MARRENCO: 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
MARRENCO
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€862,278
2024 · -€552,298-€309,980
Equity
-€298,810
2024 · €574,824-€873,633
Cash
€6,322
2024 · €3,130+€3,192
Balance sheet total
€6.5m
2024 · €6.8m-€371,188
Largest movements
Assets
- Receivables after one year -€220,007
down €220,007 (-75.4%), from €291,943 to €71,936
- Intangible fixed assets -€86,063
down €86,063 (-7.9%), from €1.1m to €1.0m
- Tangible fixed assets -€79,148
down €79,148 (-1.5%), from €5.2m to €5.1m
of which Land and buildings: -€71,689
Equity and liabilities
- Profit (loss) carried forward -€862,278
down €862,278 (-44.3%), from -€1.9m to -€2.8m
- Other debts +€648,746
up €648,746 (+36.1%), from €1.8m to €2.4m
- Debts after one year -€104,633
down €104,633 (-2.5%), from €4.2m to €4.1m
Income statement
- Write-downs +€220,936
new in 2025: €220,936
- Financial income -€51,570
down €51,570 (-79.4%), from €64,948 to €13,378
- Gross operating margin -€40,827
down €40,827 (-29.4%), from -€138,710 to -€179,537
- Depreciation +€13,571
up €13,571 (+4.9%), from €279,706 to €293,277
- Financial charges -€8,527
down €8,527 (-31.7%), from €26,891 to €18,364
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
-€552,298
Gross operating margin
-€40,827
Staff costs
+€8,064
Depreciation
-€13,571
Write-downs
-€220,936
Other operating charges
-€69
Financial income
-€51,570
Financial charges
+€8,527
Taxes
+€81
Deferred taxes and other
+€321
Result 2025
-€862,278
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.
From operations
+€309,810
Investment
-€128,065
Financing
-€178,553
Cash 2024
€3,130
From operations (derived)
+€309,810
Net result for the year
-€862,278
Depreciation
+€293,277
Receivables after one year
+€220,007
Receivables within one year
-€6,071
Deferred charges and accrued income
-€4,768
Provisions
-€3,785
Trade debts
+€19,672
Tax, wage and social debts
+€4,546
Other debts
+€648,746
Accrued charges and deferred income
+€465
Investment (derived)
-€128,065
Investment in fixed assets (net)
-€128,065
Financing
-€178,553
Debts after one year
-€104,633
Current portion of long-term debt
-€63,809
Short-term financial debts
+€1,245
Contributions, distributions and other
-€11,355
Cash 2025
€6,322
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,831,620 | €6,460,432 | -€371,188 | -5.4% |
| Fixed assets | 21/28 | €6,315,446 | €6,150,234 | -€165,212 | -2.6% |
| Intangible fixed assets | 21 | €1,092,083 | €1,006,020 | -€86,063 | -7.9% |
| Tangible fixed assets | 22/27 | €5,213,156 | €5,134,008 | -€79,148 | -1.5% |
| Land and buildings | 22 | €5,108,227 | €5,036,537 | -€71,689 | -1.4% |
| Plant, machinery and equipment | 23 | €21,805 | €17,051 | -€4,754 | -21.8% |
| Furniture and vehicles | 24 | €8,604 | €5,899 | -€2,705 | -31.4% |
| Assets under construction and advance payments | 27 | €74,521 | €74,521 | = | 0.0% |
| Financial fixed assets | 28 | €10,206 | €10,206 | = | 0.0% |
| Current assets | 29/58 | €516,174 | €310,198 | -€205,976 | -39.9% |
| Amounts receivable after more than one year | 29 | €291,943 | €71,936 | -€220,007 | -75.4% |
| Other amounts receivable | 291 | €291,943 | €71,936 | -€220,007 | -75.4% |
| Amounts receivable within one year | 40/41 | €205,791 | €211,861 | +€6,071 | +2.9% |
| Trade receivables | 40 | €181,814 | €182,333 | +€519 | +0.3% |
| Other amounts receivable | 41 | €23,977 | €29,528 | +€5,552 | +23.2% |
