MARNICO: 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.
MARNICO
Largest movements
- Cash +€38,348
up €38,348 (+29.7%), from €129,096 to €167,443
mainly Net result for the year (+€39,578) and Depreciation (+€31,144)
- Tangible fixed assets -€31,144
down €31,144 (-6.4%), from €486,023 to €454,879
of which Land and buildings: -€22,562
- Reserves +€39,578
up €39,578 (+10.6%), from €374,776 to €414,353
of which Distributable reserves: +€42,319
- Trade debts -€16,787
down €16,787 (-65.9%), from €25,475 to €8,688
- Tax, wage and social debts -€13,323
down €13,323 (-76.3%), from €17,468 to €4,145
- Gross operating margin +€13,565
up €13,565 (+18.2%), from €74,438 to €88,003
- Taxes +€6,806
up €6,806 (+82.6%), from €8,237 to €15,043
- Other operating charges -€3,371
down €3,371 (-49.6%), from €6,798 to €3,427
- Financial charges -€2,127
down €2,127 (-82.0%), from €2,594 to €468
of which Non-recurring financial charges: -€2,353
- Depreciation +€1,757
up €1,757 (+6.0%), from €29,387 to €31,144
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 | €659,013 | €666,978 | +€7,965 | +1.2% |
| Fixed assets | 21/28 | €486,023 | €454,879 | -€31,144 | -6.4% |
| Tangible fixed assets | 22/27 | €486,023 | €454,879 | -€31,144 | -6.4% |
| Land and buildings | 22 | €456,043 | €433,482 | -€22,562 | -4.9% |
| Furniture and vehicles | 24 | €29,980 | €21,398 | -€8,583 | -28.6% |
| Current assets | 29/58 | €172,989 | €212,099 | +€39,110 | +22.6% |
| Amounts receivable within one year | 40/41 | €33,044 | €33,448 | +€404 | +1.2% |
| Trade receivables | 40 | €20,982 | €21,685 | +€702 | +3.3% |
| Other amounts receivable | 41 | €12,062 | €11,763 | -€299 | -2.5% |
| Current investments | 50/53 | €9,606 | €9,606 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €129,096 | €167,443 | +€38,348 | +29.7% |
| Deferred charges and accrued income | 490/1 | €1,243 | €1,601 | +€358 | +28.8% |
| Total equity and liabilities | 10/49 | €659,013 | €666,978 | +€7,965 | +1.2% |
| Equity | 10/15 | €516,276 | €555,853 | +€39,578 | +7.7% |
| Contributions | 10/11 | €141,500 | €141,500 | = | 0.0% |
| Capital | 10 | €141,500 | €141,500 | = | 0.0% |
| Issued capital | 100 | €141,500 | €141,500 | = | 0.0% |
| Reserves | 13 | €374,776 | €414,353 | +€39,578 | +10.6% |
| Non-distributable reserves | 130/1 | €4,520 | €6,747 | +€2,227 | +49.3% |
| Legal reserve | 130 | €4,520 | €6,747 | +€2,227 | +49.3% |
| Tax-exempt reserves | 132 | €296,118 | €291,149 | -€4,969 | -1.7% |
| Distributable reserves | 133 | €74,138 | €116,457 | +€42,319 | +57.1% |
| Provisions and deferred taxes | 16 | €98,706 | €97,050 | -€1,656 | -1.7% |
| Deferred taxes | 168 | €98,706 | €97,050 | -€1,656 | -1.7% |
| Amounts payable | 17/49 | €44,031 | €14,075 | -€29,956 | -68.0% |
| Amounts payable within one year | 42/48 | €43,334 | €14,075 | -€29,259 | -67.5% |
| Trade debts | 44 | €25,475 | €8,688 | -€16,787 | -65.9% |
| Suppliers | 440/4 | €25,475 | €8,688 | -€16,787 | -65.9% |
| Taxes, remuneration and social security | 45 | €17,468 | €4,145 | -€13,323 | -76.3% |
| Taxes | 450/3 | €17,468 | €4,145 | -€13,323 | -76.3% |
| Other amounts payable | 47/48 | €392 | €1,242 | +€850 | +216.8% |
| Accrued charges and deferred income | 492/3 | €697 | - | -€697 | |
| Non-recurring operating income | 76A | €1,377 | - | -€1,377 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,387 | €31,144 | +€1,757 | +6.0% |
| Other operating charges | 640/8 | €6,798 | €3,427 | -€3,371 | -49.6% |
| Gross operating margin | 9900 | €74,438 | €88,003 | +€13,565 | +18.2% |
| Operating profit (loss) | 9901 | €38,253 | €53,432 | +€15,179 | +39.7% |
| Financial income | 75/76B | €63 | - | -€63 | |
| Recurring financial income | 75 | €63 | - | -€63 | |
| Financial charges | 65/66B | €2,594 | €468 | -€2,127 | -82.0% |
| Recurring financial charges | 65 | €241 | €468 | +€226 | +93.7% |
| Non-recurring financial charges | 66B | €2,353 | - | -€2,353 | |
| Profit (loss) for the period before taxes | 9903 | €35,722 | €52,964 | +€17,242 | +48.3% |
| Transfer from deferred taxes | 780 | €851 | €1,656 | +€805 | +94.6% |
| Income taxes | 67/77 | €8,237 | €15,043 | +€6,806 | +82.6% |
| Profit (loss) for the period | 9904 | €28,336 | €39,578 | +€11,241 | +39.7% |
| Transfer from tax-exempt reserves | 789 | €2,553 | €4,969 | +€2,416 | +94.6% |
| Transfer to tax-exempt reserves | 689 | €7,058 | - | -€7,058 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,831 | €44,547 | +€20,716 | +86.9% |
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 8 October 2026 via checked.be.