MARNIC H: what changed
Two fiscal 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.
What changed
MARNIC H
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €401,486+€719,424
Equity
€13.8m
2024 · €12.7m+€1.1m
Cash
€478,944
2024 · €287,251+€191,693
Balance sheet total
€16.9m
2024 · €16.1m+€832,301
Largest movements
Assets
- Current investments +€1.3m
up €1.3m (+70.3%), from €1.9m to €3.2m
- Tangible fixed assets +€1.2m
up €1.2m (+123.7%), from €947,218 to €2.1m
of which Land and buildings: +€1.4m
- Receivables within one year -€1.0m
down €1.0m (-44.5%), from €2.3m to €1.3m
of which Other amounts receivable: -€1.0m
- Financial fixed assets -€668,613
down €668,613 (-6.4%), from €10.5m to €9.9m
- Cash +€191,693
up €191,693 (+66.7%), from €287,251 to €478,944
mainly Net result for the year (+€1.1m) and Receivables within one year (+€1.0m)
Equity and liabilities
- Reserves +€1.1m
up €1.1m (+15.6%), from €6.9m to €8.0m
of which Distributable reserves: +€1.1m
- Other debts -€280,305
down €280,305 (-17.2%), from €1.6m to €1.4m
Income statement
- Financial income +€671,738
up €671,738 (+267.8%), from €250,871 to €922,609
- Turnover +€157,633
up €157,633 (+12.1%), from €1.3m to €1.5m
- Staff costs +€135,022
up €135,022 (+21.6%), from €625,189 to €760,212
- Financial charges -€19,395
down €19,395 (-20.5%), from €94,726 to €75,331
- Services and other goods -€17,742
down €17,742 (-5.3%), from €336,997 to €319,255
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.
Result 2024
€401,486
Turnover
+€157,633
Other operating income
+€10,557
Services and other goods
+€17,742
Staff costs
-€135,022
Depreciation
-€12,653
Other operating charges
-€14,730
Financial income
+€671,738
Financial charges
+€19,395
Taxes
+€4,765
Result 2025
€1.1m
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.
From operations
+€2.0m
Investment
-€1.9m
Financing
+€55,930
Cash 2024
€287,251
From operations (derived)
+€2.0m
Net result for the year
+€1.1m
Depreciation
+€55,370
Receivables within one year
+€1.0m
Deferred charges and accrued income
+€122,666
Trade debts
-€38,026
Tax, wage and social debts
-€8,184
Other debts
-€280,305
Accrued charges and deferred income
-€18,025
Investment (derived)
-€1.9m
Investment in fixed assets (net)
-€558,083
Current investments
-€1.3m
Financing
+€55,930
Debts after one year
+€51,118
Contributions, distributions and other
+€4,813
Cash 2025
€478,944
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,079,668 | €16,911,970 | +€832,301 | +5.2% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €11,473,593 | €11,976,307 | +€502,713 | +4.4% |
| Tangible fixed assets | 22/27 | €947,218 | €2,118,545 | +€1.2m | +123.7% |
| Land and buildings | 22 | €357,872 | €1,791,771 | +€1.4m | +400.7% |
| Furniture and vehicles | 24 | €56,462 | €32,323 | -€24,139 | -42.8% |
| Assets under construction and advance payments | 27 | €532,884 | €294,450 | -€238,434 | -44.7% |
| Financial fixed assets | 28 | €10,526,375 | €9,857,762 | -€668,613 | -6.4% |
| Affiliated companies | 280/1 | €10,526,375 | €9,857,762 | -€668,613 | -6.4% |
| Participating interests | 280 | €10,099,971 | €9,548,319 | -€551,652 | -5.5% |
| Amounts receivable | 281 | €426,404 | €309,443 | -€116,961 | -27.4% |
| Current assets | 29/58 | €4,606,075 | €4,935,663 | +€329,588 | +7.2% |
| Amounts receivable within one year | 40/41 | €2,337,449 | €1,298,009 | -€1.0m | -44.5% |
| Trade receivables | 40 | €104,568 | €112,645 | +€8,077 | +7.7% |
| Other amounts receivable | 41 | €2,232,881 | €1,185,364 | -€1.0m | -46.9% |
| Current investments | 50/53 | €1,850,000 | €3,150,000 | +€1.3m | +70.3% |
| Other investments | 51/53 | €1,850,000 | €3,150,000 | +€1.3m | +70.3% |
| Cash at bank and in hand | 54/58 | €287,251 | €478,944 | +€191,693 | +66.7% |
