Marnor: 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.
Marnor
Largest movements
- Cash -€8.4m
down €8.4m (-98.1%), from €8.6m to €161,014
mainly Other debts (-€9.7m) and Current investments (-€3.8m)
- Current investments +€3.8m
new in 2025: €3.8m
- Other debts -€9.7m
no longer reported in 2025 (was €9.7m)
- Reserves +€4.5m
up €4.5m (+51.2%), from €8.8m to €13.3m
of which Distributable reserves: +€4.5m
- Financial income +€3.9m
up €3.9m (+316%), from €1.2m to €5.1m
- Taxes +€455,544
up €455,544 (+1,472%), from €30,947 to €486,491
- Other operating charges +€968
new in 2025: €968
- Gross operating margin -€468
down €468 (-6.1%), from -€7,652 to -€8,120
- Financial charges -€93
down €93 (-99.3%), from €93 to €1
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 | €44,226,839 | €39,620,311 | -€4.6m | -10.4% |
| Fixed assets | 21/28 | €35,659,297 | €35,659,297 | = | 0.0% |
| Financial fixed assets | 28 | €35,659,297 | €35,659,297 | = | 0.0% |
| Current assets | 29/58 | €8,567,542 | €3,961,014 | -€4.6m | -53.8% |
| Amounts receivable within one year | 40/41 | €2,066 | - | -€2,066 | |
| Other amounts receivable | 41 | €2,066 | - | -€2,066 | |
| Current investments | 50/53 | - | €3,800,000 | +€3.8m | |
| Cash at bank and in hand | 54/58 | €8,565,476 | €161,014 | -€8.4m | -98.1% |
| Total equity and liabilities | 10/49 | €44,226,839 | €39,620,311 | -€4.6m | -10.4% |
| Equity | 10/15 | €34,523,404 | €39,175,168 | +€4.7m | +13.5% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Capital | 10 | €375,000 | €375,000 | = | 0.0% |
| Issued capital | 100 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €8,789,500 | €13,289,500 | +€4.5m | +51.2% |
| Non-distributable reserves | 130/1 | €1,387,500 | €1,387,500 | = | 0.0% |
| Legal reserve | 130 | €1,387,500 | €1,387,500 | = | 0.0% |
| Distributable reserves | 133 | €7,402,000 | €11,902,000 | +€4.5m | +60.8% |
| Profit (loss) carried forward | 14 | €25,358,904 | €25,510,668 | +€151,764 | +0.6% |
| Amounts payable | 17/49 | €9,703,435 | €445,143 | -€9.3m | -95.4% |
| Amounts payable within one year | 42/48 | €9,703,435 | €445,143 | -€9.3m | -95.4% |
| Trade debts | 44 | €5,435 | €5,168 | -€267 | -4.9% |
| Suppliers | 440/4 | €5,435 | €5,168 | -€267 | -4.9% |
| Taxes, remuneration and social security | 45 | - | €439,975 | +€439,975 | |
| Taxes | 450/3 | - | €439,975 | +€439,975 | |
| Other amounts payable | 47/48 | €9,698,000 | - | -€9.7m | |
| Other operating charges | 640/8 | - | €968 | +€968 | |
| Gross operating margin | 9900 | -€7,652 | -€8,120 | -€468 | -6.1% |
| Operating profit (loss) | 9901 | -€7,652 | -€9,088 | -€1,436 | -18.8% |
| Financial income | 75/76B | €1,236,969 | €5,147,344 | +€3.9m | +316% |
| Recurring financial income | 75 | €1,236,969 | €5,147,344 | +€3.9m | +316% |
| Financial charges | 65/66B | €93 | €1 | -€93 | -99.3% |
| Recurring financial charges | 65 | €93 | €1 | -€93 | -99.3% |
| Profit (loss) for the period before taxes | 9903 | €1,229,223 | €5,138,255 | +€3.9m | +318% |
| Income taxes | 67/77 | €30,947 | €486,491 | +€455,544 | +1,472% |
| Profit (loss) for the period | 9904 | €1,198,276 | €4,651,764 | +€3.5m | +288% |
| Profit (loss) for the period to be appropriated | 9905 | €1,198,276 | €4,651,764 | +€3.5m | +288% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.