| Cash at bank and in hand | 54/58 | €3,130 | €6,322 | +€3,192 | +102.0% |
| Deferred charges and accrued income | 490/1 | €15,311 | €20,079 | +€4,768 | +31.1% |
| Total equity and liabilities | 10/49 | €6,831,620 | €6,460,432 | -€371,188 | -5.4% |
| Equity | 10/15 | €574,824 | -€298,810 | -€873,633 | |
| Contributions | 10/11 | €2,280,000 | €2,280,000 | = | 0.0% |
| Capital | 10 | €2,280,000 | €2,280,000 | = | 0.0% |
| Issued capital | 100 | €2,280,000 | €2,280,000 | = | 0.0% |
| Reserves | 13 | €138,657 | €138,657 | = | 0.0% |
| Non-distributable reserves | 130/1 | €62,554 | €62,554 | = | 0.0% |
| Legal reserve | 130 | €62,554 | €62,554 | = | 0.0% |
| Distributable reserves | 133 | €76,103 | €76,103 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,946,991 | -€2,809,269 | -€862,278 | -44.3% |
| Investment grants | 15 | €103,158 | €91,803 | -€11,355 | -11.0% |
| Provisions and deferred taxes | 16 | €34,386 | €30,601 | -€3,785 | -11.0% |
| Deferred taxes | 168 | €34,386 | €30,601 | -€3,785 | -11.0% |
| Amounts payable | 17/49 | €6,222,410 | €6,728,640 | +€506,230 | +8.1% |
| Amounts payable after more than one year | 17 | €4,155,041 | €4,050,408 | -€104,633 | -2.5% |
| Financial debts | 170/4 | €4,155,041 | €4,050,408 | -€104,633 | -2.5% |
| Amounts payable within one year | 42/48 | €2,062,091 | €2,672,490 | +€610,398 | +29.6% |
| Current portion of amounts payable after more than one year | 42 | €168,442 | €104,633 | -€63,809 | -37.9% |
| Financial debts | 43 | €1,178 | €2,423 | +€1,245 | +105.6% |
| Credit institutions | 430/8 | €1,178 | €2,423 | +€1,245 | +105.6% |
| Trade debts | 44 | €72,087 | €91,759 | +€19,672 | +27.3% |
| Suppliers | 440/4 | €72,087 | €91,759 | +€19,672 | +27.3% |
| Taxes, remuneration and social security | 45 | €25,141 | €29,687 | +€4,546 | +18.1% |
| Taxes | 450/3 | €8,529 | €12,697 | +€4,168 | +48.9% |
| Remuneration and social security | 454/9 | €16,612 | €16,990 | +€378 | +2.3% |
| Other amounts payable | 47/48 | €1,795,242 | €2,443,987 | +€648,746 | +36.1% |
| Accrued charges and deferred income | 492/3 | €5,278 | €5,743 | +€465 | +8.8% |
| Non-recurring operating income | 76A | €16,603 | €0 | -€16,603 | -100.0% |
| Remuneration, social security and pensions | 62 | €78,374 | €70,310 | -€8,064 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279,706 | €293,277 | +€13,571 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €220,936 | +€220,936 | |
| Other operating charges | 640/8 | €96,090 | €96,159 | +€69 | +0.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€138,710 | -€179,537 | -€40,827 | -29.4% |
| Operating profit (loss) | 9901 | -€592,881 | -€860,219 | -€267,338 | -45.1% |
| Financial income | 75/76B | €64,948 | €13,378 | -€51,570 | -79.4% |
| Recurring financial income | 75 | €64,948 | €13,378 | -€51,570 | -79.4% |
| Financial charges | 65/66B | €26,891 | €18,364 | -€8,527 | -31.7% |
| Recurring financial charges | 65 | €26,891 | €18,364 | -€8,527 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | -€554,824 | -€865,206 | -€310,382 | -55.9% |
| Transfer from deferred taxes | 780 | €3,464 | €3,785 | +€321 | +9.3% |
| Income taxes | 67/77 | €938 | €857 | -€81 | -8.7% |
| Profit (loss) for the period | 9904 | -€552,298 | -€862,278 | -€309,980 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€552,298 | -€862,278 | -€309,980 | -56.1% |
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 10 October 2026 via checked.be.