MARNELL: 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.
MARNELL
Largest movements
- Cash -€38,710
down €38,710 (-70.5%), from €54,895 to €16,186
mainly Debts after one year (-€32,014) and Net result for the year (-€23,998)
- Tangible fixed assets -€29,536
down €29,536 (-5.1%), from €580,974 to €551,438
of which Land and buildings: -€24,228
- Receivables within one year +€10,351
up €10,351 (+46.9%), from €22,064 to €32,415
of which Other amounts receivable: +€10,351
- Debts after one year -€32,014
down €32,014 (-8.5%), from €378,258 to €346,244
- Profit (loss) carried forward -€23,998
down €23,998 (-27.4%), from -€87,520 to -€111,517
- Depreciation -€2,586
down €2,586 (-9.4%), from €27,423 to €24,837
- Financial income +€752
up €752 (+14.3%), from €5,258 to €6,010
- Gross operating margin -€740
down €740 (-8.3%), from €8,874 to €8,135
- Financial charges -€610
down €610 (-7.5%), from €8,150 to €7,540
- Other operating charges -€438
down €438 (-7.4%), from €5,888 to €5,450
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 | €841,349 | €784,219 | -€57,129 | -6.8% |
| Fixed assets | 21/28 | €580,974 | €551,438 | -€29,536 | -5.1% |
| Tangible fixed assets | 22/27 | €580,974 | €551,438 | -€29,536 | -5.1% |
| Land and buildings | 22 | €573,965 | €549,737 | -€24,228 | -4.2% |
| Plant, machinery and equipment | 23 | €1,784 | €1,307 | -€477 | -26.7% |
| Furniture and vehicles | 24 | €5,225 | €394 | -€4,831 | -92.5% |
| Current assets | 29/58 | €260,375 | €232,781 | -€27,594 | -10.6% |
| Amounts receivable after more than one year | 29 | €175,000 | €175,000 | = | 0.0% |
| Other amounts receivable | 291 | €175,000 | €175,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,064 | €32,415 | +€10,351 | +46.9% |
| Trade receivables | 40 | €7,000 | €7,000 | = | 0.0% |
| Other amounts receivable | 41 | €15,064 | €25,415 | +€10,351 | +68.7% |
| Cash at bank and in hand | 54/58 | €54,895 | €16,186 | -€38,710 | -70.5% |
| Deferred charges and accrued income | 490/1 | €8,416 | €9,181 | +€765 | +9.1% |
| Total equity and liabilities | 10/49 | €841,349 | €784,219 | -€57,129 | -6.8% |
| Equity | 10/15 | €419,510 | €395,512 | -€23,998 | -5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €488,430 | €488,430 | = | 0.0% |
| Distributable reserves | 133 | €488,430 | €488,430 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,520 | -€111,517 | -€23,998 | -27.4% |
| Amounts payable | 17/49 | €421,839 | €388,707 | -€33,132 | -7.9% |
| Amounts payable after more than one year | 17 | €378,258 | €346,244 | -€32,014 | -8.5% |
| Financial debts | 170/4 | €378,258 | €346,244 | -€32,014 | -8.5% |
| Amounts payable within one year | 42/48 | €41,017 | €39,898 | -€1,120 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €31,506 | €32,014 | +€508 | +1.6% |
| Trade debts | 44 | €5,355 | €4,568 | -€788 | -14.7% |
| Suppliers | 440/4 | €5,355 | €4,568 | -€788 | -14.7% |
| Taxes, remuneration and social security | 45 | €4,156 | €3,316 | -€841 | -20.2% |
| Taxes | 450/3 | €4,156 | €3,316 | -€841 | -20.2% |
| Accrued charges and deferred income | 492/3 | €2,564 | €2,566 | +€2 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,423 | €24,837 | -€2,586 | -9.4% |
| Other operating charges | 640/8 | €5,888 | €5,450 | -€438 | -7.4% |
| Gross operating margin | 9900 | €8,874 | €8,135 | -€740 | -8.3% |
| Operating profit (loss) | 9901 | -€24,437 | -€22,152 | +€2,285 | +9.3% |
| Financial income | 75/76B | €5,258 | €6,010 | +€752 | +14.3% |
| Recurring financial income | 75 | €5,258 | €6,010 | +€752 | +14.3% |
| Financial charges | 65/66B | €8,150 | €7,540 | -€610 | -7.5% |
| Recurring financial charges | 65 | €8,150 | €7,540 | -€610 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€27,328 | -€23,682 | +€3,647 | +13.3% |
| Income taxes | 67/77 | €303 | €316 | +€13 | +4.2% |
| Profit (loss) for the period | 9904 | -€27,632 | -€23,998 | +€3,634 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,632 | -€23,998 | +€3,634 | +13.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.