| Deferred charges and accrued income | 490/1 | €131,375 | €8,710 | -€122,666 | -93.4% |
| Total equity and liabilities | 10/49 | €16,079,668 | €16,911,970 | +€832,301 | +5.2% |
| Equity | 10/15 | €12,707,157 | €13,832,880 | +€1.1m | +8.9% |
| Contributions | 10/11 | €5,770,000 | €5,770,240 | +€240 | 0.0% |
| Revaluation surpluses | 12 | - | €39,889 | +€39,889 | |
| Reserves | 13 | €6,937,157 | €8,022,751 | +€1.1m | +15.6% |
| Non-distributable reserves | 130/1 | - | €15 | +€15 | |
| Reserves not available under the articles | 1311 | - | €15 | +€15 | |
| Tax-exempt reserves | 132 | - | €7,571 | +€7,571 | |
| Distributable reserves | 133 | €6,937,157 | €8,015,165 | +€1.1m | +15.5% |
| Provisions and deferred taxes | 16 | €656,169 | €656,169 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €656,169 | €656,169 | = | 0.0% |
| Pensions and similar obligations | 160 | €656,169 | €656,169 | = | 0.0% |
| Amounts payable | 17/49 | €2,716,342 | €2,422,920 | -€293,422 | -10.8% |
| Amounts payable after more than one year | 17 | €101,790 | €152,908 | +€51,118 | +50.2% |
| Financial debts | 170/4 | €101,790 | €152,908 | +€51,118 | +50.2% |
| Other loans | 174 | €101,790 | €152,908 | +€51,118 | +50.2% |
| Amounts payable within one year | 42/48 | €2,523,529 | €2,197,014 | -€326,515 | -12.9% |
| Trade debts | 44 | €40,459 | €2,433 | -€38,026 | -94.0% |
| Suppliers | 440/4 | €40,459 | €2,433 | -€38,026 | -94.0% |
| Taxes, remuneration and social security | 45 | €851,205 | €843,021 | -€8,184 | -1.0% |
| Taxes | 450/3 | €761,694 | €690,640 | -€71,054 | -9.3% |
| Remuneration and social security | 454/9 | €89,511 | €152,381 | +€62,870 | +70.2% |
| Other amounts payable | 47/48 | €1,631,865 | €1,351,560 | -€280,305 | -17.2% |
| Accrued charges and deferred income | 492/3 | €91,023 | €72,998 | -€18,025 | -19.8% |
| Operating income | 70/76A | €1,360,341 | €1,528,531 | +€168,190 | +12.4% |
| Turnover | 70 | €1,297,539 | €1,455,172 | +€157,633 | +12.1% |
| Other operating income | 74 | €62,802 | €73,359 | +€10,557 | +16.8% |
| Operating charges | 60/66A | €1,007,513 | €1,152,177 | +€144,664 | +14.4% |
| Services and other goods | 61 | €336,997 | €319,255 | -€17,742 | -5.3% |
| Remuneration, social security and pensions | 62 | €625,189 | €760,212 | +€135,022 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,717 | €55,370 | +€12,653 | +29.6% |
| Other operating charges | 640/8 | €2,610 | €17,341 | +€14,730 | +564.3% |
| Operating profit (loss) | 9901 | €352,827 | €376,354 | +€23,526 | +6.7% |
| Financial income | 75/76B | €250,871 | €922,609 | +€671,738 | +267.8% |
| Recurring financial income | 75 | €250,871 | €922,609 | +€671,738 | +267.8% |
| Income from financial fixed assets | 750 | €99,800 | €899,296 | +€799,496 | +801.1% |
| Income from current assets | 751 | €151,071 | €23,313 | -€127,758 | -84.6% |
| Other financial income | 752/9 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €94,726 | €75,331 | -€19,395 | -20.5% |
| Recurring financial charges | 65 | €94,726 | €75,331 | -€19,395 | -20.5% |
| Debt charges | 650 | €93,361 | €73,276 | -€20,084 | -21.5% |
| Other financial charges | 652/9 | €1,366 | €2,054 | +€689 | +50.5% |
| Profit (loss) for the period before taxes | 9903 | €508,972 | €1,223,632 | +€714,659 | +140.4% |
| Income taxes | 67/77 | €107,486 | €102,721 | -€4,765 | -4.4% |
| Taxes | 670/3 | €107,486 | €103,112 | -€4,374 | -4.1% |
| Tax adjustments and reversals of tax provisions | 77 | - | €391 | +€391 | |
| Profit (loss) for the period | 9904 | €401,486 | €1,120,910 | +€719,424 | +179.2% |
| Transfer from tax-exempt reserves | 789 | - | €1,241 | +€1,241 | |
| Profit (loss) for the period to be appropriated | 9905 | €401,486 | €1,122,151 | +€720,665 | +179.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.