MARREEL: 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.
MARREEL
Largest movements
- Tangible fixed assets +€568,748
up €568,748 (+38.2%), from €1.5m to €2.1m
of which Land and buildings: +€619,864
- Cash +€201,589
up €201,589 (+139.9%), from €144,081 to €345,670
mainly Debts after one year (+€439,309) and Depreciation (+€217,819)
- Stocks and contracts -€41,547
down €41,547 (-9.6%), from €433,625 to €392,078
- Debts after one year +€439,309
up €439,309 (+91.6%), from €479,399 to €918,708
- Trade debts +€163,920
up €163,920, from €0 to €163,920
- Other debts +€71,721
up €71,721 (+5.4%), from €1.3m to €1.4m
- Reserves +€39,320
up €39,320 (+10.1%), from €388,312 to €427,632
of which Distributable reserves: +€39,320
- Depreciation +€118,928
up €118,928 (+120.3%), from €98,891 to €217,819
- Gross operating margin +€91,518
up €91,518 (+47.4%), from €193,125 to €284,643
- Financial charges +€10,252
up €10,252 (+81.0%), from €12,663 to €22,914
- Financial income -€3,945
down €3,945 (-37.2%), from €10,600 to €6,655
- Other operating charges +€3,529
up €3,529 (+198.4%), from €1,779 to €5,307
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 | €2,429,848 | €3,138,590 | +€708,743 | +29.2% |
| Fixed assets | 21/28 | €1,555,400 | €2,120,328 | +€564,928 | +36.3% |
| Intangible fixed assets | 21 | €38,198 | €34,378 | -€3,820 | -10.0% |
| Tangible fixed assets | 22/27 | €1,487,585 | €2,056,333 | +€568,748 | +38.2% |
| Land and buildings | 22 | €330,882 | €950,746 | +€619,864 | +187.3% |
| Plant, machinery and equipment | 23 | €495,711 | €443,439 | -€52,272 | -10.5% |
| Furniture and vehicles | 24 | €660,992 | €662,147 | +€1,155 | +0.2% |
| Financial fixed assets | 28 | €29,618 | €29,618 | = | 0.0% |
| Current assets | 29/58 | €874,447 | €1,018,262 | +€143,815 | +16.4% |
| Stocks and contracts in progress | 3 | €433,625 | €392,078 | -€41,547 | -9.6% |
| Stocks | 30/36 | €433,625 | €392,078 | -€41,547 | -9.6% |
| Amounts receivable within one year | 40/41 | €288,352 | €280,267 | -€8,085 | -2.8% |
| Trade receivables | 40 | €284,373 | €260,264 | -€24,109 | -8.5% |
| Other amounts receivable | 41 | €3,979 | €20,003 | +€16,024 | +402.7% |
| Cash at bank and in hand | 54/58 | €144,081 | €345,670 | +€201,589 | +139.9% |
| Deferred charges and accrued income | 490/1 | €8,390 | €248 | -€8,143 | -97.1% |
| Total equity and liabilities | 10/49 | €2,429,848 | €3,138,590 | +€708,743 | +29.2% |
| Equity | 10/15 | €413,312 | €452,632 | +€39,320 | +9.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €388,312 | €427,632 | +€39,320 | +10.1% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €385,812 | €425,132 | +€39,320 | +10.2% |
| Amounts payable | 17/49 | €2,016,536 | €2,685,958 | +€669,422 | +33.2% |
| Amounts payable after more than one year | 17 | €479,399 | €918,708 | +€439,309 | +91.6% |
| Financial debts | 170/4 | €479,399 | €918,708 | +€439,309 | +91.6% |
| Amounts payable within one year | 42/48 | €1,537,137 | €1,767,250 | +€230,113 | +15.0% |
| Current portion of amounts payable after more than one year | 42 | €175,105 | €184,803 | +€9,698 | +5.5% |
| Financial debts | 43 | €1,690 | €6,727 | +€5,037 | +298.0% |
| Credit institutions | 430/8 | €1,690 | €6,727 | +€5,037 | +298.0% |
| Trade debts | 44 | €0 | €163,920 | +€163,920 | |
| Suppliers | 440/4 | €0 | €163,920 | +€163,920 | |
| Taxes, remuneration and social security | 45 | €33,491 | €13,228 | -€20,263 | -60.5% |
| Taxes | 450/3 | €32,841 | €13,228 | -€19,613 | -59.7% |
| Remuneration and social security | 454/9 | €650 | €0 | -€650 | -100.0% |
| Other amounts payable | 47/48 | €1,326,851 | €1,398,572 | +€71,721 | +5.4% |
| Non-recurring operating income | 76A | €0 | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €1,866 | €1,324 | -€541 | -29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,891 | €217,819 | +€118,928 | +120.3% |
| Other operating charges | 640/8 | €1,779 | €5,307 | +€3,529 | +198.4% |
| Non-recurring operating charges | 66A | €33,926 | €681 | -€33,246 | -98.0% |
| Gross operating margin | 9900 | €193,125 | €284,643 | +€91,518 | +47.4% |
| Operating profit (loss) | 9901 | €56,664 | €59,512 | +€2,848 | +5.0% |
| Financial income | 75/76B | €10,600 | €6,655 | -€3,945 | -37.2% |
| Recurring financial income | 75 | €10,600 | €6,655 | -€3,945 | -37.2% |
| Financial charges | 65/66B | €12,663 | €22,914 | +€10,252 | +81.0% |
| Recurring financial charges | 65 | €12,663 | €22,914 | +€10,252 | +81.0% |
| Profit (loss) for the period before taxes | 9903 | €54,601 | €43,252 | -€11,349 | -20.8% |
| Income taxes | 67/77 | €6,416 | €3,932 | -€2,484 | -38.7% |
| Profit (loss) for the period | 9904 | €48,185 | €39,320 | -€8,865 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €48,185 | €39,320 | -€8,865 | -18.4% |
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 12 October 2026 via checked.be.