MARRANELLO: 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.
MARRANELLO
Largest movements
- Tangible fixed assets -€68,425
down €68,425 (-2.5%), from €2.8m to €2.7m
of which Land and buildings: -€67,404
- Cash -€38,719
down €38,719 (-59.8%), from €64,693 to €25,974
mainly Debts after one year (-€156,402) and Investment in fixed assets (net) (-€152,172)
- Debts after one year -€156,402
down €156,402 (-11.2%), from €1.4m to €1.2m
of which Financial debts: -€126,402
- Profit (loss) carried forward +€68,081
up €68,081 (+52.3%), from €130,146 to €198,227
- Gross operating margin +€24,480
up €24,480 (+7.1%), from €342,906 to €367,386
- Depreciation +€21,752
up €21,752 (+10.8%), from €201,316 to €223,068
- Financial charges -€9,883
down €9,883 (-23.6%), from €41,796 to €31,913
of which Non-recurring financial charges: -€8,331
- Staff costs -€8,223
down €8,223 (-29.5%), from €27,863 to €19,640
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 | €2,900,093 | €2,796,418 | -€103,675 | -3.6% |
| Fixed assets | 21/28 | €2,783,374 | €2,712,478 | -€70,896 | -2.5% |
| Intangible fixed assets | 21 | €3,690 | €1,219 | -€2,471 | -67.0% |
| Tangible fixed assets | 22/27 | €2,775,272 | €2,706,847 | -€68,425 | -2.5% |
| Land and buildings | 22 | €2,571,635 | €2,504,231 | -€67,404 | -2.6% |
| Plant, machinery and equipment | 23 | €150,130 | €140,901 | -€9,229 | -6.1% |
| Furniture and vehicles | 24 | €53,171 | €61,473 | +€8,302 | +15.6% |
| Other tangible fixed assets | 26 | €336 | €243 | -€94 | -27.9% |
| Financial fixed assets | 28 | €4,413 | €4,413 | = | 0.0% |
| Current assets | 29/58 | €116,719 | €83,940 | -€32,779 | -28.1% |
| Stocks and contracts in progress | 3 | €31,384 | €41,292 | +€9,908 | +31.6% |
| Stocks | 30/36 | €31,384 | €41,292 | +€9,908 | +31.6% |
| Amounts receivable within one year | 40/41 | €8,334 | €5,946 | -€2,388 | -28.7% |
| Trade receivables | 40 | €8,334 | €5,188 | -€3,147 | -37.8% |
| Other amounts receivable | 41 | - | €758 | +€758 | |
| Cash at bank and in hand | 54/58 | €64,693 | €25,974 | -€38,719 | -59.8% |
| Deferred charges and accrued income | 490/1 | €12,308 | €10,728 | -€1,580 | -12.8% |
| Total equity and liabilities | 10/49 | €2,900,093 | €2,796,418 | -€103,675 | -3.6% |
| Equity | 10/15 | €1,306,507 | €1,355,748 | +€49,241 | +3.8% |
| Contributions | 10/11 | €1,145,600 | €1,145,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €130,146 | €198,227 | +€68,081 | +52.3% |
| Investment grants | 15 | €30,761 | €11,921 | -€18,840 | -61.2% |
| Amounts payable | 17/49 | €1,593,587 | €1,440,670 | -€152,916 | -9.6% |
| Amounts payable after more than one year | 17 | €1,400,999 | €1,244,596 | -€156,402 | -11.2% |
| Financial debts | 170/4 | €981,016 | €854,613 | -€126,402 | -12.9% |
| Other amounts payable | 178/9 | €419,983 | €389,983 | -€30,000 | -7.1% |
| Amounts payable within one year | 42/48 | €185,757 | €191,285 | +€5,528 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €122,611 | €128,522 | +€5,911 | +4.8% |
| Trade debts | 44 | €30,324 | €42,457 | +€12,133 | +40.0% |
| Suppliers | 440/4 | €30,324 | €42,457 | +€12,133 | +40.0% |
| Advances received on contracts in progress | 46 | €4,334 | €4,334 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €22,104 | €5,307 | -€16,797 | -76.0% |
| Taxes | 450/3 | €15,096 | €2,540 | -€12,556 | -83.2% |
| Remuneration and social security | 454/9 | €7,009 | €2,767 | -€4,241 | -60.5% |
| Other amounts payable | 47/48 | €6,383 | €10,665 | +€4,281 | +67.1% |
| Accrued charges and deferred income | 492/3 | €6,831 | €4,789 | -€2,041 | -29.9% |
| Remuneration, social security and pensions | 62 | €27,863 | €19,640 | -€8,223 | -29.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201,316 | €223,068 | +€21,752 | +10.8% |
| Other operating charges | 640/8 | €25,398 | €26,939 | +€1,541 | +6.1% |
| Gross operating margin | 9900 | €342,906 | €367,386 | +€24,480 | +7.1% |
| Operating profit (loss) | 9901 | €88,329 | €97,739 | +€9,409 | +10.7% |
| Financial income | 75/76B | €1,789 | €2,372 | +€582 | +32.6% |
| Recurring financial income | 75 | €1,789 | €2,372 | +€582 | +32.6% |
| Financial charges | 65/66B | €41,796 | €31,913 | -€9,883 | -23.6% |
| Recurring financial charges | 65 | €33,465 | €31,913 | -€1,552 | -4.6% |
| Non-recurring financial charges | 66B | €8,331 | - | -€8,331 | |
| Profit (loss) for the period before taxes | 9903 | €48,323 | €68,197 | +€19,875 | +41.1% |
| Income taxes | 67/77 | €109 | €116 | +€7 | +6.5% |
| Profit (loss) for the period | 9904 | €48,214 | €68,081 | +€19,868 | +41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €48,214 | €68,081 | +€19,868 | +41.2% |
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 7 October 2026 via checked.be.