27 | €21,732 | €10,101 | -€11,631 | -53.5% |
| Furniture and vehicles | 24 | €21,732 | €10,101 | -€11,631 | -53.5% |
| Current assets | 29/58 | €756,478 | €626,004 | -€130,474 | -17.2% |
| Amounts receivable within one year | 40/41 | €35,837 | €19,058 | -€16,779 | -46.8% |
| Trade receivables | 40 | €35,837 | €19,058 | -€16,779 | -46.8% |
| Current investments | 50/53 | €500,000 | €520,061 | +€20,061 | +4.0% |
| Cash at bank and in hand | 54/58 | €218,934 | €85,155 | -€133,779 | -61.1% |
| Deferred charges and accrued income | 490/1 | €1,707 | €1,731 | +€23 | +1.4% |
| Total equity and liabilities | 10/49 | €778,210 | €636,105 | -€142,105 | -18.3% |
| Equity | 10/15 | €515,890 | €437,789 | -€78,101 | -15.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €513,390 | €435,289 | -€78,101 | -15.2% |
| Distributable reserves | 133 | €513,390 | €435,289 | -€78,101 | -15.2% |
| Amounts payable | 17/49 | €262,320 | €198,316 | -€64,005 | -24.4% |
| Amounts payable within one year | 42/48 | €261,474 | €198,316 | -€63,158 | -24.2% |
| Trade debts | 44 | €424 | €419 | -€5 | -1.1% |
| Suppliers | 440/4 | €424 | €419 | -€5 | -1.1% |
| Taxes, remuneration and social security | 45 | €99,534 | €40,078 | -€59,456 | -59.7% |
| Taxes | 450/3 | €99,534 | €40,078 | -€59,456 | -59.7% |
| Other amounts payable | 47/48 | €161,515 | €157,818 | -€3,697 | -2.3% |
| Accrued charges and deferred income | 492/3 | €847 | - | -€847 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,631 | €11,631 | = | 0.0% |
| Other operating charges | 640/8 | €687 | €706 | +€20 | +2.8% |
| Gross operating margin | 9900 | €143,473 | €137,993 | -€5,480 | -3.8% |
| Operating profit (loss) | 9901 | €131,156 | €125,656 | -€5,499 | -4.2% |
| Financial income | 75/76B | €0 | €1 | +€0 | +2,400% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +2,400% |
| Financial charges | 65/66B | €25 | €273 | +€248 | +992% |
| Recurring financial charges | 65 | €25 | €273 | +€248 | +992% |
| Profit (loss) for the period before taxes | 9903 | €131,131 | €125,384 | -€5,747 | -4.4% |
| Income taxes | 67/77 | €34,015 | €32,902 | -€1,113 | -3.3% |
| Profit (loss) for the period | 9904 | €97,115 | €92,482 | -€4,634 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €97,115 | €92,482 | -€4,634 | -4.8% |
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 14 October 2026 via checked.be.