MARNO: 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.
What changed
MARNO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€159,658
2024 · €143,060+€16,598
Equity
€4.0m
2024 · €3.4m+€565,075
Cash
€53,866
2024 · €89,471-€35,605
Balance sheet total
€9.2m
2024 · €8.7m+€557,071
Largest movements
Assets
- Current investments +€760,744
up €760,744 (+193%), from €394,674 to €1.2m
- Tangible fixed assets -€168,259
down €168,259 (-2.8%), from €5.9m to €5.7m
of which Land and buildings: -€164,036
Equity and liabilities
- Reserves +€565,075
up €565,075 (+35.5%), from €1.6m to €2.2m
of which Tax-exempt reserves: +€385,811
- Debts after one year -€346,904
down €346,904 (-13.2%), from €2.6m to €2.3m
of which Financial debts: -€333,304
- Other debts +€151,406
up €151,406 (+7.9%), from €1.9m to €2.1m
- Provisions +€128,604
up €128,604 (+165%), from €78,042 to €206,645
Income statement
- Financial income +€15,685
up €15,685 (+135%), from €11,658 to €27,343
- Taxes +€12,679
up €12,679 (+24.8%), from €51,185 to €63,863
- Financial charges +€8,832
up €8,832 (+3.7%), from €237,578 to €246,410
- Gross operating margin +€8,638
up €8,638 (+1.3%), from €671,670 to €680,308
- Depreciation -€7,554
down €7,554 (-4.3%), from €175,020 to €167,467
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
€143,060
Gross operating margin
+€8,638
Depreciation
+€7,554
Other operating charges
+€1,586
Financial income
+€15,685
Financial charges
-€8,832
Taxes
-€12,679
Deferred taxes and other
+€4,647
Result 2025
€159,658
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€630,425
Investment
-€759,952
Financing
+€93,922
Cash 2024
€89,471
From operations (derived)
+€630,425
Net result for the year
+€159,658
Depreciation
+€167,467
Receivables within one year
-€29,099
Deferred charges and accrued income
+€28,908
Provisions
+€128,604
Trade debts
+€26,392
Tax, wage and social debts
+€1,349
Other debts
+€151,406
Accrued charges and deferred income
-€4,260
Investment (derived)
-€759,952
Investment in fixed assets (net)
+€792
Current investments
-€760,744
Financing
+€93,922
Debts after one year
-€346,904
Current portion of long-term debt
+€6,371
Short-term financial debts
+€29,039
Contributions, distributions and other
+€405,417
Cash 2025
€53,866
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,654,041 | €9,211,113 | +€557,071 | +6.4% |
| Fixed assets | 21/28 | €8,117,510 | €7,949,251 | -€168,259 | -2.1% |
| Tangible fixed assets | 22/27 | €5,913,631 | €5,745,372 | -€168,259 | -2.8% |
| Land and buildings | 22 | €5,902,261 | €5,738,224 | -€164,036 | -2.8% |
| Plant, machinery and equipment | 23 | €10,060 | €6,777 | -€3,282 | -32.6% |
| Furniture and vehicles | 24 | €1,311 | €371 | -€940 | -71.7% |
| Financial fixed assets | 28 | €2,203,879 | €2,203,879 | = | 0.0% |
| Current assets | 29/58 | €536,531 | €1,261,861 | +€725,330 | +135% |
| Amounts receivable within one year | 40/41 | €14,149 | €43,248 | +€29,099 | +206% |
| Trade receivables | 40 | €0 | €29,042 | +€29,042 | |
| Other amounts receivable | 41 | €14,149 | €14,206 | +€56 | +0.4% |
| Current investments | 50/53 | €394,674 | €1,155,418 | +€760,744 | +193% |
| Cash at bank and in hand | 54/58 | €89,471 | €53,866 | -€35,605 | -39.8% |
| Deferred charges and accrued income | 490/1 | €38,236 | €9,329 | -€28,908 | -75.6% |
| Total equity and liabilities | 10/49 | €8,654,041 | €9,211,113 | +€557,071 | +6.4% |
| Equity | 10/15 | €3,393,623 | €3,958,698 | +€565,075 | +16.7% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Capital | 10 | €1,800,000 | €1,800,000 | = | 0.0% |
| Issued capital | 100 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €1,593,623 | €2,158,698 | +€565,075 | +35.5% |
| Non-distributable reserves | 130/1 | €90,000 | €90,000 | = | 0.0% |
| Legal reserve | 130 | €90,000 | €90,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €234,125 | €619,936 | +€385,811 | +165% |
| Distributable reserves | 133 | €1,269,499 | €1,448,762 | +€179,263 | +14.1% |
| Provisions and deferred taxes | 16 | €78,042 | €206,645 | +€128,604 | +165% |
| Deferred taxes | 168 | €78,042 | €206,645 | +€128,604 | +165% |
| Amounts payable | 17/49 | €5,182,376 | €5,045,769 | -€136,607 | -2.6% |
| Amounts payable after more than one year | 17 | €2,637,947 | €2,291,043 | -€346,904 | -13.2% |
| Financial debts | 170/4 | €2,613,027 | €2,279,723 | -€333,304 | -12.8% |
| Other amounts payable | 178/9 | €24,920 | €11,320 | -€13,600 | -54.6% |
| Amounts payable within one year | 42/48 | €2,343,212 | €2,557,768 | +€214,557 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €326,934 | €333,304 | +€6,371 | +1.9% |
| Financial debts | 43 | €97,857 | €126,896 | +€29,039 | +29.7% |
| Other loans | 439 | €97,857 | €126,896 | +€29,039 | +29.7% |
| Trade debts | 44 | €1,883 | €28,276 | +€26,392 | +1,401% |
| Suppliers | 440/4 | €1,883 | €28,276 | +€26,392 | +1,401% |
| Taxes, remuneration and social security | 45 | €4,311 | €5,660 | +€1,349 | +31.3% |
| Taxes | 450/3 | €4,311 | €5,660 | +€1,349 | +31.3% |
| Other amounts payable | 47/48 | €1,912,226 | €2,063,632 | +€151,406 | +7.9% |
| Accrued charges and deferred income | 492/3 | €201,218 | €196,958 | -€4,260 | -2.1% |
| Non-recurring operating income | 76A | - | €5,535 | +€5,535 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,020 | €167,467 | -€7,554 | -4.3% |
| Other operating charges | 640/8 | €78,375 | €76,789 | -€1,586 | -2.0% |
| Gross operating margin | 9900 | €671,670 | €680,308 | +€8,638 | +1.3% |
| Operating profit (loss) | 9901 | €418,275 | €436,053 | +€17,778 | +4.3% |
| Financial income | 75/76B | €11,658 | €27,343 | +€15,685 | +135% |
| Recurring financial income | 75 | €11,658 | €27,343 | +€15,685 | +135% |
| Financial charges | 65/66B | €237,578 | €246,410 | +€8,832 | +3.7% |
| Recurring financial charges | 65 | €237,578 | €246,410 | +€8,832 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €192,356 | €216,986 | +€24,630 | +12.8% |
| Transfer from deferred taxes | 780 | €1,888 | €6,535 | +€4,647 | +246% |
| Income taxes | 67/77 | €51,185 | €63,863 | +€12,679 | +24.8% |
| Profit (loss) for the period | 9904 | €143,060 | €159,658 | +€16,598 | +11.6% |
| Transfer from tax-exempt reserves | 789 | €5,665 | €19,605 | +€13,940 | +246% |
| Profit (loss) for the period to be appropriated | 9905 | €148,725 | €179,263 | +€30,538 | +20.5% |
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 31 October 2026 via checked.be.