MARNICO: 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.
MARNICO
Largest movements
- Cash +€246,801
up €246,801 (+113%), from €218,015 to €464,816
mainly Net result for the year (+€121,622) and Investment in fixed assets (net) (+€87,577)
- Tangible fixed assets -€91,435
down €91,435 (-57.5%), from €158,915 to €67,480
of which Land and buildings: -€155,802
- Receivables within one year -€15,667
down €15,667 (-4.1%), from €386,050 to €370,383
of which Trade receivables: -€44,692
- Profit (loss) carried forward +€189,653
up €189,653 (+1,306%), from €14,520 to €204,173
- Reserves -€68,032
down €68,032 (-12.5%), from €544,018 to €475,986
of which Tax-exempt reserves: -€68,032
- Trade debts +€27,280
up €27,280 (+231%), from €11,821 to €39,101
- Provisions -€22,677
down €22,677 (-12.5%), from €180,719 to €158,042
- Tax, wage and social debts +€14,772
up €14,772 (+288%), from €5,137 to €19,909
- Gross operating margin +€62,303
up €62,303 (+107%), from €58,189 to €120,492
- Depreciation -€20,346
down €20,346 (-84.1%), from €24,205 to €3,859
- Taxes +€16,913
up €16,913 (+11,161%), from €152 to €17,064
- Other operating charges -€1,696
down €1,696 (-39.7%), from €4,269 to €2,573
- Financial income +€1,308
up €1,308 (+166%), from €789 to €2,097
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.
Derived cash bridge
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 | €774,807 | €915,804 | +€140,996 | +18.2% |
| Fixed assets | 21/28 | €170,709 | €79,274 | -€91,435 | -53.6% |
| Tangible fixed assets | 22/27 | €158,915 | €67,480 | -€91,435 | -57.5% |
| Land and buildings | 22 | €155,802 | - | -€155,802 | |
| Plant, machinery and equipment | 23 | €2,206 | €16,696 | +€14,490 | +657% |
| Furniture and vehicles | 24 | €907 | €50,784 | +€49,877 | +5,499% |
| Financial fixed assets | 28 | €11,794 | €11,794 | = | 0.0% |
| Current assets | 29/58 | €604,098 | €836,529 | +€232,432 | +38.5% |
| Amounts receivable within one year | 40/41 | €386,050 | €370,383 | -€15,667 | -4.1% |
| Trade receivables | 40 | €360,964 | €316,272 | -€44,692 | -12.4% |
| Other amounts receivable | 41 | €25,086 | €54,111 | +€29,025 | +116% |
| Cash at bank and in hand | 54/58 | €218,015 | €464,816 | +€246,801 | +113% |
| Deferred charges and accrued income | 490/1 | €32 | €1,330 | +€1,297 | +4,017% |
| Total equity and liabilities | 10/49 | €774,807 | €915,804 | +€140,996 | +18.2% |
| Equity | 10/15 | €577,130 | €698,751 | +€121,622 | +21.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €544,018 | €475,986 | -€68,032 | -12.5% |
| Tax-exempt reserves | 132 | €542,158 | €474,126 | -€68,032 | -12.5% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,520 | €204,173 | +€189,653 | +1,306% |
| Provisions and deferred taxes | 16 | €180,719 | €158,042 | -€22,677 | -12.5% |
| Deferred taxes | 168 | €180,719 | €158,042 | -€22,677 | -12.5% |
| Amounts payable | 17/49 | €16,958 | €59,010 | +€42,052 | +248% |
| Amounts payable within one year | 42/48 | €16,958 | €59,010 | +€42,052 | +248% |
| Trade debts | 44 | €11,821 | €39,101 | +€27,280 | +231% |
| Suppliers | 440/4 | €11,821 | €39,101 | +€27,280 | +231% |
| Taxes, remuneration and social security | 45 | €5,137 | €19,909 | +€14,772 | +288% |
| Taxes | 450/3 | €5,137 | €19,909 | +€14,772 | +288% |
| Non-recurring operating income | 76A | - | €29,594 | +€29,594 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,205 | €3,859 | -€20,346 | -84.1% |
| Other operating charges | 640/8 | €4,269 | €2,573 | -€1,696 | -39.7% |
| Non-recurring operating charges | 66A | €12,385 | - | -€12,385 | |
| Gross operating margin | 9900 | €58,189 | €120,492 | +€62,303 | +107% |
| Operating profit (loss) | 9901 | €17,330 | €114,061 | +€96,731 | +558% |
| Financial income | 75/76B | €789 | €2,097 | +€1,308 | +166% |
| Recurring financial income | 75 | €789 | €2,097 | +€1,308 | +166% |
| Financial charges | 65/66B | €1,106 | €149 | -€957 | -86.6% |
| Recurring financial charges | 65 | €1,106 | €149 | -€957 | -86.6% |
| Profit (loss) for the period before taxes | 9903 | €17,013 | €116,009 | +€98,996 | +582% |
| Transfer from deferred taxes | 780 | €4,118 | €22,677 | +€18,559 | +451% |
| Income taxes | 67/77 | €152 | €17,064 | +€16,913 | +11,161% |
| Profit (loss) for the period | 9904 | €20,979 | €121,622 | +€100,642 | +480% |
| Transfer from tax-exempt reserves | 789 | €12,355 | €68,032 | +€55,677 | +451% |
| Profit (loss) for the period to be appropriated | 9905 | €33,334 | €189,653 | +€156,319 | +469% |
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 29 October 2026 via checked.be.