MARNEL: 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.
MARNEL
Largest movements
- Receivables within one year -€45,099
down €45,099 (-30.8%), from €146,479 to €101,380
of which Trade receivables: -€42,930
- Tangible fixed assets -€30,858
down €30,858 (-4.5%), from €681,346 to €650,488
of which Land and buildings: -€29,400
- Cash +€24,333
up €24,333 (+162.4%), from €14,981 to €39,313
mainly Depreciation (+€52,721) and Receivables within one year (+€45,099)
- Current investments -€8,778
down €8,778 (-25.9%), from €33,917 to €25,139
- Debts after one year -€29,365
down €29,365 (-49.7%), from €59,141 to €29,776
- Other debts -€16,219
down €16,219 (-10.3%), from €157,487 to €141,268
- Accrued charges and deferred income -€10,325
down €10,325 (-50.0%), from €20,650 to €10,325
- Gross operating margin -€21,990
down €21,990 (-29.4%), from €74,846 to €52,856
- Financial income +€11,587
up €11,587 (+3640.8%), from €318 to €11,905
- Depreciation -€4,577
down €4,577 (-8.0%), from €57,298 to €52,721
- Financial charges +€1,503
up €1,503 (+91.0%), from €1,651 to €3,154
- Taxes +€950
up €950 (+32.0%), from €2,968 to €3,918
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 | €876,722 | €816,320 | -€60,402 | -6.9% |
| Fixed assets | 21/28 | €681,346 | €650,488 | -€30,858 | -4.5% |
| Tangible fixed assets | 22/27 | €681,346 | €650,488 | -€30,858 | -4.5% |
| Land and buildings | 22 | €673,988 | €644,588 | -€29,400 | -4.4% |
| Furniture and vehicles | 24 | €1,458 | €0 | -€1,458 | -100.0% |
| Other tangible fixed assets | 26 | €5,900 | €5,900 | = | 0.0% |
| Current assets | 29/58 | €195,376 | €165,831 | -€29,545 | -15.1% |
| Amounts receivable within one year | 40/41 | €146,479 | €101,380 | -€45,099 | -30.8% |
| Trade receivables | 40 | €77,873 | €34,943 | -€42,930 | -55.1% |
| Other amounts receivable | 41 | €68,606 | €66,437 | -€2,170 | -3.2% |
| Current investments | 50/53 | €33,917 | €25,139 | -€8,778 | -25.9% |
| Cash at bank and in hand | 54/58 | €14,981 | €39,313 | +€24,333 | +162.4% |
| Total equity and liabilities | 10/49 | €876,722 | €816,320 | -€60,402 | -6.9% |
| Equity | 10/15 | €562,517 | €568,395 | +€5,878 | +1.0% |
| Contributions | 10/11 | €342,100 | €342,100 | = | 0.0% |
| Capital | 10 | €342,100 | €342,100 | = | 0.0% |
| Issued capital | 100 | €342,100 | €342,100 | = | 0.0% |
| Reserves | 13 | €220,417 | €226,295 | +€5,878 | +2.7% |
| Non-distributable reserves | 130/1 | €4,500 | €4,500 | = | 0.0% |
| Legal reserve | 130 | €4,500 | €4,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €114,110 | €103,910 | -€10,200 | -8.9% |
| Distributable reserves | 133 | €101,807 | €117,885 | +€16,078 | +15.8% |
| Provisions and deferred taxes | 16 | €30,125 | €26,725 | -€3,400 | -11.3% |
| Deferred taxes | 168 | €30,125 | €26,725 | -€3,400 | -11.3% |
| Amounts payable | 17/49 | €284,081 | €221,200 | -€62,881 | -22.1% |
| Amounts payable after more than one year | 17 | €59,141 | €29,776 | -€29,365 | -49.7% |
| Financial debts | 170/4 | €59,141 | €29,776 | -€29,365 | -49.7% |
| Amounts payable within one year | 42/48 | €204,289 | €181,099 | -€23,190 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €30,495 | €29,365 | -€1,129 | -3.7% |
| Trade debts | 44 | €10,954 | €4,316 | -€6,638 | -60.6% |
| Suppliers | 440/4 | €10,954 | €4,316 | -€6,638 | -60.6% |
| Taxes, remuneration and social security | 45 | €5,353 | €6,150 | +€796 | +14.9% |
| Taxes | 450/3 | €5,353 | €6,150 | +€796 | +14.9% |
| Other amounts payable | 47/48 | €157,487 | €141,268 | -€16,219 | -10.3% |
| Accrued charges and deferred income | 492/3 | €20,650 | €10,325 | -€10,325 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,298 | €52,721 | -€4,577 | -8.0% |
| Other operating charges | 640/8 | €3,112 | €2,490 | -€622 | -20.0% |
| Gross operating margin | 9900 | €74,846 | €52,856 | -€21,990 | -29.4% |
| Operating profit (loss) | 9901 | €14,437 | -€2,355 | -€16,791 | |
| Financial income | 75/76B | €318 | €11,905 | +€11,587 | +3640.8% |
| Recurring financial income | 75 | €318 | €11,905 | +€11,587 | +3640.8% |
| Financial charges | 65/66B | €1,651 | €3,154 | +€1,503 | +91.0% |
| Recurring financial charges | 65 | €1,651 | €3,154 | +€1,503 | +91.0% |
| Profit (loss) for the period before taxes | 9903 | €13,103 | €6,396 | -€6,707 | -51.2% |
| Transfer from deferred taxes | 780 | €2,891 | €3,400 | +€509 | +17.6% |
| Income taxes | 67/77 | €2,968 | €3,918 | +€950 | +32.0% |
| Profit (loss) for the period | 9904 | €13,026 | €5,878 | -€7,148 | -54.9% |
| Transfer from tax-exempt reserves | 789 | €8,672 | €10,200 | +€1,528 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,698 | €16,078 | -€5,620 | -25.9% |
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 9 October 2026 via checked.be.