Marny: 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.
Marny
Largest movements
- Tangible fixed assets +€679,350
up €679,350 (+108%), from €628,994 to €1.3m
of which Land and buildings: +€641,967
- Receivables within one year -€235,802
down €235,802 (-61.1%), from €385,949 to €150,147
of which Trade receivables: -€240,080
- Stocks and contracts +€90,892
up €90,892 (+30.2%), from €300,672 to €391,564
- Cash +€52,464
up €52,464 (+44.6%), from €117,510 to €169,974
mainly Debts after one year (+€850,662) and Receivables within one year (+€235,802)
- Deferred charges and accrued income +€22,361
up €22,361 (+349%), from €6,406 to €28,767
- Debts after one year +€850,662
up €850,662 (+152%), from €559,984 to €1.4m
of which Financial debts: +€850,662
- Reserves -€169,874
down €169,874 (-55.7%), from €305,237 to €135,363
of which Distributable reserves: -€169,874
- Trade debts +€129,894
up €129,894 (+115%), from €112,647 to €242,540
- Short-term financial debts -€123,947
down €123,947 (-100%), from €123,947 to €0
- Other debts -€117,225
down €117,225 (-96.8%), from €121,147 to €3,922
- Gross operating margin +€80,281
up €80,281 (+40.3%), from €199,095 to €279,375
- Staff costs +€34,156
up €34,156 (+27.8%), from €122,895 to €157,051
- Financial charges +€24,278
up €24,278 (+155%), from €15,667 to €39,944
- Financial income -€5,891
down €5,891 (-98.1%), from €6,003 to €113
- Depreciation -€4,080
down €4,080 (-5.5%), from €74,480 to €70,400
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 | €1,441,290 | €2,049,754 | +€608,464 | +42.2% |
| Fixed assets | 21/28 | €630,753 | €1,309,301 | +€678,549 | +108% |
| Intangible fixed assets | 21 | €1,111 | €310 | -€801 | -72.1% |
| Tangible fixed assets | 22/27 | €628,994 | €1,308,344 | +€679,350 | +108% |
| Land and buildings | 22 | €463,601 | €1,105,569 | +€641,967 | +138% |
| Plant, machinery and equipment | 23 | €18,432 | €89,368 | +€70,936 | +385% |
| Furniture and vehicles | 24 | €83,484 | €57,585 | -€25,899 | -31.0% |
| Other tangible fixed assets | 26 | €63,477 | €55,822 | -€7,655 | -12.1% |
| Financial fixed assets | 28 | €647 | €647 | = | 0.0% |
| Current assets | 29/58 | €810,537 | €740,452 | -€70,085 | -8.6% |
| Stocks and contracts in progress | 3 | €300,672 | €391,564 | +€90,892 | +30.2% |
| Stocks | 30/36 | €300,672 | €391,564 | +€90,892 | +30.2% |
| Amounts receivable within one year | 40/41 | €385,949 | €150,147 | -€235,802 | -61.1% |
| Trade receivables | 40 | €385,477 | €145,397 | -€240,080 | -62.3% |
| Other amounts receivable | 41 | €472 | €4,750 | +€4,277 | +905% |
| Cash at bank and in hand | 54/58 | €117,510 | €169,974 | +€52,464 | +44.6% |
| Deferred charges and accrued income | 490/1 | €6,406 | €28,767 | +€22,361 | +349% |
| Total equity and liabilities | 10/49 | €1,441,290 | €2,049,754 | +€608,464 | +42.2% |
| Equity | 10/15 | €429,237 | €259,363 | -€169,874 | -39.6% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €305,237 | €135,363 | -€169,874 | -55.7% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,948 | €11,948 | = | 0.0% |
| Distributable reserves | 133 | €280,889 | €111,015 | -€169,874 | -60.5% |
| Amounts payable | 17/49 | €1,012,052 | €1,790,390 | +€778,338 | +76.9% |
| Amounts payable after more than one year | 17 | €559,984 | €1,410,646 | +€850,662 | +152% |
| Financial debts | 170/4 | €169,984 | €1,020,646 | +€850,662 | +500% |
| Other amounts payable | 178/9 | €390,000 | €390,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €447,882 | €379,577 | -€68,306 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €64,946 | €91,561 | +€26,615 | +41.0% |
| Financial debts | 43 | €123,947 | €0 | -€123,947 | -100% |
| Credit institutions | 430/8 | €123,947 | €0 | -€123,947 | -100% |
| Trade debts | 44 | €112,647 | €242,540 | +€129,894 | +115% |
| Suppliers | 440/4 | €112,647 | €242,540 | +€129,894 | +115% |
| Taxes, remuneration and social security | 45 | €25,196 | €41,553 | +€16,358 | +64.9% |
| Taxes | 450/3 | €8,023 | €9,551 | +€1,528 | +19.0% |
| Remuneration and social security | 454/9 | €17,173 | €32,003 | +€14,830 | +86.4% |
| Other amounts payable | 47/48 | €121,147 | €3,922 | -€117,225 | -96.8% |
| Accrued charges and deferred income | 492/3 | €4,186 | €168 | -€4,019 | -96.0% |
| Remuneration, social security and pensions | 62 | €122,895 | €157,051 | +€34,156 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,480 | €70,400 | -€4,080 | -5.5% |
| Other operating charges | 640/8 | €11,906 | €12,117 | +€211 | +1.8% |
| Non-recurring operating charges | 66A | - | €169,258 | +€169,258 | |
| Gross operating margin | 9900 | €199,095 | €279,375 | +€80,281 | +40.3% |
| Operating profit (loss) | 9901 | -€10,186 | -€129,451 | -€119,265 | -1,171% |
| Financial income | 75/76B | €6,003 | €113 | -€5,891 | -98.1% |
| Recurring financial income | 75 | €6,003 | €113 | -€5,891 | -98.1% |
| Financial charges | 65/66B | €15,667 | €39,944 | +€24,278 | +155% |
| Recurring financial charges | 65 | €15,667 | €39,944 | +€24,278 | +155% |
| Profit (loss) for the period before taxes | 9903 | -€19,849 | -€169,283 | -€149,434 | -753% |
| Income taxes | 67/77 | €593 | €591 | -€2 | -0.3% |
| Profit (loss) for the period | 9904 | -€20,442 | -€169,874 | -€149,432 | -731% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,442 | -€169,874 | -€149,432 | -731% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.