Marnepol: 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.
Marnepol
Largest movements
- Receivables within one year +€1.7m
up €1.7m (+57.0%), from €3.1m to €4.8m
of which Other amounts receivable: +€1.7m
- Cash +€752,723
up €752,723 (+1898.6%), from €39,646 to €792,369
mainly Net result for the year (+€1.6m) and Provisions (+€480,987)
- Tangible fixed assets -€360,415
down €360,415 (-87.7%), from €410,830 to €50,415
- Reserves +€1.4m
up €1.4m (+100.9%), from €1.4m to €2.9m
of which Tax-exempt reserves: +€1.4m
- Provisions +€480,987
up €480,987 (+205.5%), from €234,097 to €715,084
- Profit (loss) carried forward +€181,855
up €181,855 (+26.9%), from €677,177 to €859,032
- Gross operating margin +€818,450
up €818,450 (+65.0%), from €1.3m to €2.1m
- Financial income +€89,264
up €89,264 (+112.7%), from €79,200 to €168,464
- Depreciation -€33,825
down €33,825 (-90.7%), from €37,275 to €3,450
- Other operating charges -€25,935
down €25,935 (-62.1%), from €41,731 to €15,796
- Financial charges -€22,655
down €22,655 (-34.8%), from €65,098 to €42,443
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 | €3,534,569 | €5,650,521 | +€2.1m | +59.9% |
| Fixed assets | 21/28 | €410,830 | €50,415 | -€360,415 | -87.7% |
| Tangible fixed assets | 22/27 | €410,830 | €50,415 | -€360,415 | -87.7% |
| Land and buildings | 22 | €410,830 | €50,415 | -€360,415 | -87.7% |
| Current assets | 29/58 | €3,123,739 | €5,600,106 | +€2.5m | +79.3% |
| Amounts receivable within one year | 40/41 | €3,054,459 | €4,794,526 | +€1.7m | +57.0% |
| Trade receivables | 40 | €3,462 | €3,416 | -€46 | -1.3% |
| Other amounts receivable | 41 | €3,050,997 | €4,791,110 | +€1.7m | +57.0% |
| Cash at bank and in hand | 54/58 | €39,646 | €792,369 | +€752,723 | +1898.6% |
| Deferred charges and accrued income | 490/1 | €29,633 | €13,211 | -€16,422 | -55.4% |
| Total equity and liabilities | 10/49 | €3,534,569 | €5,650,521 | +€2.1m | +59.9% |
| Equity | 10/15 | €2,299,027 | €3,923,843 | +€1.6m | +70.7% |
| Contributions | 10/11 | €192,365 | €192,365 | = | 0.0% |
| Capital | 10 | €192,365 | €192,365 | = | 0.0% |
| Issued capital | 100 | €192,365 | €192,365 | = | 0.0% |
| Reserves | 13 | €1,429,485 | €2,872,446 | +€1.4m | +100.9% |
| Non-distributable reserves | 130/1 | €19,237 | €19,237 | = | 0.0% |
| Legal reserve | 130 | €19,237 | €19,237 | = | 0.0% |
| Tax-exempt reserves | 132 | €728,320 | €2,171,281 | +€1.4m | +198.1% |
| Distributable reserves | 133 | €681,928 | €681,928 | = | 0.0% |
| Profit (loss) carried forward | 14 | €677,177 | €859,032 | +€181,855 | +26.9% |
| Provisions and deferred taxes | 16 | €234,097 | €715,084 | +€480,987 | +205.5% |
| Deferred taxes | 168 | €234,097 | €715,084 | +€480,987 | +205.5% |
| Amounts payable | 17/49 | €1,001,444 | €1,011,594 | +€10,150 | +1.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €995,824 | €1,005,619 | +€9,796 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €22,869 | €24,148 | +€1,279 | +5.6% |
| Suppliers | 440/4 | €22,869 | €24,148 | +€1,279 | +5.6% |
| Taxes, remuneration and social security | 45 | €6,469 | €5,314 | -€1,154 | -17.8% |
| Taxes | 450/3 | €6,469 | €5,314 | -€1,154 | -17.8% |
| Other amounts payable | 47/48 | €966,486 | €976,157 | +€9,671 | +1.0% |
| Accrued charges and deferred income | 492/3 | €5,621 | €5,975 | +€354 | +6.3% |
| Non-recurring operating income | 76A | €942,412 | €1,978,035 | +€1.0m | +109.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,275 | €3,450 | -€33,825 | -90.7% |
| Other operating charges | 640/8 | €41,731 | €15,796 | -€25,935 | -62.1% |
| Non-recurring operating charges | 66A | - | €18,665 | +€18,665 | |
| Gross operating margin | 9900 | €1,259,851 | €2,078,301 | +€818,450 | +65.0% |
| Operating profit (loss) | 9901 | €1,180,845 | €2,040,390 | +€859,545 | +72.8% |
| Financial income | 75/76B | €79,200 | €168,464 | +€89,264 | +112.7% |
| Recurring financial income | 75 | €79,200 | €168,464 | +€89,264 | +112.7% |
| Financial charges | 65/66B | €65,098 | €42,443 | -€22,655 | -34.8% |
| Recurring financial charges | 65 | €65,098 | €42,443 | -€22,655 | -34.8% |
| Profit (loss) for the period before taxes | 9903 | €1,194,947 | €2,166,411 | +€971,464 | +81.3% |
| Transfer to deferred taxes | 680 | €234,097 | €480,987 | +€246,890 | +105.5% |
| Income taxes | 67/77 | €64,676 | €60,609 | -€4,068 | -6.3% |
| Profit (loss) for the period | 9904 | €896,174 | €1,624,816 | +€728,642 | +81.3% |
| Transfer to tax-exempt reserves | 689 | €702,292 | €1,442,961 | +€740,669 | +105.5% |
| Profit (loss) for the period to be appropriated | 9905 | €193,882 | €181,855 | -€12,027 | -6.2% |
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 11 October 2026 via checked.